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Home My WebLink About0943 - - _ . . 1_ ~ _ ~ , C~ ~ - Cit~l Afforolabl~ Mo~t~ Pla~ D Ad~usbbl~ R~t~ ~oan RIdK e ' Notic~: The s~cuNty instrum~nt s~cuns a Not~ which contai~s provisions that: lt ) Caus~ tM IM~nst nt~ to aha~ pKlodfe~lly bsNd on aha~ in an Ind~x. Th~ 9onow~N~ sch~duNd monthyl paym~M wlll ; abo chan~~ pKlodic~lyr. but N~s fnqu~ntly tha~ int~ntt ~ chan~s. ; !2 ) Allow tM oublaedM~ prinolpN b~lanc~ of th~ bsn to Incr~ ow?dm~. TAIs will hspp~n it th~ ich~dulsd monMly ps~~m~nt Is ~wt la~ ~nou~h to p~l ~11 of th~ Int~nat du~ and th~ L+~ndK I~nds tM Bo~now~~ M~ dMhn+~c~ und~~ th~ tKms of tM Not~. This Rider ia mads this 29th day of__pe~emhes , 19 a~_. , end is incorporated int0. and si~all be deemed to amend aed supplement ths Mort9a~ Oeed of Trust o? Oeed to SecurA Debt (the `Secu~ity Insuument') of the same date ~iven by ths undersqned (the "Botrowsr) to seCUre 8orrowers Note to City Federal Savl?ps and ~oan AasoCiationr (the'lender) of the same date (the ° Note") and cove~infl the praperty deac~ibed in the Security Instrument and located at ` 1362 MANTH LANE PORT ST. LUCiB~.FLORTnA ~~n~~ ~ ModMlcatbns.Inadditiontothecovenantaanda~~eementsmadeintheSecuritylnatrumsn~BoROwera~dLenderfu~thercovenantanda~ree e as follows: A. Int~nst Rat~ Chanq~s # rne Noee nas an-Initial 1 ~e ep~ ~13 . 6 2 5 q~ The Note interest rate mey be incressed or decreased on tAe first day of the ' month beginnin~ on ~u~t~lst~ • . 19 . and on that day of the month every S IX months thereafter. The dates on which the interest rate may charpe are called the "Interest Rate Change Dates." Chan~es in the interest rate will be based on chanyes in e measure of the cost of money called the"Index". The Index at the beyinnirp of thia loan ia the avera~e discount rate atated as e percentage, on Mrenty~six week T~easury Biils as announced by the U. S Tressury ` Oepa~tment following sale of these securities. The Lende~ may aubstitute a new measure of the cost of money as the Index if at any time the Index bein~ used ceases to be publicly ~ announced by its sourCe: The substituted Index will be used to determine changes in the interest rate be~innin~ with the first interest rate ~ change after the substitution._ Any aubatituted Index will be beyond the contrd of the Lende~ and readiy verifiable by BoROMter. ~ To set each ~ew interest rate, the lenderwill first determine the'Cunent index" fipure. The Current Indexfipure is thefigure mostrecently available on each Interest Rate Change ~ate, unless Borrowers monthy payment is scheduled tochangewithinAS days afterthe Interest Rate Change Oate. If that is the case, thg Cune~t Index figure is the figure most recenty available when the notice of monthly payment adjustment provided in Section 5(D) o( the Note is given The L~d~~vill round up the Current Index figure to the nearest one eiyhth of one percent (.125%). The Lender will add the amount of ' 96 to the Cunent Index figura The resutt of this addltion will be the ~ew interest rata The interest rate shall not increase more than four C42 percentaqe points above the initial interest rate durinq the € B. Monthy? Paym~nt Chan~s: Capttaltz~d Int~nst - loan term. ' The secured indebtedness 1s payable in monthiy instaliments. Monthly payments wili be applied first to the interest due and then to ? principaL The interest due may be greater than the current amount of Borrowers scheduled monthly payment In that case. the interest due which is flreater than the Bonower's scheduled monthy payment will De advaqced on Borrowers ac~count by Lender and added to the outstanding principal balance under the Note, unless otherw:se paid by Bonower. ~och capitalized inte~est is part of the indebtednesstor ~ whiCh the SeCUrity Instrument seCUres repayment Bonowers monthly payment for the first Tao~~ years will be in the an~unt of U. S. S . . on Februaryl, . ~9 87 and on that day in that month e~ THREE years thereafter(the"Monthiy • i Payment Adjustment Date'), 6orrowers monthly payment will atso be reset In res@~ing the monthy payment on those dates, the Lender ~ will determine the amount of the monthly payment on the basis of the following t6~tors: ~ (a) the outstanding principal batance, and (b) the then current interest rate. and ~f• ~ - ~ (c) the remaining term of the loan. ~ ; The Lenderwill set the monthy payment at an amount which wouid be sufficient tdp~y ihe losn in full over its remaining term assuming the ~ thencurrentinterestratedoesnotchange.Inaddition,theLendermayincreaaet ,~he~~oROwersmonthlypeymentatanytime(~thetotslof i the amount of interest capitalized as provided above since the beginning of the loartplus(b) the amount peid to Borrowe~oron Bonowe~s ~ behalf as of loan settlement equals the amount of Borrowers principal indebtedne~s stated on the first pa~e of the Security Instrument i ' C. Losn Chsro~s - i E It could be that the loan secured by the Security I nstrume~t is subject to a law which~ets maximum loan charges and thet law is interpreted ; so that tha interest orother loan charges coilected or to be collected in connectipr4with the loan, woutd exceed penniried limita If this is ~ the case, then: (A) a~y such loan charge Shall be reduced by the amount necessary to reduce the charge to the permitted Umit; and(B) any ~ sums already collected from Borrower which exceeded pe?mitted limits will be re~onded to Borrower. Lender may choose to make this ~ refund by reducing the principal owed under the Note. or by makin~ a direct payment to Borrower. ~ D. Prior Wns ~ ~ If Lender determines that all or any part of the sums secured by this Security Instrument are subject to a lien which has priority over this Security Instrumen~ lender may send Barower a notice ident+tyin~ that lien Bonower shall promptly act with regard to that lien as ~ provided in paragraph 4 of the Security Instrument, or shali promptiy secure an ayreement in a form sati~actory to Lender subordinating ~ that lien to this Security Instrument E 1~3 DEC 30 f~l t~; yt~ ~ ~ ~ C ° By signing this Rider, Bonower ayrees to a!! o/ the above s~~~ f[t ~C ~It[ C;,~.: S~.LC'Ci~ CC;,1i .1~ ~ ; ~ F~CG!'R t'f,i': _ • F WlTNESS: , C[Ci?KC~'r~;;~ C; - • ~ ~ . . Y~~ ~ t ~ - -1 _ (Sea4 Borrower ~ _ DERY C. D AN ~ _ (Sea~ ~ DORIS M. DLTNCAN " ~~er ~ 0.5:,~w,~~«+: . j O.~y~nal - Atbth to IIM oriyn~l S~arpy I~stn+m~M IIM~d~r akN r~dirq) Co~y t- Att~ch to copy ol tM S~a+rAy I~utru~nt (l~nda) ~ ~ CoVY 2- Attath to tOpy d th~ $Kwiry IrWrumsM (Mortqpal . i ~ CeDY 3- At4eh to eopy of tM S~cwiry inshwn~rq (S~ttl~nl ApMN) ~ t ~ CD321-01-0781 FORbI-334 _ ~ ac~c ~ ~E ~ ~ . ~ ~ • - _ _ -