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HomeMy WebLinkAbout0980 . ~ ~ ~ _ - _ _ ~ ' 4 . , ADJUSTABLE RATE RIDER ? MONEYSAVER MORTGAGE - ~ . - ! TH[S ADIUSTABI.E RATE RIDER is made this 18th day oP JUNB ~ ~q 84, : ; and is incorporated into and shall be damed to amend and supplemcnt the Mortgage, Dad of Trust, or Dad to ~ Secure Debt (the "Security InstrumenY') of the same date given by the undersignod (the "Borrowe~") to socure Borrower's Adjustable Rate Note to CITICORP SAVINGS OF FLORIDA, A FBDERAL SAVINGS i ~ LOAN ASSOCIATION ~ (the "I.ender") of the same date (the "Note") and covering the property described in the Security Instrument and located at: ~ ~ 1658 OCEAN LANE PORT ST. LUCIE, FL 33452 ~ ; (Ptoperty Addras) _ • , j THE NOTE CONTAINS PROVIc!nNS ALLOWING FOR ~ ~ CHANGES IN THE ;;~TEREST RATE AND MY MONTHLY PAYMENTS EVERY YEAR. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A, iNTEREST RATE AND MONTHLY. PAYMENT CHANGES ~ The Note provides for an initial interest rate of 11.625 Section 4 of the Note provides for changcs in the interest ? rate and the monthly payments. as follows: ; "4. INTEREST RATE AND MONTHLY PAYMENT CHANGES . _ ~ (A) Cbange Dates 3 The interest rate I will pay may change on the first day of JULY . 19 85 . and on that day every 12th month thereafter. Eaeh date on which my interest rate could change +s called a"Change Date." ~ (B) The Iadex ~ Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the wakly average yield on United States Treasury securities adjusted to a constant maturify ot 1 year, as made available by the Federal Reserve Board. The most recent Index Ggure available as of the date 45 days before each Change Date is called . the "Current Index." If the Index is no tonger availabie. the Note Holder will choose a-new index which is based upon comparable information. The Note Holder wiU giv~ me notice of this choice. (C) Glculation Oi C'hanges - Beginning eleven (I 1) months from the scheduled date of my tirsl monthly payment, and on that date every twelve (12) months thereafter the Note Holder will recalculate my interest rate based on changes in the index. Eleven (11) months from the schedulcd date of my first monthly payment my new interest rate wiii be calculated based on the # difference between the init~a~ index and the current index. If the current index is higher than the initia) index, the difference will be added to my initial interest rate. If the cunent index is lower than the initial index. the difference will be subtracted from the initial interest rate. The result will be rounded up 1o the nearest one eighth of onc per cent ~ (.125~!Lb). This will be my new interest rate fer the next twelve (12) months. Twelve.(12) months from my first Change ' Date and every twelve (12) months thereafter my new interest rate will be calculated based on the difference betwcen ~ r the current index and the initial index. If the current index is higher than the initial index, the difference will be added to my initial interest rate. If the current index is lower than the initial index, the difference will be subtracted from my ~ ~ initiai interest rate. The result will be rounded up to the nearest one eighth of one per cent (.12596). This wiil be my new ~ interest rate for the next twelve (12) months. After my new interest rate is determined. the Note Holder will then ~ calculate the amount of monthly payment of principal and interest that will be sufficient to repay the unpaid principal balance remaining at that time in full on the maturity date at the new interest rate in substantially equal monthly payments. The minimum adjustmcnt (up or down) is one eighth of one per cent (.125%). The. iNITIAL INDEX on my mortgage loan is 10.94 (D) lnterest Rate Cpps - A maximum change (up or down) in my interest rate per twelve months, as well as a maximum rise of my interest ~ rate over the term of the loan exists. These rate caps work as follows: The maximum interest rate change (up or down) ~ in any twelve (12) month period is thrce quarters of one per cent (.75%). The maximum rise in my interest rate during ~ the term of my loan is three and one half per cent (3.5%) above my initial interest rate. ~ (E) Eftectire Date Of Chaages ~ My new interest rate will ba:ome effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment ~ changes again. ( F) Notice of Changea ~ The Note Holder will mail or dcliver to me a notice of any changes in thc amount of my mOntt~ly paymen! before ~ the effective date oF any changc. The notice will include information required by law to b~ ~iva~ n~e ar~ also the title ~ and telephor.e number of a perscm who will answer any qucstion 1 may have rcgardiq~.,th~,poticef" , ~ B. CHARGFS; LIENS ' ` ` ~ Uniform Covenant 4 of the Security Instrument is amended to raad as follows: ~ 4. C~arges; Liens. Borrower shall pay al) taxes. assessments, and other chargcs, fines and impositions attributable to ~ the Property which may attain a priority over this Socurity Instrument, and leasehold payments or ground rents. if any, ~ in the manner provided undcr paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when ~ due, dircctiy to the payee thereof. Borrower shaH ~rotnptly furnish (o Lender all noticac of amounts due under thia ~ f ; ; ~ '1'~~ . ; ' 80~1( ~h)cJ PAGE ~~g ! ADJUSTABLE RATE RIDER - MONEYSAVER -11/83 ~ _ . . . , . _ ~ ,n,~, ~ :~~i ~~T:~: ~ ~,r , _