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ADJUSTABLE YAYMENT RIDE~t
LOAN NU-949465-9
THIS AD)USTABLE PAYMENT RIDER is made this .1~.!:!!..... day of ....~~r!,tMtstK
.
19.... 84, and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust, or Deed to
Secure Debt (the "Security Instrument") of the same date iven b the undersi ed (the "Bonower") to secure Borrower's
BEVERLY HII.LS SAVIt~GS A(~D LOAN AS~SOCIATION
Adjustable Payment Note to
(the "I.ender") of the same date (thc "Note") and covering the '
property described in the Security Instrument and located at:
...................................1707..BARTOW._STREET.?...FORT..PIERCE.,. FLORIDA 33450
lPrnrwriv Arlflroccl
The Note Contain: Provisions Ailowing For Changes In The Interest Rate And The Manti~ly
Payn~ent And For increases in The Principal Amount To Be Repoid.
The Note Also Provides For Calcutations Of Two Seporate Monthly Payment Amounts. O~e Will
Be The Amount That The Borrower Must Actually Pay Each Month. The Other Will Ba An Amount
Thot The Borrower Would Poy @ach Monfh To Fully Repay The Loan On The Maturity Date. This
Means That The Borrowe~ Could Repay Mora Than The Amount Originatly Borrowed Or That The
~orrow$r Cs~vld RepQy Tha Loan Before The Moturity Date.
ADDI770NAL COVE!v~:~tTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
and I.ender further covenant and agree as follows: ,
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of Sections 2, 3, 4, 5 and 6 of the Note provide for changes in
the interest rate and the monthly payments, as follows:
; "2. Il`"TEREST
; (A) Interest Owed
~ Interest will be charged on that part of principal which has not been paid. Interest wili be charged beginning on the
date of this Note and continuing until the full amount of principal has been paid.
Beginning on the date of this Note, I will owe interest at a yearl rate of .12 . 625 qo_ The rate of interest I will owe will
' change on the first day of the month of..MAY..1.St 19...~~..... and on that day every 6th month the~eafter. Each
j date on which the rate of interest could change is called an "Interest Change Date." The new rate of interest will become
effective on each Interest Change Date.
(B) The Index
~ Any changes in the rate of interest will be based on changes in the Index. The "Index" is the weekly auction average
~ rate on United States Treasury bills with a maturity of 6 months, as made avaitable by the Federal Reserve Board.
; If the Index is no longer available, the Note Holder will choose a new index which is based upon comp:irable
~ information. The Note Holder will give me notice of this choice.
t The most recently available Index figure as of the date 45 days before each Interest Change Date is called the "Current
; Index..,
~ (G~ Calculation of Interest Rate Changes
~ Before each Inte es Chan e Date, the Note Holder will calc~late m~ new rate af interest b addin 2 625
~1 ~25 g ~ Y g
percentage points to the Current Index. The Note Holder will then round the result of this addition to the
~ nearest one-eighth of one percentage point (0.125%). This rounded amount will be my new rate of interest until the next
~ Interest Change Date.
~ (D) Interest After Default
€
~ 1'he rate of interest required by this Section 2 is the rate I witl owe both before and aiter any default described in
~ Section 9(B) below.
R 3. CALCULATION OF AMOUNTS OWED EACH MOt\'TH
x
~ The Note Holder will calculate my Full Monthly Amount. The "Full Monthly Amount" is the amount of the
monthly payment that would be sufficient to repay the unpaid principal balance of my loan in full at the rate of interest I
~ am required to pay by Sections 2(A) and 2(C) above in substantially equal payments on ...OCTOBF•Ct••1-~t••••••••••••••-•~••••••••••,
` 20...14....., which is called the "maturity date". My tirst Full Monthly Amount is U.S. S...a~.gY2~ Before
~
each Interest Change Date, the Note Holder will calculate the new Full h4onthly Amount ~:.~hich I w~ill owe each month
~ beginning on the first mo~thly payment date after the Interest Change Date.
~
The Ful/,'1lonth/}~ Amount I oµ~e may be more ar /e~s than the amount I am required to pay each month. Section 4
he%w states the amount of m}~ monthly payment a~d how it wi!/ change. Section S below descn.'bes how• my unpaid
prrncipal balance wi// change i~the amount otmy moitthly payment and the Ful/ Month/~- Amount are ditTerent.
4. PAY1~lEh'TS
(A) Time and Place of Payments
I wil) pay principal and interest by ruaking paym~nts every month. My monthly payments will be applied to interest
before principal.
I will make my monthly payments on the first day of each month beginning an .NOVEMBER lst
.
19.....8.41 w•ill make these payments every month until I have paid all the principal and interest and any other charges
r descnbed below that I ma}• ow~e under this Note. If I still owe amoimts under this Note on the maturity date, I will pa}~
; those amounts in full on that date. Those amounts could be greater than the amount of my last monthly payment before the
maturity date.
44~ ~~U~
ADJUSTABLE PAYMENT RIDER-S~n91e Fam~ly-t2/81-~NMA UniForm Insrrument (Pian 4-Neg. Am.)
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