|
<br />I
<br />
<br />-
<br />,
<br />
<br />(B) Pnnmt of Monthly payI1El1t$4 -
<br />M,y lIDl1thly Jllymnt will re in the aooont of U.S. $ 331.21 , The Note Rolihr will ~
<br />my. monthly. payment as J:elUinidby Section 4(C) . be:\oro( on the 6th Interest Change Date .am on that day'
<br />every 36th .m:mth tll!reafter. Each of these dates.. is called a. ''Payment . CbangeDate.~~ '. The;bt:e,Roliht
<br />ldllalso cI1Eln8e my monthly payment 011 any Interest C1llUl8e Date if> Sect10n 5(B)be:\oro(requfreSlIIil't\5
<br />JllYthe Full ~y i\Drlunl;.
<br />
<br />(C) Calculation of Mmthly Payment Changes
<br />Before eaeh Payment ~ Date, tll! Note Holder will calollateatv3lTlIl:I1'Ithlypaymiiintr;uff:l,C1eri:>
<br />to reply the unpaid principal bslance on my 1amin fullonthelll!lttir.l.ty datestthePaymentRlite~
<br />substallt1al1y equal payments. The ''1>ayo2nt Rate" is the SUIlI of theImex figtJre$?'l the'fi~
<br />Interest OlangeDates preceeding a Payment a- Date p.lustheCummtlndelt.dl.vide'kby'the,~'
<br />6 plus 3. GOO pe~ points ( 3.000 %), rooaled to the near""t ~th of ,ODe
<br />pe~ point (0.125%). r=pt the P'ryment rate Io'ill rot exceed. 14.990%.
<br />
<br />(D) Effective Date of Payment: Cbanges
<br />Until the neott Psymnt ~ Date, I ldll pay the ~. of myne.r tlDnthlypaymenteacbuont:h'
<br />beginning on the first monthly ....ymnt date after thePlI)IIlI!Ilt OlangeDatej or rnterestCbangeDlite>if'
<br />Section 5(B) ba1D.I requires me to ....y the Full Monthly AIlI:lunt.
<br />
<br />:lil
<br />(J(j;J017
<br />
<br />5. UNPAID PRINCIPAL BALANCE
<br />(A) Ownges t.n M,y Unpaid Prtncipal !la1.ame
<br />M,y lIDl1thl Y l'6J'llI'!l'C could he less than the annmt of the interest pordon of the f:lxst FUll
<br />tbtthly i\Illomt I .- or less than the interest portion of my first full ~y Amoont~ im>
<br />I:t--e....~t C::-.a.:ge Date. If so, tie rbte ~lder will sulttact the mIrllmt"oc. my-nootbly ,~~~'f~:a;.t~t-1:e-~_,:
<br />___ of iDl:erest 1 O<ie am will add the dllfen!nce to my unpaidpD,nc1p8lbaJanceeacti1ll)lltlt'untiJ.:"
<br />the next Interest Olange Date. The Nol:.e Holder will also add interest '00 tbiLauDlllltFof'.thi.S",
<br />dllfereJlC2 to my UllpIlid pr1nclpa1 be.lance each urmth. Unt:1l the nett lnterestC2limgeDllte~the
<br />Noce lkllder det:eIm:i,nes my new interE!$t !"B.U! en f11J then ~ print!:i-!l31 M~i t..-~c_vhct.\ef::-iftlo- _ :~l-~;
<br />on the int.erest aided to principal v1l1 he. the rate <htermtnei in Sec:tiDn 2 aliove.
<br />
<br />~ lIIJl'IthJ.y ~ could he lIl>l'e than the aurJUDI: of the Full Monthly Amount. If.so,.theNote
<br />Holder will subttact the dllferea:e frem the Ullplrld prirclpal 1'F', cn::e of my loen eaeh m:mth.unttl the
<br />nett Interest ~ Date as if I had lII!:de a ?I<--r~~l pl:epayuem. ..o:ler Sect:lon 8be1ow.
<br />
<br />(B) Umit 011 Unpaid Ptincipallla.1ano:e; Requited Full ~y AllnmI:
<br />~ wpsitl pd.oc.ipal lalance can never exceed a nmdnua. lllIDmt: equal to one 1uxlred ~fiw
<br />percent (125%) or the ptiI1clpal illInl11t I otiglllaily lx>tTlMld. If III!J paying thellllCUllt of my IlDnthlY
<br />rayaent after any Interest Change Date W<W.d cause the 'Ullplrld principal baJ.arx:e to eu:eed. that
<br />llIIlCI.uLIlIlBUlt at any t1me, r !llJSt pay irstead the full M:mthly AoDunt as my mnthly payment until
<br />the neott Payment Clm1ge Date,
<br />
<br />
<br />6. CONVERS I ON TO FIXED RATE AND P AnlENTS
<br />(A) Rigl1t: to Convert,
<br />I hi,,,, ehe oplCwn, prior to any P8}'lIelt ~ Dare, of COOIIerting this loan to a fiJ<ed
<br />interest rate an:! fU9l UDnthly pB)'1lIeIlI; plan as provided in this section. Once I have converted my
<br />loon, the :Interest rate ani the regular ovnthly payment will remdn ~ far de rest of the
<br />terlll of the loan.
