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<br /> � _° � 'i'AiS'AD7�S"1'A$��RATB itiDFdt is mxfe�tltis 15TH �ypf..ZUNE _ �. ;I9 �3 ,�rdis�.= .
<br /> •�ti, {�,t�fntb aed sliall tiC�eeiated t�►araend aad s�pplemeat tbe Mortgage,Deed of'Tius't or Sa�tritY D4ed _
<br /> �ft�"Seeier�fy I�st�e�t"�)of.t�e swSe dat�t�vea by tt�.andcrsigned(c�e"Bcuc+ow�er" o`secure�rraw�er'� _
<br /> - � -fu�ast�Rau i�Tou ttt�e"�e �w 1tcYR'�iEST�-����ecE,.=Yaes,_:.�►..m��►re.. .. ._ - - -
<br /> � CORPORAT�011. � � fthe••t.enderes�of the sam,e date anc!Covering tbe pr�crty des�r,ibe��a �
<br /> ` . �. ` tire Se.clirity�nstrfm�eat an�locatsd�a� , . . � � . � . <
<br /> � 2�08 COFrO1�YQOD ROAD' GRA�@ ISLlI1iD, .N� b8801 ; �. . � � � :. � �; �
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<br /> � . ' � TNE NO?E COKiA�i.R PN04/1�'+IONS AtLA�YftINa FOR Ci1ANGE8 li�!THE M�TEHEST RATE ' `,
<br /> � � . AND�N�MO�TN�Y PIIYMENT.THF I�TE L�MlTS THE AYOUi�1�T THE 80RRt„NER:S . ; •
<br />_ - � AOJUST�BLE 1NTEAEST RATE CAN�HANGE AT ANY ONE TII�E ANO TH�YAXIMUM ' . ' ` .
<br /> �- RATE `THE` BORROWER MUST PAY. THE,NOTE ALSO C��1T�IMS THE • �
<br />' - ' • �QP?I0�lT�QCONYERTTHEA�:lUSTABLE RATE�QA FlIEED RATE. . . - - . .
<br />-�' AUDITIONAL COYENANTS.tn ad�itio�}to the covenantsagd agreements made i�rthe Security Instrubne.qt. . . .
<br /> "- � Borrowe`r aua I.ender fardur eoven�nt and agree as fol laws: . - , ' -
<br /> _ � .A.�AD.IUSTABLE 1CATE AND i�IONTHLY PAYMEN3'CHANGES � . ,` .
<br /> The Note pr�vides foT an'initial intetest rate of �•�50%a.T,Ae Note provides the cdanges in the adjustable . �
<br />_- interest iate and the monthlY Payments.as foltows: .
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<br /> - - - - . _ , . _ . _ ._ . _ -- . .. . . - - � - -
<br /> . , r�_ � . _
<br /> - 4.ADNSTABLE 1NTE1tE.S'1'It�►TE AND MONTHLY PAYM�TIT CHANGES
<br /> . . � - (A)Clwn�lbttes ' . ,
<br /> _ �'��;�;'=��.:,_ The itdjnstable interest rate I will pay�nay change on the first day of ��Y` 19 94 .
<br /> - � =`���- • and�n that day every 12th moatb thereafter.Each date on which'my adjustable interest rate could change is
<br /> • called a••Change Date." , ' , . •
<br /> -."..s.'.'; (B)The Indes' � � -
<br /> � '..'�-•° , Beginning with the first Cdange Date.my adjustable int�rest rate will be based on an Index.The"Index"is �
<br /> '` ' ,'"�=�' •� " the weekly average yield on United States Treasury secariaes adjusted to a constaat mamrity of t year,as made -
<br /> • �i. :•�li;r•.�r'-�, .
<br /> -'�-�;=:.;?"���,�•��:�� avaIlabte by tite Federal Reserve Hoard.The mast recent lpdex figurc availabte as of tbe date 45 days trefore eacfi =
<br />-- ' ';:�` , . Change Date is called the"Current Indea." �• ' v��-----
<br /> ,_y____��_
<br /> _ " � �' If the index is no longei available.the Note Hatder wilt choose a new indea that is based upon comparable � --;;,�;
<br /> ` . t �-,�'�;�-`; -
<br /> . information.The Note Holder will give rr�e natice of this choice. �,_��?f
<br /> ' .:.,�-:;.. .� (C)Caleulation of Changes ,.. .. ., -
<br /> �'�;_��=�_� '�.;.�;. , Hefore each Change Date.ihe Nate Halder will calculute my new interest rate by adding Z•�Sd � ., �
<br />` , '-�,�-� � � � percentage poipts(2•750 �/)to t►�e Curr��t lndex. The Note Holder wil l then cound the result of this addition • : __
<br />�4 .�.-;''°�. - to the nearest one-eighth of otte percentagc point!0.1?5�7�1.Subject to the limits stated in Settion 4(D)below,this . �
<br /> . _ . .". � '' �� . rounded amount will be my rtew interest rate until the next Change Date. " ' � T
<br /> � " ' ' The IVote Holder will.then determine the amauat of the monthly payment that would be suffcient ta repay �
<br /> �� • � � the unpaid principa)tbat 1 am expected to owe at the Cha�ge Date in fall on the Maturity Date at my new interest °:' , -.
