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Home My WebLink About0941~ VARIABLE RATE RIDER Loan Number. ~928-230 Th¢ Note whkh is secured by this Mortgage contalns the foUowing provisions whkh are incorporated in this Mortgage by reference: "VARIABI.E RATE PROVISIONS-The interest rate on this Not¢ shal! be adjusted upward and downward trom time to time in accordance with inaeases and deaeases in the latest 'Average Cost of Funds to FSUC lnsured Savings and Lonn Assodatbns, aU disMcts' index publ~shed by the Federal Home Lonn Bank Bonrd 1Nashln9ton, D.C. (such coat being hereinaher referred to as the'lndexl or such other index as may be prescrib¢d by the Federal Home l.oan Bank Board SubJect to the following provWons, such adjustm¢nts shaq be eHected in such manner that the inter¢st rate maintains the same margin above or below th¢ l~iHal lnt¢rest Rate as the last publLshed lndex is above or below the last published tndex on the date of thls Not~ "(~ Inter¢st rate adjustments (and loan paym¢nt changes resulting from them, if any) shall not be made more than once in each Annual P¢riod and the first adjustment shal! not oocur until after the first Annual Period. As used in dUs Note, `Mnual Period' means each of the successive 12•month periods commendng w~th the due date ot the ftrst regular monthly InstaUment payabie under this Note. "(b) No sooner than during the 3rd calendar month. nor later than durtng the 2nd calendar month prior to the start of each Annual Period, the Holder shall review to what extent, if any, the intere.at rate shall be adjusted in the suoceeding Annual P¢riod to refl¢ct chang¢s in the index. Each review shall be based on the latest Index puWlshed prior to the date of the review. "(c) The date when notjfkation of any adjustment wiU be made to the Borrower(s) shall be a date no sooner than 90 days, but no later than 30 days. prior to the first loan installment payment du¢ date of eac6 Annual Period. "(d) The annual monthly payment date when any adjustrnent in the interest rate shall become effective shaU be the first ban installment paym¢nt due date of ¢acfi Annual Period after the first Annuai Period. "(e) The minimum adjustment (up or down) in the interest rate in any Annual Period shall be one-t¢nth of on¢ (0.20) percent "(~ Th¢ maximum adjusement (up or doum) in the interest rate in any Annual Period shaU be one-half of one (0.5) percent a y¢ar, with a maximum net inaease of 2.5 percent over the term of this Note. Downward adjustmenb in the interest rate shaU be mandatory, but inaeases in the inter¢st rate are at the Holder's oprion. Changes in the Index rate whkh are not taken in any Annual Pertod (eith¢r at tfie Holder s optlon in the case of inaeases or because the change is less than one-tenth of one (0.10) percent or greater than one-half of one (0.5) percent~ may be aocumulated by the Halder in th¢ case of inaeases, and must be aocumulated in th¢ case of decreases, and taken, r¢spectively, at a later tlme or n¢xt adjustment date, (but never more than one-half of one (0.5) percent per Annual Period) or used to offset other changes. "(G) Upon notificatbn of an inaease in the interest rate, the Borrower(s) shaU have th¢ tolbwing optionx (U Not respond to the notice, in whkh case the amount of each monthly instaUment payable under this Note shal) be adjusted upward to r¢f{ect the higher interest rate; (i~ Request that the term of this Note be ext¢nded up to a maximum of one-thtrd of the ocigtnal t¢rm of this Note (but not to such an extent that the monthiy loan payments would b¢ reduced); or (W) Within 90 days of such notification, pr¢pay the indebtedn¢ss evidenced by this Note, in whole or in part, without a prepayment charge if the new rate is above the Initlal Interest Rat¢. "(h) Interest rate deaeases shan be app~ed first to reduce the term of this Not¢ to the degr¢e, if any. the t¢rm was prevbusly extended (but not bebw the original term of this Note) and shall be applied thereafter to reduce the amount of each montfily instaliment payabl¢ under this Note; however, the loan term shaq not be reduced to such an extent that monthly payments would be inaeased:' IN WITNESS WHEREOF, borrower has executed this Variable Rate Rider this ~, Z~ " day of ~-~- t ~(.~/ , 19~~. ~ '% / ~ ~-----. - - ----------------- J J. ~'ki~tAMARA~ Ai~ID ~ / ~ -~C' ~.Y~ a ~" _L'' l ~~`.iy~~ty~------- ~ JqAN MdddANARA, HIS WIF~ . .. , ~ . .: ~- _ ~ ~ -: 9 p. ~ l~ ~ ~; ~^,c~- ~.JVO ~ ~~iF J~V , -- ~~~~~ ----- 1981 NAR 1 I PN 1~ 08 F~ue ~N~ 4~ cu~r~~ o sr ~uc~c ceuN*Y.it A RCGEP POITRAS CIEFK U?CUI ~~~ s; ; ~~•~ ~.~ ~~~c ~ -- C. ~ ; ~} _ ._ - ,- < ~. ' . ~ - . ~~