HomeMy WebLinkAbout0990 t3c~xkc»~ r:k•~ ki~~H"!' TU I.l~lt"1' ~IU\"1'H1.1" PAl'~~H:\"l'
(:~1 ('alculation of Limitrd Pa~mrnt
Unlesti Se~tiuns 61C) anJ 61D? hel~,~~ H ill nut Exnnit m~ tu ~lu .u. 1 ni,ty ~h~k„r tc~ liniit tt~c a+n~~unt a~f m} nru mu~~th!}
pa~ment tull~+wing thc third an~i cach t;~trr Inte<<st Change D;~tr tu thc arnuunt I ha~~ txen pa~ing multipli~d h~ the nun~tkr
I.U?~. This amuunt is ralled the "Linjitrei Pa~ment." If I cha?.se a l.imited Ya~mrnt as m~ monthl~ pa~ment. I mutit
~+~e the \ute Holder notice that 1 am doinK so at Irast IS da~s brtore my first nrw monthl~ pa~turnt i~ duc.
!H) Additions to ~t~~ ~'npaid Principal
?~ty munthly paym~nt cuuld h~: less than the .uriuunt ul th~ int~r~.t p.,niun uf the munthly pa~ mrnt that ~~uulJ hc ~utti-
~irnt tu r~pay th~ unpaid prinripal 1 otir at the m~mthl~~ pa}ment ~iate in tull on th~ maturit~• date ;~t m~ ~urrent int~r~>t
rate in ~ub~tantially eyual payment.. If su, ~arh munth that the amuunt ut m~ monthl~ pa) ment i~ 1«, than the inter~.t ~~r-
tiun, the Nute Hu1Jer ~ill ~ubtract the am~~unt of~ m~ munthl} payment frum the :~ntount ~~f the interest Fx~rtiun and uill a~1J
thc ~lifteren« tu ~z~~• unpaid prinripal. The Nut~ Etc~!dcr „ill also ad~1 interest un thc am~>un~ ut this Jitferenre tu m~ unpai~i
principal ~arh nx~nth. Th~ intere~t rcite c~n the inter~~t a~iJed tu prirnip:~l ~+~ill tk tnc r.it~ r~yuir«l h~ Sr~~u~,n ur ~l(A) atxwr.
(C) l.imit ~n Unpaid Principal; Increased 1lonthli~ Pa~ment
My unpai~ principal ~an never ex~re~l ~ ma~imum 3mount eyual tu one h~~n~ir«i t~+ent}-ti~e Exr~ent I1_'S`,•i ? ot the
prin~ ip31 a~nount I uriginall~' ~~rn~~c~d. M} unp~?iJ principal cuuW ex~~ed that ~z~aYimum a~~u~unt if 1 p3~ a Limited Payiuent.
If su, un the d~te that my pa~~ing a Limite~i P3~-ment wouW cau~c me t~~ exree~i that limit. I~~ill in,tead txgin pa~ing a ne~~
munthl~• pa~ment until the next Interest Change [?ate. The nea• munthl~ ps~mrnt ~+~ifl tk in :tn amuunt ~~hi~h ~~~c~uld tk ~ufti-
~i~nt t~~ repa~ m~ then unpaid principal halanre in full ~m thr maturit) ~lat~ at m~ rurr~nt ini~rc.t ratr in wb~tanti:~ll~ eyual
pa) m~nt,.
(D) Final ~tonthl~~ Pa~mcnts
&:ginning ~~~ith the tir,t nwnthh pa~ ment atter th~ tinal ChanR~ Uat~, 1~~iil pa~ th~ Full P:~~ ment as m~ nwnthl~ pa~ n;ent.
7. \OT1CE OF CHAtiGES
The Nute H~~Ider w~ill mail c~r ~1eli~•er t~~ me a nutire anti rh;:n~~s in m~ intere.t rate an~1 in the anx,unt ~~f n~~ monthl~
pa~m~nt be;fure the efferti~~c dat~ „f an~ rhange. The nuti~e µill in~lu~i~ intormatiun r~yuire~i h~ la~ tu tk g~~~n me an~
;il.~~ the title :+nd telrphcme numtx~r ~~f a pcrsun ~~ho uill an,wer am yue.ti~~n f ma~ ha~~e regar~in~, the nuti~~.
