HomeMy WebLinkAbout0969 - i
PROGRA~IS 6AJ, 6ANJ, 6ASJ,
EXH~BT~' B' 6qJ 909367-2 1AJ, 1~NJ and 3AJ
ARM RIDER TO NOTE
AND SECURITY INSTRUMENT
.
This Rider is made this day of i , 19~,
and is fncorporated into, and sha e~med to amend an supp ement the Note and the
Sec~rity Instrument of the same date iven by the undersigned (The 6orrower) to City
Federal Savings and Loan Asso~iation~~The Note Nolder~ covering property described
in the Security Instrument and located at• ~22 SE MTallace T~rrace Port St. Lu~iP_
Florida 33~52 - " ~
NOTICE TO BORRONER: This Rider changes the terms of your Note and Security Instrument
in two ways: (1) Your interest rate will never be greater than ,1~~ during the life
of the loan and (2) You have the option to limit monthly payment iRCreases to a 7~% annual
: payment ~ncrease which will be reflected as 15~ for each 2-year period.
Modifications: The covenants and aqree:nents made in the Note-and•the Security.Instrument -
are modified as follows:
1) Changes in my interest rate under Paraqraph 5(B) of the Note and Paragraph :
A of the Adjustable Rate Loan Rider will na~ cause ~v inierest rate to
~ exceed during the life of the loan.
2) Subject to the conditions set forth in Paragraph 4(C)(3) of the Note,
Paragrapi? B of the Adjustable Rate Loan Rider and Paragraph 4(C)(5) below,
on my first honthly Payment Adjustment Date 'I wi11 have the option to
limit my monthly payment increase as permitted in Paragraph 4(C~(2) of
, the Note and Paragraph 8 of the Adjustable Rate Loan Rider to a 15% increase
` ovEr the prior year's payment.
` 4(C)(5) Required Full Payment Amount
6eginning with the first monthly payment after the last Interest Rate Change
Date, I vrill pay the Full Payment Amount as my monthly payment: The Full Payment
Amount is the amount of the monthly payment that would be sufficient to repay the
unpaid principal that I am expected to owe at the Interest Rate Change Date,
in full_on the maturity date at my new interest rate in substantialiy equal
payments.
Sy signing this Rider, 8arrower agrees to all of the above.
~t i tness :
_ J~ ~~l (Seal
Dennis W. Murphy -Borrower
,
. (Seai)
Teri L. Mur hy -Borrower
(Seal)
-Borrower
(Seal )
-Borrower
PACf ~
7emporary Form 1/85
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