The URL can be used to link to this page

Home My WebLink About0925 ADdUSTABLE RATE RIDER (1 Year Treawry ladex-Rate Caps 1 - TNIS ADJUSTABLE RATE RIDER is made this lq~ day of J~y , 19 86 , and is _ incorporated into and shall be deemed to amend and supplcment the Mortgage, Deed of Trust or Security Deed (the "Secu~ity Instrument") oF the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to Sun Bank of St. Lucie County (the "Lender") of the same date and covering the property describcd in the Security Instrument and located at: 4410 Areca Palm Drive, Fbrt Pieroe, Florida 33482 (Prupcrty Addressj THE NOTE CONTAiNS PROVtSiONS AILOWiNG FOR CHANl3ES IN THE INTEREST RATE AND THE MONTHtY PAYMENT. TNE NOTE ~IMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXlMUM RATE THE BOR- ROWER MUST PAY. ADDIT101A1. COVENA\TS. !n addition to the covenants and agreements made in the Sccurity Instrument, Borruwcr and Lender further covenant and agree as foltows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8.00 `k. The Note provides for rhangcs in thc intcrest rate and thc monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHAIYGFS . 1 A ) Change Dates The interest r:~te I will pay may change oti the first day ui ,~;~t . 19g~ , and un that day every 12th month thereafter. Each date un which my interest rate could rhangr i. rallyd a"Ch:?ngc I):itc." ( B I The Index Beginning with the lirst Change Date, my interest r~te will be: b;?sed on an lndrx. Thr "Indcx" i+ thc u~cckl}~ :~v~ragr yietd on llnited States Treawry securities ~djusted to a constant maturit}~ of I ycar, as m:?d~ :~.~:?il:~blc by thr Fcdcral Reserve Buard. The most recent Index tigure avail:~ble as of the datc 45 days bcfure rarh ('hangc D:?tc is callcd thc "Current lndex." ~ If the Index is no longer available, the Note Hulder will ~h~e a nrw~ indcx whi~h i. ba.cd u~xm rump.trablc informatiun. The tiote Holder µill give me notice of' this chuice. 1 C 1 C~Iculation oi ChAnges Before each Change Date, the Note Holder will calculate my ncw intere.t rate by addinK Three- 4~'tex5 percemage points ( 2.75 ) to the Current Index. Thc Nutc Huld~r will then ruund thc result of this addition to the nearest one-eighth uf une percentagc point (0.125`~ Subject tu the limits.tatcd in Sectiun : 4(D) below, this roundcd amount will be my new intcrest rate until thc next Changc Datc. The Note Holder will then determine the amoun? of the monthly paymcm rhat w~uuld tx: sutlicicnt tu r~pay thc unpaid principal that I am expected to owe ~t the Change Date in full un the mawrity date at my new interc,t rate in substantially eyual payments. The result of this catculation wilt bc the new amount uf my monthly p;?ymcnt. ( D 1 Limits oe Interest Rate Changes The interest rate I am required to pay at the ~rst Change Date will not be greater than 10. 00 °1e or less than 6. 00 °/o. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than one percentage point (1.0%) from the rate of interest I have b~en paying for the preceding twelve months. My interest rate will never be greater than 14 , pp ~10. 1 e? ERective Date o( Ctwnges My new interest rate will become ef~ective on each Change Date. I will pay ~he amount uf my ncw munth~y payment beginning on the first monthly payment date after the Change Datc until the amount of my monthly r:~ymcnt changcs ~ again. ! F 1 Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my intcrest rate and the amuunt of my monthly payment before the eflective date of any change. The notice will include information reyuired by Iaw tu be given mc and also the title and telephone number of a person who wili answer any yuestion ( may have regarding thc noticc. B. TRA'vSFER OF THE PROPERTY OR A BENEFiC1AL INTEREST tN BORROWER Uniform Covenant 17 of the Securit~ Instrument is amended to read as follows: TrAnsfer otthe Property or a Beneficial Interest in Borrower. I(al{ or any part of thc Pro~:rty or any intcrest in it i~ sold or transferred (or if a beneficial interest in Borrower is sold or transfcrrcd and Borrower is not a nawral pcrson) without Lender's prior written consent, Lender may, at its option, reyuire immediate paymcnt in fuli uf atl ,ums sccured b~ this Security Instrument. However, this option shait not be exercised by Lender if excrcitic is pruhibited by fedcral law as of the date of this Security (nstrument. Lender also shall not exercitie this option if: (a? Borrower causes ~o be submitted to Lender informatron required by 1_endcr tocvaluate thc intcndcd ~ran~fcrce as if a ncw loan wcrc bcing madc to the transferee; and (b) Lender reasonably determines that Lender's tiecurity will not be impaired by thc loan assumption and that the risk of a breaeh of an} covenant or agreement in thiL Security In~trument i~ acceptable to Lender. To the extent permitted by~ applicable law, Lender may charge a reationable fee as a condition to Lender'~ cunsent tu the loan assumption. Lender may also require the trans(eree to sign an atisumption agrcement that is acceptable to Lender and that obligates the transferee ro keep all the promises and agrecmcnts m:~de in thc tiote ~nd in this Sccurily (nstrument. Borroµer µill continue to be obligated under the tiote and this Sccuri~y Imtrumcnt unlc~. t.cndcr retca.c~ Borrower in writing. MlIlT15TATE ADJUSTASLF RATE RI~ER-ARM S-1-S~~g~ Fam~Iy-Fu?nie Mls~ Uniform MsUument porm 3/pa ~~gs iinancial Lsw Fams° form 203r aooK 5U7 ~n~F y~5 . _ - - - - - _ - - _ _