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Home My WebLink About0957 ~ GLE11L1~LE FED~RAL ADJUSTABLE MORTGAGE LOAN RIDER NOTICE THIS 8ECl1Rf TY W STRUM~'AIT SECIJFiE8 A NOTE IArFNCH COI~f TAINS A PROVtSIOf~! ALLOMIMKi POR CHAMKiE81N THE M~ITEI~ST R~TE N~iiEASES IN THE Il~tifREST RATE MAY RE8tJl.T IN 1~KiNER PMYMENT'S. D~CAEA8E8 iN THE INTEREST RA7E YAY RESULT iN LOViIER PI~YMENT'S. This Rider is made this day oi 198~ , and is incorporated into and shall be dee~ned to amend and supplement Yhe Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security InstrumenY') of the same date given by the undersigned (the "Borrower") to secure Borrower's Note io GLENDALE FEDERAL SAVINGS AND LOAN ASSOCI- ATION (t2g1,L~es a") o5„f t~h~e sEr,e d~te (tPI'J~N~ot~e'; a~ 33~r~g the property described in the Securiry Instrument and locaied at t~ S iv~ Property Add~ess ADOITIONAL COVENANTS. In addition tothecovenantsand agreements made in theSecurity Instrument, Borrowerand Lender further covenant and agrees as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial Rate of Interest oi g•~5000 qb. Sections 2 through 5 of the Noie provide tor changes in the interest rate and the monthly payments, as follows: "2. INTEREST A. INTEREST OWED Interest will be charged on that part of principal that 1 owe under this Note which has nat been paid. Interest will be charged beginning on thedate I receive principal and continuing until the fufl amount of principal called the "Principal Balance" has baen paid. Beginning on the date of th~s Note. I will pay interest at a yearly rate of 75000 q~ rthe "Initial Interest Rate"). The interest rate that I wilt pay will change in accordance with Sections 2(C) and 2(D) of this Note until my loan is paid. lnterest rate changes may occur on the l~' day of the month beginning on J[NE I5, 19fi7 and on the same day of the month every thereafter. Each date on which the interest rate may change will be called a"Change Date." The interest rate required by this Seciion 2 of this Note is ihe rate 1 will pay both before and after any default described in Section 8 oi 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 is t h e: ~I C~JR~ DEItIVr?.D FF20M 'IHE AVFRAC~ «KLY YIII~D ON U. S.'t F Y S~'~RI AANSiED `~D A C~0~3STANI' N1A'ITJRITY OF (X~1E (1) Y"r~1R AS PLTBLISI-~D IN `T~ ~'1~*~:,RAL RESERVE STATISI'ICAL ~'t.FASF: G.i3 (415) The most recently available index figure before each Change Date is called the "Current Index". If the index ceases to be made availaGle by the publisher, or any s.,cessor to the publisher, the Note Holder will set the Note interest rate by using a comparable index. i C. SETTING THE NEW INTEREST RATE ~ , There is no interest rate chan e for the first twelve (12) months oi my loan. ~urin. this riod, I will pay interest at the Initial Interest Rate of EI~' _ perc~5t=( 198$ •~5~~96) ~ To set the new interest rate for the first Change Date on J~1i~ and for each Change ~ate every ~ tw~elvpe ~12) months thereafter, the Note Holder will calculate my Rew rate of interest by adding percent ( 3.00000 96~ to the Current Index. The result of this ' ~ calculation will be the new interest rate as oi the next Change Date, subject to the limitations set out in Section 2(D) of this Note. { D. LIMITS ON IPiTEREST RATE CHANGE ~ The rate of interest 1 am required to pay may not change more than once during each successive ' ~i;•~+~~1E i^-U[~TRI Jt~1E 15 1987 period. My first interest rate change may occur on ? . ~ Future interest rate changes may occur on the ~5~ day of the month every r~{~~ ~ thereafter. ~ On each C~ange Date, my new interest rate will noY t~e changed by more than peresnt ( OOOQO ob) above or beiow the interest rate I was paying immediately prior to ths Change Date and will not be changed over tt~e term of my IQan by more than percent ( 00000 qb~ at~ove or below my lnitial Intorest Rate. 3. TIME AND PLACE OF PAYMENTS ~ ! will pa~y principaf and interest by making payments eve month. 1 will make my monthly payments on the ~ ~ 15~-I day of each month beginning on ~Y 15, 1986 1 wi11 make these ' f paY m--e-~ts until I have paid the princ~pal and interest and any other changes described below that I owe under this Note. If on ~ JI~E 15, 2010 , I still owe any sums u~der this Note, I will pay those amounts in full on that date which is called the "Final Payment Date." 1 will make my monthly payments at 301 EAST LAS OLAS BOULEVARD, ~ORT ~ LAUDERDALE, FLORIDA 33301 or at a diiterent place if required by the Note Holder. , ~ 4. FULL PAYMENT AMOUNT A. AMOUNT OF MONTHLY PAYMENTS My monthly payments will be in the initial amount of U.S. s 354 • 42 . If the interest rate changes, as provided in Section 2 of this Note, the amount of my monthly payments may change. Increases in the interest rate will result in higher payments after a Change Date (unless my prepayments since the last C~ange Date offset the increases in my interest rate). Decreases in the GF FL50.320 7-8~ NOTE PLAN f6 K~O~ ~E ~ V V ~3 # 083815i • - . _ , . - _ _ _ . . _ : . - - . _ _ . ~ ~ ~ -