HomeMy WebLinkAbout929401
000150
When Recorded Mail To:
Financial Dimensions, Inc. .
1400 Lebanon Church Road :f- 301
Pittsburgh, P A 15236 CAR
RECEIVED 5/16/2007 at 2:11 PM
RECEIVING # 929401
BOOK: 658 PAGE: 150
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
NOTICE OF ADJUSTABLE RATE DEBT
(USOR Index Rate Caps)
THIS NOTICE OF ADJUSTABLE RATE DEBT is made with respect to that certain Mortgage,
Deed of Trust or Security Deed (the "Security Instrument") dated 12/26/2006
given by RAY REED (the "Borrower")
to Chase Bank USA, N.A. (the 'Lender' )
to secure Borrower's Adjustable Rate Note (the "Note") given by Borrower to the Lender of even
date with the Security Instrument, which Security Instrument covers the property described in the
Security Instrument and located at:
713 BEECH AVE, KEMMERER, WY 83101
(Property Address)
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE
INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE
AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE
TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY.
INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of 8.74 %. The Note provides for changes in
the interest rate and the monthly payments, as follows:
INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate the Borrower will pay may change on the5th day of January, 2009, and on
that day every sixth month thereafter. Each date on which interest rate could change is
called "Change Date."
(B) The Index
Beginning with the firstChange Date, the interest rate will be based on an Index. The
"Index" is the average of interbank offered rates for six month U.S. dollar-denominated
deposits
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0026464560
Lincoln, WY
CE612028HH
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in the London market ("LlBOR"), as published in The Wall Street Journal. The most
recent Index figure available as of the date 45 days before each Change Date is called the
"Current Index." If the Index is no longer available, the Note holder will choose a new
index which is based upon comparable information. The Note holder will give the Borrower
notice of this choice.
(C) Calculation of Charges
Before each Change Date, the Note Holder will calculate the new interest rate by adding Four
and 565/1000 percentage points (4.565%) 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 in Section (D) 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 the 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.
(D) Limits on Interest Rate Changes
The interest rate the Borrower is required to pay at the first Change Date will not be greater than 11.74%
or less than 8.74%. Thereafter, the interest rate will never be increased or decreased on any single
Change Date by more than one percentage point(s) (1.0%) from the rate of interest the Borrower has
been paying for the preceding six months. The interest rate will never be greater than 15.74% or less
than 8.74%.
(E) Effective Date of Changes
The new interest rate will become effective on each Change Date. The Borrower will pay the amount of the
new monthly payment beginning on the first monthly payment after the Change Date until the amount of the
monthly payment changes again.
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CE612028HH
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(F) Notice of Changes
The Note Holder will deliver or mail to the Borrower a notice of any changes in the interest rate
and the amount of the monthly payment before the effective date of any change. The notice will
include information required by law to be given to the Borrower and also the title and telephone
number of a person who will answer any question the Borrower may have regarding the notice.
Chase Bank USA, N.A.
By:
Its:
Date:
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IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed as a
sealed instrument by its duly authorized officers.
(jkeMhIL AI 4/we II - M{)
Please type Name and Title of Officer
STATE OF PENNSYLVANIA
COUNTY OF MONTGOMERY
On OS 'l \ - 01 , I¡efçre me, the undersigned, a Notarx Public for said County
and State, personally appeared es.,\ a.-e A tJ,ù f\ t--.J. ~('~\\
Personally known to me to be the persRI)(s) that executed the foregoing instrument, and
acknowledged that they are ~t-e (~
respectively of Chase Bank USA, N. A. and that they executed the foregoing instrument and
affixed its seal as its duly authorized officers and that such execution was done as the free act
and deed of Chase Bank USA, N. A.
, ---..",.
Notary
My Commission Expire
Prepared by:
4 of4
NOTARIAl SEAL
CLIFFORD RAYNOR
Notcry PUblic
PHILADELPHIA CI1V, PHIlADELPHIA COUN1V
My Commission Expires May 5. 2010
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