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HomeMy WebLinkAbout1704! • ~ ': t • RENEGOTUBLS RATS MORTGAGE RIDER NOTICB: THB SSCURITY INSTRUMBNT SBCUR6S A RRM NO?E HHICH CONTAINS A PBOVISION AI.LOWINC FOR CBANGBS IN THS INTBReS? RATB. INCREASBS IN T9B IN7SRBST RA?B MAY RBSULT IN 8ICH8R PAYMBNTS. DSCRBASBS IN TH8 INTERBST RATB WILL RBSULT IN LOWSR PAYMEI~ITS . This Reaegotiable Rate Nortgage ("RRM") is ~ade this 9th day of December , 19 80 , and is incorporated into and shall be deewed to aaend and suppleaent the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security Instru~ent") of the sa~e date given by the undersigaed (the "Borrover") to secure Borrosrer's RRM Note to INDIAN RIVSR FBDSRAL SAVINGS AND LOAN ASSOCIATION (the "Lender") of the sa~e date (the "Note") and covering the property described in the Security Instrument and located at 2400 S. Oeean Dr. 4242 Seascape I Ft. Pierce, F1. Property Address BRM 2lodifications. In addition to the covenaats and agreesenta sade in the Security Instrument, Borrover and Lender further covenant and agree as follows: A. INTERgST RATB AND MONTHLY PAYMgNT CBANGSS The Note provides for an "Initial Interest Rate" ~rhich eay be increased or decreased on each Change Date, as described in the Note. Changes in the interest rate are governed by changes in the "Contract Interest Rate, Purchase of Previously Occupied Homes, National Average for all Major Types of Lenders" sade available by the Federal 8ome Loan Bank Board (the "Index"). The rate of in- terest cannot be changed to more thaa five percentage points higher or lover than the Initial Interest Rate. If the rate of interest changes, the amount of the Bor- rover's ~onthlq payxents may change as provided in the NoCe. In- creases in the interest rate ~ay result in higher payments. De- creases in the interest rate vill result in lover payments. The amount of the monthly payments will always be suffi- cienC to repay the loan in full in substantially equal payments by the final paqment date. B. LOAN CHARGES It could be that a lav vhich applies to the loan aecured by the Security Instrument and vhich aets maximum loan charges would be interpreted so that the interest or other loan charges collected or to be collected in connection with the loan would eaceed the per- siCted limits. If this is the case, then: (A) any such loan charge shall be reduced by the aaount aecessary to reduce the charge to the permiCted limit; and (B) any sums already collected froa Borrover which exceeded permitted limits vill be refunded to Borrover. Lender may choose to make this refund by reducing the principal oved under the Note or by making a direct payment to Borrover. C. PROTECTION OF LIEIi SUPERIORITY Any claim,demand or charge that is made against property in connection with an obligation that has not been fulfilled is known as a"lien". Borrover will prosptly pay or satisfy all lisns againat the Property that may be superior to all or part of the lien of this Security Instrument. Hovever, this Security Instru- meat doea not require Borrower to satisfy a superior lien if (A) Borrower agrees, ia vriting, to pay the obligation which gives riae to the superior lien and the Lendet approves the rray in vhich the Borrover agrees to pay that obligation; or (B) Borrower, in good faith, argues or defends against the superior lien in a lavsuit so that, during the lawsuit, the superior lien may not be enforced aad no part of the Property must be given up; or (C) Borrover secures from the person vho holda the superior 11en a Written agree- ment, approved by Lender, that the lien is inferior to the lien of ttiis Security Inatrument. If Lender concludes that all or a part of the sums secured by this Securir_y Agreement are subject to a lien that maq be a ~o~K345 p~~Fi7Q2 ~ , f ~ _ _ ` -'3 -~,.,S~iF . R.~'!'ic4'~`~ . ~ ~'-4-i,. . ~~. . -..