B. TRA~SFER OF THE~PROPE:RTI' OR A BE\EI~ICIA1. 11TER~:ST 1ti BORRO~~'F.R
t'niti~rm Co~~enant i7 i~f the Sc~urit~ in.truri~ent is unundec! tu rea~i a~ to!lo~~s:
Transfer of the Propert~~ or a Beneficia! lnterest in Borrower. [f a(I or :,m pan ~~f [h~ Pru~nr« ur ant ~ntere,t
<<i it iti ,old ur tran~ferreJ lor it s tkn~tici~l intere.~t iri BorruHer is u~l~i ur transferr~.i anef Bc~rr<~~ier i, not a natural ~ers~~nl
~~ithout Len~ier'ti pric~r ~~ritten r~~ns~nt. Lender ma~, at its ~~ptiei~t, reyuirr tlllRltl)1Jit pa~ment in lu11 {~f all ~um~ ,erur~~
h~ thi~ Security Instrument. He~ae~c:r. this ~ipti~~n ~hall m>t bc: exerrised h~ Lender it exercise i~ prohihited b~~ fe~ieral la~~
a~ e~f the date «f this Securit~~ In,trumrnt. l.en~ler alu~ shall n~u exercise this optiun it: (:~1 Borrawer ~;~u~e, to h~ suhmitteJ
a> Lender inforrn;~tion reyuired h} L~n~ier to e~aluatc the intende~ trantiteree a~ if a ne~~ luan ~ere tx:ing ?nade tu the transfere~;
~;~~i {hl Lender reasun3bl~ determine. that Lender~, sccurit~ ~ill n~~t be impaire~l h~ the loan assumptiun and that the ntik
~~f a hr~ach iif am ce~~enant ur agre~ment in thi~ Sccurity In>tru?i~ent i~ s~reptahl~ tu Lender.
T~~ the extcnt pcrmitted b~ appli~ahle la~, l.,ender ?na~ charge reasemab(e fee ;~s a con~liti~~n t~i 1_ender'~ r~~n~~nt
tu th~ I~~an assu?nptiun. Lerder may also reyuire the tran~feree to ,ign an a.sumptie~n agr~ement that is ~ccept~ble to L~n~irr
an~i th~t ubligate~ the tran~teree tu keep ali the pmmi,~s ~nd agreeri*.ent~ made in the '~ute and in thiti Securit} ln~trument.
B~~rre»er w~ill continue tu bc abligated under the \~~te and ih~s Securit~ ln~wment unless Lender rcleau~ &~rrower in ~?ritini.
It Lender et~rri,e. the optie>n n~ require immecliate pa~mcnt in full, Len~ier,hall gi~e Borru~cr rn~tire ut accelerati~~n.
"l~i~~ n~~tice ~hal! pr~»i~i~, a peri~~ci c~f n~it less th;~n ~0 :ia~, from ihe ~latc the n~~ti~e is deli~~ered ~~r muilcel ~~ithin ~~hich B~~r-
r~~~+er r,~utit pa~ all ~um~ se~ur~~ h~ thiz Securit~ In.trument. If B~~rrr.ucr fail1 tu pa~ these ~unu priur tu the rxpiratiun
ut this pericxl. l.cn~ler :na~ imuke am rern~ciie~ ~rmitte~i h~ thi, S«urit~ 1n~trument ~+ith~~ut furchcr n~~tire e,r ~1~mand un
B;~rn,~~ er. . .
BY SIG\1\G BEL(>« . B„rn~~~~r a~~epr, an~i ,t,_r~e. t~, the t~rin~ ~:r~~i cc~~en~nt, r~~ntain~el in thi~ Gracluate~l Pa~ ment
K~~l~r.
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~+ILLIAM FAYAD A LUCY FAYAD
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