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HomeMy WebLinkAbout0954 ~.~niut~ n 762314-3 . . nisrt ~t t uER TO NOTF. KANAVOS ANt~ tit:(:ItKt'1'Y INSTRUNF:N? Thie Rider is made this 31st ~i,.~~, July ~ Ig85 , and is incorporqted into, and shall be deemed tu ~mcnd .~n~l supplemenc the Noce anc! th~~ Security ~ inatrument of the same date given by the unclersibn~d (The Borruacr) to Cicy Federal Savings dr?d Loan Aeaoci8tio~ (The Note Nolder) co~~erink prop~rty described in the Secucity Inetru4ent and located at: 9500 S. AIA, Apt. 1503, Jensen Beach, Florida 33457 z _ _ NOTICE TO BORROWER: This Rider changes the terms oE your Note and Security Instrument itt ; th~ followin~ three Ways: (1) The rate of int~~r~st you wili owc~ and the c~~rresponding ~ronthly paynents on your loan will be subject to change every seven years, (2) At each ~ Intsrest Rate Change Date your interest r~te may n~ver exceed [he FNMA Irtunediate Delivery y Rate for similar typp 30-year Fixed Rate m~rrg~gP loans by more than iX~ and (3) You Will ~ receive a written notice of your new interest raGe and corresQon~ing monthly paymen¢ amount 1 , prior to the effective date of the chan~te. : ~fODIFICATIONS: The cnvc?nan[s and agr~ement s mn~lr i n th~ No[e ancl [h~ Sc•c~~r i t y Instrument ; ~ are modiFied as follows: ~ 1) Paragraph 2 of [he Note is amended to inclu~ tl~,e follovin ara};rapt~s: ~ / : The interest ~t~[e I will pay~?~~ c an o [ c i s d y c~f ~ August I ~~g'~'~ ~nd on that day every seven ~ years tl~ereafter. Eacl~ date on wl~ich my interes[ ra[e coul~i ~ change is called an "In[erest R~te Change Date". On each Interest ~ Rate Change Dale the rate at which I will pay in[erest will be the ~ same ss the rate established by thr~ Lc~nder far similar type loans, I vill pay interest ac tl~is r.~~e until thc• nE~x[ In~.•r~~st Rate Change Date. - Paragraph 3(B) is amended to inclucie the following: ~ My montt~ly payments may change on the first day of September ~ , ~ 19 92 , and on [hat day every s~vrn years [hereattcr. Each ~i~te on vhich my mnnthly paymc~n[s ma}• cha~~};~~ ~s called a"Man[hly 1'hym~nt Adjustment Da[e". On each Munchly Paym€•nt Adjustment DatP, I will pay an amount sufficient to repay the unpaid principal bala~ce on my loan in Eull on the maturity date at the in[eres[ ~ rate Yeqnired by paragraph 2 above in substa~[ially equat p~~ymen[s. ~ 2) The interest rate on each Interest Rate Change Date may never exceed the FNMA Immediate Delivery Rate for similar ty~~~• 3Q-year Fixed Rate mortgage loans by more than IX. 3) Prio.t to the rffertive date of cli:in~;~~~ ~ n~~tice of my n~++ intrrrs~ r~te and corresponding monthly payments Fl~al1 be given by.mailing the ~iotice firet class mail ~o the undersi~ned, ar any successor in intere~t, at the prpperty address or any other address desi~natPd in writing to the Lender. This no[ice shall contain my ~~ew in~rr~::t rate which will he based on the most ~ recen[ figure available on similar type loans as of 45 days before each In[erest Rate Change Date. This ratc sl~all not exceed iX above the FNMA ~ Immediate Delivery for similar cy~e 30-~•ear Fixed Ra[e nortgage loans. t . - 5 ~y signin~ this Rider~ Borrower agrees to atl ~f the above. ~ n ~ ~~~i tness • ~ ~ ~ ~ ~ r ~ ~~C/1 ,ct ~ GEO KANAVO -Borrower _ ~i ,t-~t rL LEFKUTH KANAVOS -isurruv+~r i j -Borrower . . ~O~~K~~~ ~AGE c7i3~ _ ~ ~ ~ -Borrowet ~ ~ ! . i.. _ _ - - • - _ ' .