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AI}JUSTABL~ RATE RIDER ;
r (Inte~est Rate Limits) ' ~
TH1S ADIUSTABLE RATE RIDER is made this day of J~.................... 19.84.....
and is irtcorporattd into and shall be damed to amend and supplement the Mortgage. Deed of Tru~st. or Deed to Secure
Debt (the "Security lnstrumenC' of the~ daa~te~iv_en b~r the_undersi ed (the "8orrowec") to secure Bonower's
Adjustable Rate Note to PAIM H~lL3~
....................................................................................(the "Lender") of the same date (the "Note") and covering the
praperty described in the Security Instrument and located at:
B
9500..5-. thzit..1108~..Jes?se~?..Be~auch~..Fl. 33457
. . ~Propeitji.Addreisj....
~
The Note contains p~ovisions ailowing for changes in the intenst rat~ ~very year
subject to the limits stoted in ~h~ Note. If the intero:t rat~ ina~a:~s, th• ~
, Bonowe~'s monthi~ poyments will be high~r. If the int~nst rote d~tnases, th•
Bonowe~'s monthly peyments will be lowar.
ADDITIONAL COVENAN7'S. In addition to the covcnants and agreemrnts made i~ the Security Instrumcnt.
Horcower and Lender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an init~al interest rate of........~~.~.~~...9''0. Section 4 of the Note provida for changa in the interat
rate and the monthly payrt~rnts, as follows:
"4. INTEREST RATE AND M~JNTHLY PAYMENT CHANGES .
(A) Gl~aage Dates
The interest rate I wili pay may change on the first day of J~-x 5
...................15~ and on that day
every 12th month thereafter. Each date on which my intenst rate could change is callod a"Change Date."
(B) The Indeu
B~ginning with the first Change Date, my interest rate will be based on an I~dex. The "Indea" is the wcekly average
yield on United States Treasury securities adjusted to a constant maturity of 1 year. as made available by the Federal
Raerve 8oard. The most recent lndex 6gure available as of the date 4S days beforc each Change Date is called the
"Current Indea." •
If the Indez is no longer available, the Note Holder will choose a new index which is based apon comparable
information. The Note Holder will give me notice of this choice.
(C~ Calcutadoa of C6anges
Before each Change Date, the Note Holder will calculate my new intercst rate by adding 5... percentage points
I (....2..5......9'0) to the Curnnt Index. The Note Holde~ will then round the rcsult of this addition to the nearest one-eighth
! of one percentage point (0.125%). Subject to the limits stated in Section 4(D)below. this rounded amount will be my new
i interat rate until the neat Change Date. .
I The Note Holder will then determina the amount of the monthly payment that would be suf~icirnt to ~epay the
~
! unpaid principal batance ot my loan 1 am expected to owe on the Change Datt in tull on the maturity date at my new
; interat ra[e in substantially.equal payments. The result of this calculation will be the new amount of my monthly payment.
(D) Limit on Iaterest Rate Cbanges
The ra~e of interat 1 am required to pay shall never be increascd on any single Change Date by morc than ~ one ~
percentage point (1.09'0) [~two percentage points (2.0°J'o)[C~e~ck oa/y one boxJfrom the rate of interat t have Ixen paying •
for the preceding twelve months. My interest rate also shall never be greater than16.:25.....%. ~
(E) Etrectire Date of Changes
My new interest rate will become effective on each Change Date. i will pay the amount of my new monthly paymrnt
beginning on the first monthly payment date after fhe Change Date until the amount of my monthly payment changa
again. .
(F~ Notice of Changes
~ The Note Holder will mail or deliver to me a notice of any rhanges in Ihe amount af my monthly ~ayment before Ihe
eflective date of any change. The notice will include informatian required by law to be given me and also Ihe title •rnd ,
~ telephone number ota penon who will answer any que+tian I may have regarding the nrnire."
B. CHARGES; LIENS
f
~ Uniform Covenant 4 of the S~.~curity Inslrumcnt is amended l~ rrrd a~ fi~U~~ws:
~ 4. Cbarges; Uens. Bc~rmwer shalf ~y aU tax~, •r.cK.~~mrnls, and ~ilher charg~~. fines and im~xi.itian. auributahlr lu ~he
~ Property which may auain a priority over Ihi. Scxurily Imtrumrnt. and Irr.~hald paymrnlx ar grawtid rrm., if •rny, in thr
~ manner provided under ~:+ragr.~ph 2 hercc~C ar. if n~it ~id in xurh manner~ by tk~rn~wrr m~king paymrnt, w•hrn dur.
~ directly to Ihe ~ray~~e Ihcrcc~L ti~irrower shall promplly furnish Iu L~.~nJcr •rll nutK~~+uf amaunl. duc undrr thi. ~+rraFra~h.
~ and in thc cvrnt Iiorr~~wrr .h•rll makr ~ymrm dircYtly. &xrowcr ~hall prumplly furni.h ta Lrncfrr r~titihptc rvidrnring
wch paymrnlx. Iiarrawrr shall promplly diuhargc any Ik~n whirh ha~ priurily uv~~r Ihis S~tiurily In~Wrumrnl: pruviJ«l.
~ Ihal 13orrc~wrr shal) nut tx rcyuircd to dikhargr any such IKh~ kH~g a. I~irrawrr. (a) +hall agr~ti in writing fu Ihr
~raymcm of thc c~ligaticm x~currcl by wch lirn in a mann~~r ~Yrplahlc Io l.cn~kr, Ib).hall in g~xxi failh r~~it«I su~h Ikn
by. or dcfrnd agaimt rnfi~r~ti~mcnl uf such licn in. Ic~l prix~tidin~ whkh in Ihr apinNai af I.~ixlcr i~xralc prrvrm ~tk
~ cnfimcmcnt af ~hr licn ar fi~rfriturr ~~f ~hc Pra~rly ~?r any ~~rt ~hrn~cd; ~u (r).Iwll .~tiun frum ~hr Iw?IJ~r uf.uch lirn an
~ agr~ti-mcnt in a fi?rm w~i+f•rclu~y lu IAnJrr.uFxxJina~ing+urh lirn 1~~ Ihis 5~tiuri~y Ins~n~mcnt.
If I.~nJrr drtrrmin~~. Iha1 aU ur any p:~rt uf Ihc 1'ra~rly i~ subj~til la a lirn whirh may allain a prii~rily a~~rr thi. S.tiuril~
Inslrumrnl.l.cnJrr.hall knd 13~~rrc~wrr nulirr iJrn~iPying surh lirn. li~~rr~wvrr.l~:~ll.ali.fy.urh lirn ~x Ia{,r ~+nrur u~arr af
~ ~hr arli~m~ K~ fi~rlh aM~vr wi~hin ~rn day. uf Ihr givin~; uf nulir~. OR
~ gr;x 435 P~Gf 94~
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