HomeMy WebLinkAbout0938 ADJUSTABLE RATE MORTI~AGE RIDER
LOANi 22104853
NOrTICE: THE SECURITY 1N5TRUMENT SECURES A NOrTE WHICH CONTAINS A PROVISION ALIAW[NG
FOR CHAt~3G~S IN THE INTERFS'I' RATE. INCREASFS IN TNE INTEREST RATE WILL itESULT IN HIGHER
PAYMENTS. DECRF.ASFS IN THE INTERST RATE WIGL RESULT IN UIWER PAYMENTS.
This rider is made this .........4th......... day of ..........................APRIL............._.........., 19...86......, ,
and is incorporated into and shaii be ~teemed and supplement the Mongage, Deed of Tnut, or Deed to Secure Debt (the "Securiry `
Instrument") of the same date given by the undersigned (the "Borraver") to secure Borrnwer's Note to FTir~ Citizens Federal
Savings and Losn Association (the "Lxnder") of the same date (the "Note") and cavering the property described in the =
x~c~c Biddle Lane, Por[ St. Lucie, FZorida 33452 ~
Security Instrument and located at
Property Address
~
Modit'ications. In addition to the crnenants and agreements made in the Security Instrument, Borro~~er and L,ender fur- ~
ther cavenant and agree as follows: '
~
~
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note pravides for an initial interest rate of .......8.'.75....96. Section ~i of the note provides for changes in the
interest rate and the monthly payments, as foilows:
4. INTEREST RATE AND ti10NTHLY PAYI~IENT CHANGFS
(A) Change Dates
The interest rate I will pay may change on the is.t.... day of ~Y 19. 87....,
and on that day of the month every ..1.? months thereafter. Each date on which my interest rate could change is called a
"Change Date: '
(B) Tl~e Index
Beginning with the first Change Date, my interest rate will be based on an "Index" The Index is the weekly average j
i
yield on United States Treasury securities ac3justed to a constant maturiry of ....._.....Q~.... years, as made availabte iry
the Federal Reserve Board. The most recent Index figure available as of 45 days before each Change Date is called the "Cur-
rent [ndex:'
If the index is no longer avai(able, the Note Hotder will choose a new index which is based upon comparable informa- ~
tion. The Note Hotder wili give me notice of its choice. ~
(C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND ONF~~~ge
points S0...96) to the Current Index. The Note Holder will then round the result of this addition to the nearest
one-eighth of one pe~rentage point (0.125°6). This rouneied amount wili be my new interest rate until the next Interest Change
Date. The interest rate adjustment may be in the form of a rate increase or a rate decrease. My ficst interest rate adjustment
wiit be limited to ........~.'.~~...`~o. Niy interest rate adjustments thereafter will be limited to 1.00..._~. Over the
term of my loan, my interest rate will never ezceed ............13. 75..
The Note Holder will then determine the amount of the monthly payment that would be suffcient to repay i~ fuli the
principal I am expected to owe on the Cnange Date in substantialty equai payments by the maturity date at my new interest
rate. The result of this calculation will be the new amount of my monthly payment.
(D) Effective Date of Changes
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment
beginning on the first monthly payment date after the Change Date until the amount of my month(y payment changes again.
CAP HOAIE ADJUSTABLE RATE ~tOR'I'GAGE RIDE:R - ~TREAS~RY INDEx - 3 8s~
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