HomeMy WebLinkAbout1675~
RIDER
NOTtCF.: TNF ~F:CI'Ri7l ItiSTRUMF.NT tiF:CURt:ti A VOT't: V1 N1CH ('OV7 AINS
A PROVItilO` .4I.I.ONING FOR ('fiAN(:ES In TNt: IVTt:Rt:tiT RATF:. IN-
('RF:ASFti Iti THE 1\TF:RFST RATE Wll.l. RE.tiI;t.T 1N t11(:i1t:R PA1'Ml~:r"I~ti,
UE(:RF.AtiF~ IN TNF IVTERFtiT RATE VYll.t. RFtiI?I.T 11 I.ON't:R PA1'l1~IM:1Tti.
Thi~ R~der is madc thi.~l7 . da~• of !' ..?~:~~~!~ ~.. .., 19 81, .,, and ic incor~ratcd into and ~hai)
be dcemed to amend and supplement the ~1ortgage. l~ed af Tru~s[, or Ikcd to Secure Uebt lthe "~cYUrity Instru-
ment") of the .ame date given hv the undersigned (the "Borrower"1 to ~ecure [~orro~~er's Note to . . . . . . . . . . . . . . . . .
First Federat.Sa~~ings_ & Loan Association of l,alce Worth •
(the "I.ender") ~~f the ,ame date~I[he "Note") and covering the property dctrrihed in the Serurity In~trumem and
loca~ed ac .5~55 .r;Qrch. St.ate Road. AlA, Fort .~iezce,. Flor.ida 33459. .. .
/'ru/h•rt~ .-id~ht•a~
Modificptiom. In additiun to the ~rnenant~ and agreemem, made in the Se~urit~ Inurument, Rorro~er and
Lender further rovenant and agrec a~ follo~~,:
A. ItiTERtST RATE A\1) MOVTHt.1' PA1'!11F:\T ('NA\(;F:.~
The Note has an "Initial Interest Rate" of ...14 •75~. .°o. ~Thc N~~tc imere~~ ra~e ma~ bc inrrcased or decreased
on eae:h Change Date, as descrihc~.i in the Note. (~hanges in the interrtit rate are go~~erned by changeti ir the "Contract
lnterest Ratc, Pu~chase of Pre~~iou~ly n~,u~ed Home~, National Averagc tor all \1aj~~r Ty~~ of I.enders" made
avaifabte h~- the f~e~eraf liomc Loan [3ark•Board (thc "Indc~:"-. Thc interest rate ~annoe he zhanged to more tt~an
~ive. percentagc points higher c~r lowcr than the Initiai Interest Rate.
If the interest rate ct~ange~, the amount ot BorroH~er's monthl~~ pa~~ments Hil{ ~hange a~ pro~ided ir, the Note. In-
creascl in the inte~est rate ~~ill re~ult in higher pa~•ments. Dcrrea.es in the intcreu rate ~+ill re+ult in lowcr payments.
B. LOA\ (`HARGtti
1: could he that the laan serured h~~ the Securit~~ Instrument is suhject to a IaH µhich tiets ma~imum loah charges
and that !a~ is interpreted so that the interest or other loan chargel collected or to be collected in connection w~ith the
loan w~ould exceed permitted limitti. lf thiti is the:ase, then: IA) an~~ ~ucn loan rharge shall be rcduced by~ the amount
ne~etitiar~~ to rec;~ce the charge to the rermitted hmit; and (B) any sumti atread~~ collected from Borro~~er H~hi~h e~.eed-
ed permitteci limi:~ Nill he refunded to B~~rroHe~. Lender may ch~~o~e te~ make this refund b~~ reducin¢ the principal
oWCd under the Note or h} n~aking a 4irert ra~~ment to Borrowe4.
C. TRA~SFF:R OF THF: PROPF:RTI'
if thcrc is 2 tr~nsfcr uf ~he Prorert~~ ,ubjeci t~ parrsgra~h 17 ~~f the Sc~unt~ Inurumert, Lender ma~~ require
either an inrrease in the rurrent tiate interr.t rate or an increa~e ir~ thc Bace Indc~ tigur,, or hoth, at a rondition of
Lender waicing the orti~~n t~~ accelerate ('~~o~id~d in ~aragra~h 17.
B~ signing thi;. Borm~ccr agrcr~ to all of the aho~c.
193! t~'~'; ~ 2~ ' '' 3~ ~ ~
i ' ', ~
{~ ~ ~.•y' ~,~.'
C ;+, l. ~ ~ ~: ' i: ~~-_ {,'1
r ~ ± `' ~`• ~ - ~~~ :
5i~:~.9~3Fi
ADJUSTABLE RATE LOAN RIDER- ; T4 a FAMitY -1080 iHIMC L'NIFOHM INSTHUMENT
!
4
'a,
~~ /
... .. .... ..~'d/ . ... . ....... ..(Seal)
Charles W. Wo;~dison -Borro.+e~
' ,
~ .
I , ! ~ ' • ~~ ~ ~ ~ ~ t i : ~Seal)
~~~.....~... .. ... .....
Maxine L. Woodison -Borro~er
kRM Lt~~15860
~ ~`aK 351 r~~E 1671