HomeMy WebLinkAbout0945 ADJUST~?~LE RATE RID~~i
THIS ADJUSTABIE RATE RIDER i~ mada t.Ms........ day~of ....................................19........ and
is incorporated into and ahall be deemed to an~end and wpplscnent ths Mo~aQe~ Deed of Trust or Security ~eed
(thQ "Secu~ityr Inatrument'~ of the s4me dsN plv~n by ths w~dersip~Nd (the "8omowwl to SeCUro 8orrowers .
Adje,ataCle Rate Note (tl~e "Not~~ to Fir~! Conr?~uMly ~vio~ Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (H1A ~LAildOf'~ O~ thA ~ifi10 di~A i/1d COMKi11~ ~ P~'OP~y
deacriDed tn the Secu~ity Inatrument and I~ts.! at ~
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214. .Maim~~i~,:. P.Qx~ . S.t.. ~,~~ie~. . F~or.~da . . . . . . . . . . . . . . . . . . . . . . . . . .
i*~o«~ ~..y ~
THI~ NQTE CONTAINS A PR~VI~ION ALLtyWllrl~3 FQR
CHAR1t3E~ IP~ Mv IIdT~REST RATE. IF MX INTEREST
RATE INCREASE~, MY IYiOWTHLY P'AYMENTS WILL
BE HIt3HER. IF IIAY INTERES~' RATE DECR~A~SES, MY
IIiIONTHLY ~AYMENT8 WILL LOWER.
Additionai Cownants. In addition to tAe codenants and a~reements mads i~~ the Security InstrumenR
Borrower and Lender further cot-enant and aqree as follow~
A. lNTEREST RATE AND MaNTHLY PA1fMENT CN/1NGES
The Note provides for an initial inierest ~ate of...9..OQ.....96. The Note provides forchanQes in the intereat rate and
the monthly payments, as foHows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES; BORROWER'S RlGHT TO
LIMIT PAYMENT ~
(~y Chsn~~ Dst~s
The interest :~te 1 will pey ~nay chany~ on the first day of . April . . . . . . . . . . . . . . . 1 S . .~7. . . , and on
ihat day every_1,? mo~th thereafter. Each date on whiCh my interes2 rate could Charpe is Call a"Chan~e Dat~"
(B) Th~ ind~x ~
Beginning with the first cha~ge date, my interest will be based on an index available with the Federal
Home Loan Bank Board. The "tndex" to be used is the: - ~
N'eekly avefage yield of United State~ Treasury Securitias adjusted to a cc~nstant maturity of_year. ~
( X) National Mo~~thly Median Cost of Funds (NACSTM)
The most recent index figure available at least 30 days but not more than 120 days is called the "Current ~
Index". ~
If the Index is no longer available, the Note Holder will choose e n~w index which is based upon comparable 3
inforrrati~~. Th8 Note Holdt3r ~nrill give me notice e~ this choice. ~
(C) Calculation of Chan~~s
E •
Before each Change Date, the Note Holder will calculate my new interest rate by adding .1~ro. .~ud
~ _~?-:..~..~s~::sr
.......................;r°:~a:~:sy-apo+nts{...~r25.........%)tothecurrentlndexThisamountwillbemy _
new ~nterest rate unti: the next Chenge Oate. ~
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The Note Holder will then determine the amount of the monthly paym~nt that would be sufficient to repay ~
the unpaid principal that I am expected to owe at the Chanfle Date in fu{I on the maturity dats at my rtew interest rate ~
in substantially equal payment~ The result of this calculation is callcd tha"Fult Payment" It will be ihe new amount ~
~ ' of my monthly paycnent unless 1 chooae the amount permitted by Sectian 4(Fl beluw. i
EH~ctiv~ Dst~ ot Chan~~s ~
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My new interest rate will becorne effectiva on each Ct?anye Date. I will pay the amount ot my new mo~thly ~
~ payment beginnng on the firat monthly payment date after the ChanQe Date until the amount of my mar~thy -
~ paymeni changes aga'sn.
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~ (E~ Ndtico of Chan~~s
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The Note S~older will defiver or mail to me a~otice of any chanpea in my intereat r~te and !he amc,unt of my ~
~ monthly parment before the eliective date of any chan~e. The notice will in~lude information requir~d by Iaw to b~ ~
~ given r~e ~na efso tt~ title an~ telephone number ot a person whc ~viii ansvwr any qusstio~ I rt?ay have re9ardin4 ~
the notEce. " ?
" R
. .
(Fl Llmlb of Int~rsst liat~ Chsn~~ ~
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The 1~~~ergst rat as calcu~ated hereir~ wil not be increesed by more thar. 2 percentage points on ;
the first Chanye Dete. dr more ~han 1 iperc.emtape point~ on any chanps dete th~reafter. Decresses in
inteceat retes will not exceed per~csnta~e poinb on any ~~anti,a date. In ~o e~-ent shall the intsrest rat~
on this loan at any point In time, bs ~reatsr than 14 % or Iesss than
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