200303085 - Laserfiche WebLink

Browse

200303085 HO The Index Beginning with the first Change Dale, my interest rate will be based on an Index. The "Index' is the average of interbank offered rates for six month U.S. dollar lenomgxowl deposits In the London market ('LIBOR'), as published in The wall Street Journal. The most recent Index rpzre available as of the that business day of the month Immediately preceding the month in which the Change Date occurs is called the "Current Index.' If the Index is an longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder old give me notice of this choice. L) Calculation of Changes Before each Change Date, the Nut, Holder will calculate my new interest rate by adding Eight alai One / Quarter percentage points ( 0.2500 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one eighth of one percentage point (E HS %). Subject to the limits stated In Section 4(D( below, dds 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 Nat would be wI icient m repay the unpaid principal that 1 am expected to own at the Change Dale in full on the Maturity Date at my w interest rate in substantially equal payments. The result of this calculation will be the new amount of mY montldy payment. (D) Limits on Interest Rate Changes The interest rate 1 am required to pay at the first Change Date will not be greater than 13.3950 %or less than 9.3950 %. Thereafter, my Interest are will never be Increased or decreased on any single Change Date by more thanOrle, percenage points ( 1.0000 %) Pforu the rate of interest 1 have been paying for the preceding 6 months. My interest rate will never be greater than 16.3750 %. (E) Effective Dare of Changes My new interest rate will become effective on each Change Date 1 will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Dam until ton amount of my monthly payment changes again. DT Notice of Changes The No. Holder will deliver or moll to me a notion of any changes In my inter.( 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 to me and also the title and telephone number of a person who will answer any question I may have regarding the notice. 1000236146 NP0ER1000236146 I Instigator ®d3SR(0006) Page 2 of Form 3138 lmo