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HomeMy WebLinkAbout0957 ~ - ~ GLE11t]ALE FEDERAl. ~ ADJUSTABLE MORTGAGE LOAN RIDER ~ NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH ' CONTAINS A PROVISION ALLOWIN~i FOR CHANQES IN THE IN- ~ TEREST RATE. INCREASES IN THE INTEREST RATE MAY RESUIT IN HIGHER PAYMENTS AND/OR iNCREASES IN THE PRINCIPAL AMOUNT TO BE REPAID. OECREASES IN THE INTEREST RATE MAY RESUI.T IN LOWER PAYMENTS. Tt~is Rider is made this 2.5 th day of J une ~ 19 8 4 , and is incorporated into and shall be deemed to amend and supplement the Moctgage, Deed of Trust, or Deed to Secu~e Debt (the "Security InstrumenY') of the same date given by the undersigned (the "Borrower") to secure Bor~ower's Note to GLENDALE FEDERAL SAVINGS AND IOAN ASSOCIATIQN (the "Lender") of the same date (the "Note") and covering the property described in the SeCUrity Instrument andlocatedat 8105 Ft. Pierce Blvd.._ Ft. Pierce. Florida 33451 Property Add~ess ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and ~ Lender further covenant and agrees as tollows: _ A. INTEREST RATE AND MONTHLY PAYMENT CHANGES ~ The Note provides tor an Initial Rate oi Interest of la. ~00 96. Section 2 through 5 of the Note provideforchanges in the interest ~ate and the monthly payments, as follows: "2. INTEREST . (A) INTEREST OWED Interest will be charged on that part of principal that I owe under this Note which has not been paid, called the "Principal Balance." Interest will be charged beginning on the date 1 receive principal and continuing until the full amount of principal has been paid_ geginning on the date of this Note, I will pay interest at a yearty rate of 10 . 5 00 96 (the"Initial Interest Rate"). The interest rate that I will pay will change in accordance with Section 2(C) of this Note until my loan is paid. Interest rate changes may occur on the f i r S t day oi the month beginning on , J u lY 1, 19 8 5 and on the same day of the month every si x months thereafter. Each date on which the interest rate may change will be ~ called an "Interest Change Date." The interest rate required by this Section and Section 2(C) of this Note is the rate I wilt pay both ' before and after any default described in Section 8 of this Note_ ~ (B) THE INDEX Any changes in the interest rate will be based on changes in an interest rate index which will be called the "Index". The lndex ~ isthe: ~lIDplP Average of the discounts from face val~e exnressed as an annual ~ rate of discount of the last four (4) most recently published auctions of ~ tt_ S Treasury Bills having a maturit~ of twenty-six (26) weeks. The - index is published weekly in Federal Reserve Board Statistical Release G.13(415) and under "Money Rates" in the wall Street Journal. The most recently available Index figure before each Interest Change Date is called the "Cu~rent Index:' If the index ceases to be made available by the Federal Reserve Board, or any successor to ttte publisher, the Note Holder will set the Note interest rate by using a comparable index. (C) SETTING THE NEW INTEREST RATE _ There is no interest rate change for the tirst twelve (12) months of my loan. During this period, I will pay interest at the Initial Interest Rate of ~S.p.ppercentage points ( ~ B ` To set'the new interest rate for the first Interest Change Date on -T» 1T 1 ~ 1 9$ 5 , and for each Interest Change Oate every six (6) months thereafter, the Note Holder will calculate my new ~ate of interest by adding S per- centage points ( 2.25 96) to the Current Index. The Note Holder will then round the ~esult oi this addition to the next highest ~ on~quarter of one percentage point (.2596). This rounded amount will be my new rate of interest until the next Change Date. ; The rate of interest 1 am required to pay shail never tie more than five percentage points (5%) aboveor belowfhe Initial Interest ~ ~ Rate. lf my new interest rate as calculated above exceeds the upper or lower limit of the interest rate, my new interest rate will be ~ equal to the upper or tower limit of the interest rate, as applicable. 3. TIME ANO PLACE OF PAYMENTS ~ I will pay principal and interest by making payments every month. 1 will make my monthly payments on the f i rst ~ day oi each month beginning on Au~ust 1~ 19.$4 . I will make these payments until I have paid ~ all of the principal and interest and any other charges, described below, that I may owe under this Note. If on ~ J u~T_0 2 4 , 1 still owe any sums under this Note; I will pay those amounts in full on that date which is ~ called the "Final Payment Date". I will make my monthly payments at 301 EAST LAS OLAS BOULEVARD, FORT LAUDERDALE, FLORIDA 33301 or at a different place if required by the Note Holder. ~ ~ . 06?438-2 gooK 436 PA~E 958 ~ (iF FLS013S 10~q 1 Yr F6ad ANl NoM W~n 3~ ' ~ _ ~.~~x„~,~ ~ _ - _