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~ ADJUSTABLE RATE LUAN I2IDER
NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WH1CH CONTAINS
A PROVISION ALLOWING FOR CHANGES IN THE 1NTEREST RATE. IN-
CREASES IN THE 1NTEREST RATE WILL RESULT 1N HIGHER PAYMENTS.
DECREASFS IN TNE 1NTEREST RATE WILL RESUI.T 1N GOWER PAYMENTS.
This Rider is made this . Sth, , , day of . Au.c~u,st
. . . . . . . . . . . 19.81 . . , and is incorporated into and shall
be deemed to amend and supplement the Mortgage, Deed of Trust, or Dced to Secure Debt (the "Security Instru-
ment") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to . . . . . . . . . . . . . . . .
~,,.SECURITY,FEDERAL, SAVINGS,AND ,LOAN, ASSOC,IATION OF. INDIAN, RIVER, COUNTY,,,,,,,,,,,,,,,,
(the "Lender") of the same date (the "Note") and cov~ring tht property described in the Security Instrument and
located at . .66~;~ .~'t., P~~~c~ .$Q,y~~Y~xd. .F~... .Piex~e.. F~.QZida . .33A50 . . . . . . . . . . . . . . . . . . . . . . . . . . .
~~.ry ~dd,~
Modlficat~ons. In addition to the covenants and agreements made in the Security Instrument, Borrower and
Lender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note has an "Initial Interest Rate" of .~7,..~, The Note interest rate may be increased or decreased on the
.lst . day of the manth beginning on S~Hte~bex 19. 82 and on that day of the month every
.~2 . . months thereafter.
Changes in the interest rate are governed by changes in an interest rate index called the "Index". The Index is the:
[Check one box to rndicare /ndex.J
(1) C~' "Contract Interest Rate, Purchase of Previously Occupied Homes, National Average for all Major
Types of Lenders" published by the Federal Home Loan Bank Board.
(2) O•
[Check one box to indico~t whethtr rhere is any mnximum fimit on chonges in the in[trest rete on each Changt Date; rjno box is checktd tJun wi!l
be no maximum limi~ on changes.]
(1) ~ There is no maximum limit on changes in the interest rate at any Change Date.
(2) O The interest rate cannot be changed by more than percentage points at any Change Date.
[f the interest rate changes, the amount of Borrower's monthly payments wili change as provided in the Note. ln-
creases in the interest rate will resu{t 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 which sets maximum loan char~es
~ and that law is interpreted 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 permitted limit; and (B) aqy sums already collected from Borrower which exceed-
~ ed permitte.~ 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. PRIOR LIENS
! If L~nder determines that all or any part of the sums secured by this Security Instrument are subject to a lien
~ which has priority over this Security Instr~ment, Lender may send Borrower a notice identifying that lien. Borrower
~ shall promptly act with regard to that tien as provided in paragraph 4 of the Security Instrument or shall promptly
secure an agreement in a form satisfactory to Lender subordinating that lien to this Security Instrument.
D. TRANSFER OF THE PROPERTY
If there is a transfer of the Property subject to paragraph 17 of the Security Instrument, Lender may require (I)
an increase in the current Note interest rate, or (2) an increase in (or removal o~ the limit on the amount of any one in-
terest rate change (if there is ~ limit), or (3) a change in the Base Index figure, or all of these, as a condition of Lender's
~ waiving the option to accelerate provided in paragraph 17.
By signing this, Borrower agrees to all of the above. -
~ , , , ~ ; ~ ? '~2~ il 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~s~~
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~ , L. Bouglas eebe -g~owa
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~ ~ ~f j i.h. i.•~t~~~ i.CLR` ~!.'3~~
~ ' ~i ~ Shirley J ee , his wife -•Borro~a
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~ • Ij mon than one box is check~d or rJ no box h checked. and L,~nda end Borrow+tr do nor orherwix agnr m rntina, tht firs~ /ndu namtd wil! applr.
' ADJUSTASLE RATE LOAN RIDER-sra~-F?~MC uw~Fa+M INSTRUMENT
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