HomeMy WebLinkAbout0991 9416c/18
. QOt~NF.FtTIBLE ARM RIDER '
(3 Year Index - No Payment Cap)
~ 19 8S . and is ~orpc~ ted~in ar~d shall be d~eeme~ amerd~ MsY ~
~plement
~.~the M~rtgage, Deed of Trust or Security Deed (the 'Security Instrument') of
~the same date giv~en by the ur,dersigned (the "eorrower") to secure Borrower's
Convertible ARM Note (the 'Note") to SUNRISE SAVING6 AAID I1')AN AS90CIATION OF
FLORIDA, a Florica corporation, ithe `Ler~der") ot the sa.~e dnte and coverir~q
the property described in the Security Instrument ar~d located at:
2400 S. Ocean Dr., #4324, Ft. Pie~ce, F~orida 33450
[Property Addressj
TI-~ I~XnE ~ATTAIIIS PROVISIOIIS AI~LDWING F~QR CHA~JG~ IN TE~
INTERFST RAT£ AND T~ MO~TI~~I,Y PA~]T. IF ZI~ II~ERFS`T
RATE IK32EASF5, BORti~R'S MOKI~~,Y PA~driEI1I5 WILL 8E
HIGF~R. IF Ti~ INTF~2FST RATE D~, HORF~t'S MOIJTfiLY
PAIT~NLS WILL BE I1J(~R. SLIDJDCT TO CEFtTAIN ~IDITIOKS SET ;
FUKIH II~] Tf~ NQTE, ON TI~ FIItST :~Y QF ANY t~JNI~i DURING ZI~ ~
TERM OF ~ LOAN BOR~G~R MAY CONVF.RT ZHE ADJUSTABLE RAZE
I~N INTO A FI7~ RATE, LE~IEL AA~d~SFNT, FVLLY At~RTI2II~
LLaAN.
ADDITIC~NAL CO~IENANLS. In addition t;o the covenants arxi agreenents
:rade in the Security InstnIInent, Borrc~wer and Lerder further covenant ar~d
agree as follows:
~
~ INT'E~..ST RAZE AND MOPTI~~,Y PA~MENT (~iANGES
~
~ Tt~e Note provides for an initial interest rate of 10 . 7 5 The
~ tvote provides for char~ges in the interest rate and the rronthly payments, as
~ follows:
4. IN'I~.REST RAZE AAID MONTfiLY PA~MENP C~:~
~ C~a e Dates
~ ~
'I't~e interest rate I will pay may change on the first day
of June 1 , 19 8 5, ar~d on that day every 36th rronth
thereafter. Each date on which my interpst rate could char~ge is
called a "Q~ar~ge Date."
~ (B) The Uxiex
~ Beginnirg with the first Char~ge L1ate, my :,nterest rate will be
based on an L~dex. Tt~ "Index" is the w~eekly average yield on
United States ZYeasury securities aajusted to a constant
~ maturity of three (3) years, as made available by the Fede~al
Reserve Board. The mast recent Index tigure available as of the
~
~ date 45 days before each ~ange Date is called the "Clurent
& Il1C~P~C. " .
~
~
~ If the Tndex is r~o lor~ger available, tt~e Note K~lder will choose
~ a new index which is based u~po~n oac~parable informatlon. The
~ Note Holder will give me r~otice of this choice.
~
~ (C) Calculatian of Char~ges
~ t~ty new interest rate will be the s~a ot two perc~tage poi ts r~ ,
~ ( 2~ ) added to the C~r rent 7ndex, rounded to the ne ~s '
~ one-eighth of one percent,age p~int (0.125=), subject to
limitations on interest rate chargee set forth in Section 4(D
~
"tr
~
~ ~Q ~ J
a~~.; P`GE
~ r~K ~W
7 ~ ~ z
~ ~ ~