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Home My WebLink About0935 _ . ~ . ~ ~ P ~ - . . ~ ~ . • ' , . ' l i . ~ , ~ ~ - . , . AI)~U5~~?1~LE ~A~MENT RII)i~R - sWI~ 258353 TH1S ADJUSTADLE PAYMENT RIDER is made this .,.l~th.., day of ...As~~u~t,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, 19..82..., and is inco~pc,ratc~i intu and shall bc deemcd to amend and supplcment thc Mortgagc, Deer~i af Trust~ ar Deed to Secure I3e~t (the "Security Instn~ment") of the same date given by the undersigncd (the "Borrow•er") to secure Borrower's Acljustablc ~a;y~ncnt Notc to ...Sxt1GKTQN,..WtIATI,EIC,..DASlTDI..~..~COI~'ANY {thc "I,cnder") of the same date (the "Not~") and covering the property describcd in the Sc~urity Inslrument and locatcd at: , ~ ......12069 S~UTH. INDI~N ttIVER. DRIVE~.. JENSEN, BEACHa.. FLURIU~..3~457........... - (Property Address) The Note Conta~n~ Provi:ions A(iowitey For Chan~es In The Inte~ast Rat~ And The llAonthly ~ P~yn~~~t And For Ine~aa:~s In Th~ Prinei~dl A~nount To 8~ R~patd. ~ Th• Note Also P~ovids: For Calsulat3ons Q~f Two Separafe MoRthlr ~aym~nt Ansount:. On• Will , ~ Be? Yhe Amount 7hat Th~ dorrower Muit Ac+uaily Pay Eneh Mo~th. The Oth~r Will f!~ An A~nount ~ 1'hat Ti~e B~r~ower 1rYauid Pay Each lVdonlh To FvIIY Repar Tho Lo4n On Th• Maiturity Oaf~., This Means Tha~ The Bo~rdwer Could R~pay Mors ThaH The A~aunt O~iginally Borsow~d Or Tha~t The Barrdws~ Couid Repay The Loan Bafo~e Th~ Moturity Date. ~ ADDITIONAL COVENANTS. In addi!ion to thz covenants and agreements made in the 5ecurity Ir~strumeut~ Borrow•er and Lender further covenant and agree as follows: . . A. INTEREST RATE AND MONTHLY PAYMENT CHANGES ~ ~ The Note provides for an initial interest rate of ..17..25Q......%. Sectioi:s 2, 3, 4, S and 6 of the Note provide for changes in the interest rate and the monthly payments, as follows: - ' "2.INTERES'T - ' (A) Interest Owed . Ir.terest will ?~e charged on that part of principal which has not been paid. lnterrst will bc charged beginning on the date of this Note and c~ntinving until the ful! amaunt of principal has been paid. • ~ ~ Beginning on the date of this Note~ I will os!~e interest at a yebrly rate of...~,~~~~~o. The rate of interest I will owe will ' ~ AF IL 1 ~ change on the first day of t~e month of ~ 19... r~...... and on that day every 6th month thereaRer. Each " date on which the rate nf interest could change is called an "Interest Changa Date." The new rate of interest will bzcome ; effective on each Interest Change Date. ~ - - _ - ~ - - (B) The Index . - . Any changes in the rate of interest will be based on changes in tht lndex: The "Index" is the weekly auction average rate on United States Treasury bills with a maiurity of 6 months, as made available by ihe Federal Reserve Board. _ - If the Index is no longer available. the Note Holder will chaose a new indea ~vhich is based upon comparable information. The Note Holder will give me not:ce of this cho'sse. _ The most recently available Index figure as of the date 45 days befor~ each Interest Change Dgte is called the "C.urrent Indea." . . (G~ Calculation of Inlerest Rate Cbanges ' - Before each.Interest~Change Jate, the Note Holder will calculate my new rate of interest by adding 4,2.~40„ percentage po;nts (.4.2740 ,qo~ to the Current Index. The Note Holder will then round the resu[t of this addition t~ the nearest one-eighth of one percentage pcint (0.125%). This ruund~d amount will be my new rate of interest until the next Interest Change Date. " (D) Interest ~?fter Default - . The rate of inierest reqi?ired by this Section 2 is the rate I will owe both before and after any default described in Section 9(B) below. . - _ ~ 3. CALCULATIOI`' OF AMOUNTS ~WED EACH MONTH _ ~ The No!e Holder will calculate my Full IVionthly Amount. The "Fu1! Monthly Amount" is the amount of the - morthly payment tnat would be sufficient to repay the unpaid principal balance ~f my ;oan in full at the rate of interest I am required to pay by Sections 2(A) and 2(C) above in substantia~ly equal payinents on S~I~~$~...~,s.. ~4.~~..........., . . ?0..12......~ which is callcd the "maturity date". My first Full Monthly Amount is U.S. S.$.~1w~4 Before P.ach lnterest Change Uate, the l~ote Hatder wi11 caiculate the new Futl Monthly Amount~which I will owe each ~month t~eginning on the first monthly payment date aRer the Interest Change Date. " The Full Monthly A~nount I owe may be more or less than the amount I am requi~ed to pay exch month. Section 4 - Ixlow states the amount of'rny monthly pa~ment ar.d how it wi/! change: Section S belovr dcscriF.rs how mv unpaid - principalbafancewillchangeil'theamo~nt~fm~~mont!:~;r ;~PntandtheFu/!hlonthlyAmountarcdid'erent. 4. PAYMEN'I'S - _ ' ~ " (A) Time and Plsee of Payments ~ ~ I will pay principal and interest by making payments every month. My monthly payments will be applicd to interest before princip~l. ~ - OCTO~FR 1 I will make my monthly payments on the first day of each month beginn:ng on j . 19..~,2.. ~I v~ill make these payments every mz•nth until I have paid all the principal and interest and any other charges ! described beiow that I may owe under this Note. If I still owe amoun:s under this Note on the snaturity date, I will pa~+ ~ 1 ~ those amounts in full on that date. 'Those amounts could ~e grestzr than the amount af my last monthly payment before the ~ maturity date. . - . ~ - ~ ADlUSTABLI~ PAYMEl~iT RIDER-Sin91q 'I -12/81 ~tlniforn+ Instnim~M (P16n Z-N~. Arn.) cL a s 8~ sooK~~e~? Pl~~~~w~