HomeMy WebLinkAbout0981 ~ ~ ~ i
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ADJUSTABLE ItATE R1DER ~
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THIS ADIUSTABL~ RATE RlDER is made this ..llth.. day of ............~1~~J( 19...83..
and is incorporated into and shall be deemcd to amend sad supplemrnt the Mon~a~e. De~d of Trust. or Detd to
Secure Debt (the "Securiry Inswment") of the same date given by the uadersi~ned (the "Borrower") to securc
Bornower's AAjuscabie Rate Nott to HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION.
(the "Lender") of the same date (the "Noco") and o~vering the
property described in the Securiey Instrument and located a~
900...~9.t'~t...Ax~nue...FAr.
t..P..ier.ce,..F.lar-id~••3~454............_............_.......................
(P~op~tr ~?ddress)
Th~ Mot~ contalns provisions aNowirq br charp~s i~ tM int~r~at ~at~. M tM i~t~st r~b
Mcnas~s, th~ BorrowK'~ mo~thi~ piym~nb w~l b~ Iei~hK. H th~ MtKest nt~
d~ctrN~s, tM BarrowK's mond~ P~~nb wNl b~ IoM~r.
Annrr~ort~u. CovEN~xrs. tn addiuon to the covanant and agreements made in the Security instrument, Borrower
and Lcnder further oovenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMEN7' CHANGES
The Note provides for an initial intercst rase of ......11...~Q......%. Section 4 of the Note provides for changes in the
interest ratt and the monthly payments, as foilov?s:
4. INTERESr R.lTE AND MON7HL Y P~! YMENT CNANGES
(A) Change Dates ~
The interest rate I will pay may change on the day of A~!~t~s ~ 19... 86., and
on that day of the month every months thereafcer. Each date on which my interest rate oould change
is called a "Change Date."
( B ) The Indez
Beginning with the firs[ Change Dace, my interest rate witl be based on an "Index." The Index is the weekly
average yield on United States Treasury securities adjusted to a oonscant maturity of years, as made
availabte by the Federal Reserve Board. The mos[ recent lndea figure available as of 45 days before each Change
Date is called the "Current Index."
If the Index is no longer available, the Note Holder witl choose a new indea which is based upon oomparabie
informapon. Z'he Note Holder will give me notice of its choice.
(C) Calculation oi Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding ..ONE..dcld.90%.1QA
percentage points (.......1..9Q.......~,) to the Current Index. The sum will be my new
interest rate.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay in fuil
the principal I am eapeceed to owe on the Cha~ge Date in substan[iafly equal payments by the maturiry date ac my
new interest rate. The result of this ca(culation wiii be the new amount of my monthly payment.
(D) E~ective DAte of Ch~nges
' My new interest rate will beoome eH'ective on each Change Date. I will pay the amaunt of my new monthly
i payment beginning on the first monthly payment date after the Change Date until the amount of my monthly
i payment changes again.
~ (E) Notice of C6anges
; ~I'he Note Hoider will mail or deliver to me a notice bePore each Change Date. The natice will advise me of
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! ( i) the new interest rate on my loan as of the Change Date:
i ( ii ) the amount of my monthly payment fotlowing the Change Date;
~ ( iii ) any addicionat matters which the Noee Holder is required to disclose; and
~ (iv) the title and telephone number of a person who wili answer any question I may have regarding the
~ notice.
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F B. CHARGES; LIENS
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F Uniform Covenant 4 of the Securiry Instrument is amended to read as fotlows:
~ 4. Charges; I.iens. Borrower shali pay all taxes, assessments, and other charges, fines and impositions attributable to
the Property which may attain a prioriry over this Security Instrument, and leaseho3d payments or ground rents, if
any, in the manner provided under paragraph 2 hereof or, if not paid ia such manner, by Borrower making payment,
- when due, directly to the payee thereof. Bonower shall promptly furnish to L.ender all notices of amounts due under
~ this paragraph, and in the event Borrower shall make payment directly, Bocrower shall promptly furnish to Lender
! receipts evidencing such paymencs. Borrower shall promptly discharge any lien which has priority over this Security
` Instrument; however, Borrower shall not ~e required to discharge any such lien so long as Borcower. ( a) shall agree in
k writing to the payment of the obligat~on secured by such lien in a manner acceptable to Lender, (b) shall in good
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~ 6ENERAI FORM-FHLMC UNIFORM ADlUSTABIE RATE LOAN-~rr~su~r ~no~c>-3~a~
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~ LN #4AMIrT
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