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Home My WebLink About0924 ADJUSTABLE RATE RIDER ~ LOAN NUMBER: 1-000a31a3-9 t'ear Index-Pa~~ment Cap) THIS ADJUSTABLE RATE RIDER is made this 9th day of Novemaer , ~9 84 , anJ is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed ( the "Security Instrument") of the same date given by the undersigned ( che "Borrovrer") to ucure Borrower's Adjus~able Rate Note ( che "Note") to CHARTE R SAV I NOS 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 tocated at: XXX Todd Street Rort S~. Lucie Florida 33455 ~ Property Addrcss J THE NOTE CONTAINS PROVISIONS ALL.OWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE BORROWER MAY L:MIT MONTHLY PAYMENT INCREASES TO 7y496 EACH YEAR IF THE PROVISIONS OF THE NOTE PERMIT IT. ADDRIONAL COVENAIVTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further oovenant and agree as follows: A. INTEREST RATE AND MONTHi.Y PAYMENT CHANGES The Note provides for an initia! interesc rate of 1 c^. 25id The Note provides for changes in the incerest rate and the monthly payme~ts, as fotlows: 4. INTERFST RATE AND MONTHLY PAYMENT CHANGES; BORROWER'S R1GHT TO LIMIT PAY- MENT (A) Change Dates The interest rate I will pay may change on the first day of November , 19 85 , and on thac day every 12th month thereaRer. Each dace on which my interest rate oould change is called a"Change Date." ( B ) The lndex Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yieid on United States Treasury securities adjusted to a oonstant maturity of t year, as made availabie by the Federal Reserve Board. The most recent lndex figure available as of the date 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable inf'ormation. The Note Holder will give me notice of this choice. (C) Calculatiun ot Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Two and Three Quarters percentage points ( 2. 75tZ~ °b) 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%j. T'his rounded amount will be my new interest rate until the next Change Date. - The Note Holder will then de[ermine the amount of the monthly payment that would be sufficienc 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 substantially equal payments. The result of this caiculation is called the "Full Payment." It will be the new amount of my monthly payment unless I choose the amount permitted by Section 4(F) below. (D) ERective Ds~te of Changes My new interest rate wiil become effective on each Change Date. 1 will pay the amount of my new monthly ; payment beginning on the fi~st monthiy 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 " monthly payment before the effective date of any change. The notice wiii inciude iniormacion 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. (F) Borrower's Right to Limit Monthly Payment Unless Sections 4( H) and 4( I) below will not permit me to do so, 1 may choose to limit the amount of my new monthly payment following a Change Date ro the amount I have been paying multiplied by the number 1.075. This amount is called the "Limited Payment." If 1 choose a Limited Payment as my monthly payment, I must gi~e the Note Holder notice that I am doing so at les~st IS days before my first new monthly payment is due. . (G) Additions to My Unpaid Principal If I choose to pay the Limited Payment, my monthly payment oould be less than the amount of the interest pe~nion 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 equaf payments. if so, each month that the Limited Payment is less thar~ the interest portion, the Note Holder will subtract the Limited Payment from the amount of the interest portion MULTISTATE AD,IU8TA8(,E RATE RIpEp-1 YNr Tt~swry h1d~x-Si~le Fartwly-FMMAiFHIYC UnNwrn insttwr~wtl Fwm 310t t2i83 ~ 30~K ~t4~ PaGE Jl,, J ~ ` ~-56A ((II.S~III(Y,IFDBI,SIhtSSf/Jlt\lS.l4C. MI.(tFNfK,111CN(,M1~A046 (fIS~79I~70U r i i ~ ~ _ _ ~ - ~ ~':a~.,,,.t ?'x>; ?i~~'-~ ' • ^'4 * ~ ~ s