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. - EXHIBIT "B"
C~ ADJUSTABLE RATE RIDER
THIS ADJUSTABLE RATE RIDER is made this 3rd day of September , ~g 85 ,
and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure
Debt (the "Security Instrument") of the same date given by the undersigned (the "Bo~rower") to secure Bo~rower's Adjustable
Rate Note to City Federal Savin~a and loan Associetbn
(the "Lender") of the same date (the "Note") ~nd covering the pr~rty described in the Security Instrument and located at:
1002 Grandview Boulevard, Fort Pierce, Florida 33450
(Property Address)
The Note co~talns provis~ons allowing for changes In the interest rate. tf the interest rate increasias, the
Borrowar's monthly payments will be higher. If the interest rate decreases, the Bonower's monthly
payments will be lower.
ADDITIONAI GOVENANTS. In addition to the covenants and agreements made in the Security Instrument, Bnrrower and
Lender further covenants and agree as fallows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for a;: initial interest rate of 8• 875 Section 4 of the Note provides for changes
in the interest rate and the monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on tt~e lst day of October ,~g 86
and on that day of the month every 12 months thereafter. Each date on which my
interest ra?e could change is called a"Change Date".
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an "index". The Index is the ~ne
following the box which is marked:
? The average discount rate on twenty-six week Treasury Bills as announced by the U.S. Treasury
Department following its sales of these securities.
~ The weekly average yield on United States Treasury Securities adjusted to a constant maiurity of.
one years, as made available by the Federal Reserve Board.
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~ The most recent Index figure avaiiable as of 45 days before such Change Date is called the "Current Index".
If the Index is no longer available the Note Holder will choose a new Index which is based on comparable
information. The Note Hotder wil! give me notice of its choice.
(C) Calculation of Changes
Before each Change Date, the Note Holder will first calculate my new interest rate by adding
2• 75 percentage points ( 2• 75 to the Current Index. The Note Holder will then round
the result of this addition up to the nearest one-eighth of one percentage point (0.125~/0). This rounded amount
will be my new interest rate.
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~ The Note Holder will then determine the amount of the monthly paymeni that would be sufficient to repay in
~ full the principal I am expected to owe on the Change Date in substantially e~ual payments by the maturity
~ datQ at my new interest rate. The result of this calculation will be the new amount of my monthly payment.
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(D) ENective Date of Changes
~ M new interest rate will become effective on each Chan Date. l will
~ y ge pay the amount of my nevir monthly payment
~ beginning on the first monthly payment date after the Change Date until the amount of my monthiy payment
changes again.
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~ (E) Notice of Changes
~ The Note Holder will mail or delivar 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 following the Change Date;
~ (iii) any additional matters which the Note Holder is required to disclose; and
~ (iv) the title and telephone number of a person who will answer any questior~ I may have regarding
the notice.
~ ''J 2ess,o
ano~6QZ-0sas t~ a 2~ -General Form ~O~K PAGE t7V$ S
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