HomeMy WebLinkAbout0992 ADJUSTA[3i,E RATE RIDER
THIS ADIUSTABI.E RATE RIDER is made this ..0~.
~:~1~ day of .June 19.8St...,
and is incorporated into and shall be dtemed to amend and supplement the Mortgage, Deed of Trust, or ~Jccd to
Stcure Debt (the "Security Instrument") of the same date given by the undcrsigntd (the "Borrower") to secure
Borrower's Ad~ustable Rate Notc to ...FIRST..NATIONAL BAN(C,~ID TRU$~„G0~~1IVX..OF...~'~U~1R~
.
a Nationa Banking Association (the "Lender") of the same datc (the "Note") and covering the
property describtd in the Security Instrument and locatcd at:
9801 South AlA Jensen..Beach.,.,.Florida 33457,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
..........................r..............
(Ptopetty Addres3)
Th~ Not~ contsins provision~ allowiny for chsn~~~ in th~ intersst ~ats. If the interest ret~
incr~as~s, th~ Bor~owsr's monthlr paym~nis will b~ hiflfisr. If ths intere~t rat•
d~crea~~s. th• Borrowsr's monthir paym~nt~ will bo lowe~.
AnnrrtoN~?i. CoveN~rrrs. In addition to the covenant and agreements made in the Security Instrument, Borrower
and Lender Curther covenant and agree as i'oll~ws:
A. INTEREST RATE AND MONTHLY PAYh1ENT CHAIVGES
The Note provides for an initial interest rate of ..~.~,.SQ.........`~. Section 4 of the Note provides for changes in the
interest ratc and the monthly paymenu, as Collows:
INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the ...f irst day of .......JL11Y 19.90..., and
on that day of the month every .....s.i.xz.y........... months thereaRer. Each date on which my interest rate could change
is called a "Change Dat~."
(B) The Index
Beginning with the first Change Date, my intcrest rate will be based on an "Indez." Th~ Index is the weekly
average yield on United States Treasury securities adjusted to a constant maturity of ....f.~Y.e,,,,,,,,,,,,,, years, as made
availabte by :he Fcderal Reserve Boar~. The m~st recent Indez figure available as of 45 days before each Change
u~i~ 1S Cu~~Cu :tiC ~`~urrent In~ex."
If the Indexis no longer available, the Note Holder will choose a new ind~x which is•based upon comparable
information. The Note Holder will give me notice of its choice.
(Cl Calculation of Changes
$cfort each Change Date. the Note Holder will c~lcul~te my new intrrc~t rale by ~dding 3. 15 perccntage points
( 3. 15 °1n)1o the Currrnt indec. The Note Holder will ~htn round thz re.ult of this addi~ion to the nc~rat onaeighth
oCone pcrcent~ge Ex~i~u (0.12570). This roundcd ~mount w•ill be my nrw~ intcrcyt rate until the nexl Change D~te.
The Note I~uldtr will then determine the amount of th: monthly ~ayment thal would be su6icitnt to repay the
f unpaid principa) h~t~nrr of my loan 1 ~m eapec~ed to o~~•e on Ihe Ch~nge D~te in ful! ~n the m~turity date at my new
~ interat rate in substantially equal payments. The rault of this calrulation is called ~he "Full Payment Amount". and it
~ will tk thc ncw ~muwit uf my munthly p~ymrnt
~ (D) EBectire Date ot Changes
~ My new interest rate will become eRective on each Change Date. I will pay the amount of my new monthly
~ payment beginning on the 6rst monthly payment date aCter the Change Date until the amount of my monthly
~ payment changes again.
~ (E) Notice of Changes
~ The Note Ho[der 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 of the Change Date;
~ (ii) the amount of my monthly payment tollowing the Changc Date;
~ (iii) any additional matters which the Note ~iolder is required to disclose; and
~
~ (iv) the title and telephone number of a person who will answer any question I may have regarding the
= notice.
~
~ B. CNARGES; LIENS
Uniform Covenant 4 of the Security Instrument is amended to read as follows:
~
4. Charqes; Liens. Borrower shall pay all tazcs, asscssn~cnts, anJ othcr charges, fincs and impositions attributabte to
~ the Property which may attain a priority over this Security Instrument, and IeascholJ payments or grouod rents, if
~ any, in the manner provided undcr paragr~ph 2 hcreof ur, if not paid in such m~nner, hy Borrower making payment. ~
~ when due, directly to the payee thereoC I3urrower shall ~romptly furnish to Lender all notices oC amounts due under II
~ this paragraph, and in the evcnt Qorrower shall make p~ymcnt dircctly, F3orrower sh~ll promptly furnish to Lender ,
~ recei ts evidencin such a ments. Borrowcr shall rom tl ~ di~char e an lien which has riorit over this Securit
P g P y P P y ~ Y P Y Y
~ Instrumcnt; however, Borrower shall not be rcqu~rcd t~ dischargc any such ;ien so tong as Qorrowcr. ( a) shall ~grre in ~
` wnt~ng to the pay~ment of the obl;gaei~n secured by such lien in a manner acceptable to Lender, ( b) shall in good
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~ FNB - RE-201 UNIFORM ADlUS1ABlE RATE LOAN-tT~usuRr ~Nr,~x~-
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