HomeMy WebLinkAbout0961 ~.~~zjesj uaoa. oui?'unci u~~ail Nay ali :.axC~t~ tr3~e`smeri~s~ ar~ OLner cnarges, i1f123 all0 1111P031L1Of~9 }
~ attribu.,able to he Prcperty ahich may attain a priori..y over this Security Instrursent, and leasehold paymen,.s or
~ yround rents if an in the manner rovided under ara ra h 2 hereof or if not aid in such manner b Borrower
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z making payment, rrhen due, directly to ~he payee thereof. Borro++er shall promptly furnish to Lender ali notices
of amounts due under this persgraph, snci in the event 9orroNer shal? make pa}ment directly, B~rrower shall
promptly furnish to Lender receipts evidencing such payments. Borrov+er shall promptly discharge any lien rfiich
tias priority over this Security Instrument; however, Borrower shall not be required to discha;ye any such lien so
long as Borrower: (a) shall agree in ~rriting to the payment of the obligatim secured by sucli lien in a manner
acceptable :o Lender; (b) shall in good faith contest such lien by, or defend against enforcement of such lien ~
in, legai proceedings ?rhich in the opinion cf Lender operate to prevent the enforcemerrt oF the lien or forfeiture ~
of the Property or any part thereof; or (c) shall secure from the holder of such lien an agreernent in a form
satisfactory to Lender subordinating such lien to this Security Instrument.
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~ If Lender determines the: all or ~y part of the Froperty is subject to a lien tihich may attain a priority over
this Security Instrument, Lender shall give Borro~er a notice identifying such lien. Borro?+er shall satisfy such
_ lie~ or :ake me or more of the actio~s set forth above wi:hin ten days of the giving of the notice.
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Docur.~entary Stemps are based on an unpaid princioal balance of$41,D1:U,0U 6~~6~~ (;NqRM
l1D.XlSTII~E RATE RIOE7t
THIS ADJiJSTABLE RATE RIDER is made this ~ dey of - u- -f ~ 1984~ end is incorporated into
and shall be deemed to emend and supplecnent the Mortgege~ (the "Secur ty Instrument") dated March 22, 1984~ rhich
Hortgage is recorded at O.R. Book 427, Pege 2771, of the Public Records of St. Lucie County~ Florida, Nhich
Mortgage is being assumed by the unciersigned (the "Borrower") end ~vhich Nortgage shall stand as security for an
AdjuaLable Rate Note to FIRST CITIZEkS FEDERAL SAVINCS APD LOAh A55(xIATION (the "Lender") of the sarre date aa / lJ _
this Rider end covering the property described in the Security Ins:rwaent end located at: ~pl~
1341 S1V Neather Street. Poc' St. Luc.~, ;;452
(Property Address)
The Nots cantairr provisio~s a1loMing far clw~gns in tAs inte~ast rate. If the interest rate
incre~es, the 9arrores's ~ontltly pay~eats Ml11 6e hi~. If the intsret rata decrs~ss. the
8orroMSr's ~or~thlr psy~en~ts rrili bs laaer.
ADDITIONAL COVENANTS. 1n addition to the covenants end agreements mede in the Security Instrument, BQrrower
and Lender further covenant and agree as follovrs:
A. IIfTENEST RATE AI~ FQlTt~r PAYIEI~!!T CNIII~S
(he Note provides for en initial interest rate of eleven percent (11.OS). Section 4 of the Note provides for
changes in the interest rate and the monthly peyments, ag follovrs:
4. Ib(TEHEST RAiE MD !~lTFLr PArlE?IT CIiANGf3
(A) Chargs D~kes
The interest rate I will pay may change an i.iic is~. day of Auqust, 1985, and on that day of the month every
tv+elve (12) months thereafter. Each date on v~hich rtry• interest rate c~uld change is called a'C hange Date."
Ths Inclex
Beginning xith the first Change Date, my interest rate will be based on an "Index." The Index is the rieekly
average yield on United States Treasury securities adjusted to a constar~t maturity of one (1) year, as ~aade
avail~le by the Federal Reserve Board. The most recent Index figure available as of 45 days before each Change
~ Date is callcd the 'C urrent Index."
~ If the Index is no longer av~.ilable, the Note Holder ?rill choose a ~ew index which is based upor? comparable
informetio~. The Note Holder w~~~ yivc ~~z notice of its choice.
; ~ ) Calculatim of Ch~ngs~
k Before each Change Date, the Note Holder will calculate rtry rew interest rate by adding Two and 75/100
s percentage points (2.75X) to the Current Index. The Note Holder will then round the result of this addition to
~ the nerest one-eighth of one percentage point (0.125A). This rounded amaunded Mill be my ne?+ interest rate ~ntil
[t` the next Interest Change Date. The interest rate adjustment may be in the form of a rate increase or a rate
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