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<br />0060601-6
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<br />ADJUSTABLE PAYMENT RIDER 83_, 006240
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<br />(Property Address)
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<br />TInS ADJUSTABLE PAYMENT RIDER is made this ...... .2?,:d,.. day of '" ~.O.~':":l~.~~,........ ,
<br />19 . .~3, and isincotporated inlO and shall be deemed 10 amend and supplement the Mortgage, Deed of1hJSt, orl)eed to
<br />Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower") tosecure'Borrower's
<br />Adjustable Payment Note 10 ..... ..~o~~!: . ~i~.~~~~!,,~! .!.n.<:: . , . . .. . , . . , . . ... . . . .... .. , .. . . . .... ,. .. ....;..
<br />. , , , . . , , .. . . .. . . . .. , ..... . . . . , .. ,.. ... . . , , . ... . (the "Lender") of the same date (the "Note.") and'covermglhe
<br />property described in the Security Instnlment and located at:
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<br />The Note Contains Provisions Allowing For Changes In The Interest Rat&AndTheMonthly
<br />Payment And For Increases In The Principal Amoum To Be Repaid.
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<br />The Not8Also Provides For Calculations Of 1\vo SeparateMonthlyPaymemAn'fOuntfJ",Qne
<br />Will Be The Amount That The Borrower Must Actually Pay Each Month. The>OtherYII"Eie
<br />An AmoumThat The Borrower Would Pay Each Month To Fully RepayTheLOanOnTfie
<br />Maturity Date. this Means That The Borrower Could Repay More Than TheArnount,OI'i~
<br />Inally Borrowed Or That The Borrower Could Repay The LOan Before The MaturttyDate;
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<br />ADomONAL COVENANTS. In addition to the covenants and agreements 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 MONmLY PAYMENT CHANGES
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<br />The Note provides for an initial interest rate of ..1 ~,?9l%. Sections 2. 3. 4, 5 and 6 of the Note provide for changes in
<br />the interest rate and the monthly payments. as follows:
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<br />"2. INTEREST
<br />(A) Inlemit Owed
<br />Interest will be charged on that part of principal which has not been paid, Interest will be charged beginning on the date
<br />of this Note and continuing until the full amount of principal has been paid. 12 . 500
<br />Beginning on the date of this Note. I will owe interest at a yearly' rate of .. %. The rate of interest I will owe will
<br />change on the first day of the month of .J un,e. ,.".... . 19 ,84, and on that day every 6th month thereafter. Each
<br />date on which the rate of interest could change is called an "Interest Change Date. .. The new rate of interest will become
<br />e!fective on each Interest Change Date. The ra te of interest I will owe shall not exceed 14.990%.
<br />(B) The IDdex
<br />Any changes in the rate of interest will be based on changes in the Index. The "Index" is the weekly auction average rate
<br />on United States 1Ieasury bills with a maturity of 6 months. as made available by the Federal Reserve Board.
<br />If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information.
<br />The Note Holder will give me notice of this choice.
<br />The most recently available Index figure as of the date 45 days before each Interest Change Date is called the "Current
<br />Index." .
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<br />(C) CakuIadon of Interest Rate Changes 4 450
<br />Before each Interest Change Date, the Note Holder will calculate my new rate of interest by adding .. ~ . . . . . . . . . ,
<br />percenl8ge points i!' ., ~ ?9. . .. %) to the Current Index. The Note Holder will then round the resul! of this addition to the
<br />nearest one.ei&Itth of one percentage point (0. 125%). This rounded amount will be my new rate of interest until the next Interest
<br />Change Date. Except that the maxjmum interest rate cbange shall not exceed 14.990%.
<br />(0) Interest After Default
<br />The rate of interest required by this Section 2 is the rate I will owe both before and after any default described in Section
<br />9(B) below.
<br />3. CALCULATION OF k\fOUNTS OWED EACH MO~"fH
<br />The Note Holder will calculate my Full Monthly Amount. The "Full Monthly Amount" is the amount of the monthly
<br />payment that would be sufficient to repay the unpaid principal balance of my loan in full at the rate of interest I
<br />am required 10 pay by Sections 2(A) and 2(C) above in substantially equal payments on . p'e",!,!",~~~. . l.'~ t, . . . , . ,. .
<br />20 .. P ,which is called the "maturity date". My first Full Monthly Amount is U.S. $ ..... 7.7.6: ?6. . . . . ,. Before
<br />each jnterest Change Date. the Note Holder will calculate the new Full Monthly Amount which I will owe each month beginning
<br />on the first monthly payment date after the Interest Change Date.
<br />TheFulI Monlhly AmoU1llI owe may be more or less than the amount I am required to pay each month. Section 4 below
<br />sklles.tlrit llIlIOIIItt of my monthly paymertl and how it will change, Section 5 below describes haw my unpaid principal balance
<br />will chonge if the amount of my monthly payment and the Full Monthly AmoU1ll are different.
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<br />4, . PA)'MBNl'S
<br />(A) ~lIIlll~ of PaYlDeDta
<br />I will pay principal and interest by making payments every month. My monthly payments will be applied to interest
<br />before prinl;ipaI.
<br />I will make my monthly payments on the first day of each month beginning on ,.. ,J!'.1J\!~ ,Y. . , l s.t. , . , . . , . . . ., .
<br />I!l . .a;. .. lwill make these payments every month until I have paid all the principal and interest and any other charges
<br />~~. ~J maY owe Ullder this Note. I( I still owe amounts under this Note on the maturity date, I will pay
<br />~,~ta.in full on that date, '\'hQsearnountscO\Ild be greater than the arnounl of my last monthly payment before the
<br />nw,Urily_.
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<br />AD.IUSTABL& PAYMENT RIDER - 5lngi& Family - 1 Vel - FNMA UnKo<m Inatnnnont (Plan 2-Heg. Am.)
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<br />M-l:tl
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