<br /> , . , • .:. � rute in substantially equal paymentc,The resait of this calculatian will be the new amaunt oi my monthly.pay- . . .
<br /> . ,:_ �. .. ' tnent. I � �i
<br />.. - '��"'- ' (D)Limits on laterest Rate Changes ' • �
<br />- ' �'; ._ The interest rate 1 Am reyuired ta pay at the tirst Changc Date will n��t t►e greater than 6.?50 c� �r �ess ! ' �
<br /> � � " � • ' than2•750 �/.7'her�eatter.my adjustable interect r�te will ne�•er be i�reatiecf or decreased on any single Change Date �
<br />.- •'! !}�..:�i�'' h' . .
<br /> by more than'Y'W� percemage pointlsf f 2•�)f'r�►m the rate af inter��st t havc heen paying for the precedingJ2 months. �--� ,_
<br /> ��. 0.�50-�/ which iscaned thc"MAximum Rate.". ' � �� ,�' '
<br /> :�,}:•... My interest rnte will ne�rer be gmater tha� . , �
<br /> - • (E)EfiecNve I�te of ChaaRes ... - .
<br /> _ �,r<.• . _ • My new intetest rate will become effective on each Change Date. 1 wiU pay the amount of my new monthly _ _ _ _
<br /> , �' � � ' , payment beginning an the�rtit monthly payme�t date aftir the Change Date until the amount af my monthly �
<br /> ;:�.:�-. � payment chang�aguia . . � �
<br />- � � ; � lF1 NoNce dCfanges
<br /> � • � � The Note Halder will delivcr�r mait to mc a noticc nf uny chunges in my adjustable interest rate ond the
<br /> ���- -';�,_.;�2�.��-. � amoant af my mnnthly payment be(nre the effertive date of any ch�nge. The nntice will include informution .'... .
<br /> ;,,�;�;. _ :_ required by law to be�iven me And a1u�the titic vnJ tcicph��rtr number of a person wha�ilt answer anq qaestion � .
<br /> '.. .` . , i n�y have re�trding the notice. � � ' . .
<br /> + ��`j�i` .:_ } � B.�'I7�INTERFST RA7'E OPTIUIV � }
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<br /> ,L�� •r. � The Note provide�for the Borrower'�.option to c�nvcrt from nn adjustu61c intcrest rute wit6 interest rute �``- -� �
<br /> . - iintits m a�xed interest rnte.s�►falMws:' • l ���
<br /> . 4A�` ,1�(.,ti..�.v ._ ' ' ' " " ' �� '_'_
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<br /> �„.-�:- 5:FIXED IN7'EREST RA'I'E CUNV�'RS't(tN tW7'lUN � �
<br /> -" �:'=" ,�.
<br /> :. •�� ._.��-,, (A)Opt1m to Cmver�ta Ftxed Nate . , ; ' , •
<br /> ,., ��.�-. " �
<br /> {� .�;� ,_ �,, , 1 have a Canversion Option that f cpn ezcrcise unlesr 1�am in,defnult ar this 5ecti�q 5(A)w�11 not permit � � �
<br /> • ,. �' . me to d�so Thee"Canveision Optton"i!+my aption to convcrt thr intcrest rate 1 vm required tn pay by this Note , �
<br /> �,��:. from an adjustnble rate with interest ratc llmits to the fueed mte rntcul�ted uncfer 5ecticm S(81 bek�w.: ;.
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<br /> � '� The comersion enn anly tnke place on�i dntels)specif'ieci by thn IVnte i�aidei i�uring the peribit 6eginnln�o» � � �
<br />�-�: ° the first Change Oate aiid ending nn the fifth Ch�nge Oate. L�uch dnte on wtrlrh my adjustuble interest r�te ran� � � '
<br />-_ : oomrert to the tKw filced rate is qtled the"Converskm Date." '� .
<br /> �,,...� � � IGTEII�ElI�AIMI/L/INff-9i'plhnNy-1tWeTtlll�wyfndafMeL1o1N1�Ilar�qrwa�lFam131N11� . .
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