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Home My WebLink About0997 ~ GRADUATED PAYMENT RIDER ~ (1 1'ear tndrx-Pa~~ment C: ap) 'TH1S GRADUATED P~YIIENT RIDER is maae thi, 15TH ~ay uf SEPTEMBER ly 84 ,~n~i is incorpor:~ted intu an~i shall tk deemed tu amend and .upplcmc;nt the I~9ongage. Deed of Trust, or Securit~ [he~i tthe "Security i~?strument") of the ~nte d:ite g~~'en b~ the un~fersigne~l (~hr "Ri~rr~~~ver"1 to secure &~rruNer's Graduated Pavment tiutc tu GDV FINANCIAL CORPORA`PION~ A CORPORATION Ith~ "Len~ier") ~~f the same ~1;~te (the "N~~te") and r~~v~ring the propert~• ~lesrritk~f in the Se~urit~ Instrument and l~~ted at: 943 SE OGDEN LANE, PORT ST. LUCIE, FL 33452 (Property AddressJ The Note contains provisions allowing for changes in the interest rate and the monthly payment. The Borrower may limit monthly payment increases to 7'/s% each yea~ if the pro~isions of this Note permit it. The principal amount the Borrower m?:st repay will be larger than the amount originally borrowed, but not more than 125% of the originat amount. .~DnlTto~.al. Co~'F.tia~TS. In addition to the covenants and agreements made in the Security Instrument, Borru«~er ~n~l Len~ier turther co~~n~nt :?nd agree 3s f~~ll~~~~~: A. ItiTEREST RATE: A\D ~l0\THI,I' PA1'11E\T CHAtiGES The tiotc pruvides for an initial interest rate uf 14 . 37 5~. Se~tiuns ? thrc~ugh i uf the '~ote provide for change~ in the interest r:~te and the monthh• payments, s. ti~llow,: 2. ItiTEREST (A) lnterest Owed ' Interest will be charged on unpai~i pnncipal until the fult a?nuunt ~~t princip:~l has tken paid. I H~ill owe interest at ~ ~~arlti rate uf 14 .37 5`~ . The interest rate I w~ill pa~~ ~~ill rhange in acc~rdancr ~~ith Section =31A) beioN~ on the tirst ~1:~) ~~f OCTOBER , 1985 and on that ~ia~ e~~en l_'th ?nonth theresfter. Earh J~te on N•hich m~~ interest rate r~~uld change is callec; an "Intere.t Change Date." (B) The Index Beginning w ith the lirst Intere,t Change D~te. m~ intcre,t rate ~+ill tx hased un an In~iex. The "Index" is the ti~eekl} :~~erage }~ield on Unitcd State, Treasur~' seruritie. a~iju,ted to a ~onstant maturit}• ~f 1~ear, as m:~d~ a~~~ilable by the Federal Resene Buard. The mu~t rerent In~1ei tigure a~ailable as of the d~te ~35 ~fa~~s tkfure each Intemst Chan~e Date is called the ''Current InJex." If the Index is no lonker a~ailable. thc lote H~~Ider ~~ill ch~~use a neH in~iex ~~hi~h is ba~ed upcm rc~mparable informa- n~m. The Note Hulder w'ill gi~'e me n~~ti~e uf [his ~huire. (C) Interest After Qefault The interest rate reyuired b~• thiti Se~ti~~n'_ ur Secti~,n -3(A1 tx lo~~ i. the rate 1~~ ili pa~ both before and atter am~ default descril~d in Section 1018) be1oH'- ! 3. TI~tE A\D PLACE OF PAt'11E\TS ; I a ill pa~ principai and interest b~ making p~} ments e~ery~ m<mth. i 1 u ill mai:e m~ m~inthl~ pa~~ments un the tirst ~fa~~ of each month tx:ginnin~ un NOVEMBER 1~ 1984 . ~ 1~~ilt make the~e pa~ments e~en month until 1 h~~e paid all of the principal and intere,t and am ~~ther charg~s desrribcd » ttiloa~ that I ma~ oHe under this tiote. !~i~ munthly pa}ment, uill tx applie~i ta interest before princ;pal. If. on ~ OCTOBER 1, 2014 . 1 still oNe amounts under thi~ Note. I w~ill pa~ those amounts in full on that d:~te. ~ which is calle~i the "maturit} date." I w•ill make m} monthl~ pa~ments at 1111 SOUTH BAYSHORE DRIVE~ ~ MIAMI, FLORIDA 33131 ~ ur at a different plare if required b} the l~ute Holder. -1. I~TEREST RATE CHA\GES AND i.1LL PAl'11E\1' ~ (A) Calculation of tiew~ Interest Rate and Ful[ Par~ment ~ Each of m}~ first 3 6 monthly~ paymer.ts could be less than a Full Pa~~ment. A"Full Pa~ ment" is the monthly amount ~ .uffirient to repa~~ the amount I originall~~ borro~~ed, or the unpaid principa! balance of m}' !oan as of an Interest Change ~ Date, in full or the maturity date at th~ interest rate I am required to pa}~ by Section 2 abo~~e or this Section 4(A) in substan- ~ tiall~ eyual pa}'ment~. E3eginning on the date of this Nute, my iirst F~ll Payment w ill be U.S. 5 6 3 8. 8 9 until the tir~t Interest Change Date. ~ &:fure each Interest Change Date, the N~~te H~~Ider w•il~ determine a ne«• Full Pa~ment for mv Ic~an. The'~ote Halder r ti ill first calculate m} new• interest rate by adding 2. 57 5 percentage points 1 2. 57 5 ) to tne Current ~ Inde~. The Note Holder H iL' then round the result of this addition to the nearest one-eighth of ~ne percentage point 10.125 n). ~ This rc~unded amount will tx: m}• ne~~ interest rate until the next Interest Change Date. The Note Holder will then determine ~ the amuunt of the m~~n;hly pa~ment that would be sufticient to repa} the unpaid prinripai that t am expected to owe on the - (nt~re~t Chan~e Date in full on the maturitv date at m~~ ne~~ interest rate in suhtitantiall}~ ~qual pa~•ments. The result of this ralculatic~n is mti ne~~ Full Pavment. Each neN inter<st rate will become effective on each Interest Change Date, and each new Full Payment will hecome ; effecti~~e on the first monthl~ pa}~mcnt after the [nterest Change Date. ¢ (B) Reyuired Full Pa~~ment k I~~ill pa~ the Full Pa~~ment as mti mc~nthly payment tkginning µith m} 37TH monthl~ pa}ment unless I chc~se ' t~~ limit the amuunt of m}~ monthly pa~ment as permitted hy Section 6(A) below. GRADL'ATED Zi0`THLY PAY:~iE1TS ~ My fir~t 12 monthly~ payments will each be in the amount of U.S. S 540 .87 . On ~ NOVE:~iBER 1~ 1985 . and on the first anniversar} of that date, 1 will begin paying a n~w monthly~ payment ~ ~~hirh will bc: eyual to the amount 1 ha~~e tx:en paying multiplied b} the n~imber 1.075. I will pay the new~ amount of m~~ r monthl~ ~a}ment until it rhange~ in accordance ~~ith this Section 5. Section 4tR) atxn~e or Section 6 or 7 below. ~ 44~ Y.~~ 99~ MULiISTATE GRADUATED PAYMENT RIDER-1 Year Treasury Endex-s.r~~!e FaT ;--Fh~!a u~~ro~m Irstrumeot rC:~~ ~ _____e~~ _ _ v... . .~.,.s,