HomeMy WebLinkAbout0952 . 22088130 - JT
ADJUSTABLE RATE - MQRTGAGE RIDER
NOrI'iCE: ;FHE SECURITY INSTRUMENT SECURES A NOrI'E WHICH CONTAINS A PROVISION ALIAWING
FOR CHANGES IN Tt~ IN1'F.REST RATE.INCREASES tN THE INTEREST RATE VVIL1. RESULT IN HIGHER
PAYl1NENTS. DECREASES IN THE INTERSf RATE WILL. RESULT IN LOWER PAYhiEN'I'S.
1 th.......... day of APri.~ 19..8~.......
This rider is made this ........5 .
and is incorporated into and shall be deemed and supplement the Mortgage, Deed of Trust, ar Dt~d to Secure Debt (the "Sec~riry
InstrumenC') of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to ~rst Citlzens Fedei-al
Sa~ings aad I.oan Association (the "l.ender") of the same date (the "Note") and crnering the property described in the
Security Instrument and located at ....~10 $Q4.Lh..~~C~l..$.Lf.~~~....FX.:..Pi.gC4e~. F.lorida,,,,,,,,,,,,,,,,
Property Address
Modltlcations. In addition tu the covenants and agreements made in the Security Instrument, Borrower and Lender fur- ~
ther crn+enant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note pravides for an initia) interest rate of ~ 0~.~5...... Section 4 of the note prrnides for changes in the
interest rate and the monthly payments, as follaws:
4. INTERFST R~1TE AND MONTHLY PAYMENT CHANGF.S
(A) Change Dates
The interest rate I will pay may change on the ....~St......... day of ......_...MaY 19...86...
and on that day of the month every 1.2. months thereafter. Each date on which my interest rate could change is ca11~d a
"Change Date: '
B) The Index
Beginning with the first Change Date, my interest rate will be based on an "Index:' The In~ex is the weekly average
yield on United States Treasury securities adjusted to a constant maturity of .......one y~~, ~~de available by
the Federal Reserve Board. The most recent Index figure available as of 45 days before each Change Date is called the "Cur-
rent Indez"
If the index is no longer availabte, the Note Holder will choose a new indez which is based upon comparable informa-
tion_ The Note Holder will give me notice of its choice.
(C7 Calculation af Changes ,
Before each Change Date, the Note Holder will calculate my new interest rate by adding 5~ percentag~ {
~nts (......r 5... 9b ) to the Current Index. The Note Holder will then rounci the result of this addition to the nearest i
~ po .g 2 ' ~ g . y . . g
one-ei hth of one rcenta e ~nt (0.125`~). This rounded amount w~li be m new mterest rate until the next Interest Chan e
~ Date. The inrerest rate adjustment may be in the form of a rate increase or a rate decrease. My first interest rate adjustmeM
~ will be limited to Q.... My interest rate adjustments thereafter will be limited to ~ 0........ RE . Over the
~ ~
term of my loan, my interest rate will never exceed ~~.7.5......... .
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay in full the
principal I am expected to owe on the Change Date in substantially equal payments by the maturity date at my new interest
rate. The result of this calculation will be the new amount of my monthly payment.
~ (D) Effective Date of Changes
~ My new interest rate will become effect~ve on each Change Date. I 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 payrnent changes aga~n.
~
t
~
~ CAP HO~tE ADJUSTABLE RATE AtORTGA~GE RIDER - ~TrtEnsUrtY ~tiDEx - 3 ea~ _
a
~ ~eaos~a
~
zsz~
~ ~
I
~
~ I
~ eooK ~s2 pacf ~j~
~ first i~ ;y cf S;. luc;e ~~;:;tty. IDO~~
.
T. '~"~i' 4•: Y.l,v~,. f 6
~~f,~$~,
j L~'w~s' h y~ ~j~; v~.~'_...
~
~