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Home My WebLink About0918 rn,~.~v, tvt,~~: 2400 ADJUSTABLE RATE RIDER (1 Yeu Tnasrry I~dex-Rate Caps ) - f ~ THIS ADJUSTABLE RATE RIDER is made tt?is 21st day of 'Octpber lS~S , and is incorporatad into and shall be damtd to amend and supplement the Mortgage, Qeed of Trust or Security De~d (the "Security Inetrument") of the same date given by the undersigned (the "Borrower") to s~cure Borrower's Adjustable Ratc Noce (the "Noce") co PGA Savings and Loan Association ~ (the "Lender"j of the same date and coverin~ the property described in the Security lnstrument and located at: 325 N.W.CUrry Street, Port St . I~ucie, ~lorida ~ \ ~ ~1 ; / E NOTE CONTAIMS PROVISfONS ALLOMIIt~K3 FOR CHAN(3ES IN THE INTERE$T RATE AN THE MONTHLY PAYMENT. THE NOTE UMtTS THE AMOIlNT THE 'S IN ST RATE CAN CHANCiE AT ANY ONE TMAE AND THE MAXIMUM RA THE 80R- MUST PiAY. . ADDITIO[YAL COVB rns. In addition to the covenants and agreements made in the urity Instrument, Borrower and Lender furth~r coven t and agra as follows: - A. INTEREST RATE AN MONTHLY PAYMENT CHANGES The Note provides for an initia interest rate of 9. 50 The Note provides for changes in the interest rate and the monthly paymcnts, as fotlows: 4. INTERESf RATE AND MO LY PAYMENT CHANGES ( A ) Cba~e Dates The interest rate 1 will pay may c nge on the first day of NWFi~i , 19~6 , and on that day every 12th month t6ereafter. Each date n which my interest rat~ could change is called a"Change Date." ( B ) T~e Iadex Beginning with the first Change Date, my terest rate wiU be ba n an Index. The "Index' is the weekly avcrage yield on United States Treasury securities adju to a constant ma rity of 1 year~ as made available by t6e Federal Reserve Board. The most recent Index figure av 'lable as of the e 45 days before each Change Date is called the ' "Cunent Index." If t6e Indcx is no longer availablt, the Note H er wili oose a new index which is based upon comparable information. The Note Hotder will give me notice of t's cho' . ( C) Calcuiatjoa ot C~a Before each Change Date. the Ndte Holder will calc my new interest rate by adding ~ anci 50/100's - percentage points ( 2.50 96) the urrent Index. The Note Holder will thcn round the result of this addition to the nearest one-eighth of one per ntage ~nt (0.125%). Subject to the limits stated in Soction 4(D) below, this rounded amount will be my new int est rate un ' the next Change Date. The Note Holdcr wili then determine the amou t of the monthl payment that would be sufficient to repay thc unpaid principal that 1 am expected to owe at the ange Date in full o the maturity date at my new interest rate in substantiapy oqual payments. The r~sult of this Iculation will be the w amount of my monthly payment. ~ ( D) liraits oa Iaterat Rate C6aages s The interest rate I am rcquirod to pay at t e first Change Date will not be greate than 11. 50 %or less than : E 7. 50 Thereafter, my interest ate will never be increased or decreased any singlc Change Date by more ~ x than one percentage point (1.0%) from t~(e rate of interest 1 have been paying for the receding twelve months. My ; E interest rate will never be greatsr than / 14. 50 96. ~ ( E) E~ectire Date of C3~es ; , i ~ My new interest rate will become ef3ective on each Change Date. I will pay the amount oP y new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my m~o thly payment changes ~ g ~ a ai ~ F) Notice o! Changa . . The Note Holder will delivqr or mail to me a notice of any changes in my interest rate and the amou~t of my monthly ` payment before the efl'ective d~te of any change. The notice will include information required by law to ~given me and ~ also the title and tdephone umber of a porson who will answer any question I may have regarding the ~otice. B. TRANSFER OF THE ROFERTY OR A HENEFICIAL INTEREST IN BORROWER • Uniform Covenant 1? of e Security (nsirument is amendcd to read as follows: Tramsfer of the Prapesty ar a Be~eticial toterest ie Borro~er. If all or any part of tho Property or any interes~~in it is i sold ar transferred (or jf a beneficial interest in Borrower is soid or transforred and Borrower is not a naturai pet~son) i without Lender's prior'written consent, Lender may, at its option, require immediate payment in full of all sums sec~ed ' by this Security Insttument. However, this option shaU not be exercised by Lender if exercise is prohibitcd by feder~l la~v ' o~ as of the date of this Sxuriry Instrurreont. L.onder also shall not exercise this opsion if: (a) Borrower causes to be~~ ' = submitted to l,ender information roquired by L.ender to svaluate the intended transf~ree as if a new loan were ixing made I ~ to the transfera; and (b) Lender reasonably determines that Lender'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 acceplable to L,ender. ~ To the eztent permitted by applicable law, Lendcr may charge a reasonable fee as a condition to Lender's consent to « the loan assumption. Lender may also require the transferee to sign an assumption agrament that is acceptable to C,~~ L.tnder and t:~at obligates tha transferee to keep alt the promises and agreements made in the Note and in this Security ~ Instrument. Borrowcr will continue to be obligated under the Note and this Security Instrum~nt u I Ltnder ~ ~ Barrower in writing. gO~K ~~U PAGE ~ ~ / MULTISTATE AD,lU8TA8LE RATE RIDER-AAY S-1-Smgle Famy-Farr* 11N IJNforn~ Mwtripn~nt Fonn 3/09 1/83 • eo~raouo~re~ wsueess rowues, ~~e. ns-»r~~a ow wau~-~zs~ ~-821A VM? COYN7[R F ws. urc. ws-aw»:: ow ~oas~~-saa~ ~ILOIIIDA ONL~ w { ~ f r~ ' _ ' - - . K ,l,-syC~j .Ar"s'r ~"'3"~ T~..h-~ f-:, ~ _ ~ w . . _ ~ ~ f z9 ~ w~' - .,~L. _ _