Common use of Interest Rate and Monthly Payment Changes Clause in Contracts

Interest Rate and Monthly Payment Changes. The interest rate Borrower must pay may change on the first day of _______________________, _________, and may change on that day every __________ month thereafter. Each date on which the interest rate could change is called a “Change Date.” Beginning with the first Change Date, the interest rate will be based on the Current Index as described in the Adjustable Rate Note. Before each Change Date, the Note Holder will calculate the new interest rate by adding ______________________________ percentage point(s) (____%) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated below, this rounded amount will be the new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that Borrower is expected to owe at the Change Date in full on the Maturity Date at the new interest rate in substantially equal payments. The result of this calculation will be the new amount of Borrower’s monthly payment. The interest rate Borrower must pay at the first Change Date will not be greater than ______________% or less than _____________%. Thereafter, the interest rate will never be increased or decreased on any single Change Date by more than ___________________ percentage point(s) (_________%) from the rate of interest paid during the preceding 12 months. The interest rate will never be greater than ______________%. The new interest rate will become effective on each Change Date. Borrower must pay the amount of the new monthly payment beginning on the first monthly payment date after the Change Date until the amount of the monthly payment changes again. The Note Holder will provide Borrower notice of any changes in the interest rate and the amount of the monthly payment in accordance with the terms of the Adjustable Rate Note. Additional changes to the Security Instrument are as follows; those marked are applicable:

Interest Rate and Monthly Payment Changes. The interest rate Borrower must pay may change on the first day of _______________________, _________, and may change on that day every __________ month thereafter. Each date on which the interest rate could change is called a “Change Date.” Beginning with the first Change Date, the interest rate will be based on the Current Index as described in the Adjustable Rate Note. Before each Change Date, the Note Holder will calculate the new interest rate by adding ___________________________________ percentage point(s) (____%) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated below, this rounded amount will be the new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that Borrower is expected to owe at the Change Date in full on the Maturity Date at the new interest rate in substantially equal payments. The result of this calculation will be the new amount of Borrower’s monthly payment. The interest rate Borrower must pay at the first Change Date will not be greater than ______________% or less than _____________%. Thereafter, the interest rate will never be increased or decreased on any single Change Date by more than ___________________ percentage point(s) (_________%) from the rate of interest paid during the preceding 12 months. The interest rate will never be greater than ______________%. The new interest rate will become effective on each Change Date. Borrower must pay the amount of the new monthly payment beginning on the first monthly payment date after the Change Date until the amount of the monthly payment changes again. The Note Holder will provide Borrower notice of any changes in the interest rate and the amount of the monthly payment in accordance with the terms of the Adjustable Rate Note. Additional changes to the Security Instrument are as follows; those marked are applicable:.

Interest Rate and Monthly Payment Changes. The interest rate Borrower must pay may change on the first day of _______________________, _________, and may change on that day every __________ month thereafter. Each date on which the interest rate could change is called a “Change Date.” Beginning with the first Change Date, the interest rate will be based on the Current Index as described in the Adjustable Rate Note. Before each Change Date, the Note Holder will calculate the new interest rate by adding ______________________________ percentage point(s) (____%) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated below, this rounded amount will be the new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment Monthly Payment that would be sufficient to repay the unpaid principal Principal that Borrower Xxxxxxxx is expected to owe at the Change Date in full on the Maturity Date at the new interest rate in substantially equal payments. The result of this calculation will be the new amount of Borrower’s monthly paymentMonthly Payment. The interest rate Borrower must pay at the first Change Date will not be greater than ______________% or less than _____________%. Thereafter, the interest rate will never be increased or decreased on any single Change Date by more than ___________________ percentage point(s) (_________%) from the rate of interest paid during the preceding 12 months. The interest rate will never be greater than ______________%. The new interest rate will become effective on each Change Date. Borrower must pay the amount of the new monthly payment Monthly Payment beginning on the first monthly payment date after the Change Date until the amount of the monthly payment Monthly Payment changes again. The Note Holder will provide Borrower notice of any changes in the interest rate and the amount of the monthly payment Monthly Payment in accordance with the terms of the Adjustable Rate Note. Additional changes to the Security Instrument are as follows; those marked are applicable:

Interest Rate and Monthly Payment Changes. The interest rate Borrower must pay may change on the first day of _______________________, _________, and may change on that day every __________ month thereafter. Each date on which the interest rate could change is called a “Change Date.” Beginning with the first Change Date, the interest rate will be based on the Current Index as described in the Adjustable Rate Note. Before each Change Date, the Note Holder will calculate the new interest rate by adding ______________________________ percentage point(s) (____%) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated below, this rounded amount will be the new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment Monthly Payment that would be sufficient to repay the unpaid principal that Borrower is expected to owe at the Change Date in full on the Maturity Date at the new interest rate in substantially equal payments. The result of this calculation will be the new amount of Borrower’s monthly payment. The interest rate Borrower must pay at the first Change Date will not be greater than ______________% or less than _____________%. Thereafter, the interest rate will never be increased or decreased on any single Change Date by more than ___________________ percentage point(s) (_________%) from the rate of interest paid during the preceding 12 6 months. The interest rate will never be greater than ______________%. The new interest rate will become effective on each Change Date. Borrower must pay the amount of the new monthly payment Monthly Payment beginning on the first monthly payment date after the Change Date until the amount of the monthly payment changes again. The Note Holder will provide Borrower notice of any changes in the interest rate and the amount of the monthly payment Monthly Payment in accordance with the terms of the Adjustable Rate Note. Additional changes to the Security Instrument are as follows; those marked are applicable:.