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HomeMy WebLinkAbout0968 i~~,, • ADJUSTA[31.F KATE R1DER THIS ADJUSTABLE RATE RIDER is made this day of .....IunJe 198,5..... and is incorporated into and shall be deemed to amend and supplement the Mongage, Deed of Trust, or Deed to Secure Debt (the "Security Instn~ment") of the same date given by the undcrsigncd (the "Borrower") to secure Sorrower's Adjustable Rate Note to ..~~S~..NA~~~Q~lAL..BA~iK..ADID..:LRUS'~..GCIMEANy...OF•.~~llART.Y a National Bankin~.Association,,.,..,.,.,. (the "Lender") of the same datc (the "Note") and covering the . property described in the Security Insttumcnt and located at: ............................8.1 ~ t ing~s~'...AX7lY~....]~n.s~~n...Aeach,. .E1n~i.da....331~57....................................................... ( Propsrty Addrssa ~ Th~ Not~ contains prorisions aliowln~ to~ cha~~~s in th~ intsrest rate. If ths interest ~ata tncr~es~s~ th~ Borrow~r'• monthlr paym~nts wiil b~ hiflh~r. If ths lntere~t rat• d~c~sa~~s, !h~ Borrow~~'~ monthir parments will b~ lowe~. AonrrtoNnt. Covetv,?rrts. In addition to the covenant and agreements made in the Security lnstrument, Borrower and Lender further covenant and agree as foll~ws: A. 1NTEREST RATE M1D MONTHI.Y PAYMENT CHANGES The Note pro~ides for an initial interest rate of ~4........%. Section 4 of the Note provides tor changes in the interest rate and the monthly payments, as follows: 1. INTEREST R! TE AND MONTHL Y PA YMENT CHANCES (A) Change Dates The interest rate I will pay may change on the ....f irst,,,,.,,,,.,, day of ..............Iu].X•......•................, 19~.fz...., and on that day of the month every ....twelve months thereaRer. Each date on which my intcrest rate could change is called a "Change Date." (B) The Index B~ginning with the first Change Datt, my interest rate witl be based on an "Index." The Index is the weekly average yield on Unitcd States Treasury securities adjusted to a rnnstant maturity of .....one years, as made available by the Federal Reserve Boarc'.. The most recent Index figure available as ot 45 days before each Change ri~1~t IS Ciai~~u ~ilt ~~.~'.~rrent In~ea." If the Indexis no longer availablt. the Note Holder will choose a n~w index which is based upon comparable information. The Note Holder will give me notice oC its choice. (C~ C~Iculation ot Changes Before tach Change Date, the Nole Holder will calculate my new interrst rale by adding 2. 90 percent~ge points ' ( 2. 90 °!n) ~o the Current lndtx. The Note Holder will Ihrn round ~he result of this addi~ion to the nearat one-eighth t ofonC prrccnt~gr ~x~i~u (0.125~J'o). This roundrd amount will be my nrw in~rrrst rat: umil thc next Ch~ng~ Datt. ~ The Note Holdrr will then determine the amount of ~he monthly payment that would be sutficient to repay thr ~ unraid principa) b~la~re oC my (oan I ~m cspectcd to oµ~e on Ihe Ch~n~r Datc in full on the maturity date at my new ~ intcrest rate in substantially equa) payments. The result of this calrulation is catlcd Ihe "Full Payment Amount". and it will bc thc ncw amaw~t uf m~• manthly paymr~it ~ (D) EBectire Date of Changes ~ ~ My new interest rate will become eftective 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 ~ payment changes again. ~ (E) Notice ot Changes ' ~ ?he Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of: ( i) the new interest rate on my loan as ot the Change Date; (ii) the amount of my monthly payment following the Change Date; ~ ~ ( iii ) any additional matters which the Note tiolder is required to disclose; and ~ (iv) the title and telephone number of a person who wiil answer any guestion I may have regarding the ~ notice. ~ ~ B. CHARCES; I.IENS = Uniform Covenant 4 of the Security InstrUment is amended to read as follows: ' ~ 4. Charges; Liens. Borrower shall pay all taxcs, asscssmrnts, and other charges, fines and impositions attributable to ~ the Propeny which may attain a priority over this Security Insirument, and Ieasehold payments or ground rents, if a _ any, in the m~nner provided under paragraph 2 hrreof or, if not paid in such m~nner, by Borrower making payment. ' when dut, directly to the payee thereof. Qorrower shall rromptly furnish to Lender ~II nocices of amounts dut under ~ this paragraph, and in the evcnt I3orrowcr shall make payment directly, Bor;ower sh~ll promptly furnish to Lender ` rcceipts evidencing such payments. 8orrowcr shaN promptly ~1i~charge any lien which has priurity over this Securiry ~ ~ Instrumcnr, however, Borrower shall not be rcquircd tc? ~lischarge any such !ien so long as Borrower. ( a) shall agree in writing to the pay~ment of the obligati~n secured by such licn ~n a manner accept~ble to Lender; (b) shall in good ~ ~ ~ FNB - RE-201 UNIFORM ADIUSTABIE RATE LOAM-clttusuRr iNO~c~- ~ dO~K PaGE ~U~ ~ ~ ~ ~y - yi .?'F'~- ~t'~.-~. ~ ~ ~ ~ ~ ~'~:~a"~s=-°'~ . . . _ ~ ~ .