HomeMy WebLinkAbout0975 halai~re a, ~~t~ the Inter~st Change l~~itr in iijll oi~ the nr~turity date at my ne~ti~ ratc of interest in subst~ntially equnl
pa~~mrnts. "I~hr result uf this ralrulati~~n is my ne~~~ t~ull Pay~»ent Amuunt.
[:,ich n~~~• ratr ~~f interest ~~~ill brcomz ctlecti~~c o~i rach Interest Change D,ite, and each new Full i'aymeni Amount
~~~iil t~econ~e rilcrti~~e un the tirsl nwnthly ~r.~ymrnt ~iatc aftcr thc Inter~st Change Date.
^ (tZ) Rcquired I~ull Yayment Amount
1 will puy the I~ull !'ayment Amuunl as ~i~y monthly ~~a~~ment brginning ~~~ith my bl.t m~~nthl~~ rayment if m~~ ne~~~
ral~ of inlerest is equal to or less thun the Initial Katc of Interest or ii' 1 do not rhuose to limil the amuunt of my monthly .
~~a}~n~rnt as permitted b~~ Seclion 6(A) belo~~•. E~~rn if 1 chuus~ lo limit m~~ mo~~thly ~a}•ment, I~~~ill p.i~- the l~ull Yaym~nt
Amuui~t beginning ~~•ith m~~ 121st monthly ~a~~mrnt.
S. GRAllUATEI) ~1t)NTIlI.1' YAY~ILN"I:S 1-b0 '
h1~• tirst 12 mcmthly paymenls ~~~ill each be in Ihc anu~unt uf U.S. ~.....34 5..7 6 On each
~~f the tirst fiii~r anni~•cr~aries of the da[c tny first monthly ~a7ment is dur, 1 wil) t~egin pa~~ing u ne~~• monthly ~ayment
: ~~•hirh ~~~ill be ryual to the anu~unt I ha~•e bern paying multiplied by thr number 1.075. 1 will ~ay the ne~ti~ amo~mt c~f my
munthly ~,a~~ment until it ~~hanges in ar~urclanct with this Sectiun 5 or Sertians 6 or 7 belo~~~.
6. }it)RRON'I:R'S RIGli"T 'I'U I.11111' A~IOUN7' OI~ ~lON7'll1.Y PA1'~t~;tiT7'S 61-120
(~U Culculation of Gr~~duated ~tonthl~• Ya~~~ment Amount
If~m~~ ne~~• rate of interest at the tirsl Inter~st Change Datr is gre.ilcr than the luitial Rate uf Interest. I ma~• choose to
limit thi amaunt af my ne~+~ tnonlhly ir ~~i~, on earh of thi ~th lhruugh 9th anni~•crsarics of the d.ite my first
~ nu?nthl}' pa}•ment i~ ~lue~ I~~~ill begin ~~aying a nr~~• munthl~• ~ayment ~~~hich ~~~ill be equal t~~ the amuunt t ha~•c been paying
multi~lied b~' the number 1.075. i:ven if ! ha~~e rhusen te? limit m~• monthl}• E~aymcnt, Scrticros 6(13) ~~r 6(C) helow ma~,
reyuirc me to ~~a~• .i ditlerent anu~unt. !~~~iU Fi~~r thr N~~te Holcier ne~tirr th~tt I h,~vr chcxcn to limit my monthl~~ pay~ments
at least I S~1.+~'s beti~rr m~~ 6! st monthl~ p.i~•ment i` duc.
(13) Reduced ,~fonthl~~ Y~~•ment Amount
M~• 73rd, ~Sth, ~)71h ur 109th graclu~itecl munthl~' ~~a~~i~ent ralrul:itc~1 uncier Sertion 6(A) aho~~c ruuld br greatrr
_ than th~ anu~uut c~f,i nu~nthly ~~a)'ment ~~~hirh then ~~•~~uld he sutlicient t~~ r~~r.iy' m~ wi~~,~a ~~~~~~~r~i h~~lance in full ~m the
maturit~~ clate at nz~~ rurr~nt rate uf intrrest in substantially ryual E~a~'mei~ts. If s~~. I~~•iil instead then brgin ~~a~~ing a ne~~•
tnunthl}' pa~•ment. ~~~hirh ~ti•ill b< <qual tu the li~~~•er ami~un~. ~~~~~~i <„~»j~ni~• ,.~n~~~ i ,~~~ii n~~~~~ ~,<<>•~~~~
nr~~~ Full Pa~'ntent Atnutint. .
(C) Increascd ~tonthl~• Yay~ment Amount
~1)' ~~ayinE, a nwnthl~• ~a)'m~nt calrulalr~l un~ler Srrtion 6(Al aho~c cnul~l raus~ my unraid i~rinri~al balanrc to
exreecf thr limit statecl in Sccti~~n S(I3) belu«~. [f u>, i~n 1he ~late that m>' ~~a}'in€ a m~~nthl~• pa~'ment ~rould causr me ~o
• e.rrred that limit, f~sill instrad hrgin pa}'ing a i~e+~~ monthly ~a}'ment. "l~hiti nr~~• monlhly ~a~~mrnt ~~~ill be in ari amount
~~hich ~~~~~uld he suflicient to re~a~• m1' then un~aid ~~rinripal balanrr in full un the t»aturit~~ date at my current r,ite of
inter~st in suhtitanti~~ll~' cyual ~a~•ments, unlil m~' IZlst monthl~' ~a~'mrnt ichrn I~~•ill hegin E~a~'ing m}' ne~~• Fuli Ya~~ment
Am~~unt.
