HomeMy WebLinkAbout0920 Addendum To Ac~u:tsbh Rate Rlder
~F~~rci~Rate Convers~un Option)
This Addendum to AdjustaWe Rate Rider (The "R~de~ 1~s ~~ad~ ~n~s _ 23rd day ot
Jan~Y i g_ 85~_ an~i +s incor~orat~d ic> amf~nd anci ~,u~~~~~r.nu~~~t tne R~der to Ihe Mortgage. Deedot
Trust. or Deed to Secure Deb1 (The 'Secw~ty lnslrurneN ) each ot wh~ch bears the samc~ ciate sh~wn above and is given by the
undersigned (The ' Borrower i to s~cur~ Bo~rower s Ad~ustable Ra!e Note t~, _~T B~NK OF ST. L(1CZE
COLJNPY !Tr~~ Lc~ndc•r ~ of the same date (The "Note' 1
and covenng the E:ronerty descr~bed m ihe Secur~ty Insirumern and I~r~~ird .~t
1934 Morningside Blvd. P~rt St. Lucie FL 33452_ _
, . ~ .
ln addition !o the prov~s~ons contamed m the Rrder. th~s addendum may pe~mrt thn R,~rr~nti-er te>convert the ad~ustablerateloan mto
a lixed rate level payment tully amorl~z~nq loan
Ad~Uo~atCovenants. ~nadd+l~ontothecovenaMSar~iaq~eemenlsmade;ntnr~c u~rtvlnslrumt~nt~ndtheRider.Botrowerand
Lender further covenan! and agree as toUOws.
A. OpNon to Comert To Ftxed RNe; Conditlo~s To Optlon
t. Except as prov~ded m Sec~~cn A? Ceiow and net~~~~lhstand~~~g any!F~~ny to the conhary ~n the Note or the R~der, i may ChoUSe
to convert my ad~ustab~e rate ~nterest paymenl5 to f~xed rale mt~~res1 payments as c~f 1n~ hrst ciay F~~~
i9 or as ut that dav th~ ~~m~• mun~n c~ ~~-~c t~ n! m~r toi~~w~n~ calendar years
Each date as ot wn~cn t couici chuc~~r~ to a~nven my ~n;ErrF~~! rayr~~'nt~, r~~~ ~~r, F^•,~un U.+ft~ 'ht~lasf poSSibiBCOnversion ~
Date ~s Febrttarv 1---- - t9 44---
I1 I C1100SB IO tl~~ikC fhi~ .^n'Jr'rSK;fi I!nUST C~vt' ;h~~ L~."7i'-C ~;'~:~C~: Ih2} ~~1 i':: !~~s? 30 days before the next
COf1V@~SIOt1 ~818 (7hC ' E'!CCt,v;' CC1nv~rs~0~ i?dt~' t I~I ;p ml~ct ~~q~ e^d q:rE'101h~ L+~~' 1~ ~1; i~1v'nl m any form ihat the lender
mayrequirC.Chang~ngrh~~le!ms ~t!h~,N~t~a~,n~GF~5ti;3rYt~~qrveE~!t~~tic~fhCCOnv~~~'•~~r, Eie~:~~'~~~~ni~w~thlhcEffecirveConversion
Date, +1 such cenvers~on has beer : hesen my mterest ra'e ~v~tl re eq~.~a~ to the Federa: Nat,ur,a~ ^.1ortgage Association's publ~shed
requ~red Nei Y~eld tor 30-vear f~red rale mo~igaqe~ co~.~r~~f hy 60-day mandat~~~• de!ive~v c;~~ m+tment, that was in etfect as o(
the date 45 days bE:tore 'he Et?~,c;t,~-~~ C:~rncr5~~n Date ~'~~s 3 8th5 ot onE~ perc~'nt i 3i 5°,~. It suCh requ~red Net Yieid ~s no?
