HomeMy WebLinkAbout0916 ADJLISTABLE RATE RIDER
LOAN NUMBERi 1-0000302-6 (1 Year Index-PRyment ~s~p)
THlS ADJUSTABLE RATE RlDER is made this 9th day of Novemb~r , 19 84 , and
is ina~rporated inco and shall be deemed co amend and supplement the Mortgage, Deed ot Trust or Security Deed
( che "Securicy Instrument") of the same date given by the undersigned ( the "Borrower") to secure Borrower's
Adjustable Rate Note ( the "Note" ) to CWARTER SAV I NGS AND LOAN ASSOC I AT I ON OF FLOR I DA
(the "Lender") of the same date and oovering the propeny
described in the Security Instrument and Ixated at:
XXX Lucero Street Rort St. Lucie Florida 33455
(Propeny Addrcss)
TNE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES
IN THE INTEREST RATE AND THE MONTHLY PAYMENT. Tl~E
BORRON%ER MAY L:M1T MONTHLY PAYMENT INCREASES TO
7y4% EACH YEAR IF THE PROVISIONS OF THE NOTE PERMIT IT.
ADDITIONAL COVENAN7'S. In addition co the covenants and agreements made in the Security Instrument,
Borrower and Lender further rnvenant and agree as follows:
A. IIVTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of 12. 250 9b. The Noce provides for changes in the interest rate and
the monthly payments, as follows:
4. 1NTEREST RATE AND MONTHLY PAYMENT CHANGES; BORROWER'S RIGHT TO L1MIT PAY-
MENT
( A ) Change Dates
The interest rate 1 will pay may change on the first day of November , 19 B5 , and on
that day every 12th month thereafter. Each date on which my interest rate oould change is called a"Change Date."
( B ) The index
Beginning with the first Change Date, my interest rate will be based on an lndex. The "Index" is the weekly
average yield on United Seates Treasury securities adjusced to a cons[ant maturity of 1 year, as made available by the
Federal Reserve Board. The most recent Index figure availabie as of the date 45 days before each Change Date is
called the "Current I~~dex."
[f the Index is no longer available, the Note Holder will chaose a new index which is based upon comparable
information. The Note Holder will give me notice of this choice.
'i (C) Calculation ot Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding
~ Two and Three Quarters percentage poinu 750 gb) 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°~b). This rounded
I amount will be my new interest rate until the next Change Date.
! The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the
~ unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in
t substantially eq~ai payments. The result of this calculation is called the "Full Payment." It will be the new amount of
! my monthly payment uniess I ~hoose the amount permitted by S~ction 4(F) below. '
~ ( D 1 Fifective Date of ChanQes
~ My new interest rate will become 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.
( E ) Notice of Changes
~ The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my
mc~nthly payment before the eti'ective date of any change. The notice will include information required by iaw to be
~ given me and also the title and telephone number of a person who will answer any question i may have regarding the
~ notice.
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E (F) Borrower's Right to Limit Monthly Payment
k Unless Sections 4( H) and 4( I) below will not permit me ta do so, I may choose to limit the amount of my new
r munchly payment following a Change Date to the amount I have been paying multiplied by the number I.~J75. This
amuunt is called the "Limited Payment." tf I choose a l.imited Payment As my monthly payment. I must give the
~ Note Holder notice that t am doing so at least IS days before my first neR• monlhly payment is due.
{G) Additions to My Unpaid Princip~l
f
~ If I choose to pay the Limited Payment, my monthly payment could be less than the amount of the interest
~ portion of the monthly payment that would be sufficient to repay the unpaid principal I owe at the monthly payment
~ date in full on the maturity date in substantially equa! payments. If so, each month chat the Limited Payment is less
~ than thc intcrest portion, the Note Holder will subtract the Limited Payment from the amount of the interest portion
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