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Home My WebLink About0926 ~ ADJUSTABLE RATE RIDER _ ' (1 Ya~r Trasrry t~dex-ftat~ Ca~s ) THIS ADJUST~BLE RATE RIDER is made this ....l~tb day of .....Karch ~q „85._, a~ ~s incorporated into and shall be deemcd to anrtend and supplement the Morlgage. Deod of Trust or Security Deed (tAe "Sccurity Instrument") of the same date given by the undenigncd (the "Borrower") to ucure Borrower's Adjustable Rate Nott (the "Note") to.....,Standard Federal Savin,ga_.and_.Loan Aasociation (the "Lender") of the same da/e and covering the property describod in the Security Instrumenl and locat~d at: ........5~1.~..~a~eo..ki.~~.~..G~~s~.~~ ~...~a~~~~e.,...~l,ax.i.ds...3~.4.5Q.............................. [~ny Aee~~ THE NOTE CONTlUN8 PROVISiONS ALLOWq~Ki FOR CFU?N~iE8 MI THE MiTEAEST MTE ~o ~~~u.r w?Ya~r. n~ ~~aTS n~ u~ou~T n~ eor~owea•s INTEREST R*TE CAN CHAPINCiE AT ANY ONE TIME ANO T't1E MAXiMUM RATE THE 80R- R0IAIER MUST PiAY. ~ ADDI770iVAL COVENAM'S. In addition to the covenants and agreements made in the Socurity lnstrument, Borrower and Lender further oovenant and agree as foliows: A. INTEREST RATE AND MONTHLY PAYMEIYf CNANGES The Note provides for an initial interest rate of ..,10. 625~ The Notc provides for changes in the interest rate and the monthly payments, as follows: 4. [NTEREST RATE AND MONTHLY PAYMENT CHANGF.S ( A ) C'~aa~e D~tes The inter~st rate 1 will pay may change on the first day of i':tarch,,,,,,,,,,,,,,,,,,1,.~ 19, 86,,,, and on that day every 12th month thereafter. Each date on which my interest rate could change is callod a"Change Date." ( B ) 'ttic I~dex Beginning with the first Change Date, my interest rate will be based o*.~ an lndex. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year. as made available by the Federal Reserve Board. 'The most rocent Index figure availabte as of the date 45 days before each Change Date is callcd the "Curcent Indea " If t6e Ineiex is no longer available, the Note Holder will choo6e a ncw index which is bascd upon vomparable information. "I'he Note Halder will give me notice of this choice. (C) Cakuiat3oa of.Cl~a~es : Before each Change Date. ihe Note Hq~ld§r~viil calculate my new interest rate by addiag 2.900 ~~ntage points to the Current indcx. "The Note Holder will tricn 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 will be my new interest rate until the next Change Dat~. The Note Holder will then determine the amount of the monthiy payment that would be sufTicient to repay the unpaid grincipal that I am expoctod to owe at th~ Change Date in fuli on the maturity date at my now interest rate in substantially equal payments. Thc result of this calculation will be the new amount of ~?y monthly payment. ~ (D) Lmib oe Iaterat Rste C3au=es : . 12.6250 ; e i t t rate I am required to pay at the first Change Datc will not be greater than or less than ` ~•~2~~ 'Thereafter. my interest rate will never be increased or dxreasod on any singk Change Date by more . ~ ' than wo percxntage points (2.096) from thei~te6~~i~terest I have been paying for the preccding twdve months. My ` interest rate will never be greater than ( E) Fdectlre Date of Chae~es t. ~ My new interest rate will become efTective on cach Change Date. I will pay the amount of my new monthly payment ~ beginning on the first monthly payment date after the Change Datc untit the amount of my monthly payment changes ~ again. _ i ~ ( F) Notke of C6an~es ~ . , The NotE Holder will deliver or mai! to me a notice of any changes in my interest rate and the amount of my monthly ~ payment before the efloctive date of any ehange. The noiice wili include information roquiral by law to be given me and ~ also the tide and tolephone number of a person who will answer any qucstion I may have regarding the rwtice. _ ~ B. TRANSFER OF THE PROPERTY OR A BENEFICU?L INTEREST IN BORR013+ER ~ Uniform Covenant 11 of the Security Instrument is amendod to read as foltows: ~ Trs~fer ot the Property or a Beseflcial Inierest ia Borrower. If all or any part ~f the Propcrty or any interest in it is t sotd or transferred (or if a beneficial interest in Botrower is sold or transEtrrcd and Borrowcr is r.ot a natural person) without Ltnder's prior written consent, Lender may. at iis option, require immediate payment in full of all sums securod by this Security Instrument. However, this option shall not be exercised by L.endcr if cxercise is prohibited by foderal law as of the d~te of tl;is Security Instrumcnt. Lender atso shatl not exercise this option if: (a) Borrowsr cauxs to be submitted to Lender information rc~uired by Lender to evaluate the intendod ~ransftree as if a new Ioan~were being made to the transferee; and (b) Lender reasonably determines that Lender's security witl not be impairod by the laan assumption and that the risk of a breach of any covenant or agreement in this Security [nstrument is aoocptable to L.ender. ~ To the extent permitted by applicable iaw. Lender may charge a reasonable fee as a condition to Lender's corisent to ~ the loan assumption. Lender may also roquire the traesferee to sign an assumption agrecment that is aaxptable to ~ Lender and that obligates the transferee to kap al! the promises and agrtements made in the Note and in this Socurity ~ Instrument. Borrower will continue to be obligated under the Note and this Socurity Instrument unless L.ender releasea Borrower in writing. ~ MUITTSTATE AWUSTABLE RATE i~DER-AiM S~2-Single Farrwy-f~e~N AAM tlNfotip fnttrunMnt • Fa~e 3111 1/8S SFS~-~s3-tve4 - B~( Pd~E t~ ¢ ~ ~ - ~ _ _ - - - ~ s ~ - - - -ry•:.t,. - ~ , x4 a ~