HomeMy WebLinkAbout0974 ~RA1)UAZ'~D PA'YME'NT RIDEI2 ~
, ~ (~'Vith I~~terest. Rate Changes Every S Years)
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"I'HIS GRADUATED YA1'MI:NT RIDER is made thi~ ...l.s.~.... day of .......O~TOBER ;
19..82.., and is incurpu~~atcd into and shal) be ~leemed to a~i~end ancl supplernent the Me>rtgage, Dee~1 c~f Trust, or Derd to ~
Securc Deht (thc "Securily Instrumrnt") of the same date gi~~en by the unclersigne~i (1he "I3orrowcr") to sccurc 13orruwer's ~
Graduated Yayment Nate to ....~curi,ty.. Feci,eral S~vinqs,. and.. Loan.,Association of Indian River ;
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.........Cottn~y (Ihe "Lcnder") of the same d~?te (the "Notr") and co~~rring Ihc ~
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j~roE~ertyzles~rihed i~~ iheSerurity ~nstrument and located at:
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441 S.W. Todd Ave. Port St. Lucx.e, Florida 33452
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(Property Address) ~
The Note contains provisions allowing for changes in fhe interest rnte and monfhiy
payments. ;
The Borrower's monthly payment will increase by 7~/2% eaeh yeer during the ~rst fit?e
years of the Note. The Borrower also tr~ay b~r abte to limif monfhly payment increases ~
to 7~h% each year during the second five years af fhe Note. The remaining monthiy
paym~nts aiso could increase or deerease, depending on thanges in thQ interQSt rate.
The }~rincipa) amount 9he dorrawer must repay witi be (arger than the amounf originally ;
borrawed, but nat more than 125% of the ariginai amount. '
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AI)1)1'llc)ti:U. CU~'h:~:~~lS. (n .~ddition t~~ the co~~enants anc) ,~grcements nr,~dc in the Seruritt' Instrun~ent. ~
l3i~rru~~er and Leneier furti~er co~~en.~nt ~md agrer ati follo~~ s: _
A. Ii\'T'I:RES"I' RA'I'!: ANll 110N'I'HI,Y YAY1~I~.N'T C'HAtiGN:S ~
The N~~te F,ro~i~fes fi~r an Initial Rat~ uf Interest c~f:13.`.1.25.....~,~. Sections 2 tiuough 9 c~f the Ne,te rm~•ide for ~h,?nges ~
in ti~e inlerest r;~tr a~ul thc r?tc~r~ihlt~ (~~~1'r~t~r~tti.:i5 POIIl1N'S:
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"2. IN"I'E:RH:S'I'
(A) [ntcrest (?w~ed
l~iterrst «•ill be ~h.trgcd un that part uf rrinci~~il ~~•hirh has nut been p.iid. Intrrrs~ ~rill br chargrd heginning c,n th~ ~
cf:~tr ui~this Ni~te ai~d runtinuing until th~ full am~~unt uf J~rinriJ,a) h:is been }~aicl. ;
Reginni~ig ut: ihe elate of this N~~t~. 1~~•ill o~~~c interesl at a ~•earl}~ rate o11.~..1,~$ ~"r:. "I'his rate is cailed thc "lnitial ~
: }~,ur ~~}'Ir~trrest... '1~he rate ~,finter~st [~~~ill ~ay ~~•ill ~h.~nge in arrordanre ~~~ith Section ~(A) c?f this Nute un thr fir~t da}' e~f
; ...........NOVEMI3ER...1 19..8.~.. and on that da~• e~~er~~ 60th numth thereaftrr. F:arh date an ~~•hirh m}' rate of '
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inter~st r~~uld rha~tge i~ rallecl an "[nterrtit Ch~~ng~ Date." <
(13) The Indcx a
An~' rhang~s in m) rate of inter~st ~~~ill be hased ~~n changrs in the Ind~~. Th~ "Inilcx" ix the ~~~eekl~• a~•rragr y'ield ~m '
" Unitrcl State, 'I~r~a~ur}~ ~e~uri!irs a~lju~t~d t~~ a rontitant maturit~~ oi~ 5~'e~arti, as macle a~~ailcihle b~• the F~ederat Keser~e ;
B~~ard. "I~he mos[ rrcentl}• a~.+il:thlr Ineies figurr as ~~f the clate ~l5 ~la~•s beti~rr each [nterest Change Datr is r~~lted the '
..Current I~~dex."
