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Home My WebLink About2129~ VARIABLE RATE R1DER Loan Number. 12t3 39- 330 1991 M.",'t 3 ~ P~'. 3~ `: ~ -;tEt ~,, ,. .,.. '~~.~~~,;` '}=~';`~~'::, _ c . __.. . ~ -~ ~f The Note which is socu~ed by this Mortgage contains the fo!lowing provisions which are incorporated in this Mongage by rete~ence: "VARIABLE RATE PROVISIONS-The interest rate on this Note shall be adjusted up~vard and downward from time to timx in accordance with inc-~ases and deaeases in the latest 'Average Cost of Funds to FSLIC Insured Savings and Loan Associations, all distria~ index published by the Federal Home Loan Bank Board, •Washington, D.C. (such cost being herei~after refeRed to as the 'Index') or such other index as may bc prescribed by the Federa) Home Loan Bank Board. Subject to the following provisions, such adjustments shaq be effected in such manner that the interest rate maintains the same margin above or below the Initia) lnterest Rate as the last published lndex is above or beiow the last published Index on the date of this Note: "(al lnterest rate adjustments (and loan payment changes resulting from them, if any) shaQ not be made more than ~nte in each Annual Period and the first adjustment shall not occur until aher the tirst Annual Period. As used in this Note, `Annual Period' means each of the successive 12-month periods commencing with the due date of the first regular manthiy tnstallment payable under this Note. "(b) No sooner than during the 3rd calenda- month, nor later than during the 2nd calendar month prior to the start of each Annual Period, the Holder shall review to what extent, iE any, the intere;t rate shall be adjustea :n the succeeding Annual Period to reflect changes in the Index. Each review shaU be based on the latest [ndex published prior to the date of the review. "(c) The date when norification of any adjustment will 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 due date of each Annual Period. "(d) The annual monthly payment date when any adjustment in the interest rate shall become effecfive shall be the first loan installment payment due date of each Annual Period after the first Annua) Period. "(e) The minimurn adjustment (up or down) in the interest rate in any Annual Period shall be one-tenth of one (0.10) percent "~~ The maximum adjustment (up or down) in the interest rate in any Annua! Period shall be one-half of one (0.5) percent a year, with a maximurri net increase of 2.5 percent over the term of this Note. Downward adjustments in the interest rate shall be mandatory, but inaeases in the interesi rate are at the Holder's option. Changes in the Index rate which are not taken in any Annual Period (either at the Holder's option in the -~~~ ~f 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 accumulated by the Holder in the case of inaeases, and must be accumulated in the case of decreases, and taken, respectively, at a later time or next adjustment ~aie, (but never more than one-half of one (0.5) percent per Annual Period) or used to offset other changes. "(Gj Upon notification of ~n inaease in the interest rate, the Borrawer(s) shall have the fctlowing options: (i) Not respond to the notice, in which case the amount of each monthly instaliment payable under this Note shall be adjusted upward to refled the higher interest rate; (ii) Request that the term of this Note be extended up to a maximum of one-third of the original term of this Note (but not to such an extent that the monthly loan payments woutd be reduced); or (iii} Within 90 days of such notification, prepay the indebtedness evidenced by thu Note, in whole or in part, urthout a prepayment charge if the new rate is above the {nitial Interest RZte. "(h) Interest rate decreases shaU be applied first to reduce the term of this Note to the degree, if any, the term was previously extended (but not belovv the original term of this No:e) and shall be applied thereaher to reduce the amour.t of each monthly instaltment payable under this Note; hcwever, the loan term shall not be reduced to such an extent that monthly payments would be increased" ~ IN WfTNESS WHEREOF, borrower has executed this Variable Rate Rider this ,~~~,~ day of '7~`'~ ~-`' , 19 ~~~ ,n ~ ,/:~%;~~~~ ,~~ ~-~~ -~~-~~~, ~~ --- , ~ _ . , :~~-~,J ~ ; _ / I~Itali f~~, HIS ~~IIIE ---------- _ ~ ~ ~t~tr'C~Ct~C~~4,,~ ~-tc~ --- •FA;~V. 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