HomeMy WebLinkAbout0975 . F? _F `~~;FC~ ,I~
~n~~ ° ~ ADJUSTABLE ItATE RIDER .
(Inter~t Ratc Limits)
'fHIS ADJU57 ABLE RATE RiDER is made this day of .......~u! 19.~...,
and is incc~r~x~r•r~c~i imo and shall be dremed to amend and suppkment the Mortgsge. L~eod of Tnut, or Deed to Socure
[~bt (tht 'Sst:urity Instrument"1 ot the same Jatwe,~ven by the undersigned (the "Bo~rower") to securc Borrower's
Adjustable'Rate Nott to ...............................+.~.~~!('~4..r~Y
.~t$.~i..~................................................................
....................................................................................(the "l.ende~"} of the same date (the "Note") and covering the
property drscnbed in the Se~:urity tnstrument and Iocaled at: ~
21 LAKB VIS'~? ~tAIL ~203.~...PDRT.S.T..~.. LiICTE,~.. Fi.ARITA..33452
(P~operty Addnss)
Th~ Nofe contains provi:ion: aliowin~ for cha~~~~ in th~ inf~r~~t rot~ ~v~ry y~~
subject to th~ limits stot~d in tha Not~. If th• int~r~st rat~ incnas~:, th~
, Borrower's monfhly paym~nts will b~ hiOh~?. !f !h~ int~nst rot~ d~u~as~s, th~
Borrowe~'s monthly payments will b~ low~t.
ADDIt'IONAL ~'O~ EtiANT~. In additiun to the co~•enants and agreemrnts made in the Secunty Inssrument.
~rrowrr and LenJer furthrr ~o?rnant and agree as follows:
A. INTEREST RATE AND MUNTHLY PAYMENT CHANCES
The Notr provides for an initial intrrest rate ~~f 8~87.~~._."rb. Srrtiun 4 of the Note provides for changes in the interesl
rate and thr munthly paymrnt~.:u foll~~ws:
••4. IlVTERFST RATE ANU MUNTHLY PAYMENT CHANGES
(Al Chaage t~tes
The intere~t rate ! w~ill ~wy mey changr ~in thr first Jay ~f .......~Y 19.....87...., and on that day
r~~ery 12th month thereafter. Each date un whirh my interrst ratr could cha~gr is called a"Change Date."
(B) 'i7~e index
Beginning with the first Ch~ngr D:~te, my interrst ratr N~~il be basrd on an InAex. The "lndex" u the wcekly average
' yield on United States Treasury securities adjusted to a constant maturity of 1 year, as made available by the Foderal
Rc~erve Board. 7'he mos~ rerent Index figure available as of the date 45 days brfore each Change Date is cal{ed the
"Currcnt Indrx."
If the Indea is no longrr available, the Note Holder will chane a new ~ndex which i~ basecl upon comparable
information. The Nole Holder w•ill givr me notire of this choice.
(C~ Glculation of Changes
~ Before each Change D~te, thr N~~tr Holdrr wiU ralculatr my nrw~ intere,l ratr by edding .....2'7.~..'~ercentage poinls
(........,~a~.~J~,) to the Current [ndrx. The N~~tr Holder w~ll Ihrn r~?und ~he rc~suU o('~his addition to thr ncarest one-tighth
ofone percentage point (0.125^l~). Subject ~o the limits ~t~~rd in Sc~tion 4(D)below. ~his rounded amoun~ will be my new
interes! rate until the next Change Ddtr.
The Note Holder will thrn drtrrm~nr Ihr am~~unl uf ~hr munlhly paymrnl thnl wouW bc sufficienl to repay the
unpaid principal hatanrc of my luan 1:~m rx~xrir~l tn uwr ~~n thr ('h~nge f)a~r in full on the maturily datr at my new
interest ~ate in subtitantially eyual ray~menlti. 1'h~ rr.ult ~~f thi.. ~Irulau~m w~ill hr thr nrw amount otmy monthly payment.
(D1 Limit on Interest Rate Ch~nges
The ralr .?f ~ntrre~~ ! ~m reywrrd t~~ ~ay ,h:ill nr~rr tx ~nrrra.rd ~?n ~n~ .inblr Change Date by more than om~
prrcentage ;x~int ( I.0°1~ )(~o rrrreni~gr ~x»nt, t'-~`~. )~rheck on/y one•boxJGum the ratr ~~f imerrst I ha~•e brrn paying
` for the prereding twrlve munthr. My ~n~~rc.~ ra~c ~Iti~~ tihall nrvrr br grrater thdn ...14..75Q
(E! Effectire Date of Changes *~e rate of irlterest on the 2nd cZzange date
~f My new intrr~st retr w ifl brromr rffrcu~ r an r~rh Change Datr. ! will pay Ihe amo~m of my new momhly payment
€ begimm~g on the firsl m~mthl~ ra~mrnt J:~t~ aflrr thr Changr D:~tr unlil Ihe ~mount of my monthly payment change~
t
again.
