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r I 00600<;5-.5 ADJUSTABLE PAYMENT RIDER 83......(}O4009 THIS ADJUSTABLE PAYMENT RIDER is made this ...... .?'11:h,. day of ... .-:!I,l).y,.........,... , 19 ..?3, and is inrorporated inlo and shall be deemed to amend and supplement the Mortgage. Deed of Trust, or need to Secure Debt (the "Security Instnlment") of the same date given by the undersigned (the "Borrower") to secure Borrower's AdjllstablePayment Note to ...... ~p.B!'l!~r~.~~+. r~<!~rii.l, .~;1y.:i,I!gll..f! . loP!'.!] .I.I.ll.S.o!;"...................... ................. ..........."...... ........... (the "Lender") of the same date (the "Note") and covering. the property described in the Security Instrument and located at: .. .?4;!?+. .\!~"t.. .4I.l1111.. .GTIi.114. J.s.J.li!;ld.,. .l'Iel>r.Gs1.<a. . (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 lWo Separate Monthly PaymentAmounts,Ol1e Will Be The Amount That The Borrower Must Actually Pay Each Month. The Other Will Be 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 Amountong.. Inally Borrowed Or That The Borrower Could Repay The Loan Before The.MaturltyOate; ADDmONAL COVENANTS. In addition to the 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 rale of . .11 . 7.5(Jc. Sections 2. 3. 4. 5 and 6 of Ihe Note provide for changes in the interest rate and Ihe monthly payments. as follows: "2. INTEREST (A) Interest Owed Interest will be charged on Ihat part of principal which has nut been paid. Interest will be charged beginning on the date of this Note and continuing unlillbe full amount of princIpal has been paid. II .750 Beginning on Ihe date of lhis Note. I will owe interest ;\t ;\ yearly rate of q,. The rate of interest I will owe will change on the first day of the month of .l,elu:uar;;. . 19 84 and on that day every 6th month thereafter. Each dale on which the rate of interest could change is called an "llllerest Change Date. "The new rdte of interest will become effective on each Interest Change Date, The ralt, of intLrest I wiLl O"'"' shall not exceed 15.000%. (8) The 1Dde" Any changes in the rale of interest will be ba.'ied on changes in lhe Index. The "Index" is the weekly auction average rate on United States Treasury bills with a maturilY of (, months, as made available by the Federal Reserve Board. If the Index is no longer available. the Note Holder will choose a new mdex which IS based upon comparable infonnation. The Note Holder will give me noucc of this l.:hou:e. The most lC<.'ently available Index ligure as of lh" date 45 days before each Interest Change Date IS called the "Current Index. " (C) Cakulation of Interest Rale Changes Before each Interest Change Date. the Note Holder will calculale my new rate of interest by adding .3.50.2. percentage points (3.502. ... 'if.) to the Current Index. The Note Holder will then round the lesult of this addition to the nearestone-eiglith of one percentage point (0, I 25'k). This rounded anloum will be my new rale of interest until the nexllnterest Change Date. Except that the maxim.um interlese ratt' change shall not exceed 15,000%. (D) lqterest After Default The nue of interesl required by Ihis Section 2 is the rale I will owe both before and after any defau.lt des<;ribed in S<<tion 9{B) below. 3. CALCULATION OF AMOUl'lTS OWED EACH MONTH The NQte Holder will calculate my Full Monthly Amount, The "Full Monthly Amounl" is the amount of the monthly payment that woold be sufficient to repay the unpaid prin<:ipal balance of my loan in full al the rale of interest I am required 10 pay by Sections 2(A) and 2(C) above in substantially equal payments on August. , . 1st. . . 20 . ,13 ,which is called the "maturity date". My first Full Monthly Amount is U.S. $ . . 5.<;7. ,19. . Before ClWh Interest Ch.ange Date, the Note Holder will calculate the new Full Monthly Anlount which I will owe each month begimung on \be first monthly payment dale after the Inlerest Change Date. The Full MOil/My Anwull/l mw may be mort! or Jess thallthe amQu",l v'" required to pvY ,',uh m"nlh. Serli"n 4 bel"" $'.(4<'$ 1M a_ "fmy nwnJlliy paymi!nlt:l/fd h"w il will change. Section 5 below describes how my ullpvid principvl h<rlvll....' will clulngtt if the <Jm()unl af my /1wnJItJy pvym<!1I/ and the Full MOIuhlyAmQullt are dijJ"l<!lIl. .,~S (A) ~....,~ IlC~JlIIj I will pay priw:ipall\l\ll.inte.t'estby IIIIlking paym.:nts every l11Ollth. My monthly payment>; wtll be applied to interesl ~Qt\; ptiw:ipllt I will ~ my l\l.Qllthly payments on the first day of each l110llth beginning on . 'Septemb~'r 1st . ,19 . -&3. . .1 Willl~ these paymenls every' l110llth until I have paid all the principal and lme.res! and any other charges ~,~wwtha.llllll,l)'owe... this Note. If I 'till owe anlUUDts under this Nore on the malunty d..I<O. I ,,'ilI pit) ~~i!lfuJI .on.lhllt dalol. '!'hose amoWlts c<lUld be greater than the. amount of my lastll1<.luthly payment bel<l\'e the ~.r~. ADJUStABLE PAVMIWT RIOIR - 6Ingle Family -- 12181 - FJroIMA UnIfotm lnlItrumenl (PlM 2-Ntog. Am.) M '/'