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0059765-1 ADJU$TABLEPAYMENT RIDER 83-D02708 THIS ADJUSTABLE PAYMENT RIDER is made this " . . . 3.1~ t. . . day of ". ~y. . . . . . . . . . .. . . . , 19 . J13, and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust, or Deed to Secure Debt (the "Security. Instrument'~) of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Payment Note to ..... .G9~Z:C;~!!.1. .~~f1.~Z:~~. ,S.~,,~!,gl!.~. ~a!,. .~l!o~..... . . . . . ., . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . .. (the "Lender ") of the same date (the "Note") and covering the property described in the Security Ins(rument and located at: .. 2.7.41. Lakeli~Qd. D.r.tn.. .Gt;';l!l!i. .h;t.S,lJd,. NEll;l):,;l.~~. ~~~Q~. . (Property Address) The Note Contains Provisions Allowing For Changes In The Interest Rate And The Monthly Payment And For Increases In The Principal Amount To Be Repaid. The Note Also Provides For Calculations Of Two Separate Monthly Payment Amounts. One Will Be The Amount That The Borrower Must Actually Pay Each Month. TheOtherWlIIBe An Amount That The Borrower Would Pay Each Month To Fully. Repay The Loan On The Maturity Date. This Means That The Borrower Could Repay. More Than The Amount Orlg. inally Borrowed Or That The Borrower Could Repay The Loan Before The Maturity Date. ADDmONAL COVENANTS. In addition to thc covenants and agreements made in the Security Instrument. Bor- rower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 'K. Sections 2. 3. 4, 5 and 6 of the Note provide for changesin the interest rate and the monthly payments. as follows: "2. INTEREST (A) Incerest Owed Interest will be charged on that pan of pnncipal which has not been paid. Interest will be charged beginning on Ihe date of this Note and continuing untillhe full amount of principal has heen paid. Beginning on the date of this Note. r will owe interest at a yearly rale of C/r. The rale of inlerest I will owe will change on the first day of the month ()f . De.cem bar . . I \I . 8:1 and on Ihat day every 6th month Iherealkr. Each date on which the rate of interesl could change is called an "Interest Change Date. "The new rate of interesl will become effective on each Interesl Change Date. The rate of interest I ",ill owe shall not exeeed 15.000%. (B) The Index Any changes in the rate of interest will be based on changes in the Inde~. The "Index "IS the weekly auction average mte on United States 1Teasury bills wilh a maturity of 6 months. as made available by the Federal Reserve Board. If the Index is no longer available, the NOIe Holder will cho""" 11 new index which is based UP'lIl comparable, inf"nnalion. The Note Holder will give me notice "f Ihis ch"ice. The most recently available Index figure as of the date 45 days before eacb Interest Change Date is called the "Current Index_ -, (C) Calculation of Incerest Rate Changes Before each Interest Change Date. the Note Holder will cakulate my new rale of interest by adding .7, 7.2.~ . percentage poinlS (7. 72.!l . %) to the Currenl Index. The Note Holder willlhen round the result of this addilion 10 the nearest one-eigllth of one percentage point (0.] 25%). This rounded amounl will be my new rate of imerest umil the next Interest Change~re. Exeept that the maximum interest rate ehange shall not exeeed 15.000%. (D) In~l After. Def_ult The rale of interesl required by Ihis Section 2 is the rate I will owe bOlh before and afler any default described in S<,<,lion 9{B)below. 3. CALCULATION 0... AMOUNTS OWEn EACH MONTH The Note Holder will calculate my Full Monthly Amount. The "Full Monthly Amount" is the amount of Ihe monthly payment that would. be sufficient 10 repay the unpaid principal balance of my loan in full at the rate of interest I am required to pay by Sectious 2(A) and 2(C) above in substantially equal payments on . .Juna . ,1st. . 20 .. 0.3 .which is called the "maturity date". My first Full Monthly Amount is lJ,5, $ Before eachlnteresl Change ~te, the Note Holder will calculale the new Full Monthly Amount which I will o\/,c each momhbeginning on the first monthly payment date after the Interest Change Date. The FIlII.Mollthly AmounJl owe may be more or less Imw the amOlwt I am Tt'quired to fX(V each momh, Sed/on./ belm\' st(lles/he anwWll oInry nwnth/y pqymem and how 1/ will change. SectlO1I5 bdow describes how my unpaid pril,,'ipol &olon,<, wUlchfurgeifthe amountoI my nwnthly pqymem and the Full Monthly AmolU" are dijj'erelll. 4.P~1S (Aj 'DQ!(!~~ (l,(~enls IwiUpay prillcipalandintere.s~ by making p~)'menlS every month. My monthly paymeuL' will he applied 10 inlcrest before prlneipaL I wlllll)l!ll.emyn:>ontlllY payments on the first day of each month beginning on July.. ,let" 19 . ;&3. . Iwill.l11ali;e tbesepayment!; every monlllunlill have paid all the principal and interest and any olber charges ~~..~l9w. ~I ltIliy.()jwe Ulll!er!hi,s Noce. II I'lill owe amQunts under this Now on the malumy date, I wHl pay ~~sin .full !mtlwtdl/1,l}. Those lUXlOlIlIl$ (jollW be greater than the amounl ,If my I'L>! monthly payment befOle the ~~, ~U~A8LE PAVMiNT AlDER - SinQle Famlly- 12181 - FNUA Unl10nn lnatrum<mt (Plan 2-I_g. Am.) 'o!-,