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Home My WebLink About0988 ADJUSTABLE RATE RIDER 4/ 3 4 2 t~ PS L . (1 Year Index - Paycnent CaQ) THIS ADIUSTABLE RATE R1DER is made this 22ND day of AUGU$~ , 1985 , and is incorporated into and uk.;1 be deemed to amend and supplement the Mortgage, Deed of Tnist or Sccurity Deed (the "Security Instrument") of ~ the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "N~e") to ~ GDV FINANCIAL CORPORATION, j A CORPORATION ~ (the "Lender") of the same date anci covering the property described in the Security Instrument and iocated at: 150 SW COLESBGRY AVENU~, PORT ST. LUCIB, FL 33453 t~ao•nr ~oo~.ss~ 7he Note contains provisions allowing fo~ changes in tha tnt~rost rate and the monthly psyment. The Bonower may timit monthty payment incroases to 7l~i96 each year if the provisions of the Note permit ft. ADDITIONAL COVENAM'S. ln acidition to the covenants and agrcements made in the Security Instrument, Borrower and l.encier further covenant and agrce as follows: A. INTERFST RATE AND MOl\"THLY PAYMENT CHAI`GFS The Note provides for an initia! interest rate of j 0 ~ 96 • The Note provides for changes in the interest rate and the monthly payments, as follows: 4. [NTEREST RATE AND MONTHLY PAYMENT CHANGFS; BORROWER'S RIGHT TO LIMIT PAYMENT (A) ChanBe Dates The interest rate 1 will pay may change on tha first day of SEPTEMBER , 1986 . ar?d on that day.every 12th month thereafter. ~ach date on which my interest rate could change is called a"~hange Date." B) T6e index Beginning with the first Changc Date, my interest rate will be based on an Index. The "lndez" is the weekly average yield on United States Treasury securities adjusted to a constant maturiry of 1 year, as made available by the Federal Reserve Board. The most recent Index figure avaiiable as of the date 4S days before each Change Date is called the "Current Index." If the Indet is no longer available, the Note Holder will choose a new index which is based upon comparable inforcnation_ The Note Holder will gEve me notice of this choice. (C~ Cakulation of Changes Before each Change Date. the Note Holder will calculate my new interest rate by adding 1.56 ~rcentage poina ( 1.56 56) 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.I25%). This rounded amount will be my new interest rate until the next Change Date. The Note Holder will then detertnine the anwunt 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 maturity date at my new interest rate in substantially equal paymen:s. 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) Eftective Date ot C6anges My aew interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monttily payment date after the Change Date until the amount of my monthly payment changes again. (E) Notice of C6anges ~ The Note Hol~r will deliver or mail to me a notice of any changes in my interest :ate and the amount of my monthly payment before the effective date of any change. The notice will inclt~de information required by law to be given me and also the title and telephc~ne number of a person who will answer any question I may have regarding the aotice. • Borrower's Right to Limit MonUily Payment Unless Sections 4(H) and 4(n below will not permit me to do so. I may choose to limit the amount of my new monthly payment following a Change Date to the amount I have been paying mulqplied by the number 1.075. 'Il~is amount is called the "Limited Payment." If I choose a Limited Pay~t as my monthly paymeat, I must give the Note Holdr~ notice t6at I am doing so at least 15 days before my fust new cnontlily I Payment ~S due. : (G) Additioas to My Unpaid Principal ~ If I choose to pay the Limited Payment, my monthly Payment could be less ttsan the amount 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 payments- ~ If so, each month that the Limited Payment is less thaa the i~terest portion, the Note Holder will subtract the l.imited Payment from the amount g of the interest portion a~ will add the dit~erence to my unpaid principal. The Note Holder will also add interest on the amount of this difference ~ to my unpaid principal each month. The intetest rate on the inurest added to principal wilt be the rate required by Section 4(C) above. , ~ (M Limit on My Unpaid Principal; Increaced Manthly Psyment ti My unpaid principal can never ezceod a maximum amount equai to one hundrai twenty-five percent (125 of the principal amount [ originally ~ borcuwed. My unpaid principal could ezc.eed that mazimum arnount if I pay a Limited Payment. If so, on the date that my paying my Limited ~ Payment would cause me to ezcced that limit, I will instead begin paying a new monthly payment until the next Change Date. The new monthly 1 payment will be in an amount which would be sufficient to repay my then unpaid principal in fuil on the maturity date at my current interest rate i~ substantially equal payments. (n Required Full Paymeat Beginnmg with the fust moathly pP:yment after the final Change Date, I will pay the Full Payment as my monthly payment. ~ B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTERFST IlY BOItROWER Uniform Covenant 17 of the SeCUrity InsUvment is amendad ta read as follows: ~ Trsasfer of the Property or a Benefkial Interest io Borrnwer. If all or any part of the Property or ar.y interest in it is sold or iransferrad , (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without L.ender's prior written consent, Lender rray, at its option, require immediate payment in full of all sums s~~.ed by this Security Instrument. However, this option shall not be eaercised by Lender if exercise is prohibited by federal law as oi the date of this Seturity Instrument. Lender also shall not eaercise this option if: (a) Borrower causes to be submitted to L.ender inforn~ation required by Lender to evaluate the intended transferee ac if a new (oan were being made to the transferee; and (b) Lender reasonably determines that Ixnder's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to l.ender. To the eaunt permiueci by appticable law, Letder may charge a reasonable fee as a condition to Lender's consent to the loan assumption. i,ender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obiigates the transferee to keep all the promises and agtetmeots rnade in uie Note and in this Security Inswment. Borrower will continue to be obligated under the Note and ihis Securiry Instrument unless Lender releases Bocrowtr in writing. If Lender exercises the upcion to require immodiate payment in full, Lendet shall givc Borrower notice ot~acceleration. The notice shall provide a period of not less than 34 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrumeot. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Inswment without further notice or demand on F3orrower. BY SIGMNG BELOW. Borrowtr accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. ~ (Seal) ~.~.Z~Y~ G/ (Seal) eo~.~f / e«T~~ ROBERT CLAAS ELLEN CLAAS (Seal) (Seal> ~ &.ro,.n ~ ~nsr~r~ ~autTUt~ N?~ wo~-~ r.. r~r rr«-s.~ F,rtw~-Fwr+u~~c uw.~. wa..~w B~OK 475 P:GE VtJ~ Fa,f, a~o~ ~a~ j _ _ _ , - - - - -