HomeMy WebLinkAbout0925 anJ Nill aJd the diflerence to my unpaid principal. The Nute Holder will also add interest on the amount uf this
diHerence a~ my unpaid principal each month. The interest rate on the interest added to principai will be the rate
rryuired by Section 4(C) above.
( H) Limit on h1y Unpaid Ptincips?1; Increased Monthly Payment
My unpaid principal can never exceed a maximum amount equal to one hundred twenty-hve percenc ~ i~~~b)
~>f the principal amount 1 originafly borrowed. My unpaid prine~pal could exceed that maximum amount if 1 pay a
Limited Payment. If so, on the date that my paying my Limited Payment would cause me to exceed that limit, 1 will
in,~ead begin paying a new month~y payment until the next Change Date. The new monthly payment will be in an
amount which would be sufi'icient to repay my ehen unpaid principal in full on the maturity date at my current interest
rate in suhstantially equal payments.
(1) Required Full Payment
Beginning with the first monthly payment aRer the fina) Change Date, I will pay the Full Payment as my
riunthly payment_
!3. TRANSFER OF THE PROPERTY OR A BEIVEFICIAL INTEREST tN BORROWER
l.;nifurm Cuvenant l7 of the Security Instrument is amended to read as foltows:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest
in ~t is wld or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrow•er is not a naturai
~rsun ) withaut Lender's prior wricten consent, Lender may, at its option, require immediate payment in full of all
.um~ secured by this Security Instrument. However, this option shall not be ezercised by Lertder if exercise is
pruhibited by federal law as e~f fhe date of this Security Instrument. Lender also shall not exercise this option if: ( a) ~
Borrower causes to be submuted to Lender information required by Lender to evaluate the intended transferee as if a ~i
new loan were being made to the transferee; and ( b) Lender reasonably determines that Lender's security will not bc
impaired by the loan assumption and that the risk o~ a breach of any covenant or agreement in this Security
Inst~umen~ is acceptable to Lender. -
+I
To the extent permitted by applicable law, Lender may charge a rPasonable fee as a condition t~ Lender's I
conscnt tu the loan assumption. Lender may also require the transferee to sign an assumption agreement that is I
acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and
in this Securi~y Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless
Lender releases Borrower in writing..
If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of
acceleration_ The notice shall provide a period of not less than 30 days from the date the n~tice is delivered or mailed
ti~ithin which Borrow~er must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums
pri~~r to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without
funher notice or demand on $orrower.
BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable
Rate K~der.
The rate of interest I am X
req u i red t o ~ay sha 1 1 never ! a d A. McC 1 at chy, _eonower
be increased ar decreased -
on any single Change Date (Seal)
by more than two percentage Marianne G. Mc atchy, partne -gQ«ower
points ( ~.0a0)X fram the
rate of interest I have been X
paying for the precedir~g
twelve months. My interest
rate also shall never be
greater tha» (17. 250~ x. ~84 ~lV Al0 :0() ~
Interest prior to 6/ 1/85
shall be charged on the ~
amount disbursed trorn tne ~ ~
disbursement date and sha11 ROC=:
ST.IU~~~_
be billed manthly. Horrower
sha 1 1 make mont h 1 y payrnent s ~~~09
af interest an draws begin-
ning 12/ 1/85 and the first
day of each month thereafter
fihrough and including 5/ 1/85.
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