HomeMy WebLinkAbout0952 • . PSL3-3535 ~
~ Y
ADJUSTABLE RATE R[DER
1 1 1'eAr Tressur~ lodex-Rate Caps 1
_ THIS ADJISTABLE RATE RIDER is made this3~' da~ uf May . 19 85 , and is ~ ~
incorporated into 3nd shall be deemed to amend and supplement the Mortgage. Deed of Trust or Security De~d (the ;
"Securit~ Instrument") ot the same date gi~en by the undersigned (the "Borrov?er") to secure Borrower's Adjustable ~
Rate \ute (the "\ote") to First Natlona! Baak And Trust Comp'aY ot Stuart, Stuart, Florida 33493-2316
( the "Lender" ) of the same date and covennR the property described in
tne Securit~ Instrument and I~xated at:
1598 S.W. Irving ~treet
port St. Lucie, FL 33452 .
~Proprrt~ ~~ddrc..~
THE NoTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE
AND THE MONTHLY PAYMENT. THE NOTE IIMITS THE AMOUNT THE BORROWER'S
INTEREST RATE CAN CHANGE AT ANY ONE TIME AN~ THE MAXIMUM RATE THE BOR-
ROWER MUST PAY. f
Al1I)IT10\A1. CO~ f:\i\T`~. In addition to the co+•enants and agreements made in the Security Instrument, Borrower i
and Lender further covenant and agree as folluws:
A. ltiTEREST RATE AtiD hiONTHLI' PAY11tEtiT CNANGFS
The tiote provides for an initial interest rate o( 10. 75 The Note pra~~ides ior changes in thc interest rate ~nd the
monthi}~ payments, as folloNS:
4. ItiTEREST RATE A':~iD 110hTHLl' P41'MEtiT CHANGES
1 A 1 Change Dates
The interest rate I v?ilt pay ma~ change un the hrst day of July . ~9 86 , and on that da}~
e~•er~ 12th month thereafter. Each date on which m~~ interest rate could change is called a"Chan~e Date."
i B 1 The Index
Beginning ~~ith the hrst Change Date, m~~ interest rate w~ili be based on an lndex. The "Index" i~ tii~ »~~i~ij 3~Ci3~C ~
~ield on United States Treasury securities adjusud to a constant maturity o(' 1;~Aa~, ma~iF :~y:~ilahle hv the Federal
Reserve Board. The most recent lndex figure a~~ailable :~s of the date 45 da}~s before each Change Date is called the
"C~rrent Index."
If' the (ndex is no longer available, the ~ote Holder will choose a new index which is based uEwn cumparable
information. The tiute Holder w~ill give me notice of this choice.
I C 1 Calculation of Changes
Before each Change Date, the Note Holder will calculate m}~ new interest rate by adding
2. S percentage points ( 2, S 7) to the Current Index. The Note Holder will then round the
result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section
4(D) below, this rounded amount will be my new interest rate until the next Change Date.
The tiote Holder will then determine the amount af the monthly payment that would be sufi~icicnt to repay the
unpaid principal that I am expected to owe at the Change Date in full on the mawrity date at m~~ new interest rate in
substantially equal payments. The result of this calculation will be the new amount of my monthly payment.
1 D 1 Limits on Interest Rs~te Changes
The interest rate I am required to pay at the first Change Date will not be greater than 12 , 75 °10 or less than
` g, 75 Thereafter, my interest rate will never be increased or decreased on any single Change Date by more
~ chan two percentage points (2.0%) from the rate of interest I have been paying for the preceding twelve months. My
~ interest rate will never be greater than 15. 75
1 E ~ EfTectire Dsite of ChAnges
My new interest rate will become eRective on each Change Date. I wi~l pay the amount of my new monthly payment
~ beginning on the first monthly payment date a(ter the Change Date until the amount of my monthly paymcnt changes
again.
1 F 1 tiotice of Changes
~ The tiote Holder will deliver ~r mail to me a notice of any changes in my interest rate and the amount of my monthly
pay ment before the efTective date of any change. The notice will include information required by law to be given me and
also the title and telephone number of a person who w•ill answer any question I may have regarding the notice. ~
B. TRAtiSFER OF THE PROPERTY OR A BEtiEFIC1AL INTEREST IN BORROWER ;
l;niform Covenant 17 of the Security Instrument :s amended to read as follows:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is ~
sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) !
~ Kithout Lender's prior written consent, Lender may, at its option, requ+re immediate payment in full of all sums secured ~
~ b} this Security Instrument. However, this option shal! not be exercised by Lender if exercise is prohibited by federal law
~ as ol the date of th~s Security lnstrument. Lender also shall not exercise this option if: (a) Borrower causes to be
~ submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made
~ to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan
ass~~mption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to
Lender.
To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to
the loan assumotion. Lender may also require the transferee to sign an assumption agreement that is acceptable to
l_ender and that ob{igates the transferee to keep all the promises and agreements made in the Note and in this Security
Instrument. Borrower µill continue to be obligated under the Note and this Security Instrument unless Lender releases
Borrower in writing.
MULTISTATE AOJUSTABLE RATE RIDER-ARM 5-2-S~ngle Farn~ly-Fanni~ Ma~ Uniform IruUum~nt Form 3111 1185
~ ~1~
i~a,t~law Forms"
d~~~ ~ Q~~~~
~~i
. ~a . _ .a~~~... -y ~S` ~
./-.s