- . 7. ~IOtiTHI.l' YAS'~II;1"I' 121 AtiI) RI:~IAINltiG !'Al'~~Il~:ti"TS
13egi~~ning ~?~ith m}~ 121tit nx~nthl}~ ~a}'meijt. I~~~il) p.i}' the f~ull i'~i~•ment Amou~~t as m~' montlil~• E~a~~ment.
8. INCRI~:ASN:S Iti 'I'IIH: t'R[1CI1'AI. A~IVUN"I' "TO 13E YAIU
- (A) ~ldditions to ~I~• CJnpaid Principal Balance
Each ~~f m~~ first 120 nwnthl~• ~r,i~~nuntti rc~uld be less than the aniuunt uf the interest purtiun of a n~unthl~• ~~i~'m.nt
~+hich then ~~•c~uld br sufliri~nt t~~ re~,a~~ m}' un~.iid ~~rinrir.ii balancr in full c~n thr maturit~~ datr at my~ ~urrent ritr ~~f
int~r~~~ in substantiall~' eyual ~a~•ments. !f ti~~. each nj~~nth th,~t the am~~unt ~,f nt~ manthl~• ra~~mrn~ is Ic;~ than th~ interrtit
~orti~in. the Note Holder ~~•ilf subtr~irt the anu~unt of tn~' nu~nthl~' pa~'ment fri~m the amoui~t c~f the inter~st ~iorti~~n ~;nd
~~il) add the ditlirenre to m~• unJ~~iiet ~~rinri~al htilan~e. "I~he Note H~,Ielrr ~~~ill al~o add interest on the aniount i~f tliis
: ~ii~Terenre t~~ m~' u~i~.iid ~~rinri~al halance carh numth. "I~he rate ~~f interr~t c~n th~ interrst addrd t~~ ~~rinri~al ill h~ thc rat~ ;
rryuired b~' Scctions 2 or ~4 (A) abo~e. ~
(131 I.imit on Unpaid Principal 13alance
M~~ unE~aicl prinri~~~i! halan~e r.in n~~~r r~c~ccl a ma~inium amuunt eyu:~i r~~~~,~i~«i ~„~~~,?~~-i„~ ,,rrrcnt (125~~ ) ~
ufthe ~rii~ci~al amotjnt 1 ~~riginall~' bc~rr~~~+~~c1. ~
9. \U"I'ICI: Uf' C{IAtiGI:S ;
The 1~'otr Hcilder ilt m~iil ~ir deli~~rr to mr a r~otire ~~f an~' changcs in thr ame~unt of m~~ munthl~~ ra~~ment h~f~~re the ~
etlirti~~e datr ~~f~ an~• chan~•e. The nc~ti~e a ill inclucle intiirmalie~n reyuirrei b}• In~?~ b~ gi~en mr and alsi~ the title and
~ ~~i<<,nt,~~< ~,r~,~ r~~.~,~~ t~~~ ~n anti~ser any yu~sti~~n 1 ma~ ha~ c rc~arding the n.~tir~...
~3. cH~RCt.s; i,i~:;vs
Unitiinn Co~cnant 4 ~~f th~ Serurit~• Instrument is amrnelecl tc> read at fullc~~~s:
4. Char~;es; I,iens. 13urr~~~srr tihali ~~a} ail taxes, assessmentti, an~l uther chargeti, fin~s .ind irn~«siti~mti attrihutabl~ t~~ Ihe
1'm~erl~~ ~~•hirh ma~' attain .i I~ri~irit~' u~~r thi~ Serurit~' Inslrume~~t. .?ncl Ieatiehc?Icl ~a1'mcnts ur ~;re?und rents. if an~'. in the ;
manner ~m~ idrd under ~~araRra~h 2 herec~f or, if nut raid in such manner. b~• [3e~rr~n~~er making ~a~•ment. ~shen due. i
clirertl~• tc~ the ~,?~~ee thereuC 13urr~i~~~er shall ~re~mrll~• furnish [i~ L~ndcr all notices of anun~nts due under tl~is rara~graF~h.
and in the e~•ent t3c~rru~rer sh~~ll make p.i}~men! dirertly, I3orro~+~cr shall E~romptl~~ furnish t~~ Lindrr recri~ts r~•idenring
surh pa~~ments. 13orro~~•er tih:ill ~ramptl~' dis~hargc an}~ lien ~~•hich has ~~riorit~~ u~•er 11iiti Srrurit~ Inslrumrnt; pru~~ided.
j, that [3orro~ti~er shall n~~t bc reyuired te discharge an~' surh lien so long as I3orro«~er: (a) tihall agrec in ~~~riting to the ~
' ~a}~ment ~~f the ohli~ation serurrd b}~ such lien in a m~inner arceE~txblr to Lrndrr: (b) shall in go~~d taith c~~ntest such lien
b~~. ~~r defrnd against enfc~rcement af tiurh lien in. Icgal prcxeedings ~~•hirh in the o~?ini~n of Lendrr ~~perate to ~re~•ent the
~nrurrement of the lien ur fi~rfeiture of ~1~~ 1'ropert~~ c~r any ~,art therec~f; or (r) shall srcure Gom the hoWer c~f surh lien an
agrecmenl in a form satisfartor~• tc~ Lender subordinating surh lien to this Security Instrument.
~ If I_rnder detrnn~nes that all e~r an~~ ~art of thr Prc~pert~~ is tiubjert t~~ a lien ~~•hirh ma~• attain a rriorit~~ c~~~er this Security.
Instrument, Lender shal) send i3orro«~er notirr identif}•ing such lien. [3orro~~•er shall satisf~° suzh lien or Iake one or m~~re c~f ~
f the artions set forth abo~•e w•i~hin trn ~fays c~f the gii~ing of notice. ~
f S
~ ' c. ~oTtc~: -
Uniform Co~-enant 1~1 of the Security [nstrument is amended to read as follows:
annx 3$~ P~r,F ~~4 ;