HomeMy WebLinkAbout0962 ADJUSTABLE RATE RIDER
1 1 1'ear Tressur~ lndex-Rate Caps 1 ~
TN(S :>D1l,STABI.E RATE RIDER is made this• ''~d;~) uf 19 and is :
incorporated into and shall be deemed to amend and suppitment the Mort~ge, Deed of T~ust b?~ecurity Deed (the ~ y
"Securit~ Instrument"1 oF the same date gi~en by the undersigned (the "BurroWer") to secure Burr~wer's Adjustable s
Rate ~ote ( the "\ote" ) to ~ICAN PICNFER SAVINGS B~HIC
( the "Lender" ) uf the same da~e and rovering the property described in
the S~cur~t~ (nstrument and Ix3ted at:
~QCX LUC~O AVH~UF PQI~r ST. LUQE FtA1tIL1A 33 452
~Pro~rt~ Addrc..~ `
THE NOtE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN 7HE INTEREST RATE
AND THE MONTHLY PAYMENT. THE NOTE IfMITS THE AMOUNT THE BORROWER'S
INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR-
ROWER MUST PAY.
AIIUITIO\,1L CO~ k:\a~T1. In additiun to the co~~enants and agreements made in the Securit~ tnstrument, Borrower
;~nd Lender further co~~enant and agree as folloHS:
A. I\TEREST RATE AtiD :110tiTHL1' P41'~1ENT CHANGES
The \ote pro~~ides for an initiai imerest rate of 9~625`'~. The tiote pruvides for rhanges in the interest rate and the
munthl~ pa~ments, as falloHS: .
4. 11TEREST RATE AtiD 410tiTHl.l' PAI~`1EtiT CHANGFS
i .~1 ~ Change Dates
The interest rate ! will pa~ ma~ change un tne iirst da~ of ~JE , 19 and on that da~
e?en 1?th munth thereafter. Each date on which m~ interest rate could cFiange i. called a"Change Date."
+ B ~ The Iodex
Beginn~ng H ith the tirst Change Da1e, m~ intere+t rate will be ba>cd orz an Indc.ti. Th~ "Indcx" i. the ~?cekl~ ~~erage
~ ield «n l nited State: Trea~ur~ ;ecuritie. ad~u+ted tu a constant mawrit~ ut~ 1~ear, a, made ~~ailablc by the Federal
Rexr+e Board. The mo.; recent (ndex tigur;, a~aiiahlr a. of the uaie -3~ da~a befure cach Ch:~ngc Date is called the
°Current Index."
11 the Inde~ i. n~ i~nger a~ailable, lhe \utr !{uldrr Hill .hu.~.e a new indeti Nhich i. ba.ed u~n comrarable
tnf~rmatiun. The \ute Holder ~ili gi~e me n~:ire ~~i thi. chuice.
i C~ Calculation of Chan~es
Beiore each Change Date, the \ote Nolder will calculate m~ neti interest rate b~ udding Z~ ~~~~n~0
penentage points 1 2~g15 ) to the Current Index. The Note Holder will t en roun t~e
re~u~t ul this additaun tu the nearest one-eighth of one percentage puint (0.125 Subject to the limits stated in Section
~l( D) beto~. thi; rounded amount tii11 b~ m~ neW interest rate uniil the next Chartge Date.
The '\ote Nulder will then determine the amount of the munthl} pa}~ment that ~•ould be sutfiicient to repay the
unpaid principal that I am expected to o~e at the Change Date in full on the maturit} d:~te ~t m~ ne~ interest rate in
~ub~tantiall~ eyual pa}ments. T~e resuit of this calculatroR wi!! be the new~ amount of my monthl~ payment.
~ D i Limits on Interest Rate C6anges
The interest rate I am required to pay at the first Change Daie +~•ill not be greater than 11 625 °~o or less than
7.625 Thereafter, my interest rate will never be increased or decreased on any singte ~hange Date by more
than tH~o percentage points (2.0%) from the rate of interest [ ha~~e been paying for the preceding ta~elve monihs. My
interest rate ~•itl never be greater than 14.625 ~
~ E i EtTecti~e Date of Changes
~t~ ne~ interest ra!e will become etfiecti~•e an each Change Date. I Nill ps} the amount of m} nea monthl} psyment
beginning un the tirst monthl~ pa~ment date aftcr the Change Datc until the ar~~ount of m}~ monihly payment changes
again.
i F i\otice of Changes
The `ote Holder µill deii~~er or mail to me a nouce of an} changes in m} imcrest rate and the amount of my monthly
pa~ ment b~fore the efTec:ice date of am change. The noti~c µ ill include information reyuired b}• !aw to be gi~~en me and
also the tit(e and te(ephone number of a person who wifl ansaer an} yucstion I may~ have regarding the notice.
B. TRa~SFER OF THE PROPERTl" OR A BE'~EF'ICIAL t!~TEREST IN BORROWER
l.ni(orm Co~erant 1? of the Securit~ Instrument is amended to read as fullows:
Transfer of the Propert~ or a Beneficial Interest in Borrower. If all or any part of the Propert} or an~ interest in it ~s
~old er transferred lor if a beneficial interest in Bor~oKer ~s sold or transferred and Borrower is not a natural person)
~ithuut Lender'> prior ~ritten consent, Lender ma}. at its option, reyuire immediate paymcnt in full ota11 sums secured
b~ thi, Securit~ Instrument Ho~~e~~e:. this option shall not be exercised b}~ Ler,der if exercise is prohibited by federal law
a~ of the date of this Securitr Instrument. Lender also ,hall not exercise this option iE (a) Borrower causes to be
~ubmitted to Lender inform~tion required b~ Lender to evaluate the ~ntended transferee as if a new loan were being made
to thc transferee: and Ib) Lender reasor.abl} determines that Lender's securit} will not be impaired by the loan
a»umption and that the risk o~ s breach of am co~~enant or agreement in this Securit~ Instrument is acceptable to
Lender.
Tu the extent permitted b~ applicable la.?, Lender ma} charge a rea~unable fee a~ a condition to Lender's consent to
the I~>ar. a~.umption Lender ma} also reyuire the transferee to sign an assurnption agreemcnt that is acceptable to
L~nde, ard th~t ublig;~te, the tran~feree to kcep all the promises and aRreements made in ihe tiote and ~n this Securil~
In~trument Borro~er ~~~il can;inue to be obligated under the tiote and thfs Securit} Instrument unless Lender releases
Burr~~+?er in tiriting.
MULTISTATE ADJUSTABLE RATE RIDER-ARM 5-2-~~~~+~ ~e~-.~!v-Fannie Mae Uniform Instrume~q~ 49s ~';,fE Pd~~t 1I85
Fofm 2036 a.v Frrms~' ~O QVVL/QQ ~ 120~111~~ C-/
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