HomeMy WebLinkAbout2717~~.
RIDER
NOTICE: TNE SECURITY INSTRUMF.NT SFCURtS A NOTE: WHICH ('ONTAINS
A PROVISION ALI.OWING FOR CHANGE~ IN THE INTERFST RATE. IN-
CRF.ASFS IN THE INT~RFST RATF WII.1. RESULT IN NIGHE:R PAYMENTS.
DECREASFS IN THwE !INTFRF:ST RATE Wll.l. RFSUI.T 1N I.OWER PAYMENTS.
GC ~.yJ ~~~
This Rider is made this .~.~. .. day of .././.(.4~~%~%!'~~. ...... 19.$1 .., and is incorporated into and shall
be deemed to amend and supplement the Mortgage. Deed of Trust, or Deed to Secure Uebt (the "Security Instru-
ment") of the samc date give~ by the undersigned (the "Borrower"1 to secure Borrower's Note to . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . First Federal Saving,s,8t Loan Associadon of,Lake.Worth. . . . . . . . . . . . . - - - . . . .
(the "Lender") of the same date (the "Note") and covering the property described in the Serurity Instrument and
la:ated at . .~400 South State Road AlA, Jensen Beachl. Florida_ 33457 . . . . . . . . . . . . . . . . . . . . . . . . .
P.upr.r-~ Add.ess
Modi~cntions. In addition to the covenants and agreements made in the Serurity Instrument, Borrower and
Lender further covenant and agree as follows:
A. INTERFST RATE AND MONTHLY PAYMFNT CNANGFS
The Note has an "Initial Interest Rate" of .. 14. 75, ,, o~o. The Note interest rate ma~~ 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 all Major Types of Lenders" made
available by the Federal Home Loan Bank Board (the "lndex").'The interest rate cannot be changed to more than
fiqe ,~rcentage points higher or low~er than the Initial Interest Rate.
If 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 CHARGES •
It could be that the loan secured by the Security Instrument is subject to a law w~hich sets maximum loan charges
and that law is interprete~ so that the interest or other loan charges collected or to be collected in connection with the
loan would exceed permitted limits. If this is the case, then: (A) any such loan charge shall be reduced by the amount
necessary to reduce the charge to the permitteci limit; and (B) any sums already collected from Borrower which exceed-
ed permitted limits will be refunded 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 transfer of the Property subject ro paragraph 17 of the Sec:urity Instrument. Lender may require
either an increase in the current Note interest rate or an increase in the Base Index figure. ur both. as a condition of
Lender Haiving the option to accelerate provided in paragraph 17. .
B~~ signing this. Borrower agrees to al) of the above. __
/)
: ~/ ~' /,j~~ ~ ~.~--
.../ ...................r~~.'..........(Seal)
Robert G. Stockwell -aorroNer
i;~~,'~~ . ~~,
~
~
, .~%~~ .:~.~~{~` ~- _--.-~~:-~- ~~~
aril R. StQCKWelI • -Bprrower
ADJUSTABIE RATE LOAN RIDER-~ to ~ FaMnr-~oao-F-+~MC uN-FOAM ~HStRUMENT xxrl L#220357
~~~~ 351 f~~;~271~