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CONVERTIBLE ARM RIDER
THIS CONVERTIBLE ARM RIDER is made this ~OTH..,_, day of ....MAY 19...~9,.,,,,
and is incorporated into and shaU be deemed to amend and supplement the Mortgage, Deed of Trust, or Ueed to Secure
Debt (the "Se~:urity Instrument") of the same date given by the undersigned (the "Bcrrower") to secure Borrower's
Adjustable Rate Note (the "Note") to HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION (the
"Lende~') of the same date and covering the property described in the Security Instrument and located at:
1906 EDGEVALE ROAD FORT PIERCE,FL. 33450
- (Property Address)
The Note contains provisions ailowing for changes in the interest rate. If the inte~est rate
increases, the BoROwer's monthly payments will be higher. lf the interest ~ate decreases,
the Borcowe~'s monthly payments will be lower. On the fi~st Change Date, BoROwer may
conve~t the adjustable ~ate loan into a fixed ~ate, level payment, fully amortizing loan.
A~p~T~o~A~. CovFr~.~ayTS. ln addition to thc ro~~enam and agreements made in the ~urit~• Instrument. BorroH~er and
Lender further co~~enant and agree as follow~~:
A. INTERFST RAT'E AND MOtiTHI Y PAYMEtiT CHAti(;F:,ti
The Note pro~~ides for an initial interest ratc of 2.~~~ ................"'u. S~titiun ~i of th~ Nutr rro~ icleti t~ur rhanges in
the interest rate and the monthly pa~~ments, ati lollo~~~:
4. /tVTh'RF_ST RATl:~ A.~'1) ~1O.~'THI. P.~1)'~f/:.~ T('/! •1.~ G/~:1~
IA) Change Dates ~
The interest rate 1~~~ill pay ma~ chap~e on the ...............1_ST ~,1: .............._JUNE...........------..... ly_........8~and on
that day of the month e~~er~~ --.---..s~ ...............mo~~th, ihrrr:iltir. F.?~h datr un ~~hirh m~ ~ntrrr,i ratc rc~uld change is
called a "Change Date."
(B) The Index
Beginning ~~ith the tirst Change Date, m~ imere~t rate ilt hr ha.r~l un .in "I nde~_" The Ind~~ i~ the ~~~~ckly a~~erage
yield on United States Treasur~• securities adju,ted to a runtitani ma~urii~ ~~i TNR~E~••-•--~~-•--~• ><<+r~, ati madea~ailable
b}~ the Federal Resen~e Board. The most rc~ent Inde~ figurc a~ailablr a~ ut JS da~~ tnf~~rc rarh ChanLC 1)ate iti ralted the
"Current Index."
lf the index is no longer a~ailable, the Note Hofcier ~~ill rh~x~.r a nr~~ ind~~ ~~hich i~ ha~t~c1 u{~on rom~rable
information. The Note Holder ~tiill gi.~e me no~i~e ot i~s rhoi~r.
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f (C) Calculation of ChanRes -
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~ TWO AND
B~~~h Change Date, the Note Hoider will ~al~ulate u~1~ intrrr~t ratrb} adainL
~ percentage p~~int. ~........~.••-..........°'ol the Current Index. The ~um ~~•ill be my
~ new interest rate.
The Note Holder ~~ill then determine the amowu ut~ the monthh ~,a~mrnt that ~~~~uld be ~uftirient to repa~~ in lull
the principal I am expectecl to o~~e on the Change Date in tiubtitantialh~ ryual ra~ment. b~ ~hr maturi~~ ~iate at m~~ ne«~
interest rate. The result of this calculation ~~~ill be the ne~~ amount af m}~ monthl~~ ~a~•rnent.
(D) Effective Uate of Changes
My ne~~~ interest rate w~ill berome effe~:tice on cach Change Datc. I~~ ill ra~ thr anwunt ut m~~ new monthly payment
beginning on the tirst monthly payment date after the Chanee Date until the am~wnt af~ m~ munthh payment changes
again.
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~ (F:) Notice of Changes ~
~ The Note Holder will mail or delicer to me a notice hefore earh Change Datr. Thr notire ~~~ill ad~ise me o(:
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~ (i) the new~ interest rate on m~~ loan as of the Change Date;
~ (ii) the amount of m} monthl}~ pa}•ment follo~sing the Change !)ate;
~ (iii) am~ additional matters ~~~hich the Note Holder is required to di,~lose; and
~ (i~•) the title and telephonc number of a pcrtian ~cho ~.ill ans~~cr am~ yuestion I may ha~e rriarding the nolice.
~ NERAL FORM-FHLMC UNIFORM CONVERTIBLE ARM LOAN-~TREASURV INDEX~-6-83i
GE
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£ aaoK 432 P~~E 957
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