HomeMy WebLinkAbout0942 ADJUSTABLE RATE RIDER
THISADJUSTABLERATERiDERismadethis.:.~~ dayof........,. June ,,,.,,,,1986...,and
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is incarporated into and shal{ be deemed to amend and supplement tt~e Mon~aqe, Deed of Trust or Secu~ity Deed
(the "Security Inst~umenY') ot the same date yiven by the under~i~ned (the "BoROwer~ to secure Bor~ower's
Adjustable Rate Note (the "Note") to First Community S~rvic~ Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the °Lendee~ oi the same date and covering the property
described in the Security Instrument and located ar
. . . . . . . .2.4~3. S. Dela~o. .Ro,ad,..~'D~C. .~X ~..~4C~e Fl~rida . . . . . . . . . . . . . . . . . . .
IP?oo~?+r naor•s+l
• THIS NOTE CONTAINS A PROVISION ALLQWlNG FOR
~HANGES IN MY lNTEREST RATE. IF MY INTEREST
RATE INCREASES, MY MONTHLY PAYMENTS WILL
BE HIGHER. IF MY INTEREST RATE DECREASES, ~IIIY
MONTHIY PAYMENTS WI~L LOWER.
Additional Covenants. In addition to the covenants and agreements made in the Security Instrumen~
Borrower and Lender further covenant and agree as foltows: ~
l~. INTEREST RATE AND MONTHLY PAYM~NT CHANGES ;
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The Note provides tor an initial interest rate of..8.54 The Note provides forchanges in the interest rate and ~
the monthly payment~, as foll6ws:
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4. INTEREST RATE AND MONTHLY PAYMENT CHANGES; BORROWER'S RIGHT TO ~
LIMfT PAYMENT ~
~
~
Change Dates ~
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pay may chan e on the first da of .Jul . . . . . . . . . , 19 8.7. . . . . , and on
The interest rate I will ~
that day every~2 month thereafter. Each date on which my nterest rat could change is call a"Change Date." ~ ~
, ,
3
(B) The lndex '
Beginning with the first change date, my interest will be based on an index available with the Federat ~
Home Loan Bank Board. The "Index" to be used is the: -
Weekly average yield of United States Treasury Securities adjusted to a constant maturiry of_year. ~
( X) Nationat Monthly Median Cost of Funds (NACSTM) ~
The most recent index figure available at teast 30 days but not more than 120 days is called the "Current
Index".
If the Index is no longer available, the Nole Holder will choose a new index which is based upon comparable
information. The Noie Holder will give me notice of this choice. '
(C) Calculation of Changes ~
Before each Change Date, the Note Holder will calculate my new interesi rate by adding two - and• vne
Auaxtex percentage points(..2..?5...........96) to the current Index This amount wilt be my
new ~nterest rate until the next Change Oate.
The Note Holder will then determine the amount of the mqnthty payment that wouid be sufficient to repay
the unpaid principal that I am expected to owe at ih~ Change Date in tult on the maturitydate at my new interest rate
in substantially equal payments The result of this Calcuiation is called the"Full Payment" It will be the new amou~t
' of my monthly payment unless I choose the amount permitted by Section 4(Fl below.
(O} Effective Date of Changes
My new interest rate witl become efiective on each Change Date. f will pay the amount of my new monthly
payment beginnng on the first monthly payment date atter the Change Date until the amount of my monthly
payment changes again.
(E) Notice of Chan~es
7he Note Holder wili deliver or mai! to me a notice of a~y changes in my interest rate and the amount of my
monthly paymeni betore the effective date of any change. The ~otice will include information required by law to be
given me and also the title and telephone number of a person who wil! answer any questio~ I may have regarding
the notice. '
(F} Limits of Intereat Rate Chan~~s
The interesf rate as calculated hereir~ wil not be increased by more than 2 percentage points on
the first Change Date, o~ more tha~ 1 percentage points on any change date thereafter. Oecreases in
interest rates will not exceed 1 peres~taQe points on any change date. In no event ahall the interest rate
an this loan at any point in time, be greater than 14. 00 % or less than 6. 00 q~,,,
g~o~ ~o~ ~r~~,f
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