HomeMy WebLinkAbout0958 AQJUSTABLE RATE RIDER
(1 Yea~ Inde~
THIS ADJUSTASLE RATE RIDER is made this. ~i~. dayof.....June 1 g,,.85., and
is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed ot Trust or Security Deed
(the "Security InstrumenY') of the same date given by the undersigned (the "Borrower') to secure Borrowe~'s
Adjustable Rate Note (the "Note") to Ftrst Community Ssrvic~ Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
• - • ~ ~ - • - ~ • • • • • . . . • • - . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lender~ ot the same date and covering the property
described in the Security Instrument and located ar
Addison St., Port St. Lucie, Florida 33452
~Properry Addresa)
THIS NOTE CONTAINS A PROVISfON ALLOWING FOR
CHANGES IN Ad1Y lNTEREST RATE. IF lIIIY INTEREST
RATE INCREASES, MY MONTH~Y PAYMlENTS WlLL
BE HIGHER. IF MY INTEREST RATE DECREASES, MY
MONTHLY PAYMENTS WlLL LOWER.
Additional Coven~nts. In addition to the covenants and agreements made in the Security Instrument,
Borrower and Lender further covenant and agree as follows
A. iNTEFiEST RATE AND MONTHLY PAYMENT CHANGES
10
The Note provides for an initial interest rate of .....96. The Note provides forchanges +n the interest rate and
the monthty payments, as foNows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES; BORROWER'S RIGNT TO
LIMIT PAYMENT
Change Dates
The interest rate I will pay may change on the first day o! July g ~6 , and on
that day every 12th month thereafter_ Each date on which my interest rate could change is call a"Change Date."
(B) The Index
Beginning with thE first Change Date, my interest rate will based or~ an Index The "IndeX' is the weekly
average yield on United States Treasury securities adjusted to a constant maturity of 3 years, as made available by
the Federal Reserve Soard The most recent Index figure available at least 30 days but not more than 120 days
before each Change Date is called the "Current Inde~'.
tf the Index is no tongeravaitabfe, ihe Note Holderwill choose a new index which is based upon comparable
information. The Note Holder will give me notice of this choice.
(C) Calculation of Changes
Before each Cna~9 e Date, the Note Hotderv~cill I ulate my new interest rate by adding two
and seven-elghttis percentage?oints(~.L-.~~~........4o)tothecurrentlndexThisamountwillbemy
new ~nterest rate until the next Change Date.
The Note Holder witt then determine the amount ot the monthly payment ihat would be sufficient to repay
the unpaid principal that I am expected to owe at the Change Date in full on the maturitydate at my new interest rate
in substsntially equal payments. The resuit of thiscalculatit,n is called the"Full Payment" It will be the new amount
of my monthiy payment unless I choose the amount permitted by Section 4(Fl below.
(D) Effective Date of Changes
My new interest rate witi become effective on each Change Date. I wi~l pay the amount of my new monthty
payment beginnng on the first monthly payment date after the Change Date until the amount of my monthly
payment changes again.
(E) Notice ot Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my
monthly payment before the effective ~ate of any change. The notice wiil include information required by law to be
given me and also the title and teiephone number of a person who will answer any quesiion I may have regarding
the noticP.
(F~ Limits of Interest Rate Changes
The interest rate as calculated herein, wil not be increased by more than tWO percentage points on
the first Change Date, or more than one percentage points on any change date thereaftec Decreases in
interest rates will not exceed f ive percentage points on any change date. In no event shati the interest rate
on this loan at any point in time, be greater than 1 S % or less than _.5,--
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