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ADJUSTABLE RATE R1DER 02-23141052
THIS ADJUSTABLE RATE RIDER ~ made this ...3~,SL day of ...AuguSt•••••••~•••••••••••••••••~••. ~9•83•-•. .
and is iuoorporated ina and shall be deemed to amead aad suppkmeat che Mon~ate. Deed of Tnuc. o~ Deed a
Securc Debt ( the "Securiry Instrument") af the umr date ~ivea by the uadeni~aed ( the "Bornowe~" ) to securc
Borrower's Adjuscabie Rate Note to NARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION.
( the "Lender") oC the same ~~~e ( the "1'~ate") and c~ovennQ the
properry described in the Stcunty lnstrument and located at:
323 Leeward Lane, Apt 105 Fort Pierce Florida, 33450
(P~op~ti Addr~1
TM Not~ eontabs pro~isio~s aMowi~q for alwg~ M tM int~t raN. M tM Mt~nat rafi
Mc~a~s. th~ ~rowar's nand~ p~~b wiN b~ hiphK. M tM Mbn~t nN
d~Cn~, tIN 9o~owK'~ nlotlthly p~m~nb wiN b~ IoMrK.
ADDITIONAL COVENAM'S. In additioa to the oovenaat and agrcements made in che Security Instrument, Borrower
and l.ender funher o~venant aad agree as foilows:
A. INTERFST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate ot .........12' S....~b. Section 4 of the Note provides for changes in the
interest rate and the monthly payments, as Collows:
4 INTEREST' R.! TE AND MONTHL Y PA YMENT CHANGES
(A) Cbange Dates
lst October 6
The interest rate 1 will pay may change on the day of i........., and
on that day of the month every ........3b•••••••••••••• monchs thereaRer. Each date_on which my interest rate could change
is called a "Change Date."
(B) 71rc Index
Beginning with the first Change Qate, my interesc rate will be based on an "Index." The Index is the week!y
average yield on United States Treasury securities adjusted to a oonstant macurity of ..th=~ years, as made
available by the Federal Reatrve Board. The most recent Index figure available as of 45 days before each Change
Date is called the "Current Index."
If the Indea is no longer available, the Note Holder will choose a new indea which is based upon oomparable
information. The Note Holder will give me. notice of its choice.
(C) Calculation of Changes
Before each Change Date, the Note Holder wil! calculate my new interest rate by adding ....One. dnd
90/ 100 percentage points (.._....1.~ 90 ...~6 ) to the Current Indez. The sum will be my new
interest rate.
i The Note Holder will then determine the amount of the monthly payment that would be sufl'icient to repay in full
I the principal I am eapected to owe on the Change Dace in substantially equal payments by the maturi[y date at my
new interest rate. The result of this calculation wilt be che new amounc of my monthly pa~ment.
(D) E~ective Date ot Changes
My new interest rate will beoome effective on each Change Date. I will pay the amount of my new monthly
~ payment beginning on the first monthly payment date after [he Change Date until ehe amount of my monchly
~ payment changes again.
(E) Notice of ChAnges
The Note Holder will mail or deliver to me a notice before each Change Date. "i'he notice will advise me of:
( i) the new interest rate on my loan as of the Change Date;
( ii ) the amount of my monthly payment following the Change Date;
( iii ) any additional macters which the Note Holder is required to disclose; and
(iv) the title and telephone number of a person who will answer any question I may have regarding the
~ notice.
= B. CHARGES; LIENS
~ Uniform Covenant 4 of the Security Instrument is amended to read as follows:
~ 4. C6arges; Liens. Borrower shall pay all taxes, assessments, and other charges, fines and imposicions attributable co
~ the Propeny which may attain a priority over this Security Instrument, and leasehold payments or ground rents, if
~ any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment,
~ when due, direcdy to the payee thereof. Borrower shall promptly furnish to l.ender all notices of amounu due under
~ this paragraph, and in the event Borcower shall make payment directly, Borrower shall promptly fumish to Lender
receipts evideacing such payments. Borrower shall promptly discharge any lien which has priority over this Security
6
~ Instrument; however, 8orrower shall not be required to discharge any such lien so long as Borrower. ( a) shall agree in
~ writing to the payment of the obligation secured by such lien in a manner acceptable to I.ender, (b) shall in good
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~ 6ENERAI FORM--fl~LMC UNIFORM ADIUSTABLE tUTE LOAN-~tr~~.s~+r woEx)-3~a~ • -
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~ LN #4AMIrT
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=~,`;~411 PeGE 952
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