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HomeMy WebLinkAbout0989 GRADUATFU PAYMENT RIDER (1 1'rar tndrx-Pa~mrnt t'ap? 'I'NiS GRA(~t~A"I'ED PAl"~1ENT RIDER i+ m~de this 27TH +1ay uf NOVEMBER • ly $4 ..~nci i, iniur~x,rate.i intu anJ ~hall tk derm«i to am~nJ and s~~pplement the l~7ungagc. De~d ut Tru.t. ~~r Serun[~ Ikc~1 ~th~ "Serurit} II1SlNIlItIlI~~1 uf the ~:unr ~late gi~~rn hy the under,igneei Ithe "&~rru~~~r") tu srcure Burru~~r'ti Gra~fuate~ ~':~~~»~n~ 1i~<< <<~ GDV FINANCIAL CORPORATION, A CORPORATION tth~ "l.ender"! ~~f the ~am~ ~latr Ithe "Nut~"1 ana ruvering the prup~rt~ ~~scrihed in the Se~vrity In.trum~nt an~1 I~xateJ at: 2U38 S.E. WEST DUNBROOKE CIRCLE, PORT ST. LUCIE, FL 33452 ~P~o~,eny Ada~ess~ The Noie contains provisions allowing for changes in the interest rate and the monthly payment. The Borrower may limit monthly payment increases to 7~/s% each year if the provisions of this Note permit it. The principal amount the Bor~ower must repay will be larger than the amount o~iginai{y borrowed, but not more than 125% of the original amount. ADIriTIO~:~L (~O~F:~.a~Tti. In a~1~liuun tc~ th~ r.~~enants and ;~greement~ m~~1c in the Securit~ lnstrument, Born>Her ,uz~1 L.en~ler furth~r ri~~~nant anJ agr~r a~ ti~llu~is: ~ :1. 1\TEREST RATE A\D ~fOtiTHI_1' PAl'~1E\T CHA\GES l~he No[c pru~ iJes ti~r ~n initial interest r~te of 12 ~ 87 e~ i. Se~tiuns thruu~h 7 t~i the Ni~tz pru~ i~ie for ~hange~ in the interest rate ~nd th~ munthl~ p:~~ ment,. a~ f~~ll~~~~ 2. I\TEREtiT Interest Owed Interest ~i?11 h~ rharge~l on unpai~i principal until the full am<~unt c~f prin~ipal ha. bc~n p:~i~i. I~vill ~~~ie intere,t ;?t a ~~~rl~ rate ut 12.875 Thc intere~t rate 1 aill pa~ i4ill rh;~nge in arri,rdance aith Secti~~n -1(A? beluH~ un thc tir~t "f DEGEN1~E~t , 1985 ~nd un that d~~ e~er} 1?th m~>nth thereatier. Earh ~iate un ~~hirh m) interest r.ite ~~~ul~i ~h:~nge is ca~le an "lntere,t Changc Uate.~ (B) The lndex $e~innin+, ~~•ith the tirtit lnt~r~,t Chan~,e Date. m~ intere~t rat~ ill tk ha>e.i ~~n an In~iex. The "In~iex" i~ the ~~~ekl~ ~~~rake ~'ield «n l;nited States Tr~a~ur~ ,~curitie, a~lju,ted tu a run.tant matunh c~f I~~ar, as m:~~te a~ailahle b} th~ Feeieral Re~er~e Board. Thr mu~t rer~nt In~iex figure ~~ailahle a. uf the ~iate -t~ da~, tkti~rr tarh Interest Ch~n~~e Date is ralled th~ "Curr~nt in~ie~." [t the In:i~x i. n~~ lun~~r a~ail~b(e. the'~e~te Hol~ler »ill ch~x»e ne~+ in~fex ~chich i~ hased u~x>n ~~~mpar3ole inf~~rtita- n~m. Th~ 1cu~ H~~~eler «ill t~i~e nt< nutirr u1 thi. ~h~~i~e. IC) lnterest After 13efault Th~ interest rate reyuired b~ thi. S~cti~m '~~i Se~tiem -i(A) tr,lu~c i~ thr rate I«il; pa~ tx~th t+eti~re an~i after am ~lel3ul[ ~i~srnt~e~i in Secti~~n 10(B) txl~~~~- 3. TI~tE A\D PI,aCE OF Pa1'~iE\TS t~~il{ pa~ prinripal an~i intere,t F1\' 1113I~1IIL pa~m~nt. ~~er~ m~~nth. I~+ill make m~ m~inthl~ pa~ment~ un the tint ~la~' c~f~a~h memth 'tk~int~in_~ i>n JANUARY 1~ 1985 I~~i1( m.ike the>e p~~ments e~~n nu~nth until I ha~e pai~l i~f thc prinripal an.l int~r~tit an~i am ~~ther rharge> ~fe>cribed hel~~~~ th,it 1 rna~ ~~~~e un~ier thi~ \ut~. :11~ !nunthi~ pa~ment~ ~+il~ he applied t~~ interest hef~,re princip~l. If. ~~n DECEMBER 1~ 2014 . I,till e»e anu~untti under thi~ tiate. [~~ill pa} the~.e amuunt~ ~n full ~,n th~t .i~te. ti+hi~h i~ ~alle~l th~ "maturit~ ~iat~." I~~ ill m~ike m} m~mthl~ p:?