HomeMy WebLinkAbout0954 .
• ~ ADJUSTABL~ RATE RIDER
THIS AOJUSTABLE RATE RIDER ia made thls..1.Z... day of May
.......................19..8.6.., and
is incorporated into and shall be deemed to arr~end and aupplement the Mortqafle, Deed of Trust or Secu~ity Deed
(ihe "Securiry Inst~ument") of the aeme dats 9iven by the unde~qned (the "Bonowe~ to secure 8orrowers
Adjustabie Rate Note (the "Note'~ to Flrst Commu~lty ~~vlo~ Corp . . . . . : . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lende~ d the same date and coveriny the p~operty
described in the Security Instrument and located at ~
................................~57.2.5.~~..$#~t~ia,Drive~..Port, St. ,Lucie~, Florida...................
~Proo«b ~aa~«I
THIS NOTE CONTAINlS A PROVIStON ALLOWING FOR
CHANGES IN MY INTEREST RATE. IF NIY INTEREST
RATE INCREASES, MY MONTHLY PAYMENTS WILL
BE HIGHER. IF MY INTEREST RATE DECREASES, MY
MORITHLY PAYMENTS WILL LOWER.
1ldditional Covnants. In addition to the covenants and aflreements made in the Security Instrument~
Borrower and Lender turther covenant and aqree as foliaws: ~
A. INTEREST RATE AND MONTHLY PAYMENT CHAN~3ES
The Note provides for an initial interest rate of.... 8r.~... The Note providesforchanges in the interest rate and
the monthly payments, as foliows:
4. Ih1TEREST RATE AND MONTHLY PAYMENT CHANGE3; BORROWER'S RIGHT TO
LIMiT PAYMENT
(ly Chsnge Datss
The interest rate I will pay may chanfle on the first day of . . .June
. . . . . . . . . . . . . 19 .87. . . . , and on
that day every.~2 month thereafter. Each date on which my interest rate couid chanfle is call a"Change Date."
(B) The Index ~
Beginning with the first change date, my interest wilt be based on an index available with the Federal
Home Loan 8ank Board. The "Index" to be used is the: -
O Weekly average yield of United States Treasury Securities adjusted 4o a co~stant maturity of_year. !
(X ) National Monthly Median Cost of Funds (NACSTM)
~ The most recent index figure available at least 3Q days but not more than 120 days is called the "Current
4 tndex".
E If the Index is no tonger available, the Note Holder will choose a new index which is based upon comparable
F intormation. The Note Holder witl give me notice of this choice.
k (C) Calculation of C~hanges
Before each Change Date, the Note Holder will calculate my new interest rate by adding ..'I~r~o. and .
,~e . Q~~~~ percentage points(.....~: ~5........96) to thecurrent Index This amount will be my
new interest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay
the unpaid principal that I am expected to owe at the Change Date in full on the maturitydate at my new interest rate .
- in substantially equal payments The result of thiscalculation is called the"Full Payment" ft will be the new amount
~ of my monthly payment unless I choose the amount permitted by Section 4(~ below.
(D) EHscttv~~bst~ of Chan~•s
My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly
payment beginnng on the first monthly payment date after the Change Date until the amount of my monthly
payment changes aga+n.
(E) Notice of ChsnQ~s
The Note Holder will deliver or mail to me a notice of any changes in my interesi rate and the amount of my
monthly payment before the eHective date of any chan~~. The notice will include information required by law to be
given me a~d also the title and telephone number of a person who tviil anawer any question I may have regarding
the notice.
(F~ Limib oi Int~r~st Rat~ Chan~ss
The interest rate as calculated herein, wil not be increased by more than 2 percentafle points on
the first Change Date, or more than 1 percentaye points on any chan~e date there~fter. Decreases in
intere~retes will not exceed 1 pe~entase points on any chanqe date. In no event shall the interest rate
on thi~Joan at any p0int ip time. be greater than 14.0~ % or less than .fi_~
BOOK 5O~ PACE ~
_
- - - _ ,
~ . . . _ T