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FLEXISLE TERM - ADJUSTABLE RATE LOAN RIDER
I~IOTICE: THE SECURITY INSTRUMENT SECURES A NOTE i
NHICH CONTAINS A PROVISION ALLOWING FOR CHANGES ~I
; (INCREASES OR DECRSASSS) IN TB$ INTEREST RATE ON THS I'
FIRST INTEREST R~TE CHANGE DATE AND EVERY SYX MONTHS
TEEREAFTER AND FOR CHANGES (INCREASES OR DECREASES)
IN THE TERM OF THE LOAN
This Rider is made this ~ day of 1~_ , 19 g 3
and is incorporated into and shall be deemed to amen~anc~ ~
supplement the Mortgage, Deed of Trust, or Deed to Secure Debt
(the "Security Instrument') of the same date given by the
undersigned (the "Borrower") to secure Borrower•s Note to
sUt~1 BF1NK OF Sr• LUCIE CoL1NM (the "Lender") of the same
date (the "Note") and covering the property described in the
Security Instrument and located at ~ute 1, Box Z41, Peninsula Drive,
Fort Pierce, Florida 33450
Property A dress ~
Modifications. In addition to the covenants and
agreements made in the Security Instrument, Borrower and Lender
further covenant and agree as follows:
INTEREST RATE, FIXED MONTHLY PAYMENTS AND ADJUSTMENTS IN LOAN
Z'ERM
i
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~ The Note has an "Initial Interest Rate" of11.50 8. The
' Note interest rate may be increased or decreased on ihe lst day
~ of the month beginning on FebruaYy 1 , 1984 and on that day
~ of the month every 6 months thereafter.
~
e -
~ Changes in the interest rate are governed by changes in ~n
~ interest rate index called the "Index". The Index is the monthly
€ average of U.S. Treasury Bills with a maturity of six (6) months,
as published in the Federal Reserve Bulletin.
~
tiuring the term of the loan the interest rate ca~not be
~ increased or decreased by more than 2.25 percentage points above
~ or below the initial interest rate.
~
~ If the interest rate changes, the amount of Borrower's ~
monthly payments will remain constant but the term of the loan ~
will change. Increases in the interest rate may, therefore,
;
` result in a longer loan term. Decreases in the interest rate #
z may, therefore, result in a shorter loan term. Under ~o
circumstances will the term of the loan be less than 9 years
~ or greater than 30 years.
M
~ LOAN CAARGES
~ It could be that the loan secured by the Security
k Instrument is subject to a law which sets maximum loan charges
~ and that law is interpreted so that the interest or other loan \
~
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g~ 4i16 967
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