HomeMy WebLinkAbout0960 ADJUST~BLE RATE RID~R
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TH1S ADJUSTAHLE RATE RIDER is made this .28TEi . day of .QGTA~ER. , 1985 and is
:ncorporated iato snd sl~sl! be daa~ed co smend and suppkaxnt the Mo~tQa~e. Deed of Tn?st or Securicy Deed (the
"Security lnstrumeat'~ of the same dste pven by tbe undecsi~ered (the "Borrower") to secure Borro~~e~'s Ad
j usabk Rate
Note (the "Note'7 to . . . . . . . . . GA~ . F7NA~iC7AL. GOBPORATIAN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . A .GOR~QI~T~ON
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lender") of che same dace and coverin~ the propeny
described in che Security inswment aad locsted at: .
1533 S. E. ROYAL GREEN CIRCLE, C-207, PORT ST. LUCIE, FLORIDA 33452
(Propeny Addrcssj
THE NO'[B CONTAINS PROVISIONS ALLOWING FOR CHANGE~ IN
THE lNTEREST RAT~ AND THB MONTHLY PAYMENT.
Auwnoru~ Cov~~ In addition to the covenants and a~rcemenu made in the Security instrument. Borcower
and Lender further covenant and agree as [ollows:
A. INT£REST RATE AND MONTHLY PAYMENT CHANGES
The Noce provides for an [aitial Interest Rate of .~X,~~~~. The Note provides for changes in the interest cate aod the
monthly paymenu, u follows.
1. 1NTEREST RA'tB AND MONTHLY PAYMENT CHANGFS; 80RROWERS RIGHT TO LL~UT PAYMENT
(A) Clun~e Data
The interest rate i will pay may change on the first day of NOVF.MBER. 19 86, ~ i~ on that day
every 12th moath therafter. Each date on which my interest nte could change is caikd a"Change Date."
(8) The ludei
Beginning with the fint Change Date, my intercst rate will be based on an Indea. The "tndex"is the weeklyavorage
yield on United Stata Tceuury xcurities adjusted to a constant maturity of 1 year. as made available by the,Eedenl
Restrn B~ard. The most recent Index figun availabk u of the date 4S days before each_Change Daie is calfed the
"Current lndea."
If the Index is no longer availablr, the Note Holder will choose a new index which is based upon comparable
information. The tiote Holder will give mt notice of this choice.
Cakubtioa oi Chaa~a
Before each Change Date. the I~iote Holder will caiculate my new intercst rate by adding ...3 ; 25
• - • • • • • • . • • . • . . ~ • . . . . . . . . . . . . . . . . . . . percenwge poinu . . .3. 23,7~) to the Current Index. The Vote Holder
will then round the rcsult of this addition to the nearcst onetighth of one percencage poinc (0.125%). This rounded
amount will be my new interest ratt until the nexc Change Date.
However, tny intercst rite shsll never be increased or decreaxd on any single change date by morc chan . z:Q~. .
perceat~e points(. ..a, pp, q~) from the nte of interest I had been paying immediacely prior to che change date. and my
rate of interest shsU never incresse or decrease by more than .5. OA percentage poincs OR 9''c) frotn the lnitial
• Incerese Rate over the term of the Note.
The Note Holder will then determine the amount of the monthly psyment that would be sufficient to repay the
unpaid principal that ! am expected to owe at the Change Date in full on the maturity date at my new interest rate in
substantially equal paymena.The result of this calculation will be the new amount of my monthly payment.
j B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
Uniform Covenaat 17 of the Security Instrumeat is araended to read u follows:
~
~ ?~t* ~~~ope*h~ a~ 8~ae8eW interert ia dorrowa. lf sll or any pan of the Property or aay interest ia it is ~
sold or transferrcd (or if a beneficial intercst ia Bonower is sold or transferred and Borrower is aot s r~tursl penon)
without Lender's prior writcen coasent, Lender msy. at its opaon, requirt immediate payment in full of all sums socund
g by this Security tastrumenc. However. this aptioa sball aot be exercised by Lender if exercise is p~ohibited by fodenl 4w ~
~ as of the dace of this Security Instrument. Lencer stso shaU aot execcise :his option if: (a) Borrower auses to be submitted J
~ to Lender intorrtution rcquired by Lender to ev~luate tbe intended traasferee u if a new loan werc bein~ made to the
transferee; and (b) Lender rcasonably determines thst Lender's security wit! aot be impsired by the loaa auumption and
that the risr of a breach of any covenant or a~eement in this Security Instrument is scapubk to Lender.
To the extent permitted by applicabk law. Lender may char~e ~ reasonabk fa as a condition ta Lender's consent
co che loan auumption. Lender may also require the trsnsferte to sign sn assumption a~rament chat is acctptabk to
Lender and that obligsces the transferee to keep all t6e promises and agreements made in the Note and in this Secu~ity
Instrument. Borrower will continue to be obli~ated under ths Note and this Security ~nstrument unleu Lender releases
Bonower in writin`.
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