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Home My WebLink About0933 ~ ~ . ~ ADJUSTABLE RAT~ RIDER . ~ . . (lnterest Rat~ Limits) THiS ADJUS'TABLE RI~TE R1DER Is made this ..~~Zh.. day of ...A,eceml~~ex 19....BN ar~d 'u inco~porated into and shaA be deemed to amend and suppiement the Mortgage, Deed of Trust. or Deed to Secure Dtbt (the "Sccurity inatr~ment") of the ume date ~ven by the undersigned (the "Borrower") to cecure Borrower's Adjusuble Rate Note to . . . ~~F~X .V~~P.n . Sa~io88. .svd, ~ASO. Associat ~on . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lender") of the same date (the "Note") and covering the property described in the Security lnatume~t and located at: . . . . . . . . . . . . : . 1$~7. ~RVthxest. Axive... .~ork .Eier~ce.. F.~or~da .33k50. . . . . . . . . . . . . . . . . [Propmy Address~ . . . . Th~ Not~ coniains provision~ ollowin~ for chon~~s in th~ int~~~st rot~ ~v~ry y~ar svb~~ct b th~ iimi~s stat~d in th• Nof~. I~ th• int~r~st rat~ incr~os~s, th• dorrow~~'s monthlr po~nt: will b~ hi~h~r. If th• int~r~st ~ot~ d~c~~as~s, th~ dorrow~r's tnonthly parn~~nts wili b~ low~~. ADDI770NAL COVENAM'S: In addition to the covenants and agreements made in the Security Instrument~ Bonower and Lender further covenant and atree as foltows: A. I T RATE AND MONTHLY PAYMENT CNANGES ' The Note provides for an initial Interat rate of .~.~+OQ. ..~ri. Section 4 of the Note provides for chang~s in the interest ~ nte and the monthly payments. as toQows: ~ "4. INTEREST RA'I'E AND MON'I'HLY PAYMENT CHANGES ~ i (A) Cba~~e D~ta j j The lntaest rate l wiA pay auy change on thc first day of .....J.auuary...l 19. ..86. and on thst day ~ every lhh month then~afta. Each date on which my interest rate could change is called a"Chan~e Date." ~ ~ (S)1'Ae lsdes ~ ~ Beainnina with the fiirst G'hanae Date. my interat nte will be based on an Index. The "Index" is the weekiy average { yield on United States Treasury securitia adjusted to a conatant maturity of 1 yur. ~s made available by the Federai Resetve Boud. The most recent Index figure availsbie as of the date 4S days before each Change Date is called the "Ctinent Jndex." ! ~ If the Index is no longer available. the Note Holder will choose a new index which is based upon comparabie l 4 information. The Note Nolder wiIi give me notice of this choice. ~ - (C) Csknlatloe ot Chanta and 875 / l OQ0 Before each Change Date. the Note Holder will calculate my new interest r$t~ by adding GWR/, percentaae po~nts ~ .~:$?S~Ai) to the Cutrent Index. The Note Holder will then round the result ot this addition to the nearest one-ei~hth of one perantage paint (0.125~i). Subject to the iimits stated in Section 4(D) betow, this rou~ded amount wiil be my new ~ interat nte until the nezt Chan~e Date. , 't'tte Note Holder wili then determine the amount ot the monthly payment that would be sufficicnt to repay the ! unpaid principal balance of my loan I un expected to owe on the Change Date in fuli on the maturity date at my new ~ interat rite in substsntially equal paymmts. The result of this calculation will be the new amount ot my monthly payment. ~ (D) Ueeit o~ leterest Rate CM~ates ~ The r~te of interest 1 am required to pay shall never be increased on any singte Change Date by more than ? one percentage point (1.0+l~) (~two perantsge points (2.0~) ~Check only one box/ from the rate of interest 1 have been paying tor the precedinE twelve months. My interest rate also shall never be greater than ~ 6..00.. ~i. ~ (E) Eitcctive Date ot Ch~n~a ~ My new interest rate will become effective on each Change Dat~. I wip pay the amount ot my new monthly payment ~ beginning on the first monthly payment date atter the Change Date until the amount of my monthly payment changes ~ again. ~ (F) Notlce ot Cbanga ~ The Note Holder witl mail or defiver to me a notice of any changes in th~ amount of my monthly payment befor~ the effective date of any change. The rtotice will include information required by law to be given me and alsa the title and ~ telephone number ot a person who wIli answer any question I may have rcgarding the notice." B. CHARGES; LIENS , ` ~ ~ Uniform Covenant 4 of the Security Instrument is unonded to read as [oilows: . ~ ~ Cbanes; Leas. Bonower ahall pay ail taua, assessmenu, and other charges. fina and impositions attributable to the ~ ~ Property which may attain a priority over this Security Instrument, and leasehold payments or ground rents. if any. in th~ ~ manner provided under paragraph 2 hereof or, it not paid in such manner. by Borrower making payment~ when due, i directly to the paya thereof. Borrower shall promptly furnish to Lender all notices ot amounts due under this paragraph. ~ and in the event Bonowrr shall make payment directly~ Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shali promptly diuhuge any lien which has priority over this Security Instrument; providrd that Bonower shall not be required to discharge any such lien so long as Borrower: (a) shall agree in writing to the payment of the obligation s~cured by such lirn in a manntr acceptable to Lender: (b) shall in good laith contest such lien by, or defend against enforcement of such lien in~ legal procadinas which in the opinion of Lenderoperate toprevent the enforcement of the licn or forfeiture ot the Property ar any part thereof; or (c) ahall secure fram the fiolder ot such lien an ! agreement in a form satisfactory to I.ender subordinating such lien to this Security instrument. ~ E !f Lender determines that all or any part of the Property is subject to a lien which may attain a priority over this Sccurity E Instrumcnt. Lender shal! send Borrowtr notice identitying such lien. Borrowrr shall satisfy such lien or take one or more of the actions set forth above within ten days of the giving of notice. . T BILL Fus oos ose4 : ADJUSTASLE RATE RIDER - ~aAd A-3~-~-4 Faiwlr-9/ A3-FNMA Unlfonn Insfrurnsnt Form No. A 311-3 ; •s : . soo~ 4~i ~u~E ~33 ~ ~ - ~ - - . . _ . f. ~