HomeMy WebLinkAbout0915 ADJ~'STABLE RATE RIDER ~
~ 1 lear Tressur~ Inde~- R~te ('aps i ~ ~
_ TNIS :~DJISl-~BLt: R~1TE RI!)ER i. mad~ thi+ ~ da~ ~i May . ~a85 , and is _
~n~~rpor.~ted into ,ind .hall be dtemed to amend :~nd .upplement the \tortgagr. Derd ol Tru:t ~r Securit~ Deed (the
"Srcunt~ In.trum~nt") of the ,ame date g~~en b~ the under;ignrd (the "B.~rrotier"1 t.~ .r~ure Borruwcr's Ad~u~table
K•?i~ ~ot~ t thr "\ote" 1 to First NationAl BAnk and Trust CompAny of Sluart~ Stuprl, Florida 33495-2316
1 the °Lrnder" 1.~I the .amc d~te and ~o~tring thr pro~rrt~ de:cribed in ~
;hr ~e~urit~ In.trument :tnd lo~;~ted a:.
137 S.W. Visginia Driv~e, Port St. Lucie, Florida 33452 ~
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THE NOTE CONTAINS PROVISIONS ALIOWING FOR CHANGES IN THE INTEREST RATE ~
AND THE MONTHLY PAYMENT. THE NOTE LIMtTS THE AMOUNT THE BORROWER'S ?
INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMl1M RATE THE BOR- ~
ROWER MUST PAY. -
~nnn ~u~ Ce~~ t~-~~r~+. In sdditi~n tu thc co~enants and .igrrrmenu made in the 5~curit~ In.trumcnt, BurroHrr
and l.ender further cutienant and agree a. follu~~.:
I~TEREST R.aTE .~\i) ~10~TNL1' PA1 ~1F1T ('HAti(:ES
Th~ \oie ~ro~ ides ior ,in initial intere.t rate o! 10. 75 Th~ \~~te ~r.~~ idr> I~~r rhanEc. ~n thr intcrr;t r.ur ;ind the
munthl~ ~a}ments, ati follu~~~:
a. I\TERFST RATE: .a~n ~t0\THI.I P.al ~tF:1T ('HAtiGE:ti
i A i Change Dates
The intere;t rate t~+ill ~a~ ma~ rha~gr on the tir.t da~ ol J~y 1 .~y 86 . and un th:~t da~
e~en 1_'th munth thereafter. Each dcitr un ~~hich m~ inter~,t r;ite rould ~hanee i. ~alle~ a°(~h:?ngc 1)at~."
i B i The lnde~
Beginning ~~ith the firat Change Date, m~ intere.t rat~ ~.i11 br ba,rd an .~n Indc~. Thr "Ind~~" i. the Herkl~ :t~erage
~ield ~>n l nited State~ Trea,un >ecurities a~justcd to a runstant m.~turit~ uf I~rar. .is made a~ail;~ble b~ the Federal
Rc.ene Buard. The mo~t rerent Indet hgure a~~ailablc as of the datr ~3~ da~, brlure each (~han~r Uate ix ralled thc
"Current Inde~.°
' II thr Inde~ i. ~o lunger a~•silable, the \.ne H~~Ider ~+ill ch~w.c a n~N indr~ ~~hirh i. ba.rd u~xm cum~;trable
inf~~rm.iti~m. The \~le Hulder ~~ili gi~e m~ nuticr of thi. choire.
i C'alculation of Changes
Before esch Change Da~c, the \utr H~Ider «ill c~il~ulatc m~ nr~ intrrr,t ratr b~ adding
3.00 percer,tage puint, ( 3.00 % 1 tu the Currcnt tndr~. Thc \ute Nuldrr will then re~und the
result of thi~ additiun to the ncarest un~-eighth ul une percentage ~x~int ( 0 i'_>'. Sub~ect tu thc linuts stated in Section
a1 n1 belo~, thiti rounded amuunt ~tiill be m~ neu interest rat:; until the next Change 1)atr.
