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Home My WebLink About0993 ADJI,'STABLE RATE RIDER ~ 1 levr 7~reasur~ lndea-R~te Caps ~ _ TfiIS ->DJLSTABLE R~~TE RiDER i~ msde this .~1~ ds~ uf August . 19 85 , and is - inror~wrated intu and shall be deemrd to amend and supplemrnt the ~lurtg~ge. Derd ~f Trust ur Security Deed (the "Securit~ Instrument") of the s~me date gi~en b~ the undersigned (the "Borru~er") to,ecure Borrower's Adjustable Rate \ote (the "\ute") ~o SUN BANK OF ST. LUCIE COUNTY, a Florida banking eorporat ion l the "Lender" ) ui the same d~te and cuvrring the property described in the Securit~ Instrument and lo.:~ted at: 3218 Lakeview Circle, Fort Pierce, Florida 33450 ~Pr.,{xn, ~~dan..~ THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORitOWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- FtOWER MUST PAY. auun to~~t_ Co~ E:~a~~'s. In ~ddition to the co~~enants and agreements made in the Securit~ Instrument, Borrower and Lender further co~~enant and agree as foUo~s: a. i\TEREST RATE a1D ~t0'~~'HLl' PAl'~1EtiT CHAtiGES The \ote pro~~ides for an initia! interest rate of 9, 50 The T~ote pro~~ides Cor ~hanges in ttie interest rate and the monthl~ pa~ment,, as folloHS: 4. 1`T'EREST R:~TE a~D ~1o~THLI~ Pal~~tEtiT CHAhG~~ I A ~ Change Uates The interest rate 1 will pay ma~ rhange un the first da~ uf September .~y g6 . ~nd on ~ha~ day e~er~ 12th month thereafter. Each date on ~rhich m~ interest rate rould ~hange is called a"Change Date." ~ B ? The Index Beginning tiith the tirst Change Date, my interest rate Nill be based on 3n Index. Thr "Index" i~ the weekly average ~icid on l;nited States Treasur~ securities adjusted to a constant maturity of 1 year, ~s made a~•ailable by the Federal Resen~e Board. The most recent Index tigure :~vailabie as of the date 45 days befure each Change D~te is called the "Current lndex." If the Indcx is no longer ~cailable, the tiote Hulder will rh~wse u neH~ index which is based upon comparable in~urm~tion. The '~ote Nolder wili gi~•e me nutice of this choicc. t C? Calculation of Changes Before each Change Date, thc tiote Holder will calculate m~ new interest rate b~ adding Two and three-quarter~rcentage points ( 2, 75 to the Current Index. The Note Holder will then round the re~ult of this addition to the rrearest one-eighth uf one percentage point (0.125Z Subjcci to the limits statcd in Section 4(UI below, this rounded amount +~ill be m~ new interest rate until the n~xt Change D:~tc. The \ote Hulder ~ili then determine the amount of the monthly paymcnt that would be suHicicnt to repay the unpaid principal that 1 am expected to owe at ~he Ch:~nge Date in full on the maturity da?e at m~ nev?~ interest rate in sub.tantiall~ eyual p~}ments. The result of thi, calculation w~ill bc; the new amount of m~ munthly pa}~ment. i D r Limits un Interest Rate Changes ' The interest rate I am required to pay at the first Change Date will not be greater than 11 . 50 °10 or less than 7. 50 ~io. Thereafter. my interest rate will never be increased or decreased on any single Change Date by more ~ than two percentage points (2.0°/0) from the rate of interest 1 have been paying ~or the preceding twelve months_ My interest rate x~ill never be greater than 15 . 0 ~ ~ E? Ef~ectire Date of Changes ~ ~1~ neN interest rate will become etTecti~~e on each Change Date. I µill pa} the amuunt u( m~~ new monthly payment beginn~ng un the first monthl} pa}ment d;~te a(ter the Change Date until thc amount of my monthly payment changes again. ~ i F i \otice of Changes The \ote Holder ill dcii~er or mail to me a notice o( an}~ changcs in my interest r:ste and the amount of my monthly pa~m~nt before the etTective date of an} change. Thc notice will include informatiun reyuired by law• to be given me and also the title and telephone number of a person µho will answer any question ! may have regarding the notice. B. TR.a`SFER OF THE PROPERTI' OR A BE'~EFICIAL INTEREST (N BORROWER l;niform Cu~enant 17 of the Securit~ Instrument is ;~mended to read as fallows: Transfer of the Propert3 or a Beneficial lnterest in Borrower. If all or any part of the Propcrty or any interest in it is ~uld or transferred Ior if a beneficial interest in Borrower is sold or transFerred and Borrow~er is not a natural person) ~ u ithout Lender's prior w ritten consent, Lender may, at its option, require immediate payment in (ul! of all sums secured ~ b~ thi~ Securit~ Instrument. Nowever, this option shall not be exercised by Lender if exercise is prohibited by federal law ~ as of the date of this Securit} Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information reyuired b} Lender to evaluate the intended transferee as if a new loan were being made tu the transferee; and (b) Lender reasonabl}~ determines tha: Lender's security will not be impaired by the loan as.umption and that the risk of a breacFi of any covenant or agreement in this Security Insttument is acceptable to Lender. To the extent permitted b} applicable la~, Lender may charge a reasonable fee as a condition to Lender's consent to the luan a~sumption. Lender ma~ also reyuire the transieree to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all thc promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obiigated under the Note and this Security Instrument unless Lender releases Borrower in v?riting. MULTISTATE ADJUSTABLE EiATE RIDER-ARM ~-2-S.nyie Fa~;~iy-Fannia Mae U~iform tnstrwnant Form 3171 1185 Finant~af Law Forms'` Form 2036 aQj~K 474 P~~~ - ~ ~ - - _ ~