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23139972
ADJUS"I'ABLE RATE RIDER
THlS ADJUSTABLE RATE RIDER is made this .~~11...... day of .....At1gUSt 19....~~.,
and is incorporated into and shall be deemed to amend and supplement the Martgagc, Deed of Trust, or Deed to
Sccure Debt (the "Sccurity Instrument") af the same date given by the undersigned (the "Borrower") co secure
Borrower's Adjuseable Rate Note to HAR~30R FEDERAL SAVINGS AND LOAN ASSOCIATION.
( the "Lender" ) of' the same date ( the "Note" ) and oovering the
property described in the Security Instrument and located at:
...........................35-A..Dream._Court...,..,...._.......The..Grove..Condominium Fort Fierce, Florida
( Propsrty Address )
~ Ths Not~ contsins provisjons albwin~ for charq~a i~ th~ int~nat rats. H th~ int~r~st ~at~
incnaas~ th~ Borrow~r'~ monthi~? p~rm~nts wip b~ hiphsr. H tM Int~nst rate
d~cnas~a~ th~ BorrowK's montir~tp paym~nts will b~ bw~r.
AnntTtoN~t. CoveN~vl~s. In addition to the oavenant and agreements made in the Security Instrument, Borrower
and Lender further oovenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMEhT CNANGES
The Note provides for an initial interest rate of ...11...50.........°6. Secti~n 4 of the Note provides for changes in the
interest rate and the monthly payments, as follows:
4. INTEREST R.~TE AND ~NONTHLY PAYMENT CHANGES
(A) Chs~nge Dates ~
The interest rate I will pay may change on the ........J.~t............ day of ........September ~q.84.__, and
on that day of the month every twel_ve...,__.... months thereafter. Each date on which my interest ~ate could change
is called a "Change Date."
( B ) The Index
Beginning with the first Change Date, my interest rate wifl be based on an "Index." The Index is the weekly
average yield on United States Treasury securities adjusted to a constant maturity of _........QCI~........... years, as made
available by the Federal Reserve Board. The m~st recent Index figure available as of 45 days before each Change ,
Date is called the "Current Indea." I
If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable ~I
information. The Note Holder will give me notice of its choice. 1
(C) Cplculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding ...one dnd 9/100
.
percentage points (...-1...90.--..-....-~) to the Current Index. The sum will be my new
interest rate. ~
The Note Holder will then determine the amount of'the monthiy payment that wuuld be suf~'icient to repay in full .
i the principal I am expected to owe on the Change Date in substantially equai payments by the maturity date at my
new interest rate. The result of this calcutation will be the new amount of my monthly payment.
j ( D) E~ective Date of Changes
E My new interest rate wiil bernme eflective on each Change Date. 1 will pay the amount of my new monthly
payment beginning on the first monthiy payment date after the Change Date until the amount of my monthly
~
payment changes again.
~ (E) Notice of Changes ~
~ The 1~iote Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of
s ( i) the new interest rate on my loan as of the Change Date;
5
( ii ) the amount of my monthly payment follovring the Change Date;
( iii ) any additional matters which the Note Holder is required to disclose; and
( iv) the title and telephone number of a person whu will answer any question 1 may have regarding the
~
~ natice.
B. CNARGES; LIENS
t Uniform Covenant 4 of the Security lnstrume~t is amended to read as tollows:
s 4. Chasges; Liens. Borrower shaff pay all taxes, assessments, and other charges, 6nes and impositions attributable to i
the Property which may attain a priority over this Security Instrument, and ieasehold payments or ground rents, if
any, in the manner provided unde~ paragraph 2 hereof or, if not paid in such manner, by Borrower making payment,
when due, directly to the payee thereof. Borrower shal( promptly furnish to Lender aU notices of amounts due under
this paragraph, and in the event Borrower shall make payment directly, Borrower shall prompdy furnish to Lender
receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security
Instrument; however, Borrower shaU not be required to discharge any such lien sa long as Borrower ( a) shall agree in
writing to the payment of the obligauon secured by such lien in a' manner acceptable to Lender, ( b) shalf in good
' 6EPlERAL FORM-FHLMC UNIFORM ADIUSTABLE RATE lOAN-tt~su~ rrin~c~-~~a3
LN #4AMCrT
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