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HomeMy WebLinkAbout0924 50-11177 ' ONE YEAR ADJUSTIstB~E RATE RIDER THIS ADJUSTABLE RATE RIDER (the "Rider') is made this 17TH day of JUNE, 1985 , and is incor- porateci into and shall be deemed to amend, supplement and mod~fy the mortgage (the "Mortgage') of the same date given by the undersigned (the "Borrower') to secure Borrower's Adjustable Rate No;e to FLORIDA FEDERAL SAVINGS AND LOAN ASSOCIATION (ti~e "Lender') of the same date (the "Note) and covering the property descrited in the Mortgage and located at: P.O. BOX 243, FT. PIERCE, FL 33454 (Property Address) THIS NOTE CONTAINS PP.OVISIONS ALLOWING FOR CHAN~ES IN THE 1NTEREST RATE. INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE WILL RESULT IN LOWER PAYMENTS. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Mortgage, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY CHANGES. The Note provides for an "initial interest rate" of 10 . 5 0 0 % The No:e interest rate may be increased or decreased on the first day of the month beginning on JULY , 19 8 6 and on that day of the month every Mrelve months thereafter. Tha date each year will be called the "Change Date° Changes in the interest rate are governed by changes in an interest rate index called the "Index° The Index is the weekly average yield on United States Treasury Securities adjusted to a constani matunry of one year, as made available by the Federal Reserve Board. Subject to the limitation set forth next below, the interest rate will be adjusted on each Change Date to that rate (rounded to the nearest one-eighth of one percent) which is 2~ 5 p percentage points higher than the value d the Index most recently avaitable forty-five (45) days prior to the Change Date. ' On any particu!ar Change Date, (Check applicable box): ~My rate of interest may not be increased by more than S. 0 0 percentage points from the Initial Rate of Interest over the life of the loan, or O There is no limitation on the change in the rate of interest o~~er the life of the loan. If the interest rate changes, the amount of Borrower's monthly payments will change as Frovided in the Note. Increases in ?he inte.?est rate will result in higher payments. Decreases in the interest rate will result in iower payments. B. EXCESS ESCROW FUNDS. ' Unrform Covenant 2 of the Mortgage is amended so that the Bo?rower shall n~t have the option of having Lender credit any excess escrow funds to any future monthly payments, but rather shall only have the option of having L,ender repaying such excess ~scrow funds directly to Borrower. C. CHARGES; LIENS. Unrform Covenant 4 of the Mortgage is amended to read as faliaws: 4. Charges; ~iens. Borrower shali pay all taxes, assessments, and other charges, fines and impositions attributable to ; tne Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if arry, in the manner provided 'i u~der paragraph 2 hereof or, if not paid in such manner, by Borrawer making payment, when due, directly to the payee thereof. ~ ' r3orrr.~wer shall promptly furnish to t~ender all notices of amounts due under this paragraph, and in the event Borrow~er shall make ; paymeni directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Morigage; provided, that Borrower shall not be required to discharge any such lien so long ! as Borrower: (a) shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender; ~ ~ (b) shall in good faith contest such lien by, or defend against enforcement of such lien in, legal proceedings which in the opinion of Lender operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof; or (c) shall secure from ~ ~re holder of such lien an agreement in a form satisfactory to Lender subordinating such lien to this M~r~gag~. ~ = If Lender determines that ali or any part of the Property is subject to a lien wh+ch may attain a priority over this Mortgage, ~ '~nder shaH send Borrower notice identifying such lien. Borrower shall satisfy such lien or take one or mors of the actions set forth ~ at>ove within ten days of the givi~g of notice. I ~ D. NOTICE. § Unrform Covenant 14 of the Mortgage is amended to read as follows: f ~ 14. Notice. Except for any notice required under applicable law to be giver, in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by del~ ~ring it or by mailing it by first class mail addressed to Borrower at ihe Froperty Address or at such other address as Borrow~er may designate by notice to Lender as provided herein, and (b} any notice to Lender ~ shaU be given by first class mail to Lender's address stated herein or ~o such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender ~vhen given in the rnanner designated herein. s E. UNIFORM MORTGAGE; GOVERNING LAW; SEVERABILITIf. F Uniform Covenant 15 is amended to read as foilows: ; 15. Unrform Mortgage; Governing Law; Severabiiity. This form of Mortgage combined uniform covenants for nationaf use ~ and non-uniform covenants with lim~ted variations by jurisdiction to constit~te a uniform security instrument covering real property. F This Mortgage shall be governed by federa! law and the law of the jurisdiction in which the Property is located. In the event thai ` any prov~sion or clause of this Mortgage or the Note conflicts w~th applicabie law, such conflict shall not affect other provisions of ~ this tvtortgage or the Note which can be given effect wi;hout the conflicting provision, and to this end the provisions of this Morigage F and the Note are declared to be severable. ~ BOt~!( ~VO P~Gf J :j,. r ~ ~ ~ - ~ ; ~:4~ ~ ~ , ~