HomeMy WebLinkAbout0955 ADJUSTA6LE RATE RtDER
THIS ADJ USTABL.E RATE RiDER is made this . .1.3 X hday of , . . . . . . . ..J un.e . . . . . . . . . . . . . . . . . 19 S 6 , and
is incorporated into and shali be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed
(the "Security InstrumenC') of the same date Qive~ by !he undets~gned (t~~~ "Borrawer") to secure Borrowers
Adjustable Rate Note (the "Note'~ to Fint Community S~nic~ Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(the"Lende~ofthesamedateanacoveringtheproperty
described in the Security Instrument and located ar
1
. . . . . . . . . . . . . . . . . ..295~2. Admiral. Stree~, . EorL .Pierce,. .F1.orida.. . 3345~0. . . . . . . . . . . . ~
~Prop~Ry Add~ssy
~
1
THlS MOTE CONTAlNS A PRQViSiON ALLOWING FOR ~
CHANGES IN MY lNTEREST RATE. tF MY INTEREST j
RATE INCREASE3, MY MONTHLY PAYMENTS WILL
BE HIGHER. IF MY lNTEREST RATE DECREASES, MY
MOMTHLY PAYMENTS WILL LOWER.
Addltiona! Covenants. In addition to the covenants and agreements made in the Securiry Instrumen~
Borrower and Lender further covenant and agree as follows:
A. INTEREST RATE AND MORTHLY PAYMENT CHANGES
The Note provides for an initial interest rate oi. ..8.. 25... 96. The Note provides forChanges in the interest ~ate and
the monthiy payments, as follows: ~
1
4. lNTEREST RATE AN~ MONTHIY PAYMEi~T CHANGES; BORROWER'S RIGHT TO j
LIMIT PAYMENT ~
Change Dates
1
The interest rate t wiU pay may change on ihe first day of . .?ulY . . . . . . . . . . . . . . . . . 19 . .$7. . . , and on
~
that day every 12 month thereafter. Each date on which my interest ~ate could change is call a"Changa Date."
(B) The Index ~
Beginning with the first change date, my interest wilt be based on an index available with the Federal '
Home Loan Bank Board. The "tndex" to be used is the: - ~
Weekly average yield of United States Treasury Securities adjusted to a constant maturiry of_year.
National Monthly Median Cost of Funds (NACSTM) '
The most recent index figure available at least 30 days but not more than 120 days is called the "Current
lndex".
If the Index is no longer available, the Note Holder will choose a new index which is based upon comparab(e
information. The Note Holder will give me notice of this choice.
(C) Calculation of Changes
Before each Change Oate, the Note Hotder will cafculate my new interest rate by adding T~o. and
one . qua~ ter . . . . . . . . . . . . . . . percentage points . 2..25....... to the current I ndex This amount will be my
new interest rate until the next Change Qate.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay
the unpaid principal that 1 am expected to owe at the Change Date in full on the maturity date at my new interest rate
in substantially equal payments The result of this calcu{ation is calied the"Full Payment" It will be the new amount
~ of my monthly payment unless I choose the amour.t permitted by Section 4(F) below.
(D) Effective Date of Changss
My new i~terest rate will become effective on each Change Date. I will pay the amount of my new monthly
paym~nt t~eginnng on the first monthly payment date after the Change Da4e until the amount of my monthly
payment changes again.
(Ej Notice of Chan~es
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my
monthly payment before the effective date of any change. The notice will include information required by law to be
given me and also the title and telephone number of a person who wilt answer any quest+on ! may have regarding
the notice.
(F~ Limits of Interest Rate Chsng~s
The interest rate as calculated herein, wil not be inCreased by more than 2 percentage points on
the first Change Date, or more than 1 percentage points on any ch~nye date thereafter. Decreases in
interest rates will not exceed 1 percentaye pDints on any chanfls dala In no event shall the interest rate
= on this loan at any point in time, be greater than 14. 00 % or less than 6. 00 q6.
~
~'~oK504 F,,~F 955
_
_ F._