ava~?atrle. the lende: .~~;t' ~7r;ert^inc~ m~; nr,~y t~xed irnc:r~st t81P bY US~n? ~;'pntpA~ab;P !~~;;i('
2, If the unpa~d pf~^:. ha'a~~r,~• uf my (oan on !he E'rc~c'~4c~ Conve~s~on natf .~:;1 hf~ ,~~r~,~!~ r than the onginai pnnc~pal
amount ot my i~an. lendE•r rn~, requ~re that a q~~a4f,~~i rr~a~ F~sta!r~ <~nura~sr~ cno~~~~; h~ ?h~~ l f~ncf~_~r ~;~e~~ar~ a~ appraisa! report an
the vaiue oi tne SPCU~~~d p~~:C~'r!~ i:V~~' n3. "~e_ L!'n(1E'/ c~ IG~3SUnAh~E' ~CE' t0! 'hiS ~3I)I'r,!!S~i! ~E•ti, it t!,~. ;,n~~a~d prmc~pal balance ot
my ioan on the Ettectrve Cu~ve~s!on Da'e wu' h? ~n ~mount Gre~ter than 95°.c ^"h,, va!ue u` !he pr~~~~erty secunng my ban, as
estab~~shed by tne appra~sa' tt~pC~r~ 1 will n~~? nAV~' ~h~ OL~1ivn l~~ COn•~e't my ~d~'.~~,'~lb'~ ' ~nt~ ~~1tit ~;~Vments desCnbed m Section
A1 ebOVE UnIE~SS I p~y Ih~ lend~r an amoi;nt SUIf~G~c.'~ll 1~~ ~!'~!UGC lhn ~~~~;~,~i ~>,~'~nr~ to that amDUnt.
AddendumToAd~ustableRateRider-1Yr~arTrea;ury~ndexri-~thG,:rvcu.~-^~';::~;~.3 A4(fc~iuSev~~~thFNMAARMP18n5
A-~. A ? and A-31
B. Determf~etion Of New Payment Amount
i, , , ~ ~ ~ . Cf , A ; h~,. , ,~,r~ ~ , . !i thr.^ determ,ne ihe amount of my
~ Ch005~".'t C:,^;,F••i <9 ~rr~~: r ~'E' n . ' Y riE,~! ~r . . 3 .
monthi~- pay~^c~nt tna: :~.r~~i~ b<: ~u+t~c~~~r~~ thc~ unp~r~~t : ~ ~,a~ t,a!a:,;, ~~~,:~~ctc~~_t to owe ~n 1hp Ettect~ve
~Or1Ve~sonDat~~nr~yp..~e.,~...,~r~~.,e,~r+~e,~-~+^-~r:~.,•.~rtnrn~tl~•r r~UhS'.3.,'~n~,n,~,..? : •r,••• Th,•r~suitottn~scalculationw~ti
bP. ~fl° '1F~W 2~^C)L'~i~ ,7i ...'U1'.~:'Y G81''~~(~~~t i ~ hrn ~ i'~J('Y. P~`~/f.~f~,r .
