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GRADUATED PAYMENT RIDER ~ ~ • , .
(1 1'ear lndrx-Pa} mrnt C'apl
TH1S GRADUATED YAYh1ENT R1DER is r.~ade :his 22ND cia~ uf SEPTEMBER ,
ly 84 , end i~ inrurpurate~i into an~ ~hall he uerme~i to ;~men~i an~i wpplem~nt thc hfortgage. Uee~1 ~?i l~r:::.t. :>r Serurit~
[k~~ lthe "Securit~~ Instrun~e~~:") uf the,a~ne ~iat~ ~i~~~n b}• the un~er~i~:ned lthe "I3urru~~•er") ta x:curr k3~~rro~~~r's Gra~uat~~1
t'a~ment Nute tu GDV F'INANCIAL CORPORATION~
A CORPORATION
(the "Lender") uf the samc ~iat~ Ithe "I~~~te") and cu~erinr the prupertti ~1~.rritk~l in th~ Securit~ ln,trum~nt an~1 Ickatr~ at:
1532 SOUTH EAST COLLETTE CIRCLE, PORT ST. LUCIE, FL 33452
~Prpperty Addressj
The Note contains provisions allo~nring for changes in the inte~est rate and the monthly payment.
The Bor~ower may limit monthly payment increases to 7~/:% each year if the provisions of this Note permit it.
The principat amount the Borrower must repay wiN be larger than the amount originaily borrowed, but not -
more than 125% of the original amount.
aDUIT10~.~L CO~'E~A~TS. In a~lditiun tu the c~~~~~nam~ 3n~1 aererment. ma~ie in the Serurit~• In~trum~n;, Burruu~er
and Lender funher rur~nant an:l agree ~s f~~llo~~~:
~1. 1\TF,REST RaTE A`D 110tiTHL1' PAl'~fE\T C1i:~tiGES
The Note pro~•id~s ti~r an initial interest rate of 14 . 37 5`~ • Sertiuns ? through 7 uf the lute pnn~idc for chanKes in
the interest rate and the munthl~~ payment~, a. tollu~~~s:
2. ItiTEREST
(A) Interest O~~ed
Interest ill be rharged un unpaid prinripal until the full ~m~,unt ot p~ inripal ha~ tx en p3id. 1 H il] o~~•e interest at s
~~ariy rate of14. 37 5 The interest ~ate 1«i!I pati~ wi11 ~hange in arrordanre ~~ith Section -l1A) t~low• un the iirst
~i1y °t OCTOBER , 1985 and on that ~iay e~er~~ 1?th month thereafter. E3ch date on ~~hirh m~~ intere;t rite
rould ch;~nge is cailyd an "[nterest Change Date."
(B) The Index
Bcginning ~ ith thr tirst Intere.t Ch~n:te Datc , m~ inter~st rate ~Il tk hatiecl on an Index. The "In~i~x" i. the ~se~kl~
arerage yield on Umtrd States Treasur} ser~rities a~ljusted tc~ a cuntit~nt maturity of 1~ear, as m~de a~ailat~le b} the Federal
Reser~~~ Buard. The mu~[ rerent In~1ex ti~ure a~~ailable a> uf the ~3at~ -ti ~ia~s befur~ each Interest Ch~m_e Date is ~alled
th~ "Current Index." ~ ~
If the Index is no longer a~ailable, the Nute Holder a ill chex~,e ne~c inefex hirh is based u~+n comparable int~~rma-
tiun. The Note Hc~l~ler ~~ill gi~e m: notire ol this choice.
(C) Interest After Default
The intere:t rate required by this Section ~~~r Scction -31:4? belo~? i~ the rate I~~ ill p.~~ h~uh befure an~i .t(ter an} de~:iult
deurilkd in Section 101B) below•.
3. TI~IE AtiD PLACE OF PAl'11E\TS
~ [ will a nnci al and interest b~~ making a~ ments ever~ munth.
i P" P~ P P" .
