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ADJUSTABLE RATr RIDER ~ ~ . ~ ~ . .
(i Yeu Trcasury tadex-Rste Caps)
THIS ADJUSTABLE RATE R1DER is made shis ~lst, day ot ~t~r 19 ....85, and is
incorporatcd into and shall be deemed to amend and supplement the Mortgagc, D~ed of Trust or Security Deod (the
"Security Instrument") of the same date grven by the undersigned (the "Borrower") to secure Borrower's Adjustable
PGA SAVINGS AND IiQAN AS.SOCIATION
Rate Note (the "Not~") to
(the "Lender") of 1he same date and oovering the property described in
the Security Instrument and located at:
325 N.W. Currx Street , Fort St. Lucie, Florida
~Propetty Address)
n~ No~ coHrans ~oviswNS At.~.~nt~ Fo~ c.HaN~ES iN ~ i~a~sT an~
AND THE MONTHLY PAYMENT. THE NOTE UMITS THE AMOUNT THE BORROYVER'S
INTEF~ST RATE CAN CHANGE AT ANY ONE TIME ANO THE tNAXIMUM RATE THE BOR-
ROMIER MUST PAY.
ADDITIONAL COVEhA1rT5. In addition to the covenants and agreements made in the Security Instrument, Borrower
and Lender further covenant and agree as follows:
A. INTERFST RATE AND MONTHI.Y PAYMEIYT CHANGFS
The Note provides for an initial interest rate of ...9 ~ SQ......`16. The Note provides for changes in thc interest rate and the
monthly payments, as follows:
4. INTERFST RATE AND MONTHLY PAYMENT CHAIvCES
( A ) C6aage Dates
The interest rate 1 will pay may change on the first day of I!?~v~r 19. 86..., and on that day
every 12th month thereafter. Each date on which my interest rate could change is called a"Change Date."
( B ) T`e Iadex
Beginning wiih the first Change Datc, my +nterest rate will be based on an Indcx. The "Indez" is the wakly
average yietd on United States Treasury securities adjusted to a constant maturity of 1 year, as madr available by the
Federal Reserve Board. The most recent Index figure available as of the date 45 days before each 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 upon comparable
information. The Note Hoider will give me notice of this choice. I
~ C) Cakula6on oi Changes ;
Before each Change Date, the Note Holder will calculate my new interest rate by adding 50..... 'I
. . . .
percentage points 5~ to the Current Index. The Note Holder witl then round tbe
result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Scction
4(D) below, this roundcd amount will be my new interest rate until the next Change Data
i The Note Holder will then determine the amount of the monthly paymcnt that would be sufficient to repay the
~ unpaid principal that 1 am expected to owe at the Changc Date in full on the maturity date at my new interest rate in
substantially equal payenents. The result of this catculation will be the new amount of my monthly payment.
; ( D) limits oo ~nterest Rate C6anges
j The interest rate t am rcquired to pay at the first Change Date wiil not bc greater than ....~~.r.~Q............%or less than
~ 5a ......°~o. Thereafter, my interest rate will never be increascd or decreased on any single Change Date by more
than two percentage points (2.096) from the rate of interest I have been paying for the preceding twelve months. My
° interest rate will never be greater than ....~..~,.~0.....90.
~ ( E) Ef~ectire Date of C6inges
~
~ My new interest rate will become eRective on each Change Date. I will pay the amount of my new monthly payment
t
~ beginning on the first monthly payment date after the Change Date until the amount of my monthiy payment changes
~ again.
( F ) Notice ot C6aoges
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 the efTective date of any change. The notice will include information requirod by law to be given me aad
~ also the title and telephone numbcr of a person who will answer any question 1 may have regarding the notia.
B. TRANSF'ER OF THE PROPERTY OR A BENEFICIAL INTERFST IN BORROWER
` Uniform Cqvenani i 7 of the Security Instrument is amended to read as follows:
~ Traaster of tbe Property or a Beaeficial taterest in Borraw~er. If all or any part of the Property or any interest in it is
~ sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrowtr 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 Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal faw
as of the date of this Security Instrument. Lender aiso shall not exercise this option if: (a) Borrower causes to be
submitted to Lender information required by Lender to evaluate the intended transfcree as if a new loan were being made
to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired oy the loan
assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptablt to
Lender.
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MULTISTATE ADJUSTABLE RATE FifOER-ARM 5-2-S~ngle Farruy
_ PROGRAM 17 (LSC 85-28)
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