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HomeMy WebLinkAbout0920 ~ ? i•.~1~ ADJUSTABLE RATE R1DER THIS ADJUSTABLE RATE RIDER is made this ~9TH day of ,,.SEPTEMBER , 19 83 ~ and is incorporated into and shall be deemcd to amend and supptement the Mortgage, Deed of Tnut. or Deed to Secure Debt (the "Securicy lnstcument") of the same date given by the undorsigned (the "Borrower") to securc Borrower's Adjustable Rate Note to HARBOR FEDERAL SAYINGS AND LOAN ASSOCIATION. ( che "Lender") of che same date ( the "Noce" ) and ~vering the property described in the Securicy Inscrumene and locaeed at: 910 WAGNER PIACE FORT PIERCE. FL, 4 0 3 3 5..................................... (~~W+tI? Addrea) 1'fi~ Not~ contains provisions sitowinp tor chan~ i~ tM int~nst rat~. M tM int~nst nt~ Mc~s~ th~ Bonows~'s monthi~? p~ynNnts wiN b~ hiphK. M th~ int~nst nt~ d~cnas~s, th~ BonowK's monthl~ Psym~nb wiN b~ WwK. AnnrrtoN~?i. Cov~Anrrs. In addition to the ouvenant and agreements made in the Security Instrument, Borrower aad Lender further o~venant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGFS The Note provides for an initial interest rate of .....1.~.~~.......96. Section 4 of che Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RA?'E AND MONTHLY PAYMENT eHANGES ( A ) Change Dates 1ST DECEMBER 88 The interest rate I will pay maY~gange on the day ef 19........., and on that day of the month every months thereafter. Each date on which my interest rate oould change is called a "Change Dace." ( B ) The ladex Beginning with the first Change Date, my interest rate will be based on an "[ndex." The Index is the weekly average yield on United States Treasury securicies adjusted to a oonstant maturity of ....F.~~~ years, as made available by the Federat Reserve Board. The most recent Index figure available as of 45 days before each Change Date is called the "Current lndea." if the lndex is no longer available, the Note Holder will choose a new indea which is based upon comparable informadon. The Note Holder will give me notice of its choice. (C) Calculation ot Changes Before each Change Date, the Note Holder will calcutate my new interest rate by adding . TMQ..AND ' 40/100 ~rcentage points ~~!0.......:..`,€~) to the Cu~rent [ndex. 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 full the principal I am expected to owe on the Change Date in substantially equal payments by the maturity date at my ; new interest rate. The resulc of this calcutation will be the new amounc of my monthly payment. ~ ~ (D) EBectire Date ot Ct~nnges ~ My new interest raee will beoome eR'eccive on each Change Date. 1 will pay the amount of my new monthly ~ payment beginning on the firse monthly payment date after the Change Date until ehe amount oi my momhly ~ payment changes again. ~ ( E ) Notice of C6anges ; The Note Holder will mail or deliver to me a notice before each Change Date. The notice wilt advise me oE ~ ( i) the new interest rate on my loan as of the Change Date: ; y,.. , ~ ( ii ) the amount of my monthly payment following the Change Date; ~ ( iii ) any additional matters which the Note Holder is required to disclose; and . ~ ( iv ) the title and tetephone number of a person who wi{I answer any question I may have regarding the ~ notice. s 4 . ~ B. CHARGES; LIENS ~ Uniform Covenant 4 of che Security Instrumenc is amended to read as follows: ~ t 4. Cdarges; Liens. Borrower shall pay all taaes, assessments, and other charges, fines and impositions attributable to the Property 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, directiy to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under thi~ paragraph. and in the event Bonower shall make payment directly, Borrower shall promptly furnish to Lender ~ receipts evidencing such payments. 8orrower shatl promptly discharge any lien which has priority over this Security Instn?ment; however, Borrower shall not be required to discharge any such lien so long as Borrower. ( a) sha4 agree in ~ writing to the payment of the obligati~n secured by such lien in a manner acceptabfe to I.ender, (b) shaU in good s ~ 6ENERAL FORM--FHLMC UNIFORM ADIUSTABLE RATE LOAN-(Trt~sum a~x~-3~s~ ~ r ` LN #4AMLrT ~~~~13 P~~E 9~7 , . ~ - - - - _ - .i. . _ . ~ . , k t ,.e.=. : .