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<br />0060483-6
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<br />ADJUSTABLE. PAYMENT RIDER
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<br />83_005922
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<br />THIS ADJUSTABLE PAYMENT RIDER is made rhis .....'.' 3r.<l. . day of ... .}!9y!,.n;1:~r. . . . . .... ,
<br />19 .. ?3, and is incorporated into and shall be deemed to amend and supplement rhe Mortgage, Deed of Trust, or r>eed to
<br />Secure Debt (the "Security Instnunent") of the same date given by the undersigned (the "BoJrower") to seC\lre Borrower's
<br />Adjustable Payment Note to ...... :r.~":'!r. r~~,?~n,c;~al.,. }n!'...,.......,.,..........,............... ....., ,.
<br />. .. . .. . .. . . . . . . . . . . . .. '...............'....... (the "Lender ") of the same date (the "Note") and covering the
<br />property described in the Security Instrument and located at:
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<br />. ., .~08. .N .~~.a~, . G.t:nnd. Islan,d, .1~e.I;~,!s1<.~ ,68fl.01 .
<br />(Property Address)
<br />
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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 Two Separate Monthly PaymentAmountS. One
<br />WIlt BeTtle Amount That The Borrower Must Actually Pay Each Month~ The Other WIll Be
<br />An Amount That The Borrower Would Pay Each Month To Fully Repay The LoenOn The
<br />MaturIty Date. This Means That The Borrower Could Repsy More Than The Amount Orig-
<br />Inally Borrowed Or That The BorTQwer Could Repay The Loan Before The Maturity Date.
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<br />ADDmoNAL COVl>:NA!'<"TS. [n addition to the covenants and agreements made in the Security Instrument, Bor-
<br />rower and Lender further 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 interest rate I,f 1 J..,7 51;1-. Sections 2. J. 4. 5 and 6 of the Note prov.de for changes in
<br />the interest rate and tbe monthly payments. as follow,'
<br />
<br />"1. INTERE!>'T
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<br />(A) Interest Owed
<br />Interest WIll be charged on .ha. pan \ll princIpal wh.ch has notlx...,o paid. Interest will be charged beginning un the date
<br />of this Note andcootinuing untd tbe lull amount "I' principal has been paid. 11.750
<br />Beginning 00 the date of this NOle. I will owe interest at a ycariy rate of %. The rate of interest I will owe will
<br />change on the fint day "f lhe month "f June . 19 .f'4 and 00 that day every 6th month thereafter. Each
<br />date on whi(.'h the rate of intere:st t:ould (han~l' i.... ('idled an ~'Intcrest Change Date," The new rale of imerest will become
<br />effecti\l'e on e.ach IntcfC"S[Change Date T~;E' r:tt.(~ of lnten:'~;t 1 \--'Jlt (1'\-.'(' ~hall not exceed 13a990;:..
<br />(8) 1M ladex
<br />Any changes in ,be rtlle of interest will be !>ased on chanl'e, in the Index. The "Index" is the weekly auction average tate
<br />on United States 1reasury bills. Wllh II UU1turlty {If h months. as made available by the Federal Reserve Board.
<br />lithe Index is no longer .nailabk. the Note H(i-l(k~r wili choost' a ocw inJ~,- which h based upon t.:omparablc infonnalion.
<br />The Note Holder will give Ill(" nOiit..'c t)f thl) ,,-hOKe.
<br />1be most nx:entl)' available Index tigun-" Ii'!. of the date 45 d.ay~ bcfufe t"<tdl IntCJt'~l Chang!" Date IS e..:illled the "Current
<br />Index."
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<br />IC) CakuIatIon of mterest Ra~ Changes 3,502
<br />Before .....il IntereSl Change Date. ,he 1'<l)\e Holder will c~lcul~te my new rate of inlereSl by adding
<br />percentage points (3, Sf'? %) to tbe Current Index. The Note Hokkr willlhen roulld tite result of Ihis additioll to the
<br />netItCSl OIlle-eighth of one pet<"ntage point (0, 125%). Th;. r\lunded amount w,lI be my new rale of interesl until the ne'llnterest
<br />Change Date. fxcf'pt thnt the t::..1Y. i.Y-Ht" in t t'T€st r-;3 t:e C"han,N'" fihal1 not exc{'pd 1 3 -..l)g(l~ ~
<br />(0) mlenst Aftft' DefllUlt
<br />The rate of interest required by thI. Section 2 is lhe rdte I will owe bolh belore and after any delimit des<:ribed in Seclion
<br />9(B) below.
<br />3. CALCULATION OF AMOUNTS OWED EACH MONTH
<br />The NOlO Holder will cakulate my Full Monthly Amount. The "Full Monthly Amounl" is the amounl of the monthly
<br />pa)'tIlCftl. that would be .uffidem to repay the unpaid principal balance of my loan in JUII at tbe rale (If interest I
<br />reoWMd b Sec' . Z.A and 2 Cab<. b 'all aI Lccemh:;r I ~t
<br />am 'lJ to,pay Y - I I, (I.. ,ve m.u SlanU y equ payments~n .... .....;ci... '.,...... ,.,.. .
<br />20 . .. ,WhKh.s ,ailed !be "!natunt)' dale My ~t Full Monthly Amount IS t! S 5. . . . .../2,7.... ... Before
<br />each lnlerestClwlge Date, !be Note Holder will cakulale tbe new Full Monthly Amount whIch I will owe each month beginning
<br />00 the first moothly payment date after the Interest Clumge Date.
<br />71te F1dl Mf1fithl)'AIIWU1U 1 OWe" may M_mure or less (lu.ll! ,he amvwu' am n'quired Iu f>t(V t!uch momh. St'('llon 4 be/OK
<br />~fI dI.. _lit QJ'my mclllhJy p<1}'hU'1I1 and I",w it will dWllge. Sec/ion 5 ""'ow Je.fcrib"./to,,' my ""/>aid principal bal<ln<'e
<br />wilJ ~ i/tlte,_ <if my 1IW1IIhly P")"hU'III muJ the Full Mon/hl)" .4""'"111 an> d;gerem.
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<br />., 1'J\YMiNTS
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<br />(A)n...- PbIw IJt Pay__
<br />I will p8:'i pri!li;ipaland. interest oy makillj! paymenl5 e....'ry monlh. My mumhly payments will be applie<J 10 interest
<br />before prillcipaL
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<br />lwUllIlakc lI'I~ moothly paymealli 011 the liril day or eaclllll<lnth beginning on Ja.ll\!"n ll't. .
<br />19 ..~?, . I ...lIt Me.ll1coe pay_ every mootb unfill ha.., paid aU the principal and inter""t and allY other charge,
<br />~ ~. d\1ll1 lI\IIY owe .Ullder this Note. If I still owe amounts 1Inde,' this Note on the maturity date, I "tit P'ly
<br />llIolc.. ~ ill NIl oo.1t.aI a..t, ~ amoontsoould be gteJJler than the _"I of lYl)' I... monthly I'llyme.nt bel',,,,, tbe
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<br />~MYMIHT RIOER -Single !Family - \;>lill - FNMA \In*- ~I (Plan ~,Am.)
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