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Home My WebLink About0968 FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF ~ORT PIERCE ADJUSTABLE Rt~TE LOAN RIDER NOTICE: THE SECURITY INSTRUMENT SECURFS A NO?E WHICH CONTAINS A PROYISION ALLOWING FOR CHANGES IN THE INTERFST RATE. iN- - CREASES IN THE INTEREST RATE W1LL RESULT IN HIGHER PAYMENTS. DECREASES IN THE 1NTEREST ItATE WILL RESULT IN I.OWER PAYMENTS. ~ This Rider is made this . z ~ S t.. day of DF~ober. 19. ~1. and is incorporated 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'") to secure Borrower's Note to First Federal Savings and Loan Association of Fort Pierce, (the "Lender" of the same 3 04 Ayenu "~N dFort n~i erce ~ 0 i dd ~ e Security Inswment and Located at . . . . . . . . . . . . . . . . . . . . . . g. a . . . . . . . . FT. . . . . .~4~ Prope~ty Addre.~s Modificadons. In addition to the covenants and agreements made in the Security lnstrument, Borrower and Lender further covenant and agree as follows: _ A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note has an "Initial Interest Rate" of .1.Q •.Q The Not nterest rate may be increased Qr decreased on the • ~ ist day of the month beginning on . . ~a~h . . . . . . . . . . . . . . . . 19.~~ and on that day of the month every twelve (12) ~ months thereafter. Changes in the interest rate are governed by changes in an interest rate index called the "Index". The Index is thr. [Cherk one box to indicn~e Index.) (1) "Contract Interest Rate, Purchase of Previously Occupied Homes, Nationa! gverage for all Major Types of Lenders" published by the Federal Home Loan Bank Board. _ (2) . [Ckak one box to indico/e whethtr there is ony maximum limit on chvnges in tke interest rate on each Changt Date; iJno box is cherked there wil! be no maximum limit on changes.] ~ (1) C~i There is no maximum limit on changes in the interest rate at any Change Date. (2) ? The interest rate cannot be changed by more than percentage points at any Change Date. If the interest rate changes, the amount of Borro~+er'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 resuli in lower payments. B. LOAN CHARGES ~ ~ It could be that the loan secured by the Security Instrument is subject to a!aw which sets maximum foan charges and that law is interpreted so that the iAterest or other loan charges collected or to be collected in connection with the loan would exceed permitted limits. tf this is the case, then: (A) any such loan charge shall be reduced by tl~e amount i necessary to reduce the charge to the permitted limit; and (B) any sums atready collected from Borrower whict~ 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. PRIOR LIENS ~ • ~ If Lender determines that all or any part of the sums secured by this Security Instrument are subject to a lien ~ which has priority over this S2curity Instrument, Lender may send Borrower a notice identifying that lien. Bonower shall promptly act with regard to that lien as provided in paragraph 4 of the Security Instrument or shall promptly ~ secure an agreement in a form satisfactory to Lender suhordinating that lien to this Security Instrument. ~ D. TRANSFER OF THE PROPERTY . ~ If there is a transfec of the Property subject to paragraph 17 of the Security Instrument, Lender may require (1) ~ an increase in the current Note interest rate, or (2) an increase in (or removal o~ the limit on the amaunt of any one in- terest rate change (if there is a 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 ta all of the above. j . ~ 1981 G`~T 23 ~s+~ 3~ t;$ . . Tho Loman -eoR~~ ~ ~ _ r s ~ : ; ~ ' \ . ~ ~~Q ~ } ~ ~ r~~- . . . . . . . . . . . . . . . . . . ' . ~ seal) ~ ~ ~ Emma 'A : ' L'oma'n ~ -Barrowet ~ . ~ - - - ~ 5~V~o~ ~ € F 0 F ti t ~ ~ ~ •!J mam then ont box is chtcktd or if no hos is chtektd, and Lmdar and Borrowtr do rtot o~htnciu agrn in writin~, rhe jrst /ndex named will app!y. ~ ADJUSTABIE RATE LOAN RiDER-sf81-FHIMC UNIFORM INSTAUMENT r ~ ~ ~ ~ ? ~ B1N31~JU5 PAGE ~ LN #4AML € ~ . - ~ ~ _ _