~ I w ill make m~~ monthl~~ pay~menu on the tirst day eif earh month bc ginning ~~n NOV EMB ER 1~ 198 4 ~
! 1 Hill n?ake these pa}~ments e~•en' month until I have paid all of the princip3l and interest and an~~ other charges descntkd
~ beluw that I m~~~ o~•e u~~dir this ;~ote. ti1~~ monthh~ payments aiil tx: applied to interest befure principal. [f, un
OCTOBER 1 ~ 2014 . 1 still ow~e amounts under this tiute. I~+iU pa}• thu,e amounts in full c~n that date.
~ ~~~hich is called the "maturit~~ date."
~ I~ill make my monthl}' ~a~ment. at 1111 SOUTH BAYSHORE DRIVE,
~ MIAMI, rLORIDA 33131
~ ~~r at a different plare if reyuired b} the Note Hol~ier.
~ -1. i:\TEREST RATE CHA\GES AtiD FULL PA1'~IE\T
(A) Calcuiation of tiew~ Interest Rate and Full Pa}ment
Each of my firs$ ( monthly payments could be less than a Full Payment. A"Fuli Pa~ ment" is the monthl} amount
sufiicient to rrpati the amount I originall}~ borrowed, ur the anpaid principal balancc of m~~ ioan as of an Interest Change
Date, in full on the rnaturity date at the interest rate 1 am required ro pa}~ b}~ Sectio~ 2 atxrre or this Section 4(A) in sub,tan-
x tiall}~ eyual payments. &:ginning on the date of thiti Note, m~ tirst Full Pa~ ment ill be U.S. S 83 8. 0$
~ until the first Interest Change Date.
~ &:fore each Interest Change Date, the Note Hc~lder «ill determine a new~ Full Pavrjent for m~ l~>;~n. The Note Holder
ti ill first calculate my new interest rate b} adding 2, 57 5 percentage points ( 2, 57 5 to the Current
~
(ndex. The Note Holder ~~ill then round the result af this addition to the nearest one-eighth of one percentage point (0.125
~ This rounded amount w~ill be my new interest rate until the next [nterest Change Datc. The 1~`ote Holder will then determine
~ the amount af the mc~nthly pa} nicnt that «ould he sufticient to repay the unpaid principal that I am ex~cted to owe on the
Interest Change Date in full on the maturit}~ date at mv new interest rate in substantiall~ equal payments. The result oi this
Y calcuiation i~ m~• new Full Pavment.
t' Each new• interest rate w~ill become effecti~e on earh [nterest Chan,e Date, and each new~ Full P~?~ment N~ill become
~ effecti~•e on the first mor~thly pa}~ment after the Interest Change Date. ~
~ (B) Required Futl Pa}~ment
~ [~ill a the Full Payment as m~ monthl a ment tk inning Nith m~~ m~nthl} ~}rTZent unlcss 1 chix~se
g py y yr~~ ~ > 37TH
$ to limi! the amuunt of my monthly pa~~ment as p~:rmitte~ b~ Section 6(A) below~.
9- 5. GRADt'r`~TED ~tO:~iTHLY PAl'i~1EtiTS
M}~ first 12 monthly payments will each be in the arnount af L.S. S 709 .51 . On
~ NOV EMB ER 1, 1 985 . and on the first anniversary of that date, I will begin paying a neµ~ monthl}~ pa~ ment
~ ~~hich will bc: eyual to the amount f ha~~e been paying multiplied h}~ the number 1.075. I wi)1 pay the new amount of m}
~ m~mthly payment until it changes in accordance with this Section 5, Section ~IB) al~c~ve or Section 6 or 7 below~.
rK~~~ Y!CE 9~~
BUOK
_ MULTISTATE GRADUATED PAYMENT RIDER-1 Yeer Treasury I~dex-Smg!e Far'y-~NM~ Unitorm ~nstrumen~ Fo~!~ si2~ ~2,a3
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