HomeMy WebLinkAbout0943 ~ F~:?CHIBIT A
~ o~ CITY AFFOADA~LE MORTQIAQ~ PLAN
ADJUSTABIE RATE l.OAN AIDER
a
Notics: Th• security lnstrument acuns a Not~ which cont~ln~ provi~lon~ that:
~ 1) Caus~ tA~ Int~st~ntlodlcil l,~ P~~~MY basod o~ chan~ 1n an InO~x. Th~ do?rowrr'~ ~cl»duNd n~onlhM PaynNnt
wlll ~Iw cha y
(2) Allow th~ oubta~dlnq pri~clpd balaRU of th~ ban to lncrraw ovK dnw. Thls wMi happ~n M tM ~oh~dul~d n+onth p~y,
maM Is not lup~ ~nou9h to p~y ~N of tM Int~t dw ~nd tM L~nd~r 1~~ tAi Oorrow~r th~ dlff~no~ wtd~r tA~~intu
ot th~ Nob.
T~i~ Rid~r Is m~d~ thN lOth d~y of October , ip ~nd b Ir~ppr~t~d in1o, and ~11 b~ dMm~d
to ~rtMnd and auppbmsnt ths MaiQaps, Dsad ot T?ust, or [3~~d to ~cure D~M (tM "S~curiry Instrurt?~nt") of tM wrN da1~ flNsn
by ths undsrsigned (the "Borrower' ) to ascu~s Borrowsr's Not~ to Ci F~d~ral Savi~~s and laan llasociation, (th~ "~~nd~r") of th~
~200~ SouthbAl~ ~~05, 3ens~
~Beac ~~~1~~M ~ riy tnsitum~nt and bcatsd ~t
ModRkatlons. In additbn to th~ covsn~nts and aflresments made in ths SecuMy Instrumsnt, Borrowe~ and L~~ furthK cov~nsnt
and ~~ee as folbws:
A. Int~st Rat~ Ch~rpN
TM Nots has ~n "Iniiial Intersst Rat~" of 14. 50 Ths Note interssl rate may b~ inctiat~d o~ d~cr~aa~d on tM flret
d~y of the monlh bsflinMn~ on I~a~t 1 19 _~35___-, and evsry _szx~~l _ mo~ttq tMnah~r. TM datas
on whicl? the fntsrost ~ata may ch~nQs ere caNed M• "Interest Rats Changs Ostss."
Chanfles in ths intersst nts wifl bs baasd on chan~a !n a mer~sure ot ths cost of money caN~d Me "Ind~x". Th~ Indsx w111
bs statec! a~ e psrcenta~s fipurs. Ths Indsx a! ths bsQlnnlnp of thia ban ia the on~ lollowin~ th~ box which is muked:
~ The avsraps discount rate o~ Mrsny six ws~k Treasury Silts aa announcsd by tha U.S. Treasury Dspartmsnt bMowinfl its ~ale
01 these sscuritbs.
~ The weekly everaga yi~::3 on Unfisd Statea Trsasury Securities edjueted to a constant maturity of yssn as publiah-
sc! by the Federa! Reservs 8oard in Stetist~cal Rsbase H-15 (519) puDlished weekly.
?
The lsnder may substitule a new measurs ol the coat ot money as the Index it at any t+me th~ Index beir~ ussd ceaaea to be
publicly announced by ita source. The subatituted Index will be us~d to detarmins chsnge~ in tM Inter~st rat~ bspinnlnfl with
the firat interest rats chanfle ~fter the substitution. Any aubstitutec tndez witl be beyond the co~trol of the Lsnder and will be
read~ly available to and Ye?ifiabb by 9orrowsr.
To set ~ach new Intsrset ret~, ths Lendsr w111 flnt d~t~rmin~ the "Cunent ind~z" tipure. Tt~ Cun~nt ~x fipun It th~ fl~urt
most recent~y availabls ~5 days bsfors sach Intsteat Rate Chenpe Dste.
