HomeMy WebLinkAbout0916 .
~V V ~~i+~~
~y~~ ~p) +
7'IiIS ADJUSTABLB RATE RIDBR it msda ths 22i~~aar cr.. D~Cffi~B$R ......................19...83,
and a iaoo~po~sted 'wto and sbsl! be damed to saKad aad wpplanpet tbe Mat~e, Deed of Trvu, or Deed to Secure
lkbt (tLe "Secutit~? I~t'~ of the ame date aiva~ b~t the unde~:i~ned (t1~a "8orro~wer") to zecar+e 8orrowet's
Adjwtabk Rste Note to ......$j1~iD1$~.T ..8A1~..O~..S'.C....LUGIE...G~liJIt1TX
(tbe "i.a~der") d' tbe ~me date (the "Note'~ and coverina the
propeity de,cn'bod in the Sec~uity I~trnmeet and located at: ' ,
625 S. E. WHITMORE DRIVE PORT ST. LUCIE FL 33452
[~ti. ~?t~ii~
Th~ Not~ confeies provisions allowtr~~ fo~ chan~~s 1n th~ IM~nsf rat~ ~v~ry
y~o?. If th~ inl~nst rot~ lncnasn, th~ do~a?w~'s e+onthly Pay~nsnts wiil b~
high~~. If th~ int~nst rat~ d~aas, th~ donow~"s ~wnthfy poY~n~nh wili b~ '
low~~. Th~ Borrow~ also a+ery b~ abl~ to limit moiMhly payn~~~f i~e~o:~s to ~
~ 7~ft96 ~ach yea~. . r
Aunmoru?t. Oovsrt~t~rr~ In sdditia~ to the oovaunts and s~repnents made in the Security Instrument.
Borrower and I.wder turther coveaaat and ~ae as follo~ra:
A. nNTERES'r RATS AND MONTHLY PAYMENT CHANGES •
The Note providea for an iratisl interest rate of .....:~..7.5.....%. Section 4 of the Note pc+ovides for changes in the interest - ~
rate and the monthly Papmeats. as folbws:
"4. INTER~T RA18 AND MONI'HLY PAYMBNTr CHANGES
t~ (~aa~e Da~a _
T6e interest ate I~rilt psy may change oa the 6rst day of ......F.ebr118x.3t 198.~......... and on tbat day ~
every 12th month theraRer. Esch date oa which my interost rate could chm~e ia caUed a"G'lu~ngr Dat~.,•
B) 1be Iida~
Heginnit~6 with the 8rat C'han~e Date~ my intuat rate rvill be based on an Inde~c. 'I'he "Index" is tbe ~reekly sverege
yield an Unitsd Siata Trasury securitiea adjusted to a eo~utant an~turity of 1 year, as made availabk by the Federal
Re.serve Hoard. The mo~t recxat Indea Agure availabk ss of the date 45 days before cach Cbange Date is caUed the
••Curnnt Indca.,,
It the Ind~ is no lonser available. tl~t Note Holder wiU clwose a nea index which is based upon compsrabk
information. The Note Hohfa will give me notioe ~this choice. _
(G~ t~Icaistfo~ ot e~asg,es TWO AND ONE TENTH
Before cach Chan6e Date. the Note Holder ~vip cakulate my new interest nte by adding peroentage points
(..2..L.....96) to t1u Cbrrent Index. Tt~e Note Holder wiil then ronnd the result of this addition to the n~t one-eighth
of one percentage point (0.12596). T6is mw~ded amonnt ariU be my ne~v intereat rate until the ~eact C'6ange Date.
The Note Hoider aiU thea determine ttk amauit of the moathly payment tbat wo~ld be suff'icie~t to repay ~the
unpaid principal bafanoa of my b~n I sm expected to owe on tbe Change Date in full on the matnrity date at my new
interat ratt in substantially aqusl pa~ynxntf, 7be rapJt of this cakulation is called the "FuU Payment AmonnY'. and it
. will be the Aew adfount of my ma~thly payment nnkss I cbooae the atnonnt permitted by Section 4(D) below.
(D) Borr+nwa's RigMt to IJa~ihd Pa~t A~o~e~t
Unle~s Sections 4{F) and 4((;) belorv wri~~ not pam;t me to do so, I may choo~e to limit tiu amount of my neav
monthly payma~t tolla~ring a Chsn~e Dste to the amount I have bea~ payins multiplied by the number 1.075. This amount
is called the "Limited Payment Amount " It I cboae tbe I~ite~ pa~eet Aa~ao~t, I mn~t ghe tt~e Note Noider noHa
t6at I am doiag~o at ita~t ls dq~ before an?~t aew nastMly pay~aeat b dae.
(L~ Additioas to M~ U~paid Priodp~i Ba4~oe
If I choose tbe Limited Psyment Amount, my monthly payment co~ld be fe~ thsn the amount of tbe interest pemion
~a monthiy payment w?hicb thm woukl be su~icient to repay my unpsid prinap~l b~lance in tull o~ the msturity dste at
° my curnnt intercat nte in subatantially equa! payena~ts. If so~ tsch month thst the Limited Paymrnt Amount is kss than ~
the interat port'an, the Note Holder wrill subtrsct the Umited Payment Amount from the amount of the interest portion
ard rvill add the dilferenoe to my unpaid princip~l balanoe.'17~e Note HoWer w?ill alao add interat on the amount of this
dif~ercnce to my unp~aid princip~l bslance each montb.'Tl~e inicrat rate ou the intatist added to principal wrip be the rate
roquired by S~ction 4(Cj sbove. .
(t~ Lin~it os U~paid Prioetpsl Bt1a~eG Iace~ed Mootrir Ps~eet Amo~~t .
11~y un~d prir.zip
: bctl~acx can nsver exceed a maaimum amount eqwi to one hundred twenty-6ve peroent (1259'0)
of the prinapsl smount 1 originallp borno+wcd. My po~ying a Gmited Paymau Amount sfter any Change Date oonld cause
my unpaid principal batanoe to exceed thst muimum arnount. If w. on the date that my paying a Limited Payment
Amount would csuse me to exoeed thst limit, I will imtesd besin paying a ~x~v monthly Qzyment until the nact Change
Date. The ne~v monthly payment ~vil! be in ari anwunt Nhich w?auld be suflicient to repay my thrn unpaid principal balance
in ful! oa the msturity date st my curnnt interat rate in wb~tantially equal p~ymrnts.
tG) Reqnir~ FWI Psrmeat A~oa~t
Beginning with the first monthly payment after the twentieth Change Date, I
Will pay the F~ull Payaaent Amount ss my nanthly pa~ynent.
tl~ Effecthe Dste of Chsag~es • '
My nea intuest rate will become eQective on ach Change Date. I aill pay tlu amount of my new mont hly psyment
beginning on the first monthly paymrnt date after ths Change Date until the smouni of my monthfy paymrnt changa
a6ain.
nA ~~U P c~~ ~
e~. !6E
ADJtlSTAR1E RAt'E RtD~-1 Yeor Trsowry ied~x (R}-sin~l. Fo~y?-b~e~-FNNU? untt.n~ Ins~nrw.n~
_ _ - -