|
200208013
<br />0000776102
<br />If the Index is no longer available, the Note Holder will choose a new index that is based upon
<br />comparable information. The Note Ilolder will give me notice of this choice.
<br />(C) Calculation of Changes
<br />Before each Change Date, the Note Holder will calculate myy new interest rate by adding
<br />six, and, one - halt,,,,,,,,,,,,,, „,,,,,,,,,,,,,,,,,percentage points ( .... P:`� .............. %) to the Current Index.
<br />'Ihe Note Holder will then round the result of this addition to the nearest one - eighth of one
<br />percentage point (0.125%). Subject to the limits slated in Section 4(D) below, this rounded amount
<br />will be my new interest rate until the next Change Date.
<br />'The Note Holder will then determine the amount of the monthly payment that would he sufficient
<br />to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity
<br />date at my new interest rate in substantially equal payments. The result of this calculation will be
<br />the new amount of my monthly payment.
<br />(D) Limits on Interest Rate Changes
<br />'The interest rate 1 am required to pay at the first Change Date will not be greater than
<br />..12.250 ......% or less than ...9.25......... %. Thereafter, my interest rate will never be increased or
<br />decreased on any single Change Date by more than , onq ................................ ...............................
<br />percentage points ( ......... AP %) from the rate of interest I have been paying for the preceding
<br />six months. My interest rate will never be greater than ....1.5 25.0 ......... %. My interest rate will never
<br />be less than ....5.25.0........ %.
<br />(E) Effective Date of Changes
<br />My new interest rate will become effective on each Change Date. I will pay the amount of my now
<br />monthly payment beginning on the first monthly payment date after the Change Date until the
<br />amount of my monthly payment changes again.
<br />(F) Notice of Changes
<br />'the Note Holder will deliver or mail to me a notice of any changes in my interest rate and the
<br />amount of my monthly payment before the effective date of any change. The notice will include
<br />information required by law to be given me and also the title and telephone number of a person
<br />who will answer any question I may have regarding the notice.
<br />B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER.
<br />Uniform Covenant IS of the Security Instrument is amended to read as follows-
<br />Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section IS, "Interest
<br />in the Properly” means any legal or beneficial interest in the Property, including, but not limited to,
<br />those beneficial interests transferred in a bond for deed, contract for deed, installment sales contract
<br />or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a
<br />purchaser.
<br />If all or any part of the Property or any Interest in the Properly is sold or transferred (or if a
<br />Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred)
<br />without lender's prior written consent, lender may require immediate payment in full of all sums
<br />MULTISTAT E ADJ USTARLE RAT E RI DER -LIFOR INDEX -Sing Is Fam Jy Form 3192 V01 EC108LRev. 11114M0
<br />Fre001e Mac mv,mr -I
<br />
|