Given the following: 1. BORROWER'S PROMISE TO PAY
In return for a loan that I have received. I promise to pay U.S. $ 650,000.00
(this amount is called
"Principal"), plus interest, to the order of Lender. Lender is PacTrust Bank
I will make all payments under this Note in the form of cash, check or money order.
I understand that Lender may transfer this Note. Lender or anyone who takes this Note by transfer and who is entitled
to receive payments under this Note is called the "Note Holder."
2. 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
4.7509 The interest rate I will pay will change in accordance with Section 4 of this Note.
The interest rate required by this Section 2 and Section 4 of this Note is the rate I will pay both before and after any
default described in Section 7(B) of this Note. Interest will be calculated on adaily
basis.
3. PAYMENTS
[Please check box for interest-only payments.]
Beginning on the
day of
and on the
day of
every month thereafter until the
day of
I will pay only the interest on the
unpaid principal balance of the Note. Thereafter, I will pay principal and interest by making payments every month as
provided below.
(A) Time and Place of Payments
I will pay principal and interest by making a payment every month.
I will make my monthly payments on the 1st
day of each month beginning on November 1. 2013
I will make these payments every month until I have paid all of the principal and interest and any other charges
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, onOctober 01. 2043
I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "Maturity Date."
I will make my monthly payments at 18500 Von Karman Avenue, Suite 1100
Irvine. CA 92612
or at a different place if required by the Note Holder.
(B) Amount of My Initial Monthly Payments
Each of my initial monthly payments will be in the amount of U.S. $ ,390.71
This amount may change.
6010005181
MULTISTATE ADJUSTABLE RATE NOTE - Single Family
VMP-899N (0510)
10/05
VMP Mortgage Solutions, Inc. (800)521-7291
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Initials:
you
(C) Monthly Payment Changes
Changes in my monthly payment will reflect changes in the unpaid principal of my loan and in the interest rate that I
must pay. The Note Holder will determine my new interest rate and the changed amount of my monthly payment in
accordance with Section 4 of this Note.
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the 1st
day of October 2018
and
on that day every 12th
month thereafter. Each date on which my interest rate could change is called a "Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is:
The average yield of interbank offered rates for one-year U.S. dollar-denominated
deposits in the London market ("LIBOR")
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 that is based upon comparable
information. The Note Holder will give me notice of this choice.
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding THREE AND 125/1000
percentage points (
.125 % to the Current Index.
The Note Holder will then round the result of this addition to the
Nearest
Next Highest
Next Lowest
(
0.12500 %).
Subject to the limits stated in Section 4(D) below, this rounded amount will be my 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 I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in
substantially equal payments. The result of this calculation will be the new amount of my monthly payment.
The "Interest-Only Period" is the period from the date of this Note through
For the
Interest-Only Period, after calculating my new interest rate as provided above, the Note Holder will then determine the
amount of the monthly payment that would be sufficient to pay the interest which accrues on the unpaid principal of my
loan. The result of this calculation will be the new amount of my monthly payment.
The "Amortization Period" is the period after the Interest-Only Period. For the Amortization Period, after calculating
my new interest rate as provided above, the Note Holder will then determine the amount of the monthly payment that would
be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my
new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly
payment.
(D) Limits on Interest Rate Changes
(Please check appropriate boxes; if no box is checked, there will be no maximum limit on changes.)
(1) There will be no maximum limit on interest rate changes.
(2) The interest rate I am required to pay at the first Change Date will not be greater than
9.750%
or less than
3.125%.
(3) My interest rate will never be increased or decreased on any single Change Date by more than TWO AND
000/1000
percentage points
2.000%) from the rate of interest
I have been paying for the preceding period.
(4) My interest rate will never be greater than
9.750%, which is called the "Maximum Rate."
(5) My interest rate will never be less than
3.125%, which is called the "Minimum Rate."
(6) My interest rate will never be less than the initial interest rate.
(7) The interest rate I am required to pay at the first Change Date will not be greater than
%
or less than
%. Thereafter, my interest rate will never be increased or decreased on any
single Change Date by more than
percentage points (
%) from the rate of interest I have been paying for the preceding period.
6010005181
Initials:
VMP-899N (0510)
MD
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(E) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment
beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again.
(F) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly
payment before the effective date of any change. The notice will include information required by law to be given to me and
also the title and telephone number of a person who will answer any question I may have regarding the notice.
5. 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, I will tell the Note Holder in writing 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 this Note.
I may make a full Prepayment or partial Prepayments without paying any 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 this Note. If I make a partial Prepayment, there will be no changes in the due dates of my monthly
payments unless the Note Holder agrees in writing to those changes.
My partial Prepayment may reduce the amount of my monthly payments after the first Change Date following my
partial Prepayment. However, any reduction due to my partial Prepayment may be offset by an interest rate increase.
If the partial Prepayment is made during the Interest-Only Period, the amount of the monthly payment may
decrease for the remainder of the term when my payments consist only of interest. If the partial Prepayment is made during
the period when my payments consist of principal and interest, my partial Prepayment may reduce the amount of my
monthly payments after the first Change Date following my partial Prepayment. However, any reduction due to my partial
Prepayment may be offset by an interest rate increase.
6. 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.
7. BORROWER'S FAILURE TO PAY AS REQUIRED
(A) Late Charges for Overdue Payments
If the Note Holder has not received the full amount of any monthly payment by the end of FIFTEEN
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
5.000 %
of my overdue payment of principal and interest. I will 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, I 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 if, 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.
6010005181
Initials:
VMP-899N (0510)
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(E) Payment of Note Holder's Costs and Expenses
If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right
to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law.
Those expenses include, for example, reasonable attorneys' fees.
8. GIVING OF NOTICES
Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by
delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the
Note Holder a notice of my different address.
Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first
class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of
that different address.
9. OBLIGATIONS OF PERSONS UNDER THIS NOTE
If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made
in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this
Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a
guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder
may enforce its rights under this Note against each person individually or against all of us together. This means that any one
of us may be required to pay all of the amounts owed under this Note.
10. WAIVERS
I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor.
"Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice of Dishonor" means
the right to require the Note Holder to give notice to other persons that amounts due have not been paid.
Can you tell me what is the rate?