C. Payment of New Payment Amount; Contfnustion OI Fixed Rate
Beg~nn~nq w:'h ~'~i rT'~'1'h~~ il;~`yfP~'!11 1f18~ hf'l;Oil~r?S ~j~{~, ~q~! C!t~ . . (.;n,, f~ ~~,i~f` I ~ti'i~~ ~f 1 have chosen the
~ ~O~CgOI~Q COI1VCtS'.~'n :~a'~J IhF? ~Jr~v1 P~yrr.~r'll ~1.r''?O'i!ll 3S tTl`/ ~~lnn!~,",' I~~1v:r,nni ~f^•<11~ir~ .•~•i~r~~',1 I~~~y :Vil! (101 Ch~(1gC' ff0(Tl~fl@fl7(G'(~,
~ ~
' rete establ~gh~r1 F t~~r'~v~ C; nv~rs~nn i)a?c
i D. Payment of Conversion Fee
FCI ChOC` ^c7 ?C: ~:r?Ve~T f^y' .1~:'iiG'2t.'I[? ~~~d' IiB~f"Cf11q 'ri • n!~ t`A'. ~ '1'_ .lc, ~~,~.r~(?(~ ~Ibq':C ~ Wi~~ ~?8)/ t~ ~811~( 8
( C0f1V2fc;on fee e~uai to on~ and o~E~ `1;~If ~~C~r~~~nt ( 1 5'c? Uf 'h~~ I j'' C~` I ,:'E3!'h~' T~'~~ `he' E1}t?C~'vQ ~onvers~on Date, has not
€ been pa~d r,lus U S sy~4.~ I W~~I ~~%3; 'h~ rcr,~nr~i0n fPE~ On n~ h~ !r:,n +hF ;fn,~' nf f~~<,r ,,,,;.~th!v naymern that becomes due afler
3
~ the Ef!f~crve C~~~~~er5;u~,
E. Notice By Lender
~ BC'10rF` ihC 7d`f~ r~~ ..,,y !„~r rr~;;n'^'v (i:3;",,-',' !h~3? bl~C(`r'Zr'S ~i, a~~~,~ .ti~. t r~~.-~.. r, i:•:nv~-~~„n Dat~ the Lende~ will ma~1 or
d@!~V~.'f l0 Rl~ 8 nr.tr,E' 2f my ~FY~ +n1t~rF~~' ~F'i'~' ac ~?f !hC Ff?c ri~\~n (;~~„VE_'rc:7^ Qa!~' 11t' a~nc~.;nt of my N~~nr hlonthly Payment, ihe
8Ri0U~11 Ot CO~v.°~St,)n }cg ~;~~1F~ !-r~~ 'hil~ 1~, d8~'S ~f~;'~~!``P Lr nr!~~~ q~v~s methe not~cel by which I must sign and
t g~ve in~ Lender a`~O~ ,r'.Frl! 'Tlak i~l(~ ~~~~t i.hr ~'.3'": 1(~ ihn RJn?f~ [~•l~ Ht~"'~'~E'S~%,' 1'~ (i~, *."'1:' }!l~' new t~xed mterest rale The notice
' w~~I mciude a~l intorm;~!~~i•, rfrra:;~reci r,y ~a.: i:~~ ~~n m~ „nri a~- ,e~,; e+., ,.,i~„ n1 a pe~scn wFx~ w;N answerany
queshon I may h~ve r~~a~d~ny Ih~• n~,,~ ;
F. Failure To Choose Convers~en
~f I do no! at :eas' d8y'c h~~nr~~!hn';.5' '','t'%F ~.~r•~r:r~')~; l a'~ ~ } r S•~c~ atxive. g~ve r.oticetothe Lenaer
Ih21 I choose to conve~t my ad~ustab~.<~ !dt~"n?rrCS! ~~AyninntS iC3 s,,,,^ raif' ~nlf°rr~:.t ~~7,•~~?r•,!c An(j C1C ihle 01h@f 1hif19S IF18~ I fT1US1 d0
U(1.~E'~ .~C?~0l1 ~1 8~':'? :'!~`h~f~ fhr~ ~j~ i;hr;jh'(~ h~,n: -~~nr-;1!r~ij in ;~~i ~('(~~{~r~ .,~I nr~ inr~y.r hr~Vr? me nght to choose such a
Convers~on o` ~n'eres~ :~a~R~~~~'= W ~nn Z~ 1Y~ •U7
. ~~-rn 68y6'?SO
In Wltl1l~ls The?eot, E3~•rr~We~ h~l~ ~xE,r!,tcri thi A~r~,,,',~ ~'LLU -
ROGEP, Y~ . ~
~-.J ST. LUCtE ~~:%L'~ .
--1 !S~ai, - - - (Seal)
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:Y.~ G. eo-,:~,,.~„ Eo~row~,
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_ !SeaU - - ~ ZSl~ ~i:.l--- (Sea~)
~:~i_.~ORAFi TtJRNER 8~,,,c;w~~ ea~owe~
Addendum to Ad~wtebie Rate Rider - t Yea~ 7rE~asury ~nd~x .v~+h Gonvt~rs~nn (~pt~on 3/84
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