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<br /> jaooRpotated i�fc�t diaU�deemed ta�mesd�nd soPPkmeet d�e Ma�e�Dad of ZYwt or Sewrit�r 1.9eed '
<br /> , � (IhG"SEL:aIltY Lit[IiWCA[")Of tLC 3iplC�IE �YCO I�►_�G Ol�Gfsl�It�lt`�BOfl�G'tlYEL"�[O fCCY{C.SOl'��� .... ._... _
<br /> Adjea�bk Rate Atctotee(rhe"I+lctc•,)tQ=l�4Q�9T-�IOR'�GAi�:t 11�.-- ,_�-:. �;_�r- . . .. , - �
<br /> - - - <«: - ---- .-.-.-.-- --�-.
<br /> ' `. . . . • (tl�e••Lcnder")of cbe suaa date.�nd cqveri��ii�e propetty de=critKd i� .
<br /> ' . th�e Secarity Itistcument�ad located a�� ` . � � _ :
<br /> � . � r . .. ' � . � � . . . _
<br /> � �4'�4��AST QELAYARL AVE GRAND ISLA�O, liE 58801 '�, . , : ` �
<br /> . . . � [�a+�y�s? .. , _ . .
<br /> rne�ccMrr�s�ot�s�o�n�o Fon cr�NaES w�Mr��st�iu►� - .
<br /> . AND THE MONTHLY Pii►YI�NT.TME NOTE I.IMIT9 THl�AMOliNT 7HL 90RqOWER'S
<br /> .Ap�UBTAeLE MREpEgT R1C[�CAN CHANOE AT ANY ONE 7iME AND YH�MAXIMUM
<br /> , RATE .THE BCRNOWE� MiJST .PAY. THE NOTE ALSO CCNTAlNB THE
<br /> � , ' Oh'�1Eylil TO CONYEER?,t1��1DJUSTA9LE RATE 1�0 A FlXED RATE .
<br /> ;.::,� "�
<br /> ADO�tl�tAl.CO�TANT,$�L�addition to tLe covenants and agreements made in thc Security Instraaiem. �
<br /> BormvNeF.��I:enckr f�rtber Co+�dri;;,�aild agree as follutvs: . /�,;
<br /> � .;%.:.'Jtf4� ' !.• _ ' ' . �
<br /> ` A.ADJQS!'ABI.E 1lATE kNITf���il.Y PAYMENT CQANGES � ��'':,� ' . . . . .
<br /> �.:i.i. �i.�.
<br /> 16e�te,provides for aa ini�m,�s3l:iva�est rate of 4.$?5�,.The Note pravides the cbaages In the adjustable
<br /> � interest s�a and the montbiY pa}i��.s,`'a�s1 foltows: � -;'
<br /> , , ,;...:;.:�.,.. . �. s: •,�
<br /> . ,,,:,:,�:...,. . . . ,.: . ..... ;::,,;;....
<br /> — 4.AD�i7STABLE INTERFST R:43£AN�li��1TALY PAYMENT CHANGFS : . .,'.",.
<br />� ' . (A)Cbasse Dptes ' � ; . :1.,,,<< . �� ,:!;;� '
<br />``: T[r,�:�r�,�;�stabte inferest�ate I;w:-�t1 pay may change on the first day of FEBRUARY '�;;;;:19 9S,'�}�;�;;;
<br /> -_ ___ and ori:i�Lday every 12tb moc�Jta;�L'ereafter. Each date on which my adjnstable interest rate tquId Charg�;i,s;`,;;`
<br />- — called a`�hange Date." , . ���-:�_
<br /> :'`' Bj Tl�e lndex' �. . . ',;;','.:;. '��,.�� .
<br /> Beginning ait��.hrst Cha�e Date,my adjostable interest tate u;il�be based an an Index.Tt►e"Index"is _
<br /> ;� � the week�y averag���u���'���=��?5tates Treasury securities adjust�i;ti�:aconstant maturity of l year.as made�;,-:
<br />--- � � :availa�te�sy ihe Feu�er��.�i����rd.The most recent Indeq��ase:avaii�ble as of;ite;dats 45 days before each;� .,
<br /> ., � " � :f�'. � ' .:?,Change Date is calle��i�rt�>`Ci�:�+:�ii.Indea." ���.: � . :'`' . .
<br /> � -��•�"f r' �:. ' � �� lf the index is ikr���nger available.the Note Holder will�e?�oose a ne�index that is based"upoii,comparable • _
<br /> ,j 1.7,^.. . l ',r' . . . '{�., .` as - .
<br /> ��'�'���'- "���'� inforrttation.The Note Holder wil! ive me notice af this choice. ' �' ��'•�� .�
<br /> = S ��,.�,s.,; .
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<br /> � � (C)CalculationoiChanges ,. �7k ,r -
<br /> �,.�x:,�:���•� r�,;��'�''-� Before eacfi Chan e Uate,the Nate Hotder will catculate my new intcrest rate by adding 2.754 � -. ;,�• ,�;°1-
<br /> ;.r. "�,. .n -.f.` ,r. � r�-a. .
