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HomeMy WebLinkAbout0936 ! GRADUATED PAYMENT RIDER (1 Year lndtx-Ps~yment Cap) THIS GRADUATED PAYMENT RIDER is made this 21ST day of DECFMBER . ` l9 84 , and is incorporated into and shall be deemed ro amend and supplement the Mortgage, Deed of Trust, or Security peed (the "Securiry Instniment") of the same date given by the underaigned (the "Borruwer") ro secure Borrower's Graduated ; Payment Note to GDV FINANCIAL CORPORATION~ ~ A CORPORATION ~ (the "Lender") of the same date (the "Note") and covering the property described in the Security Instrument and located at: € 2210 S.E. BRFKENRIDGE CIRCLE, PORT ST. LUCIE, FL 33452 ~ (PropeAy Adaress~ The Note contains provisions allowing for changes in the interest rate and the monthly payment. The Borrower may limit monthly payment increases to 7~Y4% aach year if the provisions of this Note permit it. The p~incipal amount the Borrower must repay wiil be larger than the amount originally borrowed, but not more than 1259b of the o~iginai amount. ADDIT1oNAL CovExAlvTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTERFST RATE AND MO~i'!'HLY PAYMENT CHAiVGES The Note provides for an initial interest rate of 12 . 25 96. Sections 2 through 7 of the Note provide for changes in the interest rate and the monthly payments, as follows: . 2. INTERFST (A) Interest Owed Interest will be charged on unpaid principal until the full amount of principal has been paid. I will owe interest at a yearly rate of 12 ~ 25 `~"r. The interest rate I will pay will change in accordance with Section 4(A) below on the first day of JANUARY , 1986 and on that day every 12th month thereafter. Each date on which my interest rate could change is called an "Interest Change Date." (B) The lndex • Beginning with the first Interest Change Date, my interest ratp will be oased on a~~ lndex. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board. The most recent lndex figure available as of the date 45 days before each Interest Change date is called the "Current index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable informa- tion_ The Note Holder will give me notice of this choice. (C) Interest After Default • The interest rate required by this Section 2 or Section 4(A) below is the rate I wilt pay both before and after any default described in Section 10(B) betow. 3. TIb~IE AND PLACE OF PAYMEN'I'S I will pay principal and interest by making payments every month. I will make my monthly payments on the first day of each month beginning on FEBRUARY 1, 1985 . I will make these payments every month until l have paid all of the principal and interest and any other charges described ; below that I may owe under this Note. My monthly payments will be applied to interest before principal. lf, on ~ JANUARY 1~ 2015 , I still owe amounts under this Note, I will pay those amounts in full on that date, i which is called the "maturity date." E I will make my monthly payments at 1111 SOUTH BAYSHORE DRIVE~ ~ MIAMI, FLORIDA 33131 ~ or at a different place if required by the Note Hoider. ! ~ 4. INTEREST RATE CHANGES AND FULL PAYMENT ' (A) Calculation of New Interest Rate and Full Payment Each of my first36 monthly payments could be less than a Full Payment. A"Full Payment" is the monthly amount sufficient to repay the amount I originally borrowed, or the unpaid principal balance of my (oan as vf an Interest Change Date, in full on the maturity date at the interest rate 1 am required to pay by Section 2 above or this Section 4 A) in substan- tially equal payments. Beginning on the date of this Note, my first Full Payment wil! be U.S. $ 471 . 5~ until the first Interest Change Date. Before each Interest Change Date, the Note Holder wiil determine a new Full Payment for my loan. The Note Holder ~ will first calculate my new interest rate by adding 2• 61 percentage points ( 2• 61 `k) to the Current Index. The Note Hotder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125 `7 This rounded amount will be my new interest rate until the next Interest Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe on the ~ Interest Change Date in ~all on the maturity date at my new interest rate in substantially equal payments. The result of this ~ calculation is my new Full Payment. Each new interest rate will become effective on each Interest Change Date, and each new Full Payment will become ~ effective on the first monthly payment after the Interest Change Date. € 6 ~ (B) Required Full Payment ~ I will pay the Full Payment as my monthly payment beginning with my 37TH monthly payment unless I choose ~ to limit the amount of my monthly payment as permitted by S~ction 6(A) below. 5. GRADUATED MONTHLY PAYMENTS My first 12 monthly payments will each be in the amount of U.S. S 3 96 . 83 . On FEBRUARY 1~ 1986 , and on the first anniversary of that date, I will begin paying a new monthly Payment which will be eyual to the amount I have been paying multiplied by the number 1.075. I wili pay the new amount of my monthly payment until it changes in accordance with this Section 5, Section 4(B) above or Section 6 or 7 below. ao~K 453 PA~E 936 ; _ ; MULTISTATE GRADUATED PAYMENT RIDER-1 Year Treasury lndex-s~nflie Fam3ry-Fk~u uanerm i~m.+~ FOflM 3121 12/83 ~ - - - - ~