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HomeMy WebLinkAbout0995 ~ GL~11t~A1~~ FED~d?AL At~lUSTA6LE Ar10RTGAGE LOAN RIDER NOTl~.E4HIS~E6L1RRlf NrSTR1J~M8ECl~fiE8ANOTEWlMCHCOMTAW~i A PRO'V{SION ALl:O~MM~Ki ~~OR CMAN~iE8 M~l TNE MtiF~E$T R~TE INCREASE$ W THE MITERE8T RA?E YAY RE$IIL.T IN FN~iHER PIRY~AEYiT'a. OECREA$E$ M! ; ~f1E tNTER~BT RAIE YAY RE$tllT IN Lr011YER PI~YM€NT'8. ~ ~ > This Rider is made this 23~ day af *~Y~ 198fi and is incorporated into a~d shall be deemed to amend and supplement the Mortgage, ~eed of Trust, or Dsed to Secure Debt (the "Securiry InstrumenY') of the same date ~ given by the undersigned (the "Bor~oweP') to sacure Borrowers Note to GLENDAI.E FEDERAI SAVINGS AND LOAN ASSOCI- AT~ON (ihe "Lender'~ of the same date (the "Note" and covering the property described in the Security Instrument and located ; at 1139 G~,ANALlA S'CRF`~', ~"P PI~, FL 33449 - ; Property Address ADDITIONAL COVENANTS. In addition to tha covenants and agreements made in the Securiry Instrument, Borrower and Lender ' further covenant and agrees as follows: ~ f ~ A. INTEREST RATE ANO MONTHLY P!?YMENT CHANGES The Note provides for an Initial Rate oi Interest oi 8• 25000 Sectians 2 through 5 of the Note provide for 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 ! owe under this Note which has not b~en paid. Interest will be charged beginning on thedate 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. 25000 qb (the "lnitiel fnterest Rate"). The interest rate that i wil{ 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 day of the month lnnin on 1a87 and on the same day of the month every r'~~ thereafter. ~ ~ach date on which the interest rate may change will be calied a"Change Date." The interest rate required Dy this Section 2 of ihis ~ 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 wil! be based on chenges in an inierest rate index which will be called tha "Index." The irtdex is the: _ FIQIRE DERIVED FROQ~1 7HE AV~2AC~ ~EKLY ¢JdPED YIQ~.D ON U.S. TREASURY SEQJRITIES ~ ~R7US~'ED TO A OQ~.S'I~t?' MAZLTRITY O~F ~E ) YFAR AS FUBLISHED IN TFiE F'EDERAi~ ~ F~.SERVE STATI STICAL F~LF~.S~ G.13 ( 415 ) ~ ~ ~ The most recently available index figure before each Change Date is called the "Cur~ent Index". If the ir~dex ceases to be made available by the publisher, or any sucessor to tha pubiisher, the Note Hotder wi1! set the Note iraterest rate by using a comparable i ndex. C. SETTtNG THE NEW INTEREST RATE 7here is no interest raie change for the first twelve (12) months of my loan. During this period, l will pay interest at the Initial Interest Rate oi EIQ~T' AND dNE-(XIA~ percent ( 8. 25Q00 q6~. To set the new interest rate for the first Chenge Date on ~1E O1, 1987 a~d for each Change Date every twalve (12) months thereafter, the Note Holder will calculate my new rate of interest by adding percent 3.00000 96) to the Current Index. The result of this catculation will be the new interest rate as of the next Change Oate; sub;ect to the timitations set out in Section 2(D) of this Note. D. LIMITS ON IN'fEREST RATE CHANGE The rate of interest t am required to pay may not change more than ance during each successive `j'~~~ period. My first interest raie change may occur on O1, 1987 . Future interest rate changes may occur on the - day of the month every thereaRer. On each Change Date, my new interest rate will not be changed by mors than ~'A perceni ( 2. 00000 9f,) above or below the interest rate I was paying immediately prior to the Change Date and wilf not be changed over the term of my Ioen by more than __FIVE percent ( 5. OOOOa 9~,j above or below my Initial Interest Rate. 3. TIIOAE AND PUCE OF RA1fMENTS I will pay prin~ipal and interest by making payments every month. 1 will make my monthly payments on the ~ day of each mor~th begir~ning on ~Y 0]z, 1986 1 will make these payments ur~til I have paid th~ principa! a~d inierest and any other changes described below that 1 owe under this Note. If on JLiN" Ol, 2015 , 1 stil! owe any sums under this Nate, 1 will pay those amounts in full on that date which is called the "Final Payment Date." I will make my monthly payments at 301 EAST LAS OIAS BOULEVARD, FORT LAUDERUALE, FLORIDA 33301 or at a difierent plac:e if required by the Note Holder. 4. FULL PAVMENT /lMOUNT AMOUNT OF MQliTHLY PAYMENT8 My manthfy paymert~ witl be in the initiai amour~t of U.S. S ~?8-2~ . If the interesi rate changes, as providsd in Section 2 of this Note, the emount of my monthty payments maychange. lncrc3ases in the interest rate will rssult in higher paymsnts after e Change Date (unless my prepaymenis sin~e fhe la~t Change Date offset the increases in my interest r8te). Decreases in the ~ ~ ~ ~o~ ~ d~ b`ooK 503 P,,~~ 9~4 LA~N ~E 0833061 ~ _ . _ _ _ _ - - _ ti::: n _ .