84003119 - Laserfiche WebLink

Browse

I 84--- 003119 RID E R NOTICE: THE MORTGAGE SECURES A NOTE WHICH CONTAIHSA PROVISION ALLOWING FOR CHANGES IN THE INTt~E~t "'AIJ)f.i INCREASES IN THE INTEREST RATE WILL RESULT IN K_ti#ERic PAYMENTS, DECREASES IN THE INTEREST RATE WILL RESULT I";; LOWER PAYMENTS. This Rider is made this Jl:t!L day of Modifications, In addition to the covenants and ag'reements nadedn';tfif'; Mortgage, Borrower and Lender further covenant and agree as fgUowa: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note has an "Initial Interest Rate" of 12.5 t. The Note interest rate may be increased or decreased on each Change Date, as described in the Note. Changes in the interest rate are governedbv changes in an "Index." The Index is the weekly average yield of One Year United States Treasury ',ecurities adJusteo to a constant mattlrlty of One Year, , determined in the second calendar month preceding each Change Date, Such changes in interest rate will occur on The First of Febnlary, 1986 and Annually Thereafter , Increases and decreases in the interest rate are limited to a change of ~~ each Change Date. If the interest rate changes, the amount or Borrower's monthly payments wdl change as provided in the Note. Increases in the inter- est rate will result in higher payments, Decreases in the interest rate will result in lOwer payments, 8, LOAN CHARGES It coula be that the loan secured by the Mortgage is sublect to a law which sets maximum loan charges and Ihat law is interpreted so that the interest or other loan charges collected or to be collected in connection with the loan would exceed permitted limits, In this event. then: (a) any such loan charge shalt be reduced by the amount necessary to redUCe the charge to permitted limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Bor-rower, Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower, C, TRANSFER OF THE PROPERTY If there Is any transfer of the property, 1n<;luding a transfer dMcribed in Paragraph 17 of the Mortgage, Lender- may require either an Increase in the current Note .nterest ,-ate, an inCrease in the Base tndex figure, or a change of any of the loan terms, as a condition of Lender waiving. the option to aceelllf'ale prOVIded in Par-agraph 17, By signing this, Borrower agrees to all o( the apove. " ): -"I.'f i'{J. c / J I. ". ....~ i ~ ,,'_ ,)allft;s C, \,endt , , I .~,[f , / /1 . , , 'I ' Borf'ower ). /), to" -~~" .~~ " , ". Bo-,:rower- ">1:",-,'.,, r~'t'}r-Y~tie ~ndt - o_::'~j,_-:;-,