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Home My WebLink About0994 ; ' . FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF FORT PIERCE ADJUSTABLE RATE LOAN RIDER NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHlCH CONTAiNS A PROVISlON ALLOWING FOR CHANGES IN THE INTERFS'T RATE. IN- CREASFS YN THE INTEREST RATE W1LL RFSULT iN HIGHER PAYMEN'I'S. DECREASES IN THE INTERFST RATE W1LL RESULT 1N LOWER PAYMENTS. This Rider is made this . . 9th . day of , , November . . . . . . . , . ~ ~g. 81 , , ~ and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Secur~ty [nstru- ment" ) of the same date given by the undersigned (the "Borrower to secure Borrower s Note to First ~ederai Savings and Loan Associaaon of Fort Pierce, (the "l.ender" of the same date (th "Note"J and ve ' the praperty described in the Security Instrument and I.ocated at HirqsO .Blvd. Port, S~, Luc~e,_ .F~or~~a . Properry Address ModificsUions. 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 18: 5. The No nterest rate may be increased or decreased on the 1 st day of the month beginning on .:..~rCh, 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 "lndex". The Index is the: [Check one box to indicote /ndex.) (1) "Contract Interest Rate. Purchase of Previously Occupied Homes, National Average for all Major Types of Lenders" publist~ed by the Federal Home Loan Bank Board. ~Z~ na [Check one box ro indrea~e whethtr then is ony maximu?n limit on changa in Jhe inle~est rQte on each Change Uale; jJrto box is chtcked then wi!( be no maximum limit on changts.) (I) C~ 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. lf the interest rate changes, the amount of Borrower's monthiy 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 couid 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 collected or to be collected in connection with the I loan would exceed permitted limits. If this is thecase, then: (A) any such loan charge shall be reduced by the amount necessary• to reduce the charge to the permitted limit; and (B) any sums already coltected from Borrower whict, exceed- i ed permitted limits wil! 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 I which has priority over this Security Instrument, Lender may send Borrower a notice identifying that lien. Bonower ~ shalt 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 subordinating that lien to this Security Instrument. ~ D. TRANSFER OF THE PROPERTY ~ If there is a transfer of the Pro rt sub ect to ara a h I7 of the Securit Instrument, Lender ma re uire 1 s Pe Y ] P Br P Y Y 9 ' 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- " i terest rate change (if there is a limit), o~ (3) a change in the Base Index figure, or.ali of these, as a condition o~f~ri~ac.'s waiving the option to acceterate provided in paragraph 17. ~+~5~~~ ~ By signing this. Borrower agrees to atl of the above. ~ .J.a E - . ~ = ~ "y AVALON CON RUCTION OF PORT I_. ~ j c~ ~ #.ti ~ ~981 NOV I . . . . . . . . . . . . . . . ~ ~ P~ ; ~ 2 ~ ~ i 7 ~ ~ ; $,~~~n~ ~ Enrico pisciotti, Pres. ~'~a ~ s ~lLEQ ~N ~~LQ~DED - I~ ? . ST.IIJC~£ NTY.FLA. "~'y~ ~ ROGER POl?RAS ,:.'~+wx:. ~ ~ ' CIERK CtRCIiiT CGt1R? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Seal) . ` a FEf,C+~r \ c ?Ir'li G___ -BorrOwer - - ~ ~ - ~ ` 54'~844 ~ ~ •/J m.orr ahan onr box u ch~cktd or ij no box is cherkn/, and Ltnder ond Borrowar do nor aharM~.se aqrtt m wnnng, tht fint /ndtx nemtd »dl applv. ~ ADJUS7A~LE RATE LOAN RfDER-s,81-FHIMC UNIFOAM fNSTRUMEMT ~ ~ ~ ~ LN #4AML ~ d00K JO~ PaGE Jc~~, ~ ~-~s - - _