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HomeMy WebLinkAbout0991 i ~ + • . . . . ' , ~ ' ~ , _ ~ • ) . , . ~ • t . ~ . • . _ r - . ~ ' • . ; ~ . . , (B) Setting the Nc+v Interest.Rate ~ } To set the new interest rate, the Note Holde~ will determine the change brtween the Base Incf~x figure and the Curie~t Index 1 ? Rgure. Thc Base Index figure is . . , .15 . 39, , , ; , , , , , , , ; , , , , , , , , , , , , , , , The curcect Index figurs is the most recent Index figure i ? available ......~5 days prior to each Change Uate. If the amount of the c6ange is less than on~eighth of one i i percentage point, the change will be rounded ta zero. If the amount of the change is oneeighth of one percentag~ point or more, ~ i the Nott Holder will round the amount of the change to the nearest one~eighth of one percentage point . i If the Current Index figure is larget than the tiase lndex figure, the Note Holder ~vill add to the :ounded amount of the ; change to the Initial Interest Rate. If the Cucrent Index Cgure is smaHer than the Ilase Index figure, the Note Halder wil! subtrac: • the rounded arnount of the change Crom :he Initial Interest Rate. The result of this addition ot subtaaction will be the prelimin~ry rate. If there is no change between the B~se Index figure:nd the Cucceat Index Cgure after rounding, ehe In'stial Interest Rate will be t the preliminary rate. ~ " . /Chtc~k onr box lo indrra~t ~e~btlher tlxrr if Jny ~rar: mam limi! on rale thongtl• ijao box if cbrr~Etd 1/x~e ~c~i!! be no rxaximxm linri~ os thaxget/ . ; ~ '(1) l~Uthis box is checked, there will be no.maximum limit on changes in the interest rate up or dowa 'fhe preliminary ~ y rate will be the new interest rate. ~ ~ (2) O If this box is checked, the interest rate wiil not be thanged by mare than percentage poincs on any Change Date. The Note Nolder qvill adjust the preliminary rate so th~t the thange in the interest rate will not be more than that limit. The new interest rate wiil equal the ~igure that resutts from this ad;ustment of the preliminary rate. . (Cj Effectivc Date of Changes - ~ 6_ Each aew interest rate will become effective on the next C}?3nge Date. If my monthly payment changes as a result ofa change ~ in the interest cate, my monthl~ payn~ent will changc as of the first monthiy payment date after the Change Date. ? • (D) Notice to Borrower ~ ' The I~ote Holder will mail nie a notice by first class mail at teast thirty and no more than [octy-fire days beCore each Change ~ ~ if the interest rate is :o cliange. The notice will advise me uf: . ~ (i) the new interest rate on my lo~ns; ' ~ ~ (ii) the amount of my nev~ monthly paymenr and ~ (iii) any addition:l matters which the Note Holder is_ required to discl~se. ~ 5. BURTcOWER'S FAILURE TO PAY A5 R~QUIftED (A) t.ate Charge for Ovrrdue Payments • ~ If the ~tote Holder has not received the !!~li amount of any of my monthly payments by the eRd of 1?.. ~'I ~ calendar days aftes *.he date it is uue, 1 wilf pa} a late charge to the Note Holder. The amount of thr charge will be..`.~........% ~ vf my ore[due payment o! princi~:al and interest. f w•il1 pay this late charge oniy once on any late fayment_ f~ (B) Notice froen Note Holder ~ i If I do not pay the [ull amount c~f each monthly payment on time, the Note Eiolder may tend me a written notice telling me that if I do not pay the ovcrdue amount hy a ccrtain date i will be in default. That date must be at [cast 30 day s after the date on a•tiish the notice ~s ~ailed to me. ~ ~ _ ~ (C) Default . ~ If I do not pay the overdue arrioun! by the date staied in the notice descrsbed in (E3) above, 1 will be in defaul~ If I am in ~efauft, the Note Holder may require me to pay immediately the full amount of principal which has not been paid and all th4 interest ~ that I owe on that amount ~ . ~ Fven if, at a time when I am in deFau;t, the Note t iolder docs not require me eo pay immediately in fu:; as dcscribed above, the Note Holder will still fiave the right to do so if I am in deCault at a later time. . ~ (D) Payment of Note Holder's Costs and Expenses ~ ~ j- If the Note Holder has rcquired me to pzy immediately in full as described above, the Note Hc~lder wilt have the right to be paiJ back by me for all its resonable tosts and expenses to the extent not prohibitcd by applicable law. Those expenses may include, ~ Eor example~ reasona'~le attorneys' fees. . - 6. WAIVERS ~ AnyonewhosignsthisNotetotransferittosemeoneelse(kriownasan"endorsei')waivescertainrights.'fhoserightsare(A)the 3 cight to requice the Note Holder to demand payment of amounts duc{kn~wn as"pcesentment") and(B) the right to require the Note } I~ Holder to give notice thai amounts due have not been paid (known.as "notice o~ dishonos"). ~ ( ~ 7. GIVING OF NOTICES . ; Except for the n~tice pra~ided in 5ection4(D), any more t~-,at must be qiven to me under this Note wi11 bt given by mailing it by i~ ~ertified rnail. AU notices will be addressts to me ~t the Property Address above. Notices will be mailed to sne at a different address if I. give the Nnte Hoider a notice of my different addresa ~ Any notice that must be given to the Note Hol~er under this Note will be given by mailing it certified mai: to the Note Holder at the address stated in Section 3(A} abuve. Notices will bc mailed to the Note Holder u a different address if I am givcn a notice of that ~ diffetent address rs, , _ . . _ ~~7' ~91 . . . •/f mnre lhar, unr b.ex iJ thr•ckrd -1r i~.^,,, hM.r ri ,hrrted, und I.rr.,lrr ~ind I~~~ruk ri dn nn! <dhi?uirr agrrc rn a ntin,~. :tti- f".it[ ir.de.r u•iil apply. _ _ _ _ . . _ . _ _ . _ _ .