2008 036 Ordinance - Laserfiche WebLink

Home Browse Search

I will ma4ce all payments under this Note in the form of cash, check or money order. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder." INTEREST Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a yearly rate of 5.250 The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note. 3. PAYMENTS (A) Tlme and Place of Payments I will pay principal and interest by making a payment every month. I will make my monthly payment on the isT day of each month beginning on MAY i , 2004. I will make these payments every month until I have paid all of the principal and interest and any othercharges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest before Principal. If, on APRIL 1, 2034, I still owe amounts under this Note, 1 will pay those amounts in full on that date, which is called the "Maturity Date." I will make my monthly payments at 57 47 titAYFZELD RD #101 CLEVELAND, OS 44124 or at a different place if required by the Note Holder. (B) Amount of Monthly Payments My monthly payment will be in the amount of U.S. $474.90. 4. BORROWER'S RIGHT TO PREPAY I have the right to make payments of Principal at any time before they are due. A payment of Principal only is known as a "Prepayment."When I make a Prepayment, Iwill tellthe Note Holder inwriting that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under the Note. I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid interest on the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the Note. !f I make a partial Prepayment, there will be no changes in the due date or in amount of my monthly payment unless the Note Holder agrees in writing to those changes. 5. LOAN CHARGES If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated as a partial Prepayment, 6. BORROWER'S FAILURE TO PAY AS REt~UlRED (A) Late Charge for Overdue Payments If the Note Holder has not received the full amount of any monthly payment by the end of 15 calendar days after the date it is due, I will pay a late charge to the Note Holder, The amount of the charge will be 5. ooo$ of my overdue payment of principal and interest. I wilt pay this late charge promptly but only once on each late payment, (B) Default If I do not pay the full amount of each monthly payment on the date it is due, 1 will be in default. (C) Notice of Default If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means. (D) No Waiver By Note Holder Even 'rf, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time. MULTISTATE FIXED RATE NOTE•Single Famlly-Fannle Mae/Freddle Mac UNIFORM INSTRUMENT 99-2002 Online Documents, Inc. Page 1 Of 2 981A6 111fI11~Kll~lllllll~llllll~1111111111111111~1~~ ~ 999969127 ~ 4hike Rd. liQUf field Yllla~~ 4144t43 Initialst Forrn 32001/01 F320oNOT 0208