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Home My WebLink About0981 ? • ADJUSTABLE RA'~'E RIDER o2 0 4 MPL . . (I Y~s.• Index - Payment Cap) . . THIS AD7USTABLE RATE RIDER is made this 26TH day of AUGUST , 1985 , an~i is incorporated into and shall be deemed to amend and supplement the Morgage, Deed of Trust or Securiry Deed (the "Security fnstrument") of ' the sanx date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to ; GDV FINANCIAL CORP~RATION, ~ A CORPORATION (the "Lender") of the same date a;w ~o~ering the property described i~ the Security Instrument and located at: ? 1532 SS ROYAL GREEN CIRCLE 0204. PORT ST. LUCIE, FL 33452 ~ i~ov«K ~..~i The Note contains provisions ailowin~ tor changes in the interest rate and the monthly payment. Th~ Bonower may Iimit monthty payment increases to 7y49i each yesr if the provislons of the Note penr~it It. ADDITIONAL COVENAM'S. In addidon to the covenants and agrcements m~e in the Security Instrumen~. Borrow•er and l.ender further covenant and agree as follows: A. II~TERFST ItATE Ah'D MO:VTNLY PAYII~NT CHANGES The Note provides for an initial interest rate of 1 Q. Q Q 96 • The Note provides for changes in the interest rate and the mon~hly payments, as follows: 4. iNTERFST RATE AND ~iONTHLY PAY11tENT CHANGFS; BORROVYER'S RIGHT TO LIMIT PA1TiENT (A) C6ange Dates , The interest rate I will pay may change on the f.rst day of SEPTEMBER , 1986 .~~~at day every 12th month thereafter. Esch date on which my interest rate could change is called a"Change Date." B) 'Ibe Index . f Beginning with the first Change Date, my interest rate will be based on an Index. The "lndex" is the weelcly average yield on United States ~ Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the "Ctirrent lndex." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder • will give me notice of this cho:ce. (C7 Cakulatbn of ChaogPs Before each Change Date, the Note Holder will calcuiate my new interest rate by adding 1. 5 6 percentage points ( 1. 5 6 to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.1259~). This rcwnded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the an?ount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturiry date at my new interest rate in s~bstantially equal payments. The result of this calculation is called the "Full Payment." It will be the new amount of my monthly payment unless I choose the amount permitted by Section 4(~ below. (D) ERective DaSe of C6aoges My new interest rate will become eil'ective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (E) Notke of Changes 'I7~e Note Holder will deliver ~r mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. 'Il~e notice will include information ~aquired by iaw to be given me and also the tide and telephone number of a person who will answer any question 1 may have regarding the notice. (F~ Bocrower's Right to Limit Monthly Payment ? Unless Sectioos 4!I~ and 4(n below wiU not permit me to do so, I may choose to limit the amount of my new monthly payment following i a Change Date to the amount I have been paying multiplied by the number 1.075. This amount is called the "Limited Payment." If I choase a ? Limited Payment as my monthly payment, I must give G;~ "ate Holder notice that I am dang so at least 15 days be[ore mr first new monthly paYment ~ due. ' (G) Additioas to My Unpsid Principal ~ ' If I choose to pay the Limited Payment, my monttily payment could be less than the ama?nt of the interest portion of the monthly payment ~ that would be sufficient to repay the unpaid principal I owe at the monthly payment date in full on the maturity date in substantially equal paymenu. ` If so, each month that the Limited Payment is less than the interest portion, the Note Holder will subtract the Limited Payment from the amount ` of the interest portion and will add the difference to my unpaid principal. The IYote Hofder will also add interest on the amount of this difference ~ to my unpaid principa! each month. The interest rate on the interest added to principal will be the rate required by Section 4(C) above. ~ Limit ~n My Unpaid Principal; Increased Monthly Payment My unpaid principal can never ezceed a maximum amount equal to one hundred twenty-five percent ( l25 of the principal amount I originally ~ ~ borrowed. My unpaid principal could eacced that mazimum amount if I pay a Limited Payment. lf so, on the date that my paying my Limited ~ Payment vvould cause me to exceed that limit, I will inctead begin paying a new monthly payment until the next Change Date. The new monthly ~ payment will be in an amount which woul~ Ue sufficient to repay my then unpaid principal in full on the maturiry date at my current interest rate ~ ~ in substantially equal paymenu. ~ (n Required Full Payment { Beginning with the first monthly payment after the final Change Date, 1 will pay the Full Payment as my monthly payment. ~ B. TRANSFER OF 'T~ PROPERTY OR A BF.NEFICIAL INTERESf ~I BORItO~i'ER Uniform Covenant 17 of the Security Inswment is amended to read as follows: Traas[er ot the Property or s Benetic[al Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent. l.ender may, at its option, require immediate payment in futl of all sums securcd by this Security Inswment. I-towever, this option shali nat be ezercised by Lencier if ezercise is prohibited by federal law as of the date of this Security Instrument. L.ender also shall not ezer~ise this option if: (a) Borrower causes to tx submitted to l.endet information required by L.ender to evaluate the intended transferee as if a new loan were being made to the traiuferee; ; and (b) Lender reasona~Ey determines tl~at L,ender's securiry will not be impaired by the loan assumption and that the risk of a breach of any covenant ~ or agreecnent in this Security Instrument is acceptable to l.ender. ~ To the eztent permitted by applicable law,•L.ender may charge a ressonable fee as a condition to Lender's consent to the loan assumption. ~ Lender may also require the trancferee to sign an assumption agreement that is acce~table to Lender and that obligates the transferee to keep all E the promises and agreemeots made in the Note and in this Security Instrument. Borrower will coutinue to be obligated under the Note and ihis ~ Securiry I,zstrument unless l.ender releases Borrower in writing. E If L.ecder ezercises the option to require immediate paymenc in fWl, Lender shall give Borrower notice of acceleration. The notice shall provide ~ a period of not less than 30 days from the date the notice is ~ielivered or mailed within which Borrower mus~t pay all sums secured by this Security ; ~ Instrument. If Borrower fails to pay these sums prior to the expiration of this petiod, Lender may invoke any remedies permitted by this Security L~strument without further notice or demand on Borrower_ ~ BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in is Adj le Rate Rider. ~ . ~ ~ ~ L L. GIBSON ON O. GIB ON ~ tSzal) (Seal) ao.,~~ / e«r~. ~ MJlfli1ATE ADJUYiAtLE II~TE MD91-1 Yw Tnswrl MMt-Srt~e ~~rMY-FIIIWFI~,IIC Utlar~ IwYw~ l:~}~K P~~3C V Form 3101 12B3 ~ ~ _ ~