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200004828
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Last modified
10/13/2011 2:33:11 PM
Creation date
10/20/2005 8:41:30 PM
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DEEDS
Inst Number
200004828
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200004828 <br />Loan Number 99 -0812 <br />ADJUSTABLE RATE MORTGAGE NOTE ADDENDUM <br />BORROWERS RIGHT TO PREPAY <br />PREPAYMENT PENALTY RIDER <br />THIS LOAN IS AN ALTERNATIVE MORTGAGE TRANSACTION WITHIN THE MEANING <br />OF THE ALTERNATIVE MORTGAGE TRANSACTIONS PARITY ACT OF 1982,12 UNITED <br />STATES CODE SECTION 3801 AND FOLLOWING, AS AMENDED, AND THE APPLICABLE <br />FEDERAL REGULATIONS ADOPTED PURSUANT THERETO, AS AMENDED. <br />This Adjustable Rate Mortgage Note Addendum is made on the 5th <br />day of JUNE, 2000 , and is incorporated into and made a part and shall be <br />deemed to amend and supplement the Adjustable Rate Note made by the Undersigned borrower(s) <br />in favor of EQUITABLE MORTGAGE CORPORATION (the Lender) <br />and dated as of even date herewith (the Note). <br />I, (the Borrower) understand the Lender may transfer the Note, related Mortgage, Deed of Trust, <br />Deed to Secure Debt or other security instrument (the Security Instrument) and this Addendum. The <br />Lender or anyone who takes and holds the Note, Security Agreement and this Addendum by transfer <br />and who is entitled to receive payments under the Note is called the Note Holder. <br />ADDITIONAL COVENANTS: In addition to the covenants and agreements in the Note and in the <br />Security Agreement, Borrower and Lender further covenant and agree as follows (despite anything <br />stated to the contrary which is contained in the Note or Security Agreement): <br />BORROWER'S RIGHT TO PREPAY: I have the right to make payments of principal at any time <br />before they are due. A payment of principal only is known as a prepayment. When I make a <br />prepayment, I will tell the Note Holder in writing that I am doing so. I may make a full prepayment <br />or partial prepayments. However, if the aggregate amount of the prepayments made during any twelve <br />(12) month period within THREE (3) year(s) of the date of execution of <br />the Note exceeds twenty percent (20 %) of the original principal amount of the Note, then as <br />consideration for the acceptance of such prepayment(s), and unless otherwise prohibited by state law, <br />I agree to pay the Note Holder a sum equal to six (6) months interest on the amount by which such <br />prepayment(s) exceed twenty percent (20 %) of the original principal amount of this Note. Any <br />prepayments made after said initial THREE ( 3 ) year period shall not be subject to any <br />prepayment charges. The Note Holder will use all of my prepayments to reduce the amount of the <br />principal that I owe under this Note. If I make a partial prepayment, there will be no changes in the <br />due dates or in the amount of my monthly payments unless the Note Holder agrees in writing to those <br />changes. THIS PARAGRAPH REPLACES AND IS IN SUBSTITUTION FOR THE <br />BORROWER'S RIGHT TO PREPAY PARAGRAPH IN THE NOTE SUPPLEMENTED <br />HEREBY <br />Borrower Date Borrower Date <br />BETTY PETERSON <br />Borrower Date <br />Borrower Date <br />Borrower Date <br />Borrower Date <br />ARM NOTE ADDENDUM - BORROWERS RIGHT TO PREPAY - PREPAYMENT PENALTY RIDER <br />Document Systems, Ine. (800) 649 -1362 <br />ARMNA.MSC <br />
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