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NON-CONVERTIBLE ADJUSTABLE RATE RIDER ~
~ = : :(INTEREST RATE LIMITSj 50-23232729
THIS ADJUSTABLE RATE RtDER is made thu 2~TH day of JUNE t986
and is incorporatod into and shalt be damed to amcnd and suppkment the Mortgage, Detd of Tnut. or Security Deed. (the "Security
Instrument`~ of the samc date givon by the e~ndersigned (the "Borrower`~ to secure Borrowerk Adjustabk Rate Note (the "Note'~ to
HARBOR FEDERAL SAVlNGS AND LOAN ASSOCIATION (the "Lender'~ of the aame date and covering the propecty
dcuribed in tho Security Instrument and located at:
2486 S E EISTON ST PORT ST IUCIE. Fl.. 33452
(Property Address)
Th• Note conbins provisions ~Ifowin~ for chsn~es in the in~r~st rat~. N the
tnterost rate inc~ases~ the Borrowers monthly payments wi!! bs hfyher. N the
inte~+est rete decroas~s, the Borrower's mo~thiy psymenb will be lower.
ADD1TlONAL COVENANTS. in addition to the covenant and agrecments madc in the Security Instrument,
Borrower and Lender funher covcnant and agtee as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial intercst rato of 5004b. Section 4 of the Note provides for c6angcs in the iatercst rate aad
the monthly payments, as foAows: '
4. lNTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Cban=e Da2a
The intercst rate I will pay may changt on the first day of ~~~Y , 19 . and on thst day of the month every
TI~IEI.VE months thereafter_ Each date on which my iaterat rate could change is called a"Change Date."
(B)TbelndeY i
Seginning with the fint Change Date, my interat rate will be based on an "Index."The Index is the weekly average yield on Unitcd
Stata Treasury ucurities adjusted to a constant maturity of QNE years, as made available by t6o Federai Reserve Board. The
most reant lndex figun available as of 45 days b~forc each Change Date is calkd the "Current Index." ~
If the Index is no longer available, the Note Holder wil! choosea newlndex which is baaed uponcomparable intormation. The Note '
Hoider wilt give me notice of its choice. ,
(C) Cakulatioa ot Cban=a
Before each Change Date, the Note Holder will calcuJate my new interest rato by adding TMO AND 75/100
percentage points ( 2~~~) to the Current [ndex. The Note Holder will then round the result of this addition to the nearest
onetighth of one perantage point (0.12596}. Subject to tht timits atuod in Section ~3(D) belo.w, ihis rouadcd amount will bc my new
interat rate until the new C;hange Date.
Tht Note Holder wip then determine the amount of the monthly payment t6st w~ould be sufficient to rcpay the unpaid principal
that t am expected co owe at the Change Datt in fuJl on the maturity date at my new interat rate ia substantially equal payments. The
result of this calculatiun plus any requircd monthly escrow for taxes and insuraaa wiU be the new amount of my monthly payment,
(D) Utnits on Iaterest Rate Cban~a
The rate of interest I am rcquircd to pay shall never be incrcased or decreased on any single Change i3ate by more ihan
?~,~p perantaae pointa ( 2~ p~) from th~ rate of interest 1 have bccn paying for tAc praceding
TI~IEI.VE months. My interat rate also shatt never increase more than F I VE
percentage points ( 5~ ppq{p) ~rom the tutly indcxod rate of 9~ 50 qb. My interat rate shall never decrease beiow ihe
interest nto establishod in paragraph A of this inatrument.
(E) Etfective Date ot C6an=a
My new interat rate will become efftctive on each Chanae Date. l wiU pay the amount of my ruw monthly payment beginning on the
fint monthly payment date after the Change Date until the amount of my moathly payment changes again.
(F) Notlce ot C6an~a
The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of:
(i) the r~w interat rate on my loan as of the Change Date:
(iij the amount oi my monthly paymrn! following t!x Chan~e Date:
(iii) Any additionai mattcrs which thc Note Ho{der is requirod to disclose; and
(iv) thc titlc and tekphone number of a penon who will answer any quation ! rtuy have ressrding the notice.
lt/dS 600K~0~ PaCE y13 LNMIAlblIrNC
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