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Home My WebLink About2118~ VARlABLE RATE RIDER Loan Number:_ 1284Q-330 .. . G The Noee whic.h is secured by this Mortgage contains the following provisions which are incorporated in this Mortgage by raferencc: "VAIt1AE3LE RATE PROVISIONS-The interest rate on this Note shall be adjusted upward and downward from time to time in accordance with increases and decreases in the latest 'Average Cost of Funds to FSLIC Insured Savings and Lean Assoc;ations, all districts' index published by the Federal Home Loan Bank Board, Washington, D.C. (such cost being hereinafter referred to a~ the'Index') or such other index as may be prestribed by the Fe~eral Home Loan Bank Board. Subject to the following provisibns, such adjustments shall be effected in such manner that the interest rate maintains the same margin above or bclow the Initial lnterest Rate as the last published Index is above or below the last published Index on the date of this Note: "(a) Interest rate adjustments (and loan payment changes resulting from them, if any) sha11 not be made more than once in each Annua! Period and the first adjustment shall not a:cur untii aher tfie first Annual Period. As used in this Note, 'Annual Pe~od' means each of the successive 12-month periods commencing with the due dat¢ of the iirst regular monthiy i~stallment payable under this Note. "(b) No sooner than during the 3rd calendar month, nor later than during the 2nd calendar month prior to the start of each Annual Period, the Holder shall review to what extent, if any, the interest rate shall be adjusted in the succeeding Annual Period to reflect changes in the Index. Each review shall be based on the latest Index published prior to the date of the review. "(c) The date when notification of any adjustment wil! be made to the Borrower(s) shail be a date no sooner than 90 days, but no later than 30 days, prior to the first loan installment payment due date of each Annual Period. "(d) The annual monthly payment date when any adjustment in the interest rate shail become effective shali be the first loan installment payment due date of each Annual Period aher the first Annua! Period. ' (e) The minimum ac+justment (up or down) in the interest rate in any Annual Period shall be one-tenth of one (0.10) vercent "(~ The maximum adjustment (up or down) in the interest rate in any Annual Period shaU be one-half of one (0.5) percent a year, with a maximum net inaease of 2.5 percent over the term of this Note. Downward adjustments in the inierest rate shall be mandatory, but increases in the interest rate are at the Holder's option. Changes in the Index rate which are not~laken in any Annual Peried (either at the Holder's op6on in the case of increases 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 accumulated by the Hotder in the case of increases, and must be accumulated in the case of decreases, and iaken, respectively, at a later time or next adjustment date, (but never mor¢ than one-half of one (0_5) percent per Annua) Period) or used to offset other changes_ "(G) Upon notification of an increase in the interest rate, the Borrower(s) shall have the fotlowing options: (i) Not respond to the notice, in which case the amonnt of each monthly installment payable under this Note shall be adjusted upward to reflert the higher interest rate; (ii) Request that tne term of this Note be extended up to a maximum of one-third of the origina! term of this Note (but not to such an extent that the monthly loan payments would be reduced); or (iii) Within 90 days of such notification, preFay ihe ~ndebtedness evidenced by this Note, in whole or in part, wi;hout a prepayment charge if the new rate is above the Initial Interest Rate. "(h) Interest rate decreases shall be applied first to reduce the term of this Note to the degree, if any, the term was previously extended (but not below the original term of this Note) and sha11 be applied thereafter to reduce the amount of each monthiy installment payable under this Note; however, the loan term shall not be reduced to such an extent that monthly payments would be increased:' IN WITNESS WHEREOF, borrower has executed this Variable Rate Rider this dayof . /`~~~ ~ , 19~. ; ", i ~ , r/,,~~~ ~~~` `,~~~, -~= ------- I~I.t- :SO I~:?I~:S , 11I~ID - ~ ~,~~~'C',i ~~ ~'`-~~.._~~~ --- TiT P^?3I,GS, HIS L~TIE'E ,~ ~/ ~ ,if~l~ll~ll'~ ~I ~~f~~.~~.- - - - - - ~Eit s.r~ t~. :'•'yi'I.' O, 1`~ ~;::C:IF '':e,:i ~ ; ___._ ., -- ~~- ~'- ~-L~~1[t~.f_~----- I~~ i•:L ,J . 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