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Home My WebLink About0981 l -i ~ . ~ L, ~ GRADUATED PAYMFNT R1DER (1 1~'ear lnder-Pa~ mrnt Cap) ~ THIS GRADUATED PAl'MENT RIDER i. madc: this 21 ST ~1:~y ut SEPTEMB ER . l9 84. .ind is inrurpurated intu an~1 shall he decmed tu amend and .upplement the Murtgage, Deed ot Trust, ur Se~urit~ Chx~i lthe "Serunt}~ In,trumrnt"1 uf the,;ime dute given b~' the unJersigncd lthe "&~rru~~~r") to,e~ure &~rru~~~cr'. Gra~iuate~l Pa~ment N~~te tu GDV FINANCIAL CORPORATION~ A CORPORATION ith~ "Lender"? uf the sam~ Jate Ithe "N~ue"1 an~i ru~enng the propert~ cle,.ritxd in th~ Secunt} lnstrusnent and l~kates ;~t 1949 S. E. WEST DUNBROOKE CIRCLE, PORT ST. LUCIE, FL 33452 [Property Addre55j The Note contains provisions allowing for changes in the interest rate and the monthly payment. The Borrower may limit monthly payment increases to 7~i4% each year if the provisions of this Note permit it. The principal amount the Borrower must repay will be larger tha~ the amount originally borrowed, but not more than 125% of the originai amount. ADDtTIO~AL CO~'E~A~TS. In addition to the c~~~~enant, and agreements ma~fe in the Serurit} Instrument, Borr~~~•er ancl LenJer (urther «n•cnant and a~~r~c ~.t~ ti~lli~H.: ItiTEREST RATE AtiD ~tO:~THL1' PA1'~tE`T CNA\GE S I'he \ute pro~~ides ti~r ar. initial interest rate ~~f 14 . 3 7 5~• Sertiun. 2 through 7~~f the tio;e pm~•ide for changes in the interest rate and the manthl~~ payments, as fu11oH s: 2. 1tiTEREST (A) Interest Owed Interest wilf be rharged un unpaid prinripal until thc full anjount uf princip~l has tnen paid. I will oti~e intere;t at a ~Y1iI\' f3[Z Ot 1 d Z7 ~ The ~nterest rale I N•ilf pa~~ w~ill chanee in acrordance w•ith Sertiun ~3(A) below~ on the tirst °t OCTOBER~ ~ 1985 and on that da} e~~er} 1?th month thereatter. Each date on w~hicn my interest rate ~ould change i~ called an "Interest Change Date." (B) The Inde~ Beginning ~+~ith the first Interest Change D:~te. m~ intere~t r~te Hill be b:~tied c~n :~n [ndeti. 1'he "Inder" is the w~eekl~ a~•erage ~~ield on United St~te~ Treasur~ serurities adjusted to a constant maturit~~ of 1~ear, as made a~~ailable b}~ the Federal Reserre Boar~i. The must recent Indes tigure ~~ailabie ati ot the ~iatc ~i~ da~~s before earh Interest Change Date is called the "Current [ndex." If the Index ;s no longer a~ailable, the tiote Holder ~cill ~he~.~se a nz~H in~le~ u~hich i~ ba.ed upon romparable inf~rma- tiun. The Note Holder W~ill gi~~e me notire ~~f this choice. (C) Interest After Default The interest rate required by this Sertion or Sectiun -~IA? below i, the rate [~+ill pa} tx~th tx.fore ~nd after an~ default dc;scribed in Section 10(B) beloN. 3. T111E AtiD PLACE OF PAY~IE\TS ~ ~ ` a..w f.u, t,~u~..,~.a. w~u uua.~~..• v) ~..u.~u~c Nu, ..~..a.~ ~ I w•i!1 make m}' manthl~• pa~ments on the first da~~ ofeach month bc:ginning un NOVEMBER 1~ 1984 ~ ~ [~~ill m~ke the.e payments e~~en~ month until I ha~~e paid all of the principal and interest and an~~ other charges ~escribed below that I ma~ o«e under thiti ~ote. ti9~~ monthl~ pa}~ment~ w•ill tk applied to interest t~furc pr:ncipal. If, on € OCTOBER 1~ 2014 still o~e amount~ under this Note. I«ill pa~~ th~~se amounts in full on that date. "s whirh is called the "mat~inty date." ~ I~~il! make ~m~ monthly pa~ ment~ at 1111 SOU TH BAYSHORE DR IV E~ MIAMI, FLORIDA 33131 ~ ~~r at a different place if rey~ired b} the Note Holder. ~ ItiTEREST RATE CHA\GES AtiB FULL PAY~fE\T (A) Calculation of New Interest Rate and Full Pa~~meni Each of my~ first 36 monthly payments could be less than a Full Pa}'ment. A"Full Pa}ment" is the monthl} amou~t ,ufticient to repay the amount I originallti~ borrowed, or the unpaid principal balance of m}~ loan as of an [nterest Change Date, in full on the maturit}~ date at the interest rate I am required to pa~ b~• Section ? abo~~e or this Section d(A) in ~ubstan- ~ tiall~~ equal pa~ ments. &ginning on the date of thi~ \ote, m~~ tirst Full Pa} ment u ill t~c U.S. 5 7 91 . 9 3 ~ until the first (nterest Change Uate. Before each Interest Change Date, the i~1u[e Hulder ~~~ill determine a new Fuli Pa~~ment for m~ loan. The Note Holder ~ H ill tirst calculate my ne~ interest rate by adding 2. 57 5 percentage points ! 2~ 57 5 to the Current ~ Index. The Note Holder will th~n round the result of this addition to the nearest one-eighth of one percentage point (0.125 ~ This rounded amount will be m~~ new interest rate ~nt~l the next Interest Change Date. The Note Holder wi11 then determine ~ the amount of the monthly pa}~ment that would t+e suffirient tci repay the unp:iid principal that I am expected to oN~e or. the ~ Inte:est Change D~te in full un the maturit} date at m}' neu interest rate in ;ubstantiail} equal pa}ments. The result of thiti ~ ralc~lation is my new~ Full Pa~~ment. Each ne~• intere,t rate will become effecti~~e on ea~n [nterest Change Date, and eech new FuI1 Pa}ment will becorne - :ffecti~~e on the tirst murthl}' payment after the Interest Change Date. ~ ~ (B) Required Full Pa~ment ! E I wiil pa} the Full Paymen~ as r:~• monthl~ pa~~ment tkginning uith m} 37TH monthl}~ pa~ment unle:s t ch~r.~se ~ t~~ limit the amount of m}' monthly payment as permitted by Sectic~n 6(Aj below. ~ GRADliATED b10NTHI.Y PAY~IENTS ~ My first 12 monthl~• payment~ w~ill each be in the amount of IJ.S. 5 670.44 . On ~ NOV EMB ER 1, 198 5 . and on the first anniversary of that date. I ti iil begin paying a new monthl}~ pa~ ment ~ ~hich will be eyual to the amount I have been paying mu{tipiied by the number 1.075. ( wi?I pay the new- amount nf m~ monthl} pa}'ment until it changes in accordance with this Section 5, Section 4B) above or Section 6 or 7 below. ~ ~o~ 444 ~~~f 979 ; iN1ULTISTATE G~ADUATED PAYMENT RIDER-1 Year Treasury Index-smgle Fam~y-FyMA l,nitorm listrument F~Rbt 3121 ,2:a3 _ - < , . . n_ _ ~