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Home My WebLink About0920 ADJUSTABLE RATE RIDER (lnterest Rate Limits) TN1S ADJUSTABLE itAT'E RIDER is made this ...19..... day of .........E'et~r.ua~y 19..E~5., and i~ incorporated imo and shall be damed to amend and supplemeni the Mortgage. Deed of Trust, or Decd to Serure Debt (the "Security Instrument") of thr same date given by the undersigned (the '•Borrov?er") to cec~re Borrower'ti Adjustabic Rate Note to . . . . . ..F~~.~T. F~R~t~~?:X .SA~~HGS. AHU. i.QAN. ASSOv~.ATIOPI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (thc "Lender") of the same date (the "Note") and co~ering thc property describcd in the Security Instument and located at: . . . . . . . . . . . . . . . . . .~406 .M~N.~H4~~. .AV~N~~. . FQ~iT. P.T~E~C~... .FI~ORIDA. ,~3450. . . . . . . . . . . . . . . . . . . . . . . . . (Property Ad~iressJ Th~ Noto co~fains provisions allowing far chongos in th~ int~~~:t rot~ ~v~ry y~or :ubj~ct fo th~ Iimits stat~d fn th• Nof~. if th~ int~r~:t ~at• incr~os~s, the Borrower's monthly paym~nfs wili b~ higher. If th• int~rQSt raf~ d~cr~as~s, the Borrow~r's monthir paym~nts will b• low`r. ADDITIONAL COVENANTS: ln addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follow•s: A. INTERFST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of ....~0. 5. Section 4 of the Note provides for changes in the interest rate and the monthly payments. as follows: ~ "4. 1NTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Changc DAtts The interest rate I will pay may change on the first day of ........March ~9. 86. and on that day every 12th month thereafter. Each date on which my interest rate could change is called a"Change Date." (B) The index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average ~ yie:d on United States Treasury securities adjusted to a constant maturity of I year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change I3ate is called the "Current Index." If the Index is no longer availab(e, the Note Holder will choose a neW index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder wili calculate my new~ interest rate by adding .2 .$.~.5 percentage points ~:875. ~/o) to the Current lndex. The Note Holder will then round the result of this addition to the nearest one-eighth ~ of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount wiU be my new i 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 j 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 monthly payment. ~ (D) Limit on Interest Rate Ch~nges ~ The rate of interest I am required to pay shall never be increased on any single Change Date by more than ? one ~ percentage point (1.0%) XQ two percentage points (2.0%) /Check onl~~ one box/ from the rate of interest I have been paying ~ for the prece~ing twelve months. My interest rate also shall never be greater than ..7.5...5..%. E (E) Etfective Date oi Changes ~ My new interest rate wiU become effective on each Change Date. I will ~ay the amount of my new monthly payment k beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes ; again. ~ (F) Notice of Changes ~ The Note Holder 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 required by lav?~ to be given me and also tne title and telephone number of a person who will answer any question I may have regarding the notice." ~ ; B. CHARGES; LIENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: ~ d. Ch~rges; Liens. Borrower shaQ pay all taxes, assessments, and other charges, fines and impositions attributable to the Pro~xrty which may attain a priority over this Security Instrument, and leasehold payments or ground rents, if any, in th~ manner provided under paragraph 2 hcreof 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, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security lnstrument; provided that Borrower shall not be required to discharge any such lien so long as Borrower: (a) shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender: (b) shall in good faith contest such lien by, or defend against enforcement of such lien in, legal proceedingswhichin the opinion of Lenderoperatetoprevent the enforcement of the lien or forfeiture of the Property or any part thereof; or (c) shalf secure frc~m the holder of such lien an agreement in a form satisfactory to Lender subordinating such lien to this Security Instrument. ~ lf Lender determines that all or any part of the Property is subject to a lien which may attain a priority over this Security instrument, Lender shall send BorrQwer notice idsntifying such lien. Borrower shall satisfy such iien or take one or more of the actions set forth above within ten day°s of the giving of not6ce. . T-BIIL r,'''~K 457 Y~{~E Fus oos osaa ADJUSTABIE RATE RIDER- Pkms A-1 w~d A-3-1 •1 fomily-9/83-FNMA UnNarrnlnstrunwnt Fwm No. A 311-3 R _ ~ ~ . , , . . _ s ~