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HomeMy WebLinkAbout0967 ~ 1 ~C~ City Affo~debl• Mo~tya~• Plan Q o~ Ad~ustabt• Rat~ Loan Rid~~ °~G~ Notice: The secu~ity inst~um~nt s~cu~ss a Not~ whlch contsl~s p~ovisions that: (1) Caus~ th~ Int~nst nt~ to cMn~~ pKiodtaaly? bas~d on chan~s 1~ an Ind~x. Th~ Bonow~~'s scA~dul~d monthy paym~nt will also chsn~~ p~rtodicalt~?, but I~ss tnqu~~tly than int~hst r~t~ chanq~s. (2 f Ailow th~ oubtandiep principsl b~lanc~ of th~ ban to Incnas~ ov~r tim~. This will hspp~n If th~ sch~dul~d monthly psym~nt Is ~ot Is~~ ~nouph to pa~l all of th~ Int~~t du~ ~nd th~ L~ed~~ I~nds M~ Bonow~r th~ difhnnc~ und~r th~ t~rms of th~ Not~. This Rider is made this_ 24tt1 dgy pf JSIIU8l9 ,19 84 , and is i~corporated int0. and shall be deemed to ~ amend and supplement the Mort9a~a, Deed of Trust a Deed to Secure Debt (the "Security InstnimenP) of the same date 9iven by the undersiyned (the "Bonower') to secure BoROwers Note to City Federai Savings and Loan Association. (the "Lender') of the same date (the "Note") and covering the property described in the Security Instrument and located at ~ 13513 S. INDIAN RIVER DRIVS #602 JENS$N BSACH, FLORIDA 33457 _ Modiflcstions. in addition to the covenants and agreements made in !he Security instrument, Borrower and Lender further covenant and ayree as follows: A. Int~st Rat~ Chan~s The Note has an"Initial I r s q~t f__ 13 . S 0 y~ The Note interest rate may be i~creased reased on the (irst day of the month beginning on ~e~~em~~l~i ~ . 19 ~ - and on that day of the month every months thereafter. The dates on which the interest rate may chan~e are called the "Interest Rate Change Dates." Changes in the interest rate will be based on changes in a measure of the cost of mooeycallad the"I~dex". The Index at the beginnin~ of this loan is the average discount rate stated as a percentage, on Mre~ty~six week T~easury Bills as announced by the U. S. Treasury Department foilowing sale of tfiese securities ~ The Lender may substitute a new measure of the Cost of money as the Index if at any time the Index being used ceases to be puWicly announced by its source. The substituted index will be used to determine changes in the interest rate beginning with the first i~te~est rate change after the substitution. Any substituted Index will be beyo~d the control of the Lender and readily verifiable by Borrower. To set each new interest rate, the Lender will first determine the'Current Index" figure. The Cunent Index figure is thefigure most reCently available on each Interest Rate Change Date, unless Borrowers monthly payment is scheduled tochange within 45 days after the Interest Rate Change Dat~ If that is the case, the CuRent index figure is the figure most recenty available when the notice of monthly payment adjustment provided in Section 5(D) of the Note is giveR The Le~e~il ~ound up the Current Index figure to the nearest one eighth of one percent (.125%). Th~ee interes trste ~sh811 % to the Current Index figure. The result of this addition will be the new interest rate. not increase fore than four ~4~ per~entage points above the initial interest.rate, during the e. Monthly Psyment Changss: Capitslized n erost oan fe=m. The secured indebtedness is payable in monihly installments. Monthly payments will be applied first to the interest due and then to principal The interest due may be greater than the current amount of Borrowers scheduled monihly payment In that case, the interest due which is greater than the Borrowers scheduted monthly payme~t will be advanced on Borrower's account by Lenderand added to the outstanding principai balance under the Note, unless otherwise paid by Borrower. Such capitalized interest is part of the indebtednessfor which the Security Instrument secures repayment Borrowers monthly payment for the fi~st years will be in the amount of U. S. S Q.~-- 0n Mar ch 1, g 87 and on that day in that month each TAREE years thereafter (the "Monthly i Payment Adjustment Date°), Borrowers monthy payment will a~so be reset In resetting the monthly payment on those dates, the Le~der ~ will determine the amount of the monthly payment on the basis oi the following factors: ~ (a) the outstanding principal b~lance, and ~ (b) the then current interest rate, and E (c) the remaining term of the loan. ~ The Lenderwill set the monttily payment at an amount which woutd be sufficie~t to pay the loan in full over its remaining term assuming the i then current interest rate does not change. ln addition, the Lender may increase the Bonowers monthly payment at anytime (eathe total of the amount of interest capitalized as provided above since the beginning of the loan plus(b) the amount paid to Borroweroron Borrowers behalf as of loan settlement equals the amount of Bonowers principal indebtedness stated on the first page of the Security Instrument C. loan Charyss - - It could be that the loan secured by the Sacurity Instrument is subject to a law which sets maximum loan charges and that law is interpreted so that the interest or other Ioan charges collected or to be collected in connection with the loan, would exceed permitted limits If this is the case, then: (A) anysuch loan charge shall be reduced by the amount necessary to reduce thecharge to the permitted limit; and(B) any sums already collected from Borrower which exceeded permitted limits will be reiunded to BoROwer. Lender may choose to make this refund by ~educing the principal owed under the Note, or by making a direct payment to Borrower. D. Prior Liens If Le~der 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 Instrument, Lender may send Borrower a notice identifying that lien. Borrower shall promptly act with regard to that lien as provided in paragraph 4 of the Security Instrument, or shall prompty secure an agreement in a form satisfactory to Lender subordinating that lien to this Security InstrumenL . ~ 8y signing this 14ider, Borrower agrees to all ol the above ~ WlTNESS_ - t • r i [ i -----~y~/ 7- ($@81) ~ F TOROW Borrower c _ ~ (Seal) ~ ~ BETTY. ROW Bonower fl~stnbut~on: ~ ~ Orgiryl - AtbCA to tM WqNfil SlCUrAy t(LMIdN a1t~t r~Gpdirq) _ Copy 1- Attach !o eopy of tM SeeurAy InsttumNN (L~eWsA Coqy 2- Atlaen to topy d tM S~cwAp Instruer»n! (Matpporl CoPY 3- Attach to copp M tM S~arAy Instrumsnt (~~~~t /lqsnt) ~ GD321-01-0781 FORM-33~ • 4 6 - ~p u:.:~>„fr x-...._.