<br />
<br />L
<br />
<br />(8) Rate ani Payment aiter Conversion.
<br />If I ....l~. to -e.oa.;:e-rt ~ loan, w~"'1 too L"'1te.n.&t t'"a.tft fot' tte r-~ tti'UI will not excQed
<br />the "Ftxed Rate Index" p.hla n, 75pl:r=. The FilcecI Rate lndex is the. net yield requ1tement of
<br />Fedemlllat10nal lUtpge ~ (mM\) for 6O-day maniatory delivery of new fhedrate l.ceIlsas
<br />such F:bed Rate lll<lex is awJ.lable Iob!n the rate quotation refen:ed to in paragraph 6(C)(2) belc.w is
<br />aale, The new f:bed rate will be effectl..., on tre neltt Pa)llllel1t ~ Dare. The '- fiJaed'payment
<br />iDM1f. will Il! the aewnt web is 9J.fflclenr to repey the unpaid pr:incipal ba19nc:e of my loan in
<br />full m subetCltlal.ly equal plI)ll11ent8 by the 1llIltur:t ty date. I will pay this ~ f:bed llIlCUIlt
<br />~ OIl the first IIlOOthly plI~ dare after the Payment ~Datoo G<l .tdch I COt1\IlIlrted.
<br />
<br />(C) ElIerclse of Fixed Rate Opc:ion,
<br />(1) Request for QJotation.
<br />If 1 ... interested in converting III!J loen, I !IllSt notify the note holder. in wti~, that I
<br />odsh to have a fiJald rate ani J"IYlDIDt quoted to IDe. I _t se{Xl this reqUllflt for qua:atinn after
<br />receiving a Payment o.mg.e Not:1ce unler section 7 ani at least 30 days before the Payment Change
<br />DtIte.
<br />(2) ~...at:ion.
<br />lOIn it recei""" III!J request for quoratJon, the note oolder ",nl sen:l IDe a notice quoting
<br />the fiJllt!d rate and ....)'IIIimt being offered and the COlNersion fee web I will have to pay if I decide
<br />to ctJD\le1't. The CO<lIo'eISior. fee will rot elCCeed : .l'(~ of the unpaid principal ba.lan;:e of tll!
<br />10en OIl the Payment Olange lBte, The note ooldiir\JITI se{Xl this quotation at least 20 wt no mre
<br />than 30 days before the Payment ~ Date.
<br />
<br />(3) Ao::epting Q.>ot.atlon and ComIerting.
<br />If I wish to a::nvert T1If loan ate the fiJald rate ani ....yment 'looted to me. I !IllSt notify the
<br />note holder of T1If ~....... in writing. Such notice IlUSt he received by the note OOl<hr at least 15
<br />. before tho Payatt: Clwree DIlt:e ani IllJSt be accaIlp6nied by the <XII1Yemlon fee.
<br />
<br />(4) ~ of 'ru. P8tiods.
<br />u . the .Pa)Uent ~. Notice is not _It by tll! note holder at least 35 da~ before tbo
<br />1'lI)IIIIId ~ ~. tl:Im each tilae period stated lll:xMI shall he reduced by fi"" days.
<br />
<br />(D) ~ ot Ca1wl:sion Opc:ion.
<br />1f tte l"t.i l\ate In:lex \MIl' ~ to be puh11sb:d or lIIIde a\lll1lab.1e by mMt\. or if 1'lM\ _I.'
<br />- ~ aq;;\ pul:~ ll>>rttilllifl lorans on tll! _is 000< reflected by tbo rUed Rate lniel<, then
<br />th1a -.u1oCl option sIall t~u:.ulilte ani this <leCt ion b shall _ to haVie any cl feet , l~r,
<br />if by tbAt tilI8 1 haw &lready liCCept<ld " qoot.oitioo and rorMOrted rttj 1.-. suo:b temdnation ...in not
<br /><l.t~.. !'\? fi. rat</; ani pIl)'llll<< "U1, In that ,_, NMin In full f oree 1111<1 et teet,
<br />
|