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HomeMy WebLinkAbout0917 - PROGRAlf 7RA . ARH RIDER TO NOTE EXHIBIT A AND SEC~U{tITY INSTRUHENT This Rider is made this 28th day of March , 1985 , and is ~.ncorporated into, and shall be deemed to amend and supplement the Note and the Security I~strument of the same date givFn by thc ~~nder~i~ned (The Borrower) to City Federal SavinRs and Loan Association (The Note Holder) covering property described in the Security Instrumeat and located at: 310Q Pruitt Road Unit ~F 3U5 Port St Lucie Fi. 33~5~ NOTICE TO BORROWER: This Rider changes ~he terms of your Note and Security Instrument in the following three ways: (1) The rate of interest you will owe and the corresponding monthly pay~nents on your loan will be subject to change every seven years, (2~ At each Interest Rate Change Date your interest rate may never exceed the FNMA Immediata Delivery Rate for similar type 30-year Fixed Ra[e mortgage loans by more than lx, and ~3) You t~+ill receive a written notice of yaur new interest rate and corresponding monthly p8yment amount prior to the effective date of the chantte. MODIFICATIONS: The covenants and agreements made in the Note and the Security Instrument are modified as follows: , 1) Paragraph 2 of che No[e is amended to include the following paragraphs: The interest rate I will pay may change on the first day of AFril , 19 g2 , and on that day every seven years thereafter. Each date on which my interest rate could change is called an "Interest Rate Change Date". On each Interest Rate Cliange Date ti~e rate at which I will pay interest will be the same as the rate established by the Lender for similar type loans. I will pay inte:est at this rate until the next Interest Rate Change Date. Paragraph 3(B) is amended to incl~de the following: My monthly payments may change on the first day of May , 1992 , and on that day every seven years thereafter. Each date on which my monthly paymen[s may change is called a"Monthly Payment ' Adjustment Date". On each Monthly P~~?inent Adjustment Date, I ~ will pay an amount sufficient to repay the unpaid principal ~ bafance on my loan ~n full on the maturity date at the interest ~ rate required by paragraph 2 above in substantially equal payments. i 2) The interest rate on each Interest Kate c;hange uate may never exceed the FNNA ' Icmnediate Delivery Rate for similar type 30-year Fixed Rate mortgage loans ~ by more than 1X. ; E 3) Prior to the effective date of change, a notice of my new interest rate ` and corresponding monthly payments shall be given by mailing the no[ice first class mail to the undersigned, or any successor in interest, at the property address or anj~ other address designated in writing to the.Lender. ~ This notice shall contain my new interest rate which will be ~ased on the most recent figure available on similar type loans as of 45 days before each Interest Rate Change Date. Tiiis rate shall not exceed 1X above the FNMA Immediate Delivery for similar ty~e 30-year Fixe~d Rate nortgage loans,. ~ 5y signing this Rider, Borrower agrees to all of the above_ ~ ~~1~Lle$$: ~ ' , - ~ ~ i~ I~~~V'c! ~ a i ~ ICTOR E. YALE -Borrower ti ~ ~ F CAROLINE C. VALE -Borrover ~ ~ ~ . -Borrower ~ . ~ € , -oo~r~wcr Tem orar Form 12/84 aOt~~"'" P Y ~ - ~ i ~l.a - ~ ~-~r-~ -