HomeMy WebLinkAbout2707~ . J
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NOTlCE: THE SI:CURITY INSTRUMENT SFCURFS A NOTE WHICN ('ONTAINS
A PROVISION ALI.OWiNG FOR CHAhGES IN 7'NE INTERtST RATE. IN-
CRFASFS IN TNE INTERFST RATE Wll.l. RF,SUI.T IN HIGHF R PAYMF:NTS.
DFCREASES IN THF INTF ST RATE WILL RFSULT IN I.OWER PAYMENTS.
This Rider is made this~. ~. .. day of ..~~Lf. G~ti.~•~. .... 19 8~. .., and is incorporated into and shall
be deemed to amer.d 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 Sayings & Loan Association of.l.ake.Worth. . . . . . . . . . . . . . . . . . . .
(the "Lender") of the same date (ihe "Note") and covering the property described in the Security Instrument and
loca~ed a~ . . . . ~400. ~outh .Sta~e . RQa~ . A~~. . #. .303. ... .~er~sen. ~ea~ch... .F~Q~iaa. 33g5? . . . . . . . . . . . . .
P.u/x~.n~ Add.ess
ModificAtions. In addition to the covenants and agreements made in the Security tnstrument, Borrower and
Lender further covenant and agree as follows:
A. INTEREST RATF ANU MONTHLY PAYMENT CNANGHS
The Note has an "Initial Interest Rate" of ... 14: 75. .~'o. 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
lnterest Rate, Purchase of Previously Occupied Homes. National Average for all Major Types of Lenders" made
available by the Federal Home Loan Bank Board (the "Index"). The interest rate rannot be changed to more than
five. percentage points higher or low•er than the Initial Interest Rate.
!f the interest rate changes, the amount of 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 Security Instrument is subject to a law which sets maximum loan charges
and that law~ is interpreted so that the interest or other loan charges col~ected or to be collected in connection with the
loan would exceed permitted limits. lf this is the case, then: (A) any such loan charge shall be reduced by the amount
necessary to reciuce the charge to the permitted limit; and (B) any sums already coliected from Borrower which exceed-
ed permitted limits will be retunded to Borrower. Lender may choose to make this refund by reducing the principal
owed under the Note or by making a direct payment to Borrower.
C. TRANSFF.R OF THF PROPERTY
If there is a transfcr of the Property subject to paragraph 17 of the Security Instrument, Lender may require
either an increase in the current Note interest rate or an in~rease in the Base Index figure. or both, as a condition of
Lender waiving the option to accelerate provided in paragraph 17.
By signing this, Borrower agrees to all of the above.
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.... --~~----~--(Seal)
Rulo N. Conrad -BorroNCr
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- t.,tci.~r_:~<~.~~:~?'.`.'-~`~:---....(Seal)
"J~Ile M. Conrad -&,rrower
ADJUSTABLE RATE LOAN RIDER-~ Ta 4 F~MII~-1080-FHtMC UNIfORM INSTRUMENT R~1 L#219876
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