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Home My WebLink About0945 ADJUSTABLE. ~tATE ~I~ER (Interest RaE! Limits} i THIS ADJUSTABLE RATE RlDER is made this ..31...., day of ....J~??!?~?~! 19.85,, 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 thr same date given by the undersigned (the "Borrower") to eecure Borrower's Adjustable Rate Note to . . . . F.T,RST. k`.~DEI..LTY. SAYINGS ,A~VQ I~C1L1I~1 ASSOCIA,TI(y11 . . . . . . . . . . . . . . . . . . . . . . . . . • • • • • • • • • • • • . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the •`Lender") of the same date (the "Note") and co~~ering the property described in the Security tnstument and located at: . . . . . . . ~.7.74. I"~Dt}1 ~I1Q . . . . . . .POr~ .St.. I~l1C1L',. .FlC~I~ . . .3~+52 . . . . . . . . . . . . . . . . . . . . . . . . . . . - (Property Address~ ~ ~ ~ ~ ~ Th~ Noto tontains p~ovlsions atlowing for chang~s in th~ int~r~st rat~ ~v~ry y~ar sub~~ct fo th~ timits stot~d in th~ Noto. tf th~ int~r~st rat~ incrsas~:, th• Borrow~r's monthlr poym~nts wi!! b~ hlgh~r. If th• ini~r~sf rot• d~c~~s~s, tho Borrow~r': monthly pormints will b~ lowor. ADDRIONAL COVENANTS: In addition to the covenants and agrcements made in the Srcurity lnstrument, Borrower and Lender turther covenant and agree as tollow~s: A. INTEKEST RATE AND MONTHLY PAYMENT CHANGES ~ The Note provides for an initial interest rate of .11.A ni. Section 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: "4. 1N'fEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of ......Eeb~rl~ary 19. 86 and on that day every 12th month thereafter. Each date on which my inttrest rate could change is calted a"Change Date." (B) T6e Index Beginning with the first Change Dat~, my interest rate wili be based on an Index. The "lndex" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of I year, as tnade availabie by the Federal Reserve Board. Th~ most recent Index figure available as of the date 4S days before each Change Datc is called the "Current lndex." If the Index is no longer available, tht Note Holdtr will choose a ntw index which is based upon comparable information. The Note Holder will give me notice of this choice. ' (C) Calcul~lion ot C~aaga Before each Change Date, the Note Holder wiU calculate my new interest rate by addin@2.f375 . percentage points (.2.$7.~ . R~) to the Curront Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125~Je). Subject to the limits stated in Section 4(D) below. this rounded 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 balance of my loan 1 am expected to owe on the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthiy payment. (D) Limit on lntercst R~tt Chsngss The rate of interest I am required to pay shalt never be increased on any single Change Date by mort than ? one percentage point (I .0°li) ~ two percentag~ points (2.0%) (Check oaly on~ boxJ from the rate of interest 1 have been paying for the preceding twetve months. My interest rate also shal! never be grrater than ..1fi.D..~/o. (E) Eftect~ve Date of Changes i My new interest rate will become eff~ctive on each Change Date. 1 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. , (F) NoUce ot Cbsnges The Note Hold~r will mail or deliver to me a notice of any changes in the amount of my monthly payment before the effective date of any change. The notice will include information requir~d by law• to be given me and also the title and teltphone number of a person who will answer any Question I may have rcgarding fhe notice." B. CHARGFS; LIENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: 1. Cbarges; Lras. Borrower shall pay all taxes~ assessments, and other charges, fines and impositions attributable to the Property which may attain a priority over this Security Instrument, and leasehold payments or ground rents, if any, in tfie manner provided under paragraph 2 hereof or~ if not paid in such manner, by Borrower making payment, when due, ~ directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, s and in the event Borrower shall make payment directly~ Borrower shall promptly furnish to Lendtr receipts evidencing such payments. Borrowtr shall promptly discharge any lien which has priority over this Security Instrument; provided - that Borrower shall not be required to discharge any such tien so tong as Borrower: (a) shail agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lendrr: (b) shall in good faith contest such lien ~ by~ or defer~d against entorcement of such lien in, legal proceedings which in the opinian of Lenderoperate toprevent the i tnfarcemrnt of the lien or forfeiture of tht Property or any part thereof; or (c) shall secure from the holder of such lien an agr~ement in a form satisfactory to Londer subordinating such lien to this Security Instrument. lf Lender determines that ail or any part of the Property is subject to a lien which may attain a priority over this Security Instrument, Lender shall send Borrower notice identifying such lien. Borrower shaU satisfy such lien or take one or more of the actions set forth above within ten days of the giving of notice. A T-Bi~t BOOX 45~ P9Gf c~~4 Fus ooa osaa ADIUSTASIE RATE RIDER - Mont A-4 sed A-3-1-t Fom;ly-9/83-FNMA Unlfon++instrun~nt Fwm No. A 311-3 . - , ~ Y.,b„M . . . - =?t~i ~ d~. ~ ~ - ~ ~G