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Home My WebLink About0921 GLEIWAL.E FEDERAL ADJUSTABLE MORTGAGE LOAN RIDER NorcE: ~r~s sECURmr urs~uM~rr sECxx~s ~ rro~ w~+ cor~rraNs a~rovisarr ~wwt~ Poa cturrc~s iN n~E ~~ESZ a~. ~trca~s iN THE INTEREST RATE AAAY RESULT IN HIGMER PMIYMENTS. DECREASES IN THE INTEREST RATF ~IqY RESULT !N ~OWER RIIYMENTS. This Rider is made this ~ day of 1986 , and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust, or Deed to Secure Debt (the "Security Instrument") of the same date g~ven by the undersigned (the "Borrower") to secure Borrower's Note to GLENDALE FEDERAL SAVINGS AND LOAN ASSOCI- ATION (the "L~nder"~ o~h sam~dateltlie "Moi~landcoXetinc~,the property described in the Security Instrument and locate~ at '~~VAN PC~P ST LU(:IE r'L .5.34~L Property Address ADDITIONAL COVENANTS. In addition to thecovenants and agreements made in the Security Instrument, Borrowerand Lender further :,ovenant and agrees as follows: A. INTEREST RATE AND MONTHLY PAYrMENT CHANG S The Note provides for an Initial Rate of Interest of ~•OOOOC ao. Sections 2 through 5 of the Note provide for c~anges ~n the interest rate and the monthly payments, as foNOws: "2. tNTEREST A. INTEREST OWEO ' Interest will be charged on that part of principal that 1 awe under this Note which has not been paid. Interest will be charged beginrnng on theaate I receiv2 principat and continuing until the full amount of principal c II dn "Principal BalancE" has been paid. Beginning on the date of this Note, I will pay interest at a yearly rate of ~•~"~~Q ry, ( the "Initial Interest Rate"). The interest rate that I will pay will change in accordance with Sections 2(C) and 2(D) of this Note until my ~o ~ is pa~~Ent~ere~i;at19~h~nges may occur on the _day oithe mont~ h~~bec~inni~a~ and on the same day of the month every thereafter. Each date on which the interest rate may change will be called a"Change Date." The interest rate required by this Section 2 of this R1ote is ths rate f w~ll pay both before and after any default described in Section 8 of this Note. B. THE lNDEX ' Any changes ~n the interest rate will be based on chang ~es_ ~n an interest rate index which will be called the "In x." Th in_ dex ~s the: FIQTKE DERIVF~ FRCM THE AVERA($ V~EKLY QClO~PED YIEGU ON U.S. TRE'~ASURY ~E~QJRI'~IFS AD17US'I~',D TO A aCt1S7'ANP MA~JRITY OF Q~IE (1) YEAR AS PUBLISHED IN TEIE FEDERAL _ _~SERVE S~ATISTICAL P~;LFASE G.13 (415) ' The most recently avaitable index figure before each Change Date rs called the "Current index". If the index ceases to be made ava~lable by ihe publisher, or any s..cessor to the publisher, the Note Holder will set the Noie interest rate by using a comparable indax. C. SETTING THE NEW INTEREST RATE There is no inteie~ s~t r~ate change fo~ the first twelve (12) months oi my loan. Dur9 ~~oOQ riod, I will pay interest at the Initial Interest Rate of ~ E To set the new interest rate for the tirst Change Date on S ercent ( R~3 ~ 1987 %and for each Change Date every twetve (12) months lhereafter, the Note Holder wifl calculate my new rate of interest by adding ~ percent ( 3. OOOOfl to the Current Index. The result of this calculation wi{t be the new interest rate as of the next Change Date, subject to the timitations set out in Section 2(D) of this Note. D. LlMITS ON INTERES7 RATE CHANGE The rate of interest I am required to pay may not change more than once during each successive Z~~ M~~ period. My first interest rate change may occur on _ ~1''B~ Ol, 1987 Future interest rate changes may occur on the ~ day of the month every thereafter. On each Change Date, my new interest rate will nat be changed by more than T~'~ percent ( 2. d0000qt,) above or below the interest rate I was paying immediatety prior to the Change Date and wili not be changed over the term of my loan by more than FI~IE percent ( 5.00000 q~,~ above or below my initial Interest Rate. 3. TIME AND PLACE OF PAYMENTS ! wi1! pay principa! and interest by mak~ng payments every month. I wi11 make my monthty payments on the ~ day of each month beg+nning on ~R Ol, 1986 1 will make these payments until I have paid the principal and ~nterest and any other changes described below that I owe under this tVote. If on ~R 01,, 2~16 , I st~ll owe any sums under this Note, I will pay those amounts in full on that date which is called the "Final Payment Date." I will make my monthly payments at 30t EAST LAS OLAS BOULEVARD, FORT LAUDERDA~E, FLORIDA 33301 or at a different plac2 if required by the Note Holder. 4. FULL PAYMENT AMOUNT A. AMOUNT OF MONTHLY PAYMENTS My monthly payments will be in ihe initia! amount of U.S. $ 333 12 . If the interest rate changes, as provided in Section 2 of this Note, the amount oi my monthly payments may change. Increases in the interest rate will result in higher payments after a Change Date (unfess my prepayments s~nce the last Change Date offset the increases in my interest rate). Decreases in the ; ~ -~~Q~-12 ~ ~ GF FL50320 7-8~ KOTE PLAN 16 ~ • ~ ~ d 3 ~fQR~ ~ys PA~E ~2~ IA~1N # 08Z5076 ~ ~