|
<br />082432(,-1.
<br />
<br />ADJUSTABLE PAYMENT RIDER
<br />
<br />83....-() 05985-
<br />
<br />THIS ADJUSTABLE PAYMENT RIDER is made this ....,... 7.t}, . . day of ... .tJgy.e.ll)ll'i'l'. . . . . . . ., ,
<br />19 . .~~ and is illColP"rated into and shall be deemed to amend and supplement the Mortgage, Deed of1hlst, or {)eed to
<br />Secure Debt (the "Security InstnnnenC') of the same date given by the undersigned (the "Borrower") to secure Borrower's
<br />Adjustable Payment Note to ...... :ro,:,:,~. .Fi'!?!'l.<:~al.,..1'!c............ ....................................
<br />.. _'..'......... _..,..,....,. ,. (the "Lender") of the same date (the "Note") and covering the
<br />property described in the Security Instroment and located at:
<br />
<br /><., ~~~.~ . ~~:'l.'r!T?~!. tiranrl ,~~~:1.~~!. !:.,\~~?s.l~~. 0~.~t?~. .
<br />(Property Address)
<br />
<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.
<br />
<br />The.NOteAISO Provides For Calculations Of 1\110 Separate MonthlyPaymentAmounts,Qne
<br />Wilt Be The Amount That The Borrower Must Actually Pay Each Month. Th'eOther wotBe
<br />AnAmoum That The Borrower Would Pay Each Month To Fully.Repay The Loan On Tf1e
<br />Maturtty Date. This Means That The Borrower Could Repay More Than TheAmountOrig-
<br />lnatly Borrowed Or That The Borrower Could Repoy The Loan Before The MaturItY Date.
<br />
<br />ADDmONAL COVI:NANTS. In addition lO the covenants and agreements made in the Security Instrument. Bor-
<br />rower and Lender funher covenant and agree as lollows:
<br />
<br />A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
<br />
<br />Tbe Note provides for an initial interest rate 01 .ll...:.s~.. Sections 2. 3. 4. 5 and 6 of the Note provide for changes in
<br />the interest rate and the monthly payments. as follows'
<br />
<br />~z. If\o'TEREST
<br />(AJ InteftS! Owed
<br />Interest will be cbarged on .ba. pan of pnoclpal whlcb has nO! been paId. InteIC.. will be charged beginning on the date
<br />of this Note and contmuing until lbe full ..llloUIll .,f pnnClpal h.., been paid. 11. /50
<br />Beginning on the, date of this Notc, 1 ~'1i1 owe interest at a yearl; ral(: of ()f;, The rate of interest I will owe will
<br />chaul!<' on the iil'ln day of the Illonth ot .. "'H~ '. 1'/ . ".4. and on that day every 6th month Ihereafter. Each
<br />date on wh;.;h 10., ratA: of Il1tere" ""uhl ,'hangc " "aIled an "Interest Change Date. "The new rate of interest will become
<br />efftX'tiveoneachlnteresiChangc Date ;l!c rar!' uf ir~ter{'st 1 '...01.11 ...Fe shnlJ not ('xef:er 13.990h.
<br />(8) The lade.
<br />Any cilanges in the rale "f inte.."t will be ha>ed on changes m tbe Index, Tbe "Index" is the weekly auction average rate
<br />.m United State. linsury l>iIIs w,th . matuflty (If 6 """,th.. .s made available by lhe Federal Reserve Board.
<br />lfthe In<kx is no longer a.vailable. the Note Holder \\-iH ,hu().:\.e a new in<kx which is buse.d upon (ompan\ble information.
<br />'fl)(: Note Holder w.in give. me notice: of thi~ l..':hoice.
<br />The most ""'ently a>ailal>k Index ligUle .., "~I the date ~5 days belore each Intere.t Change [}dte is called the "Current
<br />In<kx. "
<br />tC) Calculation of laurest Rate ChalJ&C5 c. .,
<br />Bel'_ each I~ere~ Chllnge Date. ,be Note Holder will calculate my new rate of interest by adding .3 ~ ;,2.". . . . . . .
<br />pen;enlll8e point:; " ~ 5.2, . '''I to the Current In<kx. The Note Holder willtllen mund tbe result of this addition to the
<br />_ one-eightb Ill' one pefl:enlllge point (0.125% J, This ....>Unded anlOunt will be my new rate of interest until the next Interest
<br />l""hangcDak. rxct~pt that tlic r;ay.:i.tiw;\ jntert-'~;t rat(' ch.1ngf' sll.,dl not l':'xceed L3..990i{,.
<br />(D) llltemit After Default
<br />The rlIte of interest require4 by this Se<:tilln 2 is the rate I will owe both hefore and after any default described in Section
<br />9(B) below.
<br />.l. CALCULATION OF AMOUNTS OWI-:D EACH .l\tONTH
<br />The Note tk>lder will calculate my' Full Monthly Amount. The "Full Monthly Amoum" is the amwnt of the monthly
<br />payment !bat would bc suflicient. to repay tbe unpaid principal balance of my loan in full at tbe rate of interest I
<br />am~ipld to pay by S...:tlons2(AJ and 21e) above in substantially equal paymems on .11.e<;el"~'.e~.. I.s.t...... . .
<br />20 ...~. .",bieh lS called the "lllaturity dale". My iirst Full Monthly Amount is U.S. $ ., 4~.4~??... Before
<br />eachlntuesl Cltan&e Date . the Note Holder will cakulate lhe new Full MOlllhly Amount which I will owe each month beginning
<br />on the first monthly ray"",nt date after the InleA:Sl Change Dale.
<br />TN Fuli MtJmhly A:nwunt J ()l\'t' may be m()~ or It'ss thun Jhe amount I am requirffJ 10 puy cad, month. Section 4 below
<br />~ tM alfW&UJt of M)' monthly ptl)'mt"nJ and how it .will ('hange> Seoion 5 below tlrscribe... how my unpaid principal b6larn'f:'
<br />will .h<mge if"",.-;if my _rhi.\' p<J.\''''~m and the f'u/lMllnllrly A_Un! ilrt: ditTmml.
<br />4.~
<br />(AJ n..-1'11ace of ..-.,__
<br />I will pas.priol;iptillnd~ by ~1I payments every month. My monthly payments will be applied w interest
<br />~~.
<br />I "wm.... my' lOOIl1h\).' payments on !lie first day of eaclt month beginning on ..1 !;ljl.tl;1) 0', .l st. ..
<br />19 /,1; " I will -.,. ~ pa>lllents every 'l1<>IllIl until I have paid all the prineipal and interest and any ,,!her charge.
<br />~...~. that I tttII)'. ,....~ \Ill'lIl>f tlli! N.ote, If I ~ owe IUnountll under this Note ,)0 the marunty date, I wdl pay
<br />.... ~ ill MI J,ltl tlull date. ThiJ"" Il1llUUDl!l J:UUld be gtelllel thllllto., Ill1lOUnt of my iast monthl)' pa)'DlCnr befoo; the
<br />~-,
<br />
<br />AD.lU$TA8I.E . MYMIMT RlOER - ~. FaI1\lly~. 1l!J81 - FMiIIA UnIform InalruIMnt (Plan 2-HiIQ. Am,)
<br />
<br />
|