The \ote Holder ~.i11 then drtermine the amount ot the n~onthl~ pa~mcnt that ~uuld t~ >uflicirnt tu re~.i~ the
un~aid pflflllFl3l 1I13I i am expected u~~r at the Ch:tnge Date in fufl un the maturit~ d~i~e at m~ nr~? interest rstc in
.ub.tantiall~ eyual pa~ment~ The re.ult uf thi. calrula~iun will be the neH am~~um uf m~ munthl~ ra~men~.
i n ~ l.imit~ on Interest Rate ('hanRes ~
The in[erest rate I am required to pa~ at thc t~irst Change Date w ill not be greater than 12. ~5 °'o or les~ than "
; 8,'75 Q7o. Thereafter, m}~ interest rate «~ili ne~ er be inrreased or derreased on an~ ~ingfe Chanee Date b}• more
i than h~o ~ercentage points (2.0°~'0) from the rate of interest 1 ha~~e been pa~ing t~or the precedin¢ t~•el~e months. !~1~~
interest rate ~~~ill ne~•er be greater than 15.?5 °'o~ ~
i E i Efifecti~e Date of ('hanges
Lt~ ne~~ ~ntere,t ratr ill becom~ etT~cti~e un ~a~h Change [)atr. I~~ ill pa~ the amuunt uf m} new munthl~ ~a}ment ~
; be;~inning un the tir~t mon,hl~ p~~rncm datc after the Change [)atc until the amuunt of m~ monthl~ pa~ment rhanges ~
: ~ig.+in
° i F i \otice of ('han~e3
; Thr \ote Holder ~~ill deli~er or mail to me a nutice of an} chsnge~ in m} intereu raic and thc amuunt uf m} munthl~ ~
_ pa}ment before the efTecti~~e date of an} change. Thc nutice ~ill include inlurmauon reyuired b~ law tu be gi~~en me and r
al.u the t~tle and telephone number uf a person ~ho ~ill an~uer an~ yue,tion 1 ma~ have regarding the ni~tice. ~
` B. TR.a~SFER OF TNF PROPERTI OR A BEtiF:FICtAI. I1TER~ST Iti BORROwER
l niform Co~enant 17 of the Securit~ Instrument i, amended to rcad a~ follows ~
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s Transfer of the Propert~ c,r a Beneficial Interest in Borrower. If ail or an} part of the Propert~ or an} interest in it is ~
i ,~,Id ur tr3n5ferred ~ or if a bcnehcial interest in Borrower is sutd or transfcrred and Borrowcr i~ not a nawral person )
: w~th~~ut Lender', prior ~ntten con~ent. Lender m~~, at it~ option, reyuire immediate payment in fu!I of all sum~ secured
b: thu Securit~ InStrument. HoNe~~er, this ont~on,hall not be exercised b} l.ender if exerci~e i~ prohibited b} federal law
a~ af the date ul th~. Securit~ Instrument. Lendcr also ,hall not exercise this option if: ( a? BurroHer causes to be
wbmitted to Lender informaticn reyuired b} Lendcr to e~aluate the intended transferee as if a new loan were being made
to the tran~lerze: and (b? Lender rea,onabl~ determ~nei that Lcnder's securit~ Hill not be impaired b} the loan
a>.um~tion and that the risk of a breach of an} co~~enant or agreement in this Securit~ Instrument is acceptable to
Lcnder.
To the extent permittcd b~ ap~licable law. Lcnder m:~~ charge a rea~onable fee as a conditiun to Lender's consent to
!he luan a,~umptior. Lender ma~ al~o require the trans(eree ta sign an assumption agreement that ic acceptable to
' l.ender and that obligate~ ,hc transferec to keep all the promises and agreements made in the tiote and in this Security
Insvument. Borro~er ~ill continue to be abliga!ed undcr thc tiote and this Se~u:it} (nstrument unless Lender relcases
Borruwer in wrinng.
MULTISTATE ADJUSTABLE RATE R1DER-ARM 5-2-~:~~~e raR:~~~--F~nnie Mae Uniform Instrument Form 3111 t/85
F~nanuai la~ Fo.ms'• .,x ~M
Fo~m 2036
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