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Home My WebLink About0976 • . ' HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF PALM BEACH ADJUSTABLE RATE LOAN ~RIDER NOTICE: THE SECURITY lNSTRUMENT SECUItE:S A NOTE WHiCH CONTAINS A PROVtSION ALLOWING FOR CNANCFS IN THE INTEREST RATB. IN- CREASES IN THE 1NTEREST RATE W1LL RFSULT IN HlGHER PAYMENTS. DECREASFS IN THE 1NTEREST RATE WILL RFSULT IN LOWER PAYMENTS. This Rider is made thic ~2nd . . day vf . . FEaRUARY. . . . . . . . . . 19 ~83 . . . and is incorporated into and sha0 be deemed to amend ar..i supp~ement the Mongage, Deed of Trust, or Deed to Secure Debt (the "Security lnstru- ment") of the same date given b~r the undersigned (the "Borrower"~) to secure Bor~ower's Note to . . . . . . . . . . . . . . . . . . . . . . tiQme. .Pederal . Sa~rings. ~nd. ~oan .Aasoc.iat~oa. Af. P.ala~ .Beach . . . . . . . . . . . . . . . . . . . . . . . . (the "Lender") of the same date (the "Note") and covering the property described in the Security Instrument and locatedat . CYCLONE.~.RC1AQ ...........FT... ~IERCEr..FL....33450....... Properry Addnss Modifications. In addition to the covenants and agre~ements made in the Security Instrument. Borrower and Lender further covenant and agrec as follows: A. INTERE.ST RATE AND MONTHLY PAYMENT CHANGI:S . The Note has an "Initial lnterest Rate'.' of12. OO~/o. The Note interest rate may be increased or decreased on the St day of the month beginning on kiARCH .1 a,~ $ 4.. 19. and on that day of the month every .1~. . months thereafter. Changes in the interest rate are governed by changes in an interest rate index called the "Index". The lndex is the: ~Check on~ box lo ~ndreote lndex. j ( I) ~•"Contract lnterest Rate, Purchase of Previously Occupied Homes. Nationai Average for all Major Types of Lenders" published by the Federal Home Loan Bank Board. (2) - [Chtrk vne fx~.r ~o indrea?e ~•herh.•r there a anv m¢~imum Hmu on changa rn rhe interesi re~t on each Change Dnre; iJno box is cherktd Ihere wrll be no inp.r~mum limil on chonges.J (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 Borrower's monthiy payments will change as provided in the Note. !n- creases in the interest rate will result in higher payments. Decreases in the intrrest rate will result in lower payments. B. t.nAN CHARGES ' It could be that the loan secured by the Security Instrument is subject ~o a iaw which sets maximum loan charges and that law• is interpreted so that the interest or other loan charges collected or to be coilected in connection with the loan H•ould exceed permitted limits. If this is the case, then: (A) any such loan rharge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (Ei) any sums airea~ly collected from Borrower which exceed- ed permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal ; owed under the N.ote or by making a direct payment to Borrower. ~ C. PRIOR LIF.NS ; It Lender determines that all or any part of the sums secured by this Security Instrument are subject to a lien f ~hich has priority over this Security [nstrument, Lender may send Borrower a notice identifying that lien. Borrower ~ shall promptly act w•ith regard to that lien as provided in paragraph 4 of the Security Instrument or shall prompdy ~ secure an agreement in a- form satisfactory to Lender subordinating that lien to this Security Instrument. U. TRArSFER OF THE PROPFRTY If there is a transfer of the Property subject to paragraph 17 of the Security Instrum~~~t, Lender may require (1) ~ an increase in the current Note interest rate, or (2) an inerease in (or removal on the limit on the amount of any one in- ' terest rate change (if there is a limit), or (3) a change in thc liase Index figure, or all ot these, as a condition of Lender's ~~ai~ing the option to accelerate provided in paragraph 17. B}~ signing this, Borrower agrees to all of•the abo~~e. . . .............(Sea1) F~~ 22 2' S3 JOEL C. ASHTON -Borrow•cr i'1~~~ tAC ~E.''(i~-':; - W'''.j CLt,'~' • ~ ~'CG~It i'GIIi~:.:~ ~ CLEf±K C~F.::UI: rr~::; . . . . . . . . . . . . . . . . . . . . . • • • . . . . . . . . . . . . . . . . . ..($eaI) . ` : i. . _ , Cz~ -Borrower p ~ ~ V~7V~V6 ~ ~ •/1 mort rhvn one Iw~ u cherked or IJ nu hox ~t theckrd. an0 Lendar ond Bor~orrr do nnl otl~trwist aRr~t m rru~n~. thr jrrs! /ndtx narntd wr!l applr. ADJUSTABLE RATE LOAM RIDER-sre~-F~MC UI~UFORM INSTRUMENT ~ h F~ soo~c 394 raGE 97'8