HomeMy WebLinkAbout2697~
RIDER
NOTICE: THF. SECURITY INSTRUMF NT SECURE:.~ A NOTE WNICN ('ONTAINS
A PROVISION ALLOWING FOR CHANGFS IN THE INTF.RFST RATE. IN-
CRFASFS !N THI: 1NTERFST RATE VVILL RFSUI.T IN NIGNER PAYMF N'I~S.
DECREASF'S IN THE INTERFST RATF WII.L RE:.SUI.T IN I.OVYF.R PAYMF.NTS.
`' ~~,. ~..~~-
This Rider is made this ,~.~ .. day of . ' ....... 19 8.1. ... and is incorporatcd into and shall
be deemed to amend and supplement the Mortgage. Deed of Trust, or Deed to Secure Debt (the "Security Instru-
ment") of the same date given by the undersigned (the "Borrower"1 to secure Borrower's Note to . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .. . . . . . . . . . . First Federal Saving,s 8c Loan Associadon of.Lake.Worth. . . . . . . . . . . . . . . . . . . .
(the "Lender") of the same date (the "Note") and covering the property describecl in the Security Instrument and
located at . .?400. South. State. Road AlA_,. _~702 _ . ~_ Jensen _Beach,. Florida _ 33457_ _ . _ . . . _ . _
P.opr.n~ .add.es~
Modi~eations. In addition to the covenants and agreements made in the Security Instrument, Borrow~er and
Lender further covenant and agree as follows:
A. INTERFST RATF AND MONTHLY PAYMF hT CHANGI~ S
The Note has an "Initial Interest Rate" of ..,14. 75, ,, o/e. The Note interest rate may 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 atl Major Types of l.enders" made
available by the Federal Home Loan Bank Board (the "Index"). The interest rate cannot be changed to more than
fiye, percentage points higher or lower than the Initial lnterest Rate.
If the interest rate changes, the amount oi Borrower's monthly payments will change as provided in the Note. in-
creases in the interest rate will result in higher payments. Decreases in the interest rate will result in lower payments.
B. LOAN CHARGFS
It could be that the loan secured by the Securit~• Instr~ment is subject to a law which sets maximum loan charges
and that law is interpreted so that the interest or other loan charges collected or to be collectrd in connection with the
loan w~ould exceed permitted limits. lf this is the case, then: (A) any such loan charge shall be reduced by the amount
necessary t~ reduce the charge to the permitted limit; and (B) any sums already ccllected from Borrower which exceed-
ed permitted limits will be refunded to Borrower. Lender may choose to make chis refund by reducing the principal
ovved under the Note or by making a direct payment to Borrower.
C. TRANSFF.R OF TNF PROPERTY
If there is a transfer of the Property subject to paragraph 17 of the Security lnstrument. Lender ma}• require
either an increase in the current Note interest rate or an increase in the Base Index figure, or both. as a condition of
Lender waiving the option to accelerate provided in paragraph 17.
By signing this, Borrow•er agrees to all of the above.
,~ --. , ~ - ~ -
~.: ,
~ ,' ~`r! ;~i,%~
~`~/.~(/1~~- / ~ (Seal)
........----.. (/.~. ......................
V1CtOr J. KP11110 -Bprrowcr
.... --.-..~--"--.~.~..-.--n~...~~~E~~-.--...~~a-,
J A. Pelillo -eorrowet
ADJUSTABIE RATE LOAN RIOER-t To 4 F~Miir-~oeo-F-+uAC UNIFORM lNSTRUMENT ~ L#219763
"x ~5~ P!i~E~~1~7•~
~';.N(