If the Incie~ i~ nu I~~ng~r a~~ail~iblc. Ihe N~~te li<~Idrr ~~~ill rhex~se a ne~~• incle~ nhirh iti basr~i ur~m rurn~,irabl~
inf~,rm,~tion. Thr N~~te Ii~til~lrs~ t~•il) gi~•e n~e nutirc ~~f this rhoire.
(C) Interest After Ucfauit
The r~tr af inter~st reyuirecl h~' this Serti~~n 2 anel 5erti~m 4(A) belc~~~• is the ratr l~~~ill ~~a}~ hnth h~fc~re artd after at~~•
- elrfault described in Secli~in 12 (13) l~elt~~~'. -
= 3. "I'I~iI~; ANU YI,ACE O1~ I'Al'~II;NT~
1~~•ill pa~' ~rinci~al an~f interest h~~ making h11~'111tIlIti C~'Cf)' tllOIlI}l. M)' lill)IIIIII~' jl:~} ments ~~~ilt be a~~~tied to intrresl
befi~rc princi~sl_
" 1~~~ill make m}' month!}~ hayments on the first da~• of earh rnonth beginning on DECEMBER..1 19.8 2.... '
- i~~~ill make these ~a~~ments c~erj~ month until I ha~•c paid al) the rrinci~al and inten,st and an}~ c~ther rharges described
belo~~~ that 1 ma}~ ~~~~~c un:ler this Note. If. on ...NOVEMBER..1 Z012..... I still o~t•e amuunts ~ndrr 11~is Na~tc. 1 ~
~~~ifl ~,iy those amounts in full on that date. ~~~hich is ~atied tt~e "maturit~' d~tte."
' 1~~~ill make m}• monlhl~' ~~apments at ......595..Mir.acl.e..tdile,...Ve~o...Beach.,...E1or.ick~..3.296.0
- or at a ditlerent place if reyuired by lhe Note 1{c~ldrr.
~i. I~UI.I. YAl'~IENT A~tUUN'C
_ (A) Calculation of Fuil Yayment Amount
Earti of m~• first 120 monthty paymrnts routd be less than a Full Pa}~mcnt Anu~unt. A"I~i,ll Pa~~ment Arnount" i~
thc miinthl~~ am~~unt su(}irirnt to rc~a}• thr amc~unt I origirrall}~ borro~~•cd, ~~r the unhaicl ~~rinri~al halanre e~f m~~ I~~an as ~~f
an Inlerrst Ch~~ngc Date. in fuft cin the maturitj~ d.i[e ai ~Ite rate of ii~ter~st I am rcyuired t~~ E~a}' b~~ S~rtiun 2 abo~•e ur Ihi~
. Sccti~in -t (A) in sub~tanti.?II • ec ua! ~}'me~tts. I3e ~tnnin ~~n th~ d.ite ~~f Ihis Note, :n • ~ir~t flill Pa ~ntent Atn~~iint ~~~ill he
} I f'~ 6 ~ ) 5 ~ :
U.S. 5....4.~.6...~.9 until the first In~erest~Change D~?te. M}~ first Full Pa~•mrnt Amuunt ~~ill be larger
thari ca~i~ ~~f m~~ first f~ monthl~~ ~~a~mcnts. ~
[3rti?r~ earh Ir~terest Ci~arige Date, tlre Nnte Holder ~ti•ill determine ~i ne~~~ ~j pi-ntq ~iou? t fc~r?ny loan. The
: ~b~~'t1~LlSc~ Q~hS
: iv~itc Ileil~ler ~~•ill first ralrulatr my nc~~~ rate c~f intrrest by adding~'.WO...el~1G3~perre itage pe~in s~...2'~ f 6-5~~`~~` ) t~~ the
t Current lndex. Thc Nute H;~Ider ~~•iU thrn round thc result ~f thiti additi«n to thc nrarest one-eighth of one rercrntagr
- ~oiut (O.IZS~Ic). "this roundcd amaui~t ~~~ill be m}~ ne~v ratc of intcrcst «ntil thc ne~t Intcrest Change Date. The Note
f Holder ~~~ill lhin ralrulate thr new amuunt of a ni~nthly pa~•ment that n~ould be tiufTicient to repc+~~ m}~ unraid principal
z GRADUATED PAYMENT RlDER - Plon b GPARM-Single ~amily4/82--FNMA Uniform Instrument
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~ 312!?-2 4-82 BO(IKc~?~~ PAUE J!•..~ ~