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200610952
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Last modified
12/11/2006 4:23:19 PM
Creation date
12/11/2006 4:23:17 PM
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DEEDS
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200610952
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<br />200610952 <br /> <br />(C) Calculation ofInterest Rate Changes <br />Before each Change Date, the Note Holder will calculate my new interest rate by adding Eight <br />and 875/l000ths percentage points (8.875%) to the Current Index. The Note Holder will then round the <br />result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits <br />stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Interest <br />Change Date. <br /> <br />(D) Limits on Interest Rate Changes <br />The interest rate I am required to pay at the first Interest Change Date will not be greater than <br />12.875% or less than 9.875%. Thereafter, my adjustable interest rate will never be increased or decreased <br />on any single Interest Change Date by more than One and 500/1000ths percentage points (1.500%) from <br />the rate of interest I have been paying for the preceding 6 months. My interest rate will never be greater <br />than 16.875% or less than 9.875. <br /> <br />(E) Calculation, of Payment Changes <br />The Note Holder will determine the amount of the monthly payment that would be sufficient to <br />repay the unpaid principal that I am expected to owe at the Interest Change Date in full by January 1,2047 <br />at my new interest rate in substantially equal payments. The result of this calculation will be the new <br />amount of my monthly payment. I understand that this loan is a balloon loan and that if I pay only my <br />monthly payments, I will have a final balloon payment due on the Maturity Date of January 1,2037. <br /> <br />(F) Effective Date of Changes <br />My new interest rate will become effective on each Interest Change Date. I will pay the amount of <br />my new monthly payment beginning on the first monthly payment date after the Interest Change Date until <br />the amount of my monthly payment changes again. <br /> <br />(G) Notice of Changes <br />The Note Holder will deliver or mail to me a notice of any changes in my interest rate and <br />monthly payment as required by law. The notice will include the amount of my monthly payment, any <br />information required by law to be given to me and also the title and telephone number of a person who will <br />answer any question I may have regarding the notice. <br /> <br />B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER <br />The Section ofthe Security Instrument titled "Transfer of the Property or a Beneficial Interest in Borrower" <br />shall read as follows: <br /> <br />(1) Until my initial fixed interest rate changes to an adjustable interest rate under the terms stated in <br />Section A above, the section of the Security Instrument titled "Transfer of the Property or a Beneficial <br />Interest in Borrower" shall read as follows: <br /> <br />Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section, "Interest <br />in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those <br />beneficial interests transferred in a bond for deed, contract for deed, installment sales contract or escrow <br />agreement, the intent of which is the transfer oftitle by Borrower at a future date to a purchaser. <br /> <br />If all or any part of the Property or any Interest in the Property is sold or transferred (or if <br />Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without <br />Lender's prior written consent, Lender may require immediate payment in full of all sums secured by this <br />Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited <br />by applicable law. <br /> <br />If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice <br />shall provide a period of not less than 30 days from the date the notice is mailed or delivered within which <br /> <br />Fixed/Adjustable Rate Balloon Rider ~ WSJ Six Month L1BOR <br />Meritage Mortgage Corporation Page 2 of3 <br /> <br />lIC 54205.6 <br />20443MU 07/05 <br /> <br />IIII~IIIIIIIIIIII~IIIIIIIIIIIIIIIIIIIIIIIIIII <br /> <br />1 0 0 0 Z 7 0 9 0 7 <br />
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