~y IF7 Notice of Changes
The No~e Holdrr will ma~l ~~r drli~rr t~~ m~ n~?~i~r ~~f :,n~ rh:~n~;r~ in ~hr am~~un~ uf my munthly paymrn~ txrforr thr
etTective date of any change. The n~hrr will mrludr ~nG~rm:~t~un rryuirrd hy I~w to be gn~rn mr and :~lu~ ~hr litle •rnd
lelephcine numbrr c~fa peruin wh~~ will an,wcr any~ yur+tum I may ha~r rrg~rJing ~hr no~icr."
~ B. CHARGES; LIENS
- UniCorm Co~enam ~1 of the S~cunty ln.~rumrni i. amrnJrJ r~.id :?.I~~II~?w~
~ 4. Chuges; I.iens. Rc~rrc~wrr ~hall ray :~I) taxc~, a.K..mrnt., anJ uthrr rhrrg~~, fin~~ and im~x»iti~»~. a~ tribu~ahlr ~hr
~ Property whirh mey al1~~n a pru~n~y ~?vrr Ihi. Scrunl} In.trumrn~. and Ira.eh~?Id ~aymrnls nr kr~~und ren1.. if:~ny. in Ihc
; manner pmvidrd undrr raragrarh 2 herr~~f ur, if n~~~ ~aid in wrh mannrr, hy F3~~rmwrr making paym~nl. w hrn dur.
~ direclly to Ihe rayrr Iheren(. 13~~rruwrr ~hall rn?mrlly lunu+h 1~? Lrndrr ali n~?Ur~~. i?f:im~~unl. dur unJcr ihi. p:~r.~~;raph.
end in ihr evrnl l3~~rrc~wrr ~hall makr paymrn~ dirr~lly. fi~~rn?wrr .hall ~r~m~~ily furni.h i~~ l.rndrr r~tiri~+i. r~idrnrmg
wch ~?aymrnt~. Hcxn?wer ~hall ~?rumr~ly Jikhargr any lirn whirh ha. pn~?riry ~?vcr thi. ~ruriiy In.lrumrn~: pn~~~drd.
that &~rruwrr ~hall ni?~ h~: rryuircd Ii? di.rhargr any .uch Grn u~ I~~ng a. 13~~rmwrr. la) .hall a~r~Y in wri~inK I~~ 1hr
paYmcm i?f Ihc c?bhgali~>i~ kcur~d hy ~urh lirn in a mannrr ar~rrlaMr 1~~ Lrn~rr, Ib).hall ~n g~xxl I:u~h r~,m«~ .urh hcn
by, c~r dcfcnd rgaiml rnfi?r~rmc~~1 ~?f ~uch (irn u~. Irgal pr~x~tiding. wh~rh in Ihr ~~r~ni~m ul~ (.rn~kr u~xr:~~r tu ~r~vcn~ ~i~c ~
cnforccmcm ~dlhr licn ~~r fi?rfri~urr of ihr Pn~~xr~y ~~r :u~y rar~ ~hrrrul: ~?r (c).hall .~tiurr I'rum Ih~ Ix~ldrr ~?I'.urh lirn :u~ ~
agr~timrnl in a fi?rm wu.far~~~ry ~n L~~isdrr wM?rdina~m~ wrh lirn ~u ~hi. ~tiurily lii.lrumrnt. ~
If I.~nJcr dctcrmin~~ ~hat all i?r auy ~r1 ~?f 1hr 1'ri?~r1y t+ wbXtit ~n :i lirn whirh may a1l:un a ~~n~~nly ~~~rr Ihi.1~ti•uri~~ ~
In.Irumrnt. t.rndrr.hal) KnJ I~?rn?wrr n~~~i~r iJrntifying.urh hrn. 13~,rruw~r.h:~II.:iU.fy.ucl~ lirn ~~r t:il.. ~?nr ~,r m~,rr ~~I ;
- arli m 1 fi?rt M~vr w n tr~ ~~?f !hr ~ivin ~~,f u?lirc.
~~an~ thesea~~ex ra~ ~nID~~a~ o~ c~crease more than 1.08 fram the rate I ha~ve
pa d t~ preve twelve .
ADIUSTA~tE RATE ~~R--?lon~ A-~ aM~ A-3--1-~ Fomilr---9~83-FNMA Uniferui Inslru~nf 1~39b1~ AN~
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