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<br />0060147-2
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<br />ADJUSTABLE PAYMENT RIDER
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<br />83~ 005061
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<br />THIS ADJUSTABLE PAYMENT RIDER is made this .. P'~h... day of ... ?!lP.~'!'!').>~.r.:........ ,
<br />19 . .~3, and is incorporated into and shall be deemed to amend and supplement !he Mortgage, Deed of Trust, or Deed to
<br />Secure Debt (the "Security Instrument") of tbe same date given by the undersigned (the "Borrower") to secure Bonnwer's
<br />Adjustable Payment Note to .... ,GQ'I'!".e.r.:c;;f.Il.l. .I:",d.e.r.:~+. .S.IW;f.AAl! .~. ,l.,<?~!I. AA'!9!'..... . . . . . . . . .. ,.. .. . ., . ..
<br />, , , . ' . , ' , . . . . . . . . . . (the "Lender ") of tbe same date (!he "Note ") and covering the
<br />property described in the Security Instn.lment and located at:
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<br />. . It.:i , \1..1.6. SI:., ,(;1'11.114. Jd4Ild.,. .!'/'i'l>r.lIf1\t<l. .6.6\101. . '
<br />(Property Address)
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<br />The Note Contains Provisions Allowing For Changes In The Interest Rate And The Monthly
<br />Payment And For Increases In The PrIncipal Amount To Be Repaid.
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<br />The Note Also Provides For Calculations Of lINo Separate Monthly Payment Amounts. One
<br />WUI Be The Amount That The Borrower Mu8tActually Pay Each Month. The Other Will Be
<br />An Amount That The Borrower Would Pay Each Month To Fully Repay The Loan On The
<br />Maturity Date. This Means That The Borrower Couid Repay More Than The Amount Orig-
<br />inally Borrowed Or That The Borrower Could Repay The Loan Before The Maturity Date.
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<br />ADDmONAL COVENANTS. In addition to the covenants and agreemems made in the Security InstrUment. Bor,
<br />rower and Lender funher covenant and agree as follows:
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<br />A, INTEREST RATE AND MONTHLY PAYMENT CHANGES
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<br />The Note provides for an initial imerest rate of 12.25$. Sections 2, 3. 4, 5 and 6 of the Note provide for changes in
<br />the interest nile and the monthly payments.. ~1$ folluws:
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<br />~2. INTF..REST
<br />(A) Interest Owed
<br />lntere-st will he charged un that part of principal which has not bet:n paid. Interest will be charged beginning on the date
<br />of this Note and "'O'ntinUlng until the full amount of pnnclpaJ has heen paid. 12.250
<br />Beginning on the date of thts Note, I will owe inrerc-st m a yearly ratt~ of 't(.. The rate of interest I wiil owe will
<br />change on the first day of the monrn of .J\1)T.1..l,. ,i9 "4. ami on that day every 6th month thereafter. Each
<br />date on which the ratt: of imecc.\1 ~ould change I... ,-"aIled an "lntl.~res-t Change Dale." The new rale Hf intert:st will become
<br />effective ,)n each Imerest Change Date The rate of interest 1 will owe shall not exceed 16.000%.
<br />(B) Tile Index
<br />.>\ny change~ in the rate of inlcre~t wtll ~ ba!:ri...o on changes. In the lodex. The '"Index" is the weekly auction average rate
<br />on United State~ Treasury bills \o\,'i,h a maturity (if 6 moodls. as- made ..wiul.ahle by the Federal Reserve Board,
<br />If the. Index is no longer avai.lable. tilt, Note H()ldcr v.il! .:httt):..c ~t new lndcx whu.:h is bust.'d upon l,.'omparablc infonnation.
<br />The Note Holder will give n)(,~ nori(\:' {lr {hi;" i,:hoH:C.
<br />The n"-'sl recently available lndc:\ tigufC a~ \'jf lht.~ Jatt:: 45 d~1Y~ bl.'f~lrl' each Interest Chang(' Date is (ailed the "Current
<br />Index,"
<br />(Cl Calculation of Interest Rate Chances
<br />Before each [ntere.t Change Dale. the Note Holder wll! <aiculate m} ne'" mte of interest by adding 4.522
<br />pefl;ell~ points (< .,522 'l) to the Current Inde~. The Note Holder wll! then wund the result of this addition to the
<br />nearest one-eighth of one pc-rcemagc p(Jint (0.1.25'1'). Thi~ rounded amount will be my new rate of jntcre.st until the next Interest
<br />Chl\llg.e Dale. Except that the maximum interest rate change shall not exceed 16.000%.
<br />(D) Intel'e1>t After Dtfault
<br />The rate of interest required by thIS s.,ction 2 is the rate I wil! o"'c both before and after any default described in Section
<br />9(B) below.
<br />3. CALCIJLATION 0.' AMOUNTS OWED EA<"H MONTH
<br />The Note Holder will calculatc my Full Monthly Amount. The "Full MOllthly Amount" is the amount of the monthly
<br />payment thai: would be sufficient to repay the unpaid principal balance of my loan In full at the [ate of interest I
<br />am required to pay by Se;,'tiolls 2(A) and 2\(') aha,'e III Subslllntially equal payments on Q"t.ol?~r. . \ s~.
<br />20 . .98 ,which IS called the "maturity date" My first Full Monthl}' Amount is U.S $ ,2Q!>...n. Before
<br />each Interest Change Date, the Note Holde[ will calculate tbe new Fuil Monthly Amount which I ",ill owe each month beginning
<br />on tbe first monlhly payment dale .fte[ lhe 100erest Change Dale.
<br />The Full ~'dunlhly AmoUJ1! J f.Ht-e may be morr or less, !han. cht: amouml am required to pay nl(..1t momh. Se<:tiufJ .:I belm<,.<
<br />,Statd tlw atnI.JUn/ of my rrnm#IIJ' paYffl<fJl and how il will change. Se-nioft .5 below describes h~)w my unfJcJ.id prinnj'J(J/ bala/h'e
<br />will (:hanlI~ (f /he anunml of m~l /JUmthiy payment and the Full Mm-uhly AmtJulU are d~!Jf.>'"l!Ill_
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<br />4. PA.YMENl'S
<br />(Ai 1'II!lt:..lIAfl~ or l'a)'tMBb
<br />t will pay principal and interest by nUlkmg payments every mOlllh, My monthly payments will be applied to interest
<br />befole prt.m:ipaJ.
<br />I wUl IDll.ke my monthly .pll)1nents 011 the fim day of ea<:h month beginning 01\ .November. ' .1s t. .
<br />19 Il..). .. (will make these paymem. ever)' """lth umill have paid aIltbe principal anJ interest .ud any other charges
<br />~~'.lhllll may owe un;:Je; thb ,Note. If I ,till ow. am<.>unt. under this Note Otltbe maturity date, I "tll pal
<br />t~~\!lfl.i!l ,>It that dale, ThI>>c "nlOOlIls could he greater thanlhe ",llt,unl of my last mOllthly paymentll<cfore tbe
<br />m4IIllrily d$l,.
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<br />ADJUSTABLe PAYMENT RIDER - $111gle FamtIy l2;ill -- FNMAVntlofm lMttumwlt (PI.., 2........A....1
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