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Home My WebLink About0991 GLE11CaALE FEDERAL ~ ~ ADJUSTABLE MORTGAGE LOAN RIDER NOTICETHi8SEWRRY WSTAU~AEAITSECtJRE8ANOTEWHiCHCONTAINS A PRONISION ALL+OWING POR Ct1AN~iES IN THE N~REREST RATE N~EASE8 IN THE lNTEREST R~TE YAY RE8tJLT IN MiGMER PMYMENTS. OECREASES IN THE INTEREST RATE YAY RESULT IN LOMIER AAYNEKTS. This Rider is made this 2~ - day oi 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 given by the undersig~eti (the "Borrower") to secure Borrower's Note to GLENDALE FEDERAL SAVINGS AND LOAN ASSOCI- ATION (~650 ~n er" of Lh_e s_a~ne 20t~It; e"N~te'_')_and~c~e; ingthg p4Q~rty described in the SeCUrity Instrument and locatsd at y AlA 1~U 1 JEi~6PN c~i FL ,i3 5/ Property Address ADDITIONAL COVENANTS. In addition to the covenants and agfeements made in the Security Instrument, Borrower and Lender further covenant and agrees as follows: A. INTEREST RATE AND IYlONTNLY PAYMENT CHANGES The Note provides for an Initial Rate of Interest oi 8•50000 Sections 2 through 5 of the Note provide for changes in the interest rate and the monthly payments, as foltows: "2. INTEREST A. INTEREST OWED Interest will be charged on that part of principal that I owe undec this Note which has not been paid. Interest will be charged beginn~ng on the date I receive principal and continuing until the full amount of principal called the "Principal Balance" has been paid. Beginning on the date of this Note, I will pay interest at a yearly rate of 8•~000 q, (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 loan is paid. Interest rate changes may occur on the ~T _day of the month beg~nning on ; APRII, Ol, 1987 and on the same day of the month every Z~~~ ~ thereafter. Each date on which the interest rate may change will be called a"Change Date." The interest rate required by this Section 2 ~f this , Note is the rate I will pay both before and after any default described in Section 8 of this Note. B. THE INDEX Any changes in the interest rate will be based on changes in an interest rate index which will be called the "Index." The index ~s the: ~~Q~' ~T~ F~M Z4iE AVERACE V~RLY ~I'ED YIF~,D ON U.S. Z'REA.SURY SDQJRITIFS A,DJ~ZED TO A OC[~FTANP I~Z~JRrI'Y ~ Q~ (,1) YF''AR AS PUBLISHED IN Tf~ F'FtFU~?T. RFSERSTE STATISTIC~L ~J~SE G 13 ~4151 The most rzcently available index figure before each Change Date is called the "Current Index". If the index ceases to be made available by the publisher, or any s.,cessor to the publisher, the Note Holder will set the Note interest rate by using a comparabte ~ index. ~ C. SETTING THE NEW INTEREST RATE There is no inte~est rate change for the first twelve (12) mQnths of my loan. During this period, I will pay interest at the Initial E lnterest Rate of ~(8T AND ~-HAi~' percent ( 8.50000 9(,). ~ To set the new interest rate for the first Change Date on _ APRIL Ol, 1987 and for each Change Date every ` twelve (12) months thereafter, the Note Holder will calculate my ~ew rate of interest by adding ~ ~ 2_75~~0 q(, ~ 'PinD AND TRR1~'F. _ ~.r percent ( ) to the Current Index. The result of this ~ calculation will be the new interest rate as of the next Change Date, subject to the limitations set out in Section 2(D) of this Note. D. LIMITS ON INTEREST RATE CHANGE The rate of interest I am required to pay may not change more than once during each successive _ 'i~nl~i VE MN~4i perio~. My first interest rate change may occur on APRIL Ol, L987 . ~ Future interest rate changes may occur on the 14'~' day of the month every 2'~~~ ~ thereafter. ~ On each Change Date, my new interest rate will not be changed by more than ~ percent 96) above or below the interest rate I was paying immediately prior to the Change Date and will not be changed over the term of my loan by more than ~ percent ( s_ pnn~~~~ ~ ~ above or below my initial Interest Rate. ~ 3. TIME AND PLACE OF PAYMENTS 1 will pay principal and interest by making payments every month. 1 will make my monthly payments cn the 1ST day of each month beginning on I~Y Q7 ~ 1986 I will make these t payments until I have paid the principal ana ~nterest and any other changes described below that I owe under this Note. If on ~ ADRT~QI ~ 2~1 f , 1 stili owe any sums under this Note, I will pay those amounts in full on that ; date which is called the "Finsl Payment Date." i w~11 make my monthly payments at 301 EAST LAS OLAS BOUIEVARD, FORT € LAUDERDALE, FLORIDA 33301 or at a different piace if required by the Note Holaer. ~ 4. FULL PAYMENT AMOUNT ~ A. AMOUNT OF MONTHLY PAYMENTS ~ My monthly payments will be in the initial amount of U.S. S ~4.46 . If the ~nterest rate changes, as provided +n Section 2 of this Note, the amaunt of my mor~thly payments maychange. Increases in the interest rate will result in higher payments ~ after a Change Date (unless my prepayments sin~e the last Change Date ofiset the increases in my i bt~e~~~ ~r~11~9'!~1"~e C,l i t ~ GF FL50320 7-d4 NOTE PLAN 46 ~QQK P~i~f LC~N # 0810309 ~ ~ ~ _ ~ - - - - ~ ~ ' ~