HomeMy WebLinkAbout0987 05~~~i ~ ' V'~~
AD~IUSTA6I.E ItATE 1tIDER
TH1.S ADIUSTABI.e RA1E RIDBR it made thi~ day ol' .....WOVqqbe~r• 19.~~....
and is inoorpon~ed in~o and ~hall ba damed to amead aod wppkment tGe Monjase. Dad of Tn~t, or Deed w
Secure .Debt (tbe "Security In:wmeat") of tbe :ame dat~e pvea by tbe under:i~ed (the ••Bornower") to ~are ~
8ort!o~rer': Adju:ubk Ratt Note w HARBOR FEDERAL SAVINC~S AND LOAN ASSOCIATION.
~ (tue••lrcnder») of tbe Nme date (the ".Note") and ooverin= the
W'oP~nY de~xibed in the Sccurity Instrumeat and locatod a~~
...................~80Q..Sauth..A.Ul1,..~lensen..Beach....F.1ar. i~da..3345i7..................:........................................................
1~b nddiws!
TM NoM oonfain~ proriMo~r aMoNMq fot chrqM M tlM inl~t taM. N tM infMrst ~
InonM~ !M a~oAM~ p~~Ns wiM b~ hiOhK. N!IM inlKa~t ra/~
d~cn~s, th~ sarowK'a n~ontldr p~a~nb wiN b~ bw~.
Annmort~t. CovB~v~t~rrs. In addition to the o~veaant and a~c+eemeata made ia the Security laswmeat, Borrower
and Leader further vovenant and a~roe aa follo~:
A. UVTERESf RA1E AND MONTHLY PAYMFNf CHANGES ~
The~Note provides for an initial inter+est nte of ....~.~Q.......~,. Sectan 4 of the Note provides for changes in the
interest rate and the montlily payments, aa follows:
1. INTERES7' RAlE AND MONTHLY rAYMENl' CNANGES
(A) Ctiao~e Dates
The iaterat rate I wiU pay may change on tlie ...........1St......... day of ......A.~G~lt~i~l( 19~...., and
on that day of the month every ...........36........... months thereaRer. Each date on which my interest rate oould change
is caUed a "Change Date."
(B? 71~e ladei
Beginaing with the first Change Date, my interest rate will be based on an "Index." The Indea is the weekly
average yield on United States Treasury securities adjusted to a oonstaat maturity of ..........3 years, as made
available by the Federal Raem Board. The most reoent Indea figurc available as of 45 days before each Cbange
Date is called the "Cu~rent lndea." ~
If the Indea is no longer available, the Note Holder wiU choose a aew index which is based upoa vomparable -
information. The ~Note Holder will give me notioe of its choia.
(C) Cakulatba of Clanges
Befon each Change Date, the Note Holder will calculate my new interat rate by adding .tNW..aAd..A~/.1II(l.
perantagc points (...2YqQ...........%) to the Curnnt Index. The sum will be my new '
interat rate. _
The Note Holder will tl~en determine the amount of the montWy payment that would be sufficieat to repay in full
~ the principal I am expected to owe on the Change Date in substantiaUy equal payments by the maturity date at my
~ new interest rate. The result of this calculation will be the new amount of my monthly payment.
~ (D) E~ectire Date of Cha~es
~ My new interest rate will boo~me e6aYive on each Change Date. I will pay the amount of my new monthly
F payment beginniag on the first monthly payment date aRer the Change Date until the amouat of . my monthly
paymeat changes again.
(E) Notice ot C~anges
The Note Holder will mail or deliver to me a aoticx before each Change Date. The notice will advise me of
_ ;
( i) the new interest rate on my loan as of the Change Date; .
(u) the amount of my montlily payment following the Change Dafe; .
( ui ) any addidonal matters which the Not~ Holder is requind to disclose; and
(iv) the tide and ulephone number of a person who will answer any question I may have regarding the
noaa.
~ B. CHARCES; LIENS
Uniform Covenanf 4 of the Security laswment is amended w read as follows:
4. C6arQes; l~eos. Bornower shaU pay all ta~ces, assessmeats, and other charges, fines and impositions attributable to
= the Property wluch may attaia a priority over this Sa~rity Inawment, and kasehotd payments or ground rents, if
~ any, in the manner provided under paragraph 2 hereof or, if aot paid in auch maaner, by Bornowar malcing paymenc,
~ when due, directty to the payee thereof. Bomnwer:haU promptly furnish w Lender all notioes of amounts due uader
~ thia pata~raph, and ia the event Bornower ahall make paymeat directly, Bomower ahall prompdy furaiah to Lendtr
~ rcaipta evidencing auch paymenta. Borrower ahall prompdy diachar~e any liea which has priority over thia Security _
Inswment; however, Borrower ghall not be roquirrd to dischar~e any auch Gen ao long aa 8orrower. ( a) ahall agree ia
~ writing to the payment of the obG~adon sccur+ed by such lien in a manner aoaptable to L.ender, ( b) shall ia ~ood
~ ;
6ENERAL fORM--fHLMC UNIfORM ADIUSTABlE IGTE-LOAN-R~~unr r~ooq-a~~
LN ~Ik4AML-T
~ ~418 P,~ 9B7
_ .
. . . .r. _ j -es~~- -
~