200507586 - Laserfiche WebLink

Browse

200507580 INTEREST -ONLY ADDENDUM TO ADJUSTABLE RATE RIDER Loan Number: 4 9 0 0 9 5 3 Property Address: 903 S. LINCOLN AVE., GRAND ISLAND, NEBRASKA 58801 THIS ADDENDUM is made this 29th day of JULY 2005 , and is incorporated into and intended to form a part of the Adjustable Rate Rider (the "Rider ") dated the same date as this Addendum executed by the undersigned and payable to OWNIT MORTGAGE SOLUTIONS, INC., A CALIFORNIA CORPORATION (the Lender) . THIS ADDENDUM amends and supersedes Section 4(C) and B of the Rider. None of the other provisions of the Note are changed by this Addendum. 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding FIVE AND 875/1000 percentage point(s) ( 5.875 %) to the Current Index for such Change Date, 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), this rounded amount will be my new interest rate until the next Change Date. During the Interest -Only Period, the Note Holder will then determine the amount of the monthly payment that would be sufficient to repay accrued interest. This will be the amount of my monthly payment until the earlier of the next Change Date or the end of the Interest -Only Period unless I make a voluntary prepayment of principal during such period. If I make a voluntary prepayment of principal during the Interest -Only Period, my payment amount for subsequent payments will be reduced to the amount necessary to pay interest at the then current interest rate on the lower principal balance. At the end of the Interest -Only Period and on each Change Date thereafter, the Note Holder will determine the amount of the monthly payment that would be sufficient to repay in full the unpaid principal that I am expected to owe at the end of the Interest -Only Period or Change Date, as applicable, in equal monthly payments over the remaining term of the Note. The result of this calculation will be the new amount of my monthly payment. After the end of the Interest -Only Period, my payment amount will not be reduced due to voluntary prepayments. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 18 of the Security Instrument is amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for deed, INTEREST -ONLY ADDENDUM TO ADJUSTABLE. RATE RIDER D0cMagicE11 900f649 07/15/03 Page 1 of 2 www.docmagic. lomrr.om2. 1. tem