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ffi A NOTB 11~CH OI~1TAIId3 A =
NOTiC& T~3 38CURR'Y INSTBUb[BNT SBCDA
PROY1ffiON ALI.OWII~IO FOB CHAN(388 II~i THB IId'i'BB~ST BATB. INCBBASBS IN THB
. INT8AB3T BATB 'I~II.L BBSOLT IN ffiCiHHB PAYMBNTB AND MAY BBSULT IN lt~C8BA3B8
IN TH8 "OU'PSTAI~iDIN(i LOAN BALANCB." DBC88ASB8 IN THB Il~1TB8BST BATB I~Q.L
BBSDLT IN L01~EB PAYMBNTS. THB CUMDLATIVB VARIATION IN THB INTSSffiT RATB
1~III,L DBTBB![IIdB THB A~OIINT OF THB SCHBDDLBD CHAI~i(i~ IH YOI~iTBLY ,
PAYMBNT3. .
This Rider is made this 17th ~y of DECEMBER , 1982 , and is j
incorporated into and shall be ~deemed to amend and supplement the Mortgage/Deed of Trust/Deed }
to Secure Debt (the "Security Instrument") of the same date given by. the undersigned (the
"Borrower") to secure Bocrower's Note to SUBURBAN COASTAL COftP. (the "Lender") of the same
date (the "Note") and covering the property described in the Security Instrument and located at
449 HIBISCUS BLVD. PORT ST.LUCIE, FLORIDA 33452 -
Propecty Address `
MODIFICATIONS. In addition to the covenants and agreements made in the Security Instrument,
Borrower and Lender further covenant and agcee as follows:
1. INTBBffiT BATS AIiD ~OIiTHLY PAYMBNT CHAIiGffi
'fhe Note has an "Initial Interest Rate" of ~ 2•?5 T~~iotg interest rate may
be increased or decreased on the first day of the month beginning on .
19 83 and on that day of the month every suc months thereaiter.
Chartges in the intecest rate ere governed by changes in an interest rate index called the "Index".
The Index is the average discount rate on the twenty-six week 'Ilreasury Hill es announced by the
U.S. Treasury Department following its weekly sale of these securities. There is no ma~cimum limit
on changes in the interest rate at any Change Date. The amount of Borrower's monthly payments
will change as provided in the Note, but less frequently than the interest rate changes. Inereases in -
the interest rate will result in higher payments. Decreases in the interest rate will result in lower
payments. The cumulative variation in the interest rate will determine the amount of the scheduled
changes in monthly payment. The Outstanding Loan Balance (es defined in the Note) may increase
over time. This will happen when scheduled monthly payments are not large enough to pay all of the
interest due pursuant to the terms of the Note. Such unamortized interest is defined in the Note as
Accrued Unpaid Interest and is advanced by the Lender and the amount of such Accrued Unpaid
Intecest, when teken together with the Initial Principal Balance (as defined in the Note), will
constitute the Outstanding Loan Balance. At any time during the life of the Loan that the Initial .
Principal Balance plus the Accrued Unpaid Interest (as defined in the Note) since the beginnirg of
the Loan equals 125.00% of the Initial Principal Balance, the loan shall immediately convert into a
fully amortizing Adjustable ftate Mortgage for its remaining term. ?
2. LOAN CHABGffi
' In the event that the loan secured by this Security Instrument is subject to e law which sets
maximum loan charges and that law is interpreted so that the interest oc other loan charges
Ii collected a to be collected in connection with the loan would exceed permitted limits, then: (A)
~ any such loan charge shall be reduced by the amount necessery to reduce the charge to the
i permitted limit; and (B) any sums already collected from Borrower which exceeded pecmitted limits
I will be refunded to Borcower. Lender may choose to make this refund by reducirg the principal
~ owed under the Note or by making a direct payment to Borrower.
_
; 3. PRIOB Lffi~13 ~
t If Lender determines that all or any part of the Property is subject to a lien which has priority over
( this Security Instcument, 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 Instrument or shall
4 promptly secure an agreement in a form satisfactory to Lender subordinating that lien to this
t Seeurity Instrument.
~ 4. PUTQBB ADYAI~IC&~ ~ ~ ~
~ Paragraph 21 of the Security Instrument, dealing with optional future advances, is deleted in its
~ entirety and it is agreed that Lender shall, during the term of the Note secured heceby, make future
` advances to Bocrower. Such advances will occur as a result of "negative amortization" of a portion
~ of the interest due pursuant to the terms of the Note, in that the Note provides for the aceruel of
€ Accrued Unpaid Interest (as that-term is defined in the Note). Such future advances of Acerued
~ Unpaid Interest, with interest thereon at the rate pcovided by the terms of the Note, shall be
secured by this Security Instrument and are evidenced by the Note. At no time shall the aggregate
` amount of Accrued Unpaid Interest (as defined in the Note) from the inception of the Loan, when
added to the amount of the Initial Principal Balance (plus sums advaneed in accocdance with the :
; terms of this Seaurity Instrument to protect the security of Ler~oFS~e~~under), exceed the Initiel
Principal Balance (as defined in the Note), plus the sum of ; '
5. TRAIiSFffit OF THB PBOPSRTY
' If there is a transfer of the Property subject to Paragcaph 17 of the Security Instrument, Lender ,
; may require (A) an increase in the current Note interest rate, or (B) an increase in amount of the `
~ then currently set monthly payment, or both of these, as a condition of Lender's waiving the option
~ to accelerate rovided in Paragraph 17.
~ ~ y si, Bor er agrees to all of the above. ` '
~ ~C% _ ' ~ l
' BOKROWER ~ ' BORROWER
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BORROWER • BOBR WE
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