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~ LOAN N0: 325g7g~ NAME William H. & Lorri Crawford
Date in full on the maturity date at my new interest rate in aubstantially equal
payments. The result of thie calculation plus any required monthly escrow for taxes and
ittaurance will be the new amount of my monthly payment.
(E) Limits on Interest Rate Changes
The rate of intereat I am required to pay shall never be increased or decreased on ~
any single Change Date by more than ~ percentage points ( 2.00 from the .
rate of interest I have been paying for the preceding 12 monthe. My interest rate
also shall never increase more than Five percentage points (5.ppZ) from the fully
indexed rate of 9.00 x. My interest rete shall never decrease below the interest
rate established in paragraph 2(A) of this inatrument.
(F) Effective Date of Changes ~
My new interest rate will become effective on each Change Date. I will pay the
amount of my new monthly pay,ment beginning on the first monthly payment date after the
Change Date until the amovnt of my monthly payment changes again.
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(G) Notice of Changes ~
The Note Holder will mail or deliver to me a natice before each Change Date. The
notice will advise me of:
(i) the new interest rate on my loan as of the Change Date;
(ii) the amount of my monthly payment following the Change Date; ~
(iii) any additional matters which the Note Holder is required to disclose; and
(iv) the title and telephone number of a person who will answer any question I
may have regarding the no~ice.
3. A late charge equal to 4X of the amount of the monthly payment shall likewise be due
and payable without demand if any installment is not paid within the grace period so
stated in the Note. ~
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. 4. The undersigned OWNER hereby agrees that the aforesaid indebtedness stated in Para- f
graph 2(A) above is due according to the terms and conditions of the aforesaid Ad~ustable ;
Rate Note and Mortgage and any Modification thereof without defense or offset and further
agrees to be liable for said indebtedness as fully and to the same extent as if the OWNER
was the original maker thereon. In addition, the OWNER agrees to personally perform and -
~ to fully abide ~y aZl the terms and conditions set forth in said Ad~ustable Rate Note and
' Mortgage and this agreement.
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S. The ASSOCIATION recognizes the OWNER as the Obligor on the sub~ect loan, approves the
credit of same and hereby releases the original Obligor from further obligations or
' liability under the Adjustable Rate Mortgage and Note referred to above. i
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6. Except as specifically designated herein, nothing here shall conatitute a change or
~ amendment to the aforementioned Promissory Note and Mortgage, the provisions of which are ~
! specifically reaffirmed by the owner(s).
7. This agreement is binding upon the heirs, personal representatives, successors, and
assigns of the parties.
8. The OWNER shall be bound to the Association to the same extent and in the same manner
f as if the OWNER were Mortgagor under said Mortgage and the maker of all Ad~ustable Rate
~ Promissory Notes and s~cured thereby. ~
9. The Association hereby consents to the sale, transfer and/or conveyance of the
mortgaged property to the OWNER.
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