HomeMy WebLinkAbout0968 , . ~3138488 ~
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AQIUSTABLE ItATE RIDER
'I'HIS ADJUSTABLE RA1L RIDER u made chis ...~STN. day of ~tlGUST 19....83.
aad ~ iuaorporated iaa ~ad shatt be deemtd to aan~nd and suppkmeat the Mott~s~e. Deed of Tniat. or Dad a
Secure Debt (the "Security Inawmeat") of che ume daee ~ivep by ehe w,de~si~ned (che "Borrower") to aecuro
Borro~er's Adjustabk Race Noce to HARBOR FEDERAI. SAVINGS AND LOAN ASSOCIATION.
( the "l.eader" ) of the same date ( the "Note") aad covering the
property described in the Security Instrument and located a~
OUVAL AVENUE PORt ST lUC1E, Fl. 33a52
(~*~DM~I Addrw)
TtN NoN oo~ttrns proYMbn~ aMowMy~ tot ch~qM in !h~ MtKNt rst~. M!M intN+wt rsb
inan~ws, t!M sore+o~'s tnoad~ p~nwnb MriM b~ hi~. M tM int~tt nb
tNc~~. !IM BotrowK'~ ~nonthh p~nNnls wiN b~ IowK.
AanmoNru. Covt~~?xts. ln addition to the oovenant and agreements mad~ in the Securiry Inswment, 8orrower
and Leader further aoveaant and agcce as follows:
A. INTEREST RATE AND MONTHI.Y PAYMENT CHANGES
The Note provides for an iaitial interest rate of .....12..OQ......~b. Section 4 of the Note provides for changes in the
intercst rate and the monthly payments, as follows: ~
4. IN7ERES? RATE AND MON7HLY PAYMEN? CHANGES .
( A ) Change Datas
The interest rate 1 will pay may ~I~ange on the j ST day of ~~overr~ber ~g_ 88,,., and
on that day of the month every months thereaRer. Each date on which my interest rate oould change ,
is called a "Change Date." '
(B) 7be lndex
Begianing with the firs[ Change Date. my inter~est rate will be based on an "ladex.",'i~e-inde '~t
e~wee~ly
average yield on Uaited States Treasury securities adjusted to a oonstant maturiry of .....f..l.V.~ years, as made
availablt by tht Federai Reserve Board. The most recent lndea figur~e available as of 45 days before each Change
; Date is called the "Current Indea." .
If the Indea is no longer available. the Note Holder will choose a new index which is based upon oomparable
~ intormation. The Note Holder aill give me aotice of its choice. ~
(C) Glculation ot C~anges ~ ~
Befo[~e each Change Date, the Note Holder will calculate my new iaterest rate by adding ..TWO„ AND
,,,,40~100,,,,,,,,,,,,,,,,,,,,,,,,,,,, percentage points (....~.:~~.........`b) to the Current Index. The sum wi11 be my new
interest rate.
i,. , .
The Note Holder will then determine the amount of the monthly payment that would be sutTicient to repay in ful{
the principal I am eapected to owe on the Change Date in substandatly equal paymeats by the maturity date at my
new interest rate. The tesult of this calculation will be the new amount of my monthly payment.
(D) E~ectire Date ot Changes
My new iaterest rate will beoome effective on each Change Date. I wili pay the amount of my new monthly
payment begianing on the first monthly payment date aRer the Change Date und! the amount of my monthly
payment changes again.
(E) Notke of C6anges
The Note Holder wi!! mail or delivec to me a notice before each Change Date. The nodce will advise me of
( i) the new interest rate on my loan as of the Change Date;
( ii) the amount of my moathly payment following the Change Date;
( iii ) any additional matters which the Note Holder is required co disciose; and
(iv) the tide and telephone number of a person who will answer any question I may have regarding the
~ notice. .
~ B. CHARC~S; I.IENS
C
; Uniform Covenant 4 of the Security Instrument is amended to read as follows:
F
4. Charges; Lieas. Bornower shall pay all taxes, asussments, and other charges, fines aad impositions attributable to
j the Property which may attain a priority over this Security Inswmeat, and leasehold payments or ground rents, if
' any, in the manner provided under paragraph 2 hereof or, if not paid ia such manner, by 8orrower makiag payment,
whea due, directly to the payee theroof. Borrower shall prompdy fumish to Lender all notices of amounts due under
this paragraph, and in th~ event Borrower shall make payment direc~tly, Borrower shall prompdy furnish to Leader
. reoeipts evidencing such payments. Borrower shall promptfy discharge any liea which has prioriry over this Sceurity
Instrumeat; however, Borrower shali not be required to discharge any such lien so long as Borrower. ( a) shall agrce in
writing to the payment of the obligation secund by such lien in a manner avoeptable to Lender. (b) sha11 in good
6ENERAI FORM--fNtMC UNIFORM ADl1iSTABIE RATE lOAN-~t~~r NoEx~-3~s~
LN ~4AMLrT
NQDK~~O PAGE RETURN T0:
Harbpr Fe~fera! Savin~s and Loan Ass~ia~n
ct~K'*1~ PAGE c~? ~ ~'i ~C"w'~ Fort P~erce, Flor;da
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