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200507014 <br />(B) The Index <br />Beginning with the first Change Date, my interest rate will be based on an Index. The <br />"Index" is: Libor six -month Index as Posted by Fannie Mae <br />The most recent Index figure available as of the date: ® 45 days 0 <br />before each Change Date is called the "Current Index." <br />If the Index is no longer available, the Note Holder will choose a new Index that is based <br />upon comparable information. The Note Holder will give me notice of this choice. <br />(C) Calculation of Changes <br />Before each Change Date, the Note Holder will calculate my new interest rate by adding <br />seven and one -half percentage points <br />( 7.500 %) to the Current Index. The Note Holder will then round the result of <br />this addition to the ® Nearest 0 Next Highest 0 Next Lowest <br />( 0.125 %). Subject <br />to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate <br />until the next Change Date. <br />The Note Holder will then determine the amount of the monthly payment that would be <br />sufficient to repay the unpaid principal I am expected to owe at the Change Date in full on the <br />maturity date at my new interest rate in substantially equal payments. The result of this <br />calculation will be the new amount of my monthly payment. <br />Interest -Only Period <br />The "Interest -only Period" is the period from the date of this Note through <br />. For the interest -only period, after calculating my new interest rate <br />as provided above, the Note Holder will then determine the amount of the monthly payment <br />that would be sufficient to pay the interest which accrues on the unpaid principal of my loan. <br />The result of this calculation will be the new amount of my monthly payment. <br />The "Amortization Period" is the period after the interest -only period. For the <br />amortization period, after calculating my new interest rate as provided above, the Note Holder <br />will then determine the amount of the monthly payment that would be sufficient to repay the <br />unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at <br />my new interest rate in substantially equal payments. The result of this calculation will be the <br />new amount of my monthly payment. <br />2005- 634614 <br />Initials: <br />40-899R (0402) Page 2 of 5 ��� <br />5- 634614 7583 <br />