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Home My WebLink About0986 c1Pil.+j O1CfyUV • ADJUSTABLE RATE RIDER (1 Ycar Tressury Index-Rate Caps) , THIS ADJUSTABLE RATE RtDER is made this day of F~.~1"!Ad1"Y 1986...... and is ' incorporatcd into and shail be deemed to ameod and supplemcnt the Mo~tgagc. Deed of Trust or Sccurity D~ed (the "Sccurity Instrument") of the same date given by the undersigned (the "Bo~rower") to sccure Borrowe~'s Adjustable Rate Note (the "Note") to......~~l~ance„ Mortpag,,e..Cem~any,~„a..Florida„ Co~pq~~~,~g~,,,,,,,,,,,,,,,,,, (the "Lender") of the same date and covering the property dcscribed in the Sec~rity instrument and located at: • 'i ..........................Fallon Drive Port.. St.:.. Luc ie ~lorida.... 33452...................................................... , ..(Property Addras) ' li THE NOTE CONTAINS PROVfSIONS ALLOWING FOR CHANGES IN THE IN7EREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S ' INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR• i ROWER MUST PAY. ' ADDITiO~IAL COVENANTS. In addition to the covenanes and agreements made in the Security Instrumcnt, Borrower and Lender further covenant and agree as [ollows: A. IMEREST RATE AND ~tONTHLY PAYI~IENT CH~yC~:S The Note pravides tor an initial interest rate of ..1.Q...fi2S ..90. The Note provida for changes i~ the interat rate and the monchly payments. as foltows: 4. I?~ITEREST RATE AND ~IONTHLY PAYMENT CHaNCES ( A ) Change Dates The interest rate 1 will pay may change on the first day of ......M~rch,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ~g.,, 87,~ and on that day every t 2th month thertaRer. Each date on which my incerest rate could change is callcd a"Change Dace." (B) The index ~ Beginning with the 6rst Change Date. my interest rate will be based on an lndez. The "Index" is the weekly ~ average yield ort United Stata Treasury securitia adjustcd to a constant mawrity of 1 year, as made available by the Federal Raerve Board. The most recent Index figure availabie as of che date ~i5 days before each Change Date is called- ~ the "Current Index." ' I[ the Index is no longer avaitable. the Note Holder witl choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculition ot C6anges , Before each Change Date. the Note Holder will calcuiate my new interut rate by adding ~W4...~:..~~~1,QQ,,,,,,,, . rcenta e ints 2 75 to the Current Index. The Note Holder will then round the pe 8 po ( ) rault of this addition to the nearat one-eighth of one percentage point (0.12596). Subject to the limiu staccd in Section 4(D) below. this rounded amount wiil be my new interest rate until the next Change Date. The Note Holder wiil then determine the amount of the monthly payment that ~:ould be suflicient to rcpay the unpaid principal that I am expectcd to owe at the Change Date in full on the maturity date at my new interut rate in substantiatiy equzl payments. The result of this calculation will be the ncw amount of my monthly payment. (D) Limits on Interest Rate Ctwnga ~ 12 625 I S. 62T~o interat rate I am rcquired to pay at the first Change Date will not be grcater than ........:..................9'oor less than ' ...........................96. Thereafter. my interut rate will never be increased or decreased on any single Change Date by more i than two percentage points (2.090) from r tt f interest 1 have bcen paying for the preceding twelve months. My interat rate will never be greater than ~~'~1~...90. ~ (E) ERectire Date of Changa E ,Ny new interest rate wilt become eH'ective an cach Change Date. l will pay the amount of my new monchly payment ~ beginning on the first monthly payment date after the Changc Date uncil the amount of my monthly payment changes again. ~ (F) Notice of Changes E ~ The Note Holder will deliver or mail to me a notice af any changes in my interest rate and the amount of my monthly ~ payment before the eH'ective date of any change. The notice will include information required by law to be given me and ~ also the title and telephone number of a person who will answer any qucscion I may have regarding the notice. ~ B. TRANSFER OF THE PROPERTY OR A SENEFICIaL lNTEREST IN BORROWER Uniform Covenant 17 of the Security Instrument is amendcd to read as follows: ~ Transfer of the Propertr or a Beneficial Interest in Borrower. If all or any part of the Property or any interut in it is ~ seld or transfe~red (or if a beneficial interest in Borrower is sold or transCerred and Borrower is not a natural person) ~ without Lender's prior written consent, Lender may, at its option. require immediate payment in full of all sums secured ` by this Security (nstrument. However, this option shall not be exercised by Lender iFexercise is prohibited by federal law as cf the date of this Security Instrum~nt. Lender also shall noe exercise this option if: (a) Borrower causes to bc submittcd to Lender information requircd by Lender to evaluate the intendcd transfcrce as i( a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaircd by the loan ; assumption and that the risk of a breach ot any co4enant or agrecment in this Security lnstrument is acceptable to - Lcndcr. ~ ~ ~ ~ ~ > ~ aoox 49~. Pacf ~g MULTISTATE AOJUSTABLE RATE RIOER-AHM S•2-Suig~e Farruiy-Fannie M~~iFradd~~ AAsc Unifam InsWm~nt Form 3111 Ji85 ~ ~ ADVANTAGE ~ ~ ~ ; , _ . . _ _ :.Y,.~ 'S" ~.T' -t.a~'.~='~ ~ '~3:,~4~,~~, r ei, ~ , ~ ~ 3