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HomeMy WebLinkAbout0955 w sCC~3301432 ~~t n~c zs ~,4 s. ~;4 . ~ 59016'7 ; : : r a~r , ~ ~ s r': uc:t cc t t a Q (iBADUATBD PAYYBl1T r,c c;: n. ;y ^ ~ AUJUSTABLB Y08T(3A(3B LOAI~i BIDSB f'< <!:r. c;r'~~~/i1 Cf;;fi: O~ NOTIC& TH13 SBCURiTY INSTRU~[BNT SBCUB~ A NOTB 11ffiC$' ~CONTAIIdB A PSOYIS~ON ALLOIYINa FOB CHAI~(3H8 IN THS II~TTBAHST BATB. INCBBAB~ IN T8B INTBBffiT RATB 1~Q.L 1iB80LT 1N HIaHSS PAYMBNTS AND MAY BBSULT IN II~iCBBASBB IN THB "OOTSPANDINt3 IAAN BALAI~ICS" D~C88ASB8 II~i 1'HB INTSB~T BATB 1~ILY. BBBDLT IN LOWEB PAYM$NT8. TRB CDMULA'1~VB VABIATlON IN TAB INTSRBST AATB I~iII.L DSTSAIiII~iB THB A1[OQI~IT OF THB SCHBDIILSD CAAt~i(iSS IN YONTHLY PAY~i$NTS. This Rlder is made this 17th ° day of DECEMB£R , 1982 , and is incorpocated into and shall be deemed to amend artd supplement the Mortgage/Deed of 'hust/Deed to Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Bocrower's Note to 3U8URBAN COASTAL COAP. (the "Lender") of the same date (the "Note") and covering the propecty described in the 3ecurity Instrument and located at 871 DALTON AVENUE PORT ST.LUCIE. FLORIDA 33452 Property Ad~ess MODIFICATIONS. In addition to the covenants and agreements made in the Security Instrument, Borrower end Lender further covenant and agree as follows: 1. INTSSBST BATB AI~iD ![Ol1THLY PAYItBNT CHAKt3ffi The Note has an "Initial Interest Rate" oi ~ 12.75 9~6. The Note interest rate may be increased or decreased on the first day of the month beginning on JULY 1 ~ 19 83 and on that day of the month every six months thereafter. Changes in the interest rate are governed by changes in an interest rate index called the "Index". The Index is the average discount rate on the twenty-six week 'Ilreasury Bill as announced by the U.S. 1Yeasury Department following its weekly sale of these securities. There is no maximum limit on ehanges 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. Increases in the interest rete will result in higher payments. Decreases in the interest cate 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 sche~uled monthly payments are not large enough to pay all oi the interest due pucsuant to the terms of the Note. Such unamortized interest is defined in the Note as Acerued Unpaid Interest and is advanced by the Lender and the amount oi such Accrued Unpaid Interest, when taken together with ~the Initial Principal Balance (as defined in the Note), will constitute the Outstanding Loan Balance. At any time ducing the life of the Loan that the Initial Principal Balance plus the• Accrued Unpaid Interest (as de~ined in the Note) since the beginning of the Loan equals 125.009i6 of the Initial Principal Balanee, the loan shall immediately convert into a fully amortizing Adjustable Rate 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 or other loan cha~ es collected or to be collected in connection with the loan would exceed permitted limits, 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 exceeded permitted limits ~ will be refunded to Borcower. Lender may choose to make this refund by reducing the principal ~ ' owed under the Note or by making a direct payment to Borrower. ~ ; 3. PRIOg LIBN3 ~ If Lendec determines that all or any part of the Property is subject to a lien which has priority over i 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 Instrument or shall ~ promptly secure an agreement in a form satisfactory to Lender subordinating that lien to this ~ Security Instrument. . 4. FUTUBB ADVANCB3 ~ 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 hereby, make future ~ ' advances to Botcower. 3uch edvances will occur es a result of "negative amortization" of a portion i of the interest due pursuant to the terms of the Note, in that the Note provides for the accrual of ~ Accrued Unpaid Interest (as that term is defined in the Note). Such future advanees of Accrued Unpaid Interest, with interest thereon at the rate provided by the terms of the Note, shall be ! secured by this Security Instrument and are evidenced by the Note. At no time shall the eggr~gate j ~ amount of Accrued Unpaid Interest (es defined in the Note) from the inception of the Loan, when 3: added to the amount of the Initial Pcincipal Balanee (plus sums advanced in accordance with the terms of this Security Instrument to protect the security of Lendor hereunder), exceed the Initial Principal Balance (as defined in the Note), plus the sum of ; ~ 3.175 .00 5. TBAl~3FS8 OF THB PROPSRTY ~ If there is a Vansfer of the Propecty subject to Paragraph 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, oc both of th as a condition oi Lender's waiving the option a to accelerate provided in Paragraph 17. ~ F By signing this, Borrower agrees to all of the abo e. , BORROWEft . • BORftOWER . ~ ct~ • BORftOWER CECILIA F. BARON BOR W R ~ 3CC-GPAML Fla. 01/82 a~~nK390 Pac~ ~55 °P ~