99111643 - Laserfiche WebLink

Browse

99 1116 43 (C) Calculation of Changes : Before each Change Date, the Note Holder will calculate my new interest rate by adding : F I VE AND 0 0 0/10 0 0 percentage points ( 5 . 0 0 0 %) to the Cunent Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity : Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than : 11 . 625 % or less than 10 . 625 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than ONE AND 0 0 0/10 0 0 percentage point(s) : ( 1 . 0 0 0 %) from the rate of interest I have been paying for the preceding 6 : months. My interest rate will never be greater than 17 . 62 5%. (E) Effective Date of Changes : My new interest rate will become effective on each Change Date. I will pay the amount of my new : monthly payment beginning cn the first monthly payment date after the Change Date until the amount of my monthly payment changes again. : (F) Notice of Changes : The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the : Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written : consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required : by Lender to evaluate the intended transferee as if a new loan were being made to the : transferee; and (b) Lender reasonably deternunes that Lender's security will not be impaired : by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee : to sign an assumption agreement that is acceptable to Lender and that obligates the transferee : to keep all the promises and agreements made in the Note and in this Security Instrument. MULTLS'fATE ADNSTABLE RATE RIDER-LIBOR 6 MONTH INDEX (AS POSTED BY FANNIE MAE}Single Family-FNMA UAiIFORM INST'RiJMENT Form 3136 6/94 Document Systems,Irc.(800)649-1362 Page 2 of 3 3136.RDR _. - _ �_,