<br /> „n. ,;.�� percentage points(Z• 5� /�)co the Current Index. The Nate Holder w�ll then round the result of.tttis addit�on ,�,;�_
<br />,�•,:,: �qj�,�;;;.i.:_" , � �
<br /> ' j4ep.��:: '.' •. ?l•r��:.
<br /> ;t.��;;.,M1 _ . � . to the nearest one-eighth of one percentage point 10.1_5'7).Subject to the�imits stuted in Section.4(D)below,this :, _,�,�;-�
<br /> � ��71}f�/t,L'.�-.' .� • .
<br /> ���ft, . , : .,,. , rounded amount wi l!t�cny new incerest ratc unti l t he nex t C h a n g e D a t e. . •.•,; �' '
<br /> {r' .. .,
<br /> - „vt �;; The Note Holde��nill then determine the amount af the monthly pay�ment that-woutd be sufficient to repay ��q ' _
<br /> '''%��'-�- the unpaid principal that I am cxpected toowe at the Change Date in fuU an thc Mafurity DAte at my new interest t _
<br /> ' � • :.r.;,S;{:+'��. , -
<br /> � � .�r�• rate iis substantially equal payments.The rezult of this cafculation will be ihe neiv�amount of my.monthly pay-
<br /> �, � ment. ; '. ,;�,=
<br /> (Q)Llm[ts on Interest R9te Chan�es ` � : ';�1"
<br /> �r� '� • '�h��nterest rate 1 am reyuired to pay at the�rst Ch�nge batc wil)nut be greater than 6.8.75�p or tess _
<br /> ���� � �;-;;;;� � than����5 �/c. Thereafter.my adjustuble interest rate�4i1 l.neve�bo itxrea�ed or decrestied on any singiii Change Q�te
<br /> ` � --..; " •� '�:""'�-� by mare thanTWO percentage pc�int(s!12•�/�1 from the rute:of.eaterest 1 hace been paying fnr the preeeding 1:months. -
<br /> s.; . � '„!};:�:� . .
<br /> �'' • My interest rate will never be greater tha��•�►75 �/�.«hich'is calle�t the"M:�ximuni Rate." �. . .
<br /> �';r;�}4� . �� ..
<br /> :+,;a.r:�;c�:.:.�. - (E)Eftective Date otChanges .:
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<br /> My new interest rate will bec�me effecti��e on each Ch.u�ge.Date:'1 will pay the umount of�ny ne�v monthly p<,:• •
<br /> ����: .: ° `" ;'. '- payment beginning on the i`irst''rrionthly pa}•ment dute uf'ter thr Change Date until the umount of my monthly �(`. -
<br /> � '` .�� PaYmentchangesagain. . ., ,. . ' , ( �
<br /> �,; ?;j,,, . (F1 Notke ot Chutge�� ' C, •
<br /> � •�.�;'��•� - �� - The Note Holder tviq deli�'er or mail to�nc t►nutice of any changes in my :�Jju.table interest rate and the �.
<br /> . ... _
<br /> �"��'�'� � amaunt of my monthly payment bef��re thr effective dute c►1'a�y.change. The notire will include inform�tion k. . • •
<br /> ..:. �.,,.._---��--��---.:'`t'ii,�.,-.
<br /> �. � �;,,�� requireJ by lu�v to be gi�•en me anJ al�o the title anJ tclephonr numt+rr of a per,on who will an�wer any question �
<br /> � ��'�'��! '' 1 may have t�g�rding the twtice. , � i . . •
<br /> , ! �
<br /> .�.. - . B.F1XED 1NTERF.ST RATE UPTIUN ;
<br /> - `;;. - � , . The Note provides for the Barrawcri uptinn to convert from an adjustable inierest ratc with interest rate � ,
<br /> - �• . . � -- limits to a fixed interest rate.:�follows: ' • ' . .
<br /> �' ' � ' S.�IXEO tNTEfia!'RATE CONVER5I0�UPTIUN �
<br /> ..�.'� �-
<br /> - -� . -- -�--- (A)UPtion to Caavert to Fixed itate •
<br /> ; ' 1 have a Conversion Option that 1 can exercise.unlrss 1 am in default ar this Section SIA1 will not permit �
<br /> , • me to da so. The "Conversio»Option" is rny optian to concert the intetest rate 1 am required to puy by this Nutr �
<br /> ;�..,� ;� � , from an adjusta6le tate with interest rate limits to the fixed rate calculated under Section 5�B)below ' " ��
<br /> -._'��_,=_,.:. :. _ . . . " _
<br /> --�_—. _.
<br /> The conversion can only take place on 3 d�te(s)sg�cified by th�i�fote Hotder during the yeriod beginning on , ---°-----
<br /> � � .,. � :,F:, ,.. ���1 the�rst Change Date and endin�on the fifth Change Uate. Each date on which my adjustable interese rate ran �
<br /> , .}�4� : �. 'conven to the new fixed rate is c�lied the•'Conveninn Uate."
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