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HomeMy WebLinkAbout0967 Hl'1L~}t vtvv ~ i , ADJUSTABLE RATE RIDER ' (1 Year Treasur7 lndex-Ryte Caps 1 THIS ADIUSTABLE RATE RtDER is made this 24~t1... day of ..February,,,,,,,,,,,,,,,,,,,,,,,,,, ~9 ..,$6., and is , incocporatcd into and shall bc deemed to amend and supplemcnt the Mortgage, Decd of Trust o~ Sccurity Drcd (the "Security lnstrument") of the same date iven b t5c un~de~r~signed (th~ "Borrowcr") to secure Borrower's Adjustable Rate Note (the "Note') to .....................~IA ZCE, hplrltiAGE..COi`'[PANY.................................................................. (the "Lender") of the same date and covering the propercy describea in ' the Security lnstrumcnt and located at: - I 1101 Granada Street~.. Ft . Pierce, Florida 33449 . . . . . . ~ P~o~«r nda~«: ~ THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN 7NE INTEREST RATE AND THE MONTHI.Y PAYMENT. ?HE NOTE LIMITS TNE AMOUNT THE 80RROWER'S INTEAEST RATE CAN CNANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR• ROWER MUST PAY. ADDi7tOYAL COL'ECVw~vrs. In addition to the covenants and agrcements made in the Security Instrument, Borrower and Lcnder further covenant and agree as Coilows: A. INTERFST RATE AND `tOi~fi'HLY PAYl1tENT CH:~VGES The Noce provides ~or an initial interest rate oF.~...~Q........90. The Note provides for changes in the intcrest ~ate and the monthly paymcnts. as Collows: a. INTERESt RATE AND 1~tONTHLY PAY?~tE~IT CHANCFS ( A ) Change Dates The interest rate [ will pay may change on the first day of .,........April,,,,,,,,,,,,,,,,,,,,,,,,, ~g„ 87,, and on that day ev~ry l2th month thereafter. Each date on which my interest rate could change is caiicd a"Change Date." (B) The Index Beginning with the 6rst Change Date. my interest rate will be bascd on an index. The "lndex" is the wcekly average yietd on United Stata Treasury securitics adjusc~d to a constant maturity of ! year, as made available by the Fcderal Raerve Board. The most ~tctnt index figure ava6table as of the date 45 days before each Change Date i:, called the "Current [ndex." [f the Index is no longer available, the Note Holder will choose a new index which is ba~ed upon comparabic information. The Note Holder will givc me notice of this choiee. (C) Calcalation o! Cbanga . ~ ~ ~E 8efore each Change Date. the Note Holder will calculate my new interest rate by adding . percentage points (...~..~~.....9b) to thc Current lidcx. The Note Holder will thcn round the result oC this addition to the nearut one-eighth of one percentage point (0.125°l0). Subject to the limits stated in Section 4(D) below, this roundcd amount wil! be my new interut rate uncii t6e next Change Date. The Note Holder will then d~termine the amount of the monthly payment thac would be sufficient to rcpay the unpaid principal that I am ezpocted to owe at the Change Date in full on the maturity date at my new interest rate in substantially equzt payments. The result o[ this calculation wiU be the new amount of my monthly payment. ( D) Limits on Interest Ratt Changes The intcrest rate I am rcquircd to pay at the first Change Date will not hc grcatcr than ..,.11 :50 .Ao or less than . 7:50 Thtreafter, my interest rate will never be incrcased or decreased on any single Change Datt by more than two percentage points {2.OAO) from the rate of interest 1 have becn paying for the preceding twclve months. i~ty interat rate will nevet be grcatcr than ..14; 50,,,,.,,qo. (E) ERectire Date of Changes My new interest rate will become eRective on each Chan¢c Date. i will pay the amount of my new monehly payment beginning on the first monthly payment date after the Change Dat~ until thc amount of my monthiy payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before ttie eflcctive date oPany change. The notice will includt information required by law to bt giv~n me and also the title and tetephone number of a person who will answer any qucstion I may have regarding the notice. B. TRANSFER OF THE PROP~RTY OR A BENEFICI,~L INTEREST IN BORROWER Uniform Covenant 1 ~ of the Security tnstrument is amended to read as follows: Transter of the Property or a Btneficial [nterat in 8orrower. If a!1 or any part of thc Property or any interest in it is scld or transfcrrcd (or if a bentficia! inttrest in Borrowcr is sold or trans~erred and Borrower is not a natural person) without ~ender's prior writttn consent. Lender may, at its option, require immediate payment in full of all sums stcured by this Security Instrum~nt. However, this option shall not be exercised by Lender iCexercise is prohibited by fedtral taw as of the dace of this Security [nstrumcnt. Lender also shall noi exercise this option if: (a) Borrower causes to bc submittcd to Lender information rcquircd by Lender co ~vatuate the intendcd cransferec as if a ncw loan were being made to the transferee; and (b) Lender reasonabiy determines that Lender's securitv will not be imp~ircd by the loan ~ssumption and that the risk of a breach of,any covenant or agrcement in this Security i~strum~nt is acceptable to Lender. _ ~~J~ ?~I,E eyUQ MUlT~SIATE ADJU5TA8LE RATE AIDER-ARM 5-2-S~nr:e Fam~iy-Fann~e Ma~~ Freddie Mac Un,form Instrument Form 3111 3i85 ADVA,~ITAGE ~ nn ~ ~'F ~ x u. ~ti~=,~.:"~~r,~rr~~~ ~~v.s:~E~"r~~"~.~i~~~'~'„~'~"