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ADJUSTABLE RATE MURTGAGE RIDER
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NOrT[CE: T~iE SECURITY INSTRUMENT SECURFS A NOTE WHICH CONTAINS A PROVISION ALLON'1NG
FOR CNANGFS 1N THE INTERFST RATE. INCREASES 1N THE INTERESf RATE WILL RESULT IN HIGHER
PAYMENTS. DECREASES IN THE lNTERST RATE WILL RESULT IIY LOWER PAY1~lEhTS.
'fhis rider is made this .........~~th........ day of .....................aP.~.! t9.... 85....,
and is incorporated into and shall be deemed and supplement the Mortgage, Deeii of Trust, or Dc~d to Secure Debt (the "Security
Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to F`irst Cittzens Federal
Savings and Loan Association (the "Lender") of the same date (the "Note") and covering the property described in the
Security Tnstrument and located at 3z ~ . Nava J o Ave F t. P i e rce , F 1 o r i da
. . . . .
Property Address
Modifications. In addition to the covenants and agreements made in the Security Instrument, 8orrow~er and Lender fur-
ther covenant and agree as follows:
A. INTERESf RATE AN~ MONTHLY PAYMENT CHANGES ~
The Note provides for an initial interest rate oi ~ 25..... 9~ . Section 4 of the note provides for changes in the
interest rate and the monthly payments, as follaws: .
4. 1NTERFST RATE AND MONTHLY PAl'MEIV"T CHANGES
4
(A) Change Dates
The interest rate I will pay may change on the day of ........_May lg..$6._.,
and on that day of the month ev~ry lz.. months thereafter. Each date on which m~~ interest rate could cha~ge is called a
"Change Date: '
(B) The Index
Beginning with the first Change Date, my interest rate wiil be based on an "Index" The Index is the weekly average
yield on United States Treasuiy securities adjusted to a constant maturiry of ...,one_._._ y~~, as made available by
the Federa! Reserve Board. The most recent Index figure avaiiable as of 45 days before each Change Date is called the "Cur-
rent Indez" .
If the index is no longer available, the Note Hotder will choose a new index which is based upon comparable informa-
tion. The Note Holder will give me notice of its choice. -
(C) Calcu[ation of Changes
8efore cach Change Date. the Note Holder will calculate my new interest rate by adding pementage ~
points (.....2 ~.~Q..... i to the Current Index. The Note Holde: wiit then round the result of this addition to the nearest '
one-eighth of one percentage point (0.125`~r). This rounded amount wil! be my Rew interest rate until the next Interest Change
Date. The interest rate adjustment may be in the form of a rate increase or a rate derrease. My first interest rate adjustment
wilt be limited to ......2..0....... My interest rate adj~stments thereafter witl be limited to .......1.,.4...... `7 . Over the
term of my loan, my interest rate will never exceed 5~.~5........
The Note Holder wili then determine the amount of the monthly payment that ~~ould be sufficient to repay in full the
principal I am expected to cnve on the Change Date i~ substantialiy equal payment~ try the maturiry date at my new interest
rate. The resuit of this calculation will be the new amount of m}• monthly payment.
(D) Effective Date o[ Changes •
My new interest rate wili become effective on each Change Date. I will pa~~ the amount of my new monthly payment
beginning on the first monthly payment date aRer the Change Date until the amount of my monthly payment changes again.
CAP HO~tE ADJ~STABLE RATF, 1tOR7'G.4GE RIbER - iTRE.4SURY IvDEX t~ti
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