|
RE- RECORDED
<br />4. PAYMENM 9o-. 105867
<br />(A) TIsa assd Place of Payments i7 �� /'�/�i n
<br />1 will pay principal and interest by making payments every month My monthly payment
<br />ts`ait(1ieib� to interest
<br />before principal.
<br />will make my monthly payments on the first day of each month beginning on ...................... May ......... I.......... 19..65..1
<br />will make lbw pwylrlents every month until I have paid all the principal and interest aqd any othtr charges described below
<br />that I May owe under this Note. If t still owe amounts under this Note on the maturity date, I will pay those amounts in full
<br />on that date
<br />1 will make my monthly Payments at ....... $.9J?QK.A4?, ..1!(v3sap P..Alo.q.. s...21?1.. 1Qr�h �Tebb Road r P.O. Box
<br />.. 168 ,...Gratad ... j6j4Ald,...N,&.. raa&.Q2..
<br />ior at a different place if required by the Note Holder. .
<br />18) Aawuot of My Initials Moatrly Payments
<br />Bach of my initial monthly payments will be in the amount of U.S. S.....529...94 ........................... The Note Holder will
<br />change my monthly payment as required by Section 4(C) below on the Sib Interest Change Date and on every fifth anniver-
<br />aarY of that dote. Eacb of these dates is called a "Payment Change Date."
<br />(C) Caicult tke of MoaWy Paystiont Changes
<br />&fore each Payment Change Date, the Note Holster wall calculate my Scheduled Pay nirni The "Scheduled Payment"
<br />is the now monthly payment sufficient to repay the unpardi principal balance on my loan in full on the maturity date at the
<br />Payment Rate in substantially equal payments. The " Paymtent Raw" is the sum of the interest rate figures calculated under
<br />Section 2(C) above for the Payment Change Date and the four preceding Interest Change Dotes, divided by the number S.
<br />rounded to the nearest one - eighth of one percentage point (0.123%).
<br />i (D) Effective pate of Payaweat (,ranges
<br />I will pay the Scheduled Payment each month beginni,tt; on the first monthly payment date after the Payment Change
<br />Date. until my Scheduled Payment changes again in accordance with this Section 4 or Seelion S below.
<br />L BORROWER'S RIGHT TO LIMIT MONTHLY PAYMENT
<br />(A) Calcolallois of Graduated Liiaited Psyas sel s
<br />I may Choose 10 limit the amount of my new monthly payment following a Payment Change Date if the monthly payment
<br />l 1 have been Y ••
<br />Paying otherwise would increase b more than twenty percent (20 %). If 1 choose to limit the amount of my
<br />IVY /ayla>1at.l NMI Rive the Note Holster notice that I am dos
<br />� di1e. When 10lo to, on the Oral monthly R'� at least IS days before my first new ttiontbly payment h
<br />y payment date after the Payment Change Date I will begin paying a new monthly — -
<br />t payment which will be equal to the amount I have been paying each month multiplied by the number 1.20. Thereafter, on
<br />each of the tit'st four anniversaries of my new monthly payment effective date, m month)
<br />y y payment will increase to an
<br />amount paying P y
<br />i equal to tics amount 1 have been each month for the preceding twelve months multiplied b the number 1.073.
<br />1 These amounts are called the "Graduated I imitcd Payments."
<br />gets U J �ilr edarta f0 "cab car 0"'ifil 1
<br />y o0ymrar, Sfcriivx Std), SfC) w S(D) eio3 ►eglr(rf me ao pay a difffienr T
<br />IMIOStSt.
<br />(0) Reduced Msiatrly Paytwat
<br />I
<br />A Graduated Limited Payment could be greater than the Scheduled Payment. If so, on the date my paying a Graduated !'
<br />Limited Pityment would cause me to pay more than the Scheduled Payment, 1 will instead then begin paying the Scheduled
<br />Payment as my monthly payment until the nett Payment Change Date or until I am required to increase my payment under
<br />Section S(C) below.
<br />( aneaaod MtiatWy Payttaeat
<br />If my paying a Graduated Limited Pa)mcnt or a Scheduled Payment would cause my unpaid principal to exceed the
<br />limit stated In Section 6(C) below at any time after an Interest Change Date, I will instead begin paying a new monthly
<br />payment until the nest Interest Change Date The new monthly payment will ac in an amount which will be sulicient to
<br />prevent my unpaid principal balance (rum exceeding the Section 6(C) limit. Thereafser. I will pay as my monthly payment
<br />until the nett Payment Change Date the greater of (t) the Scheduled Payment; or lit) an amount which will be sufficient to
<br />Prevent my unpaid principal balance from exceeding the Section 6(t•) limit.
<br />(D) Required Full Payaseat
<br />Unless I exercisensy option under Section 7 below, I will pry the Full Pa)nicnt as my monthly payment beginning with
<br />the first monthly payment after the final Pasmeni t•h..R.,. 11,.2_
<br />6. CHANGES IN MY UNPAID PRINCIPAL
<br />(A) Additions to hty Unpaid Principal
<br />My monthly payment could be le» than the amount Of the nucre.t portion of the month)) payment that would be
<br />I sufficient to repay the unpaid principal I owe at the monthly pryr,tent date in full on the maturity date in substantially equal
<br />payments. If so, each month that the amount of m) munthl) pa>nrcnt a lea turn the interest portion, the Note Holder will
<br />subtract the amount army monthly pa)mcni (runt the analulit of the Interest itottlon end w 111 add the difference to my unpaid
<br />principal. The Note Holder will also add interest on the anluuni ill thn d1110vn.e to ins unpaid principal each month. The
<br />interest rate on the interest added w pnnclpal will be the talc rcyuncd bt )cotton ;(t.'► rbu�e
<br />46) Redactleft In My Uapold Principal
<br />lMy monthly payment could be greater than the anl,•uni .,1 r n „ultfd, t•.nmrnt wh,lh then would be ,ufliclenl hl reps► �¢
<br />my unpaid Principal balance in full on the nirlunt) drlc rt un .ul rear r.,tr „1 uucrr +l ul ,uh.Idn11./R� eye %p,lynlents If w• ~
<br />the Note Holder will subtract the difference (ruin Ulc unprn! porn,, ,p.,l I,,,L,n.c •1 ,,,, I,0,,11 ra.h m,,nlh until the next Interest
<br />Change Dale as of 1 had made a pamil prcpromcnt under) Iltn,„ v r..1,,.
<br />ICI Uwlt a A1y Uapald Principal
<br />My unpaid principal Can nc%cr cllccd r lllJYllllulll (�cf�1111 (1.5'1) Of the
<br />principal amount 1 originally burrowed
<br />{
<br />- - '- - =' -- -- •-- '- -•--'- ----- - - -' --- -- -.- �_..__t �•..,_�.! r_. -�t, , i .._��, ❑1._tl 4l ;�;.Itd.�.,•rl..L'�K1'll - :. - - - -- 'S f
<br />
|