The URL can be used to link to this page

Home My WebLink About0929 ADJ~(JSTABLE RATE RIDER I 1 1'ear Treasury lndrx-Rate Capsl , ~ THIS ADJI;STABLE RATE RIDER is made this Z~day uf ~ .'1~''~ , and is - incorporated into and shall be deemed to amend and supplement the Murtgagc. Deed of Trust or SecuM~? Deed (the "Security Instrument") of the same date given by the undersign~d (the "Borrow~er") to secure Burrower's Adjustable Rate tiote (the "\otc") to ~ICAN pYq1ffit SAVII~',g g~N1C (the "Lender") of the same date ~nd cuvering the property described in the Securit~ Instrumtnt and Ixated at: 118 BVIIiGL~DTS BOIII.BVAIiU S~VART P'I~RIDA 33494 ( Proprrt~ Addrr>. ~ THE NOTE CONTAtNS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CMANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- ROWER MUST PAY. AUDlT10~:1L CO~'E\A\TS. In addition to the covenants and agreements made in the Securit~• lnstrument, Borrower and Lender further covenant and agree as follows- a. ItiTEREST RaTE AND 1~10NTHLY PaYh1ENT CHANGES The tiote provides for an initial interest rate of g~625 "k. The tiote provides (or changes in the interest ratc and the monthfy payments, as follows: 4. INTERFST RATE AND MONTHLY PAl'M11ENT CHANGES 1 A 1 C6ange Dates The interest rate I µill pa} may change on the first da}~ of ~ , 19 and on that day ever}~ 12th month thereafter. Each date on which m~• interest rate could eFiange is called a"Change Date." l B ? The Index Beginning w~ith the tirst Change Date, my interest rate will be based on an index. Tne "Index" is the weekl~ a~•erage ~ield on l;nited States Treasur}~ securities adjusted to a constant maturity o~ 1 year, as m~de a~~ailable by the Federal Reserve Board. The mo~t recent 1n~ex figure 3vailable as of the date 45 days before each Ch3nge Date is called the "Current Index." If ihe Index is no longer available, the tiute Holder will chouse a ne~ index which is based ~pon comparable informst;on. The tiote Hofder w~il{ give me nutice af this choice. ( C 1 Calcalatio~ of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding ~ ~ ~r~1ppp percentage points ( 2~~5 `7 ) to the Current Index. The Note Holder will li-ien rouna ~fie result of this addition to the nearest one-eighth of one percentage point (0.125`~). Subject to the limits stated in Section 4(D? below, this rounded amount will be my new interest rate until the aext Change Date. The tiote Holder will then determine the amount of the monthly payment that would be suflicient to repay the unpaid principal that I am expected to oae at the Change Date in full on the maturity date at m} new interest rate in substantially eyual payments. The result of this calculation will be the new amount of my monthly payment. 1 D 1 Limits on Interest Rate Ch9nges ~ The interest rate I am required to pay at the first Change Date will not be greater than 25% or less than 7.625 Thereafter, my interest rate will never be increased or decreased on any sin~e ~6ange Date by more than two percentage points (2.0%) from the rate of interest 1 have been paying for the preceding twelve months. My interest rate will never be greater than 14.625 °j0• 1 E? Ef~ective Date of Changes ; My~ new interest rate wil) become eRective on each Change Date. I will pay thc amuunt of my new monthly paymem C beginning or~ the first monthly pa}~ment date after the Change Date until the amount of my monthly payment changes ~ again. ~ ~ 1 F? tiotice of Changes ~ The'`ote Holder will deliver or maii to me a notice of any changes in my interest rate and the amount af my monthly ~ pa} ment before the efTective date of any change. The notice will include information required by law to be given me and ~ also the title and telephone number of a person who will answer any question 1 may have regarding tt~e notice. ~ ~ B. TRAtiSFER OF THE PROPERTI' OR A BEtiEFlCIAL INTEREST IN BORROWER x l:niform Covenant 17 of the Security Instrument is amended to read as follows F Transfer of the Property or A Benefici~l lnterest in Borrower. If all or any part of the Property or any interest in it is ~ sold or transferred (or if a beneficiai interest in Borrower is sold or transferred and Borrower is not a natural person) F ~ ithout Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured b} this Securit~ Instrument. Hoµever, this option shall not be exercised by Lender if exercise is prohibited by federal law ' as of the date of this Security Instrument. Lender also sha{I not exercise this option if: (a) Borrower causes to be E submitted to Lender information required by Lender to evaluate the imended transferee as if a new loan were being made ~ to the transferee; and (b) Lender reasonably~ determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of an} covenant or agreement in this Security Instrument is acceptable to ~ Lender. ~ ~ To the extent permitted b} applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to ~ ~ the loan assumptior~. Lender ma} also require the transferee to sign an assumption agreement that is acceptable to ~ Lender and that obligates the transferee to keep all the promises and agreements madc in the tiote and in this Security ~ fnstrument. Borroµer uill continue to be obligated under the Note and this Security Instrumem unless Lender reteases ~ 8orro~+er in µriting. ~ MULTISTATE ADJUSTABLE RATE RIDER-ARM 5-2-S~~~e Fam~iy-Fennie Mae Unilorm {nstrumani Form 3111 1185 ~ ~ormu~ aw Forms° ~O WWOO ~ 500323 O p 497 ~ ~ BO~K E ~ - . T__~.,._... R.,=Y_~.,.~....y.,, . _ - _ . . . - ~ - _ _ _ _ - . . , . _ - - - . ~ .