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Home My WebLink About0913 r . ADJUSTABLE RATE LOAN RIDER NOTICE: THE SECIJRITY INSTRUMF.NT SF.CURFS A NOTE WHICN CONTAINS A PROVISION ALLOWING FOR CHANGFS IN THE INTERFST RATE. IN- CREASES 1N THE INTERFST RATE WiLL RESULT IN HlGHER PAYMENTS. DECREASFS IN THE INTERFST RATE WILL RESULT iN LOWER PAYMENTS. This Rider is made this . 17th, , day of December, ~g, 81 and is incorporated into and sh~ll be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security lnstru- ment") of the same date given by the unders~gned (the "Borrower") to secure. Borrower's Not~ to . . . . . . . . . . . . . . . . . , . , . , CITI ZENS _FEDERI~L, SAVII3GS AND_ LOAN. ASSOCIATION, OF .ST.. LUCIE COUNTY , , , . _ . . (the "Lender") of the same date (the "Note") and covering the property described in the Security lnstrument and located at . . .5801. Paleo .Pines, ,Circle~ , . , , Fort. Pierce,, .Florida. 33450 : . . . Property Address - ModificAtions. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as foliows: A. INTEREST RATE AND MONTHLY PAYMEN~' CHANGFS The Note has an "Initial Interest Rate" of 16. 7 5~'0. The Note interest rate may be increased or decreased on the . 1st day of the month beginning on ....~aF~~. 19 g 3. and on that day of the month every . 12 . months thereafter. ~ Changes in the interest rate are governed by changes in ap interest rate index called the "Index". T'he Index is the: (Check one box lo indicate /ndex.j ~ ' (1) "Contract Interest Rate,-Purchase of Previously Occupied Homes, Nat'tonal Average fc~r all Major Types of Lenders" published by the Federal Home Loan Bank Board. . (2) [Check one box lo indicate whelher Ihere is ons maximum limi~ on changes irt the ~nlerest role on each Change Date; iJno box is checked ~here w•il! br na m~zimum limit on rhanges.j . (1) ~J 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 Borrow~er's monthly paym2nts 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 which sets maximum loan charges ~ ; and ihat 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) any sums already collected from Borrower which exceed- E ed permitted timits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal F owed under the Note or by making a direct payment to Borrower. ~ C. PRIOR LIENS ~ ' ~ If Lender determines that all or an}~ part of the sums secured by this Security Instrument are subject to a lien ~ which has priority over this Security Instrument, Lender may send Borrower a notice identifying that lien. Borrower ~ shall promptly act with regard to that lien as provided in paragraph 4 of the Security Instrumen[ 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 (1) 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 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 to all of the above. ~ . ~ 5512'75 . ~ , . ~ n~r ~ ~ P41 1~ 59 . . . . ~cPai~ ~ ' Colin Wilson ~ ~ ~ ~ F ~ CG"n CC C -Borrower ~ rr;EC t!~C I~ . ~ 51 lti-~ ~ i'CI'+~AS~ I - ~ i~CG~ ~ : CQURf ~ ; C,EkK C.PCUI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (Se~11) ~ William A. Anderson ~ ~.r'~`' ~.JF t -BOfiOWCf ~ ! ~ ~ ~ € ~ • IJ mon ~han one box is checkrA o~ iJ no bo.r rs checkrd, ar,d Lender ond Borrnw•er do nor othe~M~se aArtr rn writin tht R. firs~ /ndtx namtd will aODjY ADJUSTABIE RATE LOAN RIDER-sr81-fHLMC UNIFORM tNSiRUMEPfT ~ dQ~7K ~1Va PAGE ~i~. ~~~~Saa ani~i ~ ~r~ : ~ :~v. ~ ~ ~