} mcnts at 1111 SOUTH BAYSHORE DRIVE ~ MIAMI, FLORZDA 3313I ~~r :it a.iilfer~nt pl~c~ if reyuire~ b} the tiut~ H~~Ider. ~1. 1\"CERF.ST R:~TE CH~ti(;Eti A\U Fl'LL PAl'~IE1'I' !:V Calculation of ~ew [nterest Rate and Full Patiment E:~ct, ~,i n,~ t~s,c 36 rne~nthl~ pa~ menta cewld hc letis than a Full Pa~ ment. A"Full Pa~ ment" the nwnthl~ anu~~~nt ~uttirient t~~ re~ai the ;~rrnwnt (~~ri,~ina11~ h4~rm~~c~i. ~~r the unpai~i principal halancc ~~f m~ l~~an as ~~f an Intere~t Change Uate. in 1u11 ~m th~ maturit~ J3te at th~ inter~~t rate 1 am r~ywred t~~ p.t~ b} Serti~~n'_ atx~~e „r thi` Secti~m -~IA) in ,uh~t•.~n- t~a!1~ tyual pa~n~~nt.. Bezinning un th~ ~at~ ~~f th~, tiutr, m~ first Fu1.l P~+)mcnt ~till tk l'.S. ~ 3 57 . 44 unui the tir~t Int~re.~ Chanz~ [)at~. B~fur~ r~?~h Int~r~~t Chanz~ D:~t~. th~ \t~te Hul~ler ~~ill u~t~rnunc a ne~~ Full P~~?nent ti~r rn~ l~f~n. The \ote Hul~ler ill tir.t calcul:~te m~ new inter~.t ra[c h~ a~i~ling 2. 56 5 per~entage pcunts ~ 2. 56 5 ) to the Currtnt 1n~i~ ~ The ~~~te H~~IJrr ~?ilf thrn n~un~i the re.ult ~~t thi. a~l~itiem tc~ the ne:+rest une-ei~hth c~f t~ne ~ r~entage Exiint 10.1~5 I hi. r„un~ie~i .in~~~;:nt Hili he m~ n«< i~tere`t r:ite until the rzcYt Intere.t Chan~e Date. The '.`iite H~~lder tiill then determin~ thr .inu~unt ut ~hr ~ru~n:fil~ E~,~triu•r~~ that ~~uul~l 'rk >i:tti.~cnt ti~ re~: ~ thc unpai~ prin~ipal that 1 am. ex~nrte~i t~~ ~~~~e ~~n the Intrre~~t ('han,~e 1)atc in lull un thr nutunt~ S:ite at m~ n~u ~nter~:t r:~t~ in suh>tantialh ~yuai'pa}ment~ l~he re>uh uf thi~ .al:ul.ini,n i. in~ n~~~ Fuif F'a~mcnt. f.arh ne~+ intrre.t rate N1~I ~~Ci~~I11t eltrrn~~ ~~n ra~h Intere~t ('hancr I)~tc. an~i ~~rh ne~. Full Pa~nunt ~~iil t~~im~~ ~ttr.ti~~ ~~t: thc t~r.t nu~nthl~ ~~~nunt aitrr thr Intcrc~t Cham_r Datc 1l31 Fieyuired Full Pa~ment I uill ~a~ thr ~=u!I Pa~mrnt .i. nn r,u~nthl~ ~a~~n~~n; h«~nn~n~ »ith m~ 37TH m~~nthlti ~~a}ntirnt unle~• [ rh~,u~~ t~, iiniit th~ .unuunt ~~f rin rn~;nthl~ pa~mcnt ~crra~itt~J h~ Sc~u~~n 6!A) t~l~~~~. ~:k,?t~i~:~z~~:~~ ~t~»-rtti.i~ P:~ti~»r:~~rs ~ 1i~ lir,~ ~ 2 mt~nthl~ pa~tnent, Hill ~a~h tk m the anuwnt ut l'.S. 5 3~~..33 On JANUARY 1,, 19 86 .,snd i~n thr Sir~t .innn er.ar~ ~~t that ~iate. I~~ i!1 he~~in pa~ ing a nc~~ ?nimthlt pa~ ment ~.;ii«t~ ~+ili tx~ ryu.~i tu ~tir an~~~unt I ha~r tken pa~in~ nuiltiplir~i h~ the nunitkr 1.075. t Hill pa} the ne« ~m~~unt ~~f n~~ i~,~~i~ihl~ E,a~nir~it until it ~hai~L~•• in .~~i~,r~lan~~ ~~ith thi~ Sertum 5. Se~hon ~IBI ahc~~e ~~r Serti~zn 6 c~r 7 tnlc~w. 30~ x ~49 ?!r_,F ~706 MULTiSTATE GRADUATEO PAYMENI RIDER-1 Year Treasury Index-s~y,e ~a - , =hr.~r, : . ; _ i~l~~ ~ . . _ _ ,