The URL can be used to link to this page

Home My WebLink About0984 AUJUSTABLE RATE ~t[DER ( t Year T~eu~~y Index-Rate C~p~? THIS ADJUSTABLE RATE RIDER is made this ...~.~.~~?day of .......~74~.~).~ 19 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust ur Security Deed (she "Security Instrument") of the same date given by the undersigned (the "Bor~ower") to secure Bor~ower's Adjustable Rate Note (the "Note") to,SU~...~.A~IK/..~~IAZA~I...R_I.V.ER.....AIAT~(~N.AL...ASSf~G.~ATI.ON (Ihe "Lender") of the some ditC and covering ~he pruper~r described in the Security Instrumcnt and located at: 230 Hialeah Avenue; E'ort Pierce, FL 33450 (Properly Addre~~~ TME NOTE CONTAINS PROViSIONS ALIOWIN(i FOR CHAN(iE'3 IN THE INTEREST RATE ANO THE MONTHIY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'5 INTEREST FtATE CAN CHANQE AT ANY ONE TIME ANO THE MAXIMUM RATE THE 80R- , ROWER MUST PAY. ADUITIDNAI. COVENANlS. In addition to the covenants and agrecments made in the Security instrument, Borrower and Lender furthtr cov~nant and agree as follows: A. tNTEREST RATE AND MQNTHLY PAYMENT CHANGFS Thc Note providcs fur an initial interest rate of +.~9......96. The Note provides for changcs in the interest rate and the monthly payments, as follows: ~ 4. INTEREST RATE AND MONTNLY PAYMENT CHANGE.S ( A ) Ch~n~e U~tei The intcrest rate I will pay may change on the first day of J.L?.~.y 19.$.6..., and on that day every 12th munth thereafter. . Each date on which my interest rate cuuld chan~t is called a"Change Date." ( B 1 The Index 8cginning with thc first Change Date, my interest rate wiil bc based on an Index. Thc "Indcx" is the weekiy averagc yield on United States Treasury securitics adjustcd to a constant maturity o! 1 year, as madc available by the Federa{ Rcscrve Board. The most rccent Index figure available as of the date 45 days before each Change D~te is called thc "Current Index." 11' the Index is no longer available, thc Note Flolder will choose a new index which is based upon comparable information. The Note Nolder will give me notice of this choice. ( C ) Calculation ot Chanta Beforc each Change Date, the Note tlolder will calculate my ncw interest rate by adding t~ic.?...d.[ld...thze.e.- - q.uar.te.rs percentage points (.._2_.7.5....%) to the Current Index. The Notc liolder will thcn round the result of this additiun to the nearest one-eighth o~ one percentage point (0.125%). Subject to the limits stated in Soction 4(D) below, this rounded amount will be my new interest ratc until the next Change Date. The Notc fiolder will then determinc the amounl of the monthly payment that wuuld be suflicicnt to repay thc unpaid principal that I am expected to owe at the Change Date ~n full un the mawrity date at my ncw interest rate in substantially cqual paymcnts. Thc result of this calculation will bc thc ncw amount of my monthly payment. ( D 1 Limits on Interest Ratt Chanqes ; The interest ratc I am reyuietd to pay al thc first Change Date will not be greater than .11,.,5_Q_. _._.._.._'JF, or Iess than r ....~...50............%. Thercafter, my intcrest rate wil) never be increascd or decreased on any singlc Changc Datc by more ` than two pcrccntage points (2.0%) from the rate of interest [ havc bccn paying for the preceding twelve months. My ~ interest rate will ncvcr be greater than .......1.~..5Q...........%. ~ A ( E) Efiectf.e Date of Chan;es ~ My new interest rate will become e(Tective on e~ch Change Date. I wili pay the amount of my new munthly payment ~ bcginning on the first monthly payment dale after the Change Uate until the amount of my monthly payment chan~es again. ~ ( F ) Notice of Ch~nges ~ The Note Holder will dcliver or mail to me a notice of any changes in my intercst rate and the amuunt of my monthfy ~ payment before the efTective date of any change. The nutice will include information required by law to be given me and ~ also thc titlc and tclcphonc number of a pcrson who wil{ answcr any yucstion t may havc rcgarding the noticc. ~ B. TR~RNSFER UF TNE PROP~RTY OR A BENEFICUL 11~ftEREST IN BORROWER Uniform Covcnant 17 of the Security Instrument is amended to rcad as follows: Transfer of the Property or a Btneflcia! Interest ie 8orrower. If all or any part of thc Propcrty or any intcrest in it is ° sold or transferred (or if a beneficial intcrest in Borrower is sold or transferred and Borrower is not a natural person) without Lc~der's prior written conunt, Lender may, at its option, rcquire immediate paymcnt in full of all sums secured ? by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal (aw ~ as of the date of this Security Instrument. Lender al3o shall not exercise this optio~ if: (a) Borrower causes to be s: submittcd to Lender information required by Lcndcr to evaluatc thc intcndcd transferce as if a new loan wtrc bcing made ~ to the transferee; and (b) Lender reasunably determines tha~ Lcnder's security wiil not be impaired by the loan ~ assumption and that thc risk of a breach of any covenant or agrccmcnt in this Security Inst~ umcnt is acccptablc to ~ Lcndcr. ~ M To the extent permitted by epplicable law, Lender may charge a reasonabfe fee as a candition to Lender's consent to ~ the loan assumption. Lender may also requue the transftree to sign an assumption agteement that ~s acceptable to ~ Lender and that obligates the transferee to kecp all the promiscs and agreements made in the Note and in this Security ~ Insttumcnt. Borrower will continue to be obligated under the Note and this Securily Instrument unless Lender releases ~ Borrowcr in writ~ng. ~ R1UlT1STATE AOJUSTABIE HATE RIDER-ARM S•2-S~nple Famdy-F~xlN Mia~ UNtam M~trunMnt Fam 3111 1/d5 ~ ~ n~j~ P!GE I n i t i a 1 1 1~~~ a. n.,~ K ~ ~ y, ~ ' ~ i ~ : . ~ . ~~~~~~~~:3 r