HomeMy WebLinkAbout0959 22092193 - JT
ADJUSTABLE RATE MOR'TGAGE RI~~R
NdTICE: THE SECURITY INSTRUMENT SECURES A NOrI'E WHICH CONTAINS A PROVISION ALLOWING
FOR CHANGFS IN TNE tNTERFSf RATE. INCREASES IN THE INTERES'T RATE WI1.L RFSULT 1N HIGHER
PAYMENTS. DECREASES IN THE INTF.RST RATE WILL RESULT IN LOWER PAYMEN'I'S.
This ridcr is made this .....3.lst............ day of ......................MaY................................., 19..8rJ........
and is incorporated into and shall be deemed and supplement the Mortgage, Dee~ of Trust. or Deed to Sacur+e Debt (the "Security
Instrument") of the same date given by the undersigned (the "Borrower") to secure Bort+o~uver's Note ta ~lrst Citluns I~det~l
Savings and Loan Associetion (the "Lender") of the same date (1he "Note") and coti~ering the property dtsrribed in the
Securicy Inscrumene and located at ..2461,. F~u1.t„Avenue,,._PQrt..St.,__Luc.te,. Florida
Property Address
Modifications. ln addition to the covenants and agn;ements made in the Security Instrument, Bor~ver and Len~er fur-
ther crnenant and agree as follaws:
' A. INTERESf RATE AND MONTHLY PAY~IENT CHANGES
The Note provides for an initial interest rate of ...1.4..~~...... ~6 . Section 4 of the note provides for changes in the
interest rate and the monthly payments, as follows:
4. INTERFST RATE AND hiONTHLY PAY11~E.r1'T CHANGES
(A) Change Dates
The interest rate 1 will pay, may change on the .....1.3~........ day of ......_.~une ~q...$6„~
and on that day of the month every z months ther~eafter. Each date on which my interest rate could change is called a
"Change Date: '
(B) The Index
Beginning with the first Cha~ge Date, my interest rate will be based on an "Index" The Indez is the weekly average
yield on United States Treasury securities adjusted to a constant maturity of .......ORC........ years, as made available by
' the Federal Reserve Board. The most recent Indez figure available as of 45 days before each Change Date is calltd the "Cur-
rent Index:'
If the index is no longer available, the Note Holder wili choose a new index which is ba.sed upon comparable informa-
tion. The Note Holder will give me notice of its choice. '
(C7 Calculation of Changes ,
I
Before each Change Date, the Note Holder will calculate my new interest rate by adding ....~..54....... percentage ~~I
E points (.....2..~Q....9~) to the Current Index. The Note Holder will then round the resuit of this addition to the nearest
~ one-eighth of one percentage point (O.125`%). This rounded amount will be my r~ew interest rate unti) the nezt Interest Change
~ Date. The interest rate adjustment may be in the form of a rate increase or a rate decrease. My first interest rate adjustment I
wi~t V~. ~~i~~~LLU lU C '
~ ......2_II...... rt. :.y intere..t rate adju~i~nCnu inrr~after wiii be limited to Over the I
term of my loan, my interest rate will never exceed ......1~..75.........`,~.
The Note Holder will then determine the amount of the monthly payment that would be sufficient ~o 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 Chang~s
My new interest rate wil! become effectir•e 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 rr~onthly payment changes again.
CAP H0:1fE ADJUSTAB[.E RATE :110RTCAGE RIDER -(TREASURY INDEX ~ 3&tt i
I
t840570 I
252~11
I
I
" ~i$~~~+ I
B0~ `tW Plt~E
~
_ - - .,w- ~ . . ~ . . .,,~,,a.
, . ~
' ~ ~ ~ ~