The Lender will round up the Cunent Indsx ~i~~ro to ths nearest one eiflhth ot one percent (.t25%). Th~ l~nd~r wNl ~dd t~s
amount of 4. 00 % ta the Current Index 1lgure. The result ot this additian will be the new inter~st rate.
B. Monthlr Paym~nt ChanpN: C~pltdtt~d IM~n~t
The secured indebtednesa ia payab{e in montNly inetallmenta. Monthly payments wlll bs appNed first to tM int~sst due and then
to principal. The intsrest due may De greater than ths currertt amount ot Borrowsr'~ scheduled monthty paym~nt. In that case,
the intersst due which is greater then the Borrower's aheduled monlhly payment will be edvanced on Bonowsr's sCOOUnt by '
Lender and edded to the oustending principel betance under the Note, unless otherwise paid by Borrower. SuCh Capitalized in• !
tereal is parl of the indebtedness lor whiCh the Security Inat~ument secures repayment.
Borrower's monthly peyment for the firat 24 months w~ll be in the amount ol U.S. S 633. 79
pn December 1 _,~g 86 a~ R~ry 24 mpnih~ therseRsr (ths "Monthy P~ym~nt~j usiment Date"),
Barrower's monthly paymenl will also be reset. In resettlnq ths manthly payment on Ihose detes, th~ Lsr~ds~ will det~mfne tha
amount of the monthly payment on the basis of the tolbwlnp fectors:
the oubta~?din~ pri~cl;.al balance, and
tb) the then current i~~tereat :ate, and
(c) thd remaining term o1 the ~oan.
The Lender will set the monthly payment at s~: amount which would be suificient to pay the ben in fuli over its romaining term
assuming ihe then current intereat rate daes not chenge. !n addrtwn. !he Lende? may incroaae the Borrowsr's month1~ p~ytment
at anyiime ihe total of the amount ot intereat capital~zvd as provided above since the beginning ol the ban reaches S 16 ; UUO . 00
Loan Ch~rp~s
~ It could be that the ban aecured by the Security Inatrumant is eubject to a law which sata maximum ban Ch~os ind th~t Isw
ia i^ter~reted so thet the interest or other bsn charges collected or to be collected in co~nection with the ban. would sxcsed
parmitted lim~is. If thi~ ia the cass. then: (A) any such i~an charge shall be reduced by ths amount nec~swry to r~duc~ ths charge
to the permiried fimit: end (B) any summ already cotlacted from Borrower which exceeded permitted limrts wiU bs refunded to
Borrower. Lender mey choose to meke this refund by reducinfl ths pr~ncipa! owed under the Note, a by makfn~ s dirsct paymsnt
to Bor~ower.
Prlor Llan•
If Lender determines that all or any part ol ths sums secured by th~s 5scurity Instrument ue eubjsct to a il~n whlCh has prior~ty
over thia SeCUnty Instrument, Lender may 3ersd Borrower e notice identi~inQ thai lien. 6o?ro~ver shaM promptly ~Ct with teflard
to thel lien ea provided !n parapraph 4 of the Security Indtrument, or 3hal promptly secure an aqroerr»nt In ~~orm utisfaclory
to Lender eubadlnatin~ that lisn to thb S~curity InsVUmsnt.
8y elpnkrp chls Aki~r. Borrow~r ipnrss ro~1r ol rM abovs.
WITNESS: ~ BOt3K ~~t~ Y~lif V'I~
` ~ Q~ r
~ S ~J.~~~~ ~ . LL('C~~ f~',
1 "1 (K. ~ 1 ~0~~
.J ~ l. ! / + ~ I ; _ ' J / , ~ ~ ' ` ` ~ ~ ($Adl)
IA PIZZIMENTI Borrow~t
01?i~UT10N Or+aMl - MKM b tM Pq~w S~CUMY k~1~~~MnMM (IMWM ~lNr r~cpOrfQ) t'•q~y R!eC1' ta. 7- t~ '*i ~..~':r vnt~.-~r:.E~t 1~,oSY?
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