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Home My WebLink About0982 • ADJUSTABLE RATC RIDER ~ • ' i 1 l~ar Tre~s~er~ Indr~?-~Rate Caps1 THlS :~DJ~,STABLE RATE RID~R is madt this .t~ of y' ,"19 and is incorporatcd into and shall be dcemed to amend a~d ~upple~~ht hlurtga~~:Z7red ol Trust ur Securi~y ~ed (the ` "Securit~ lnstrument") of the same date gi~zn b~ the undersigned (the "BorruHer") to s~curr Borrower's Adjustable Rate ~otc (thc "\utc") to P1~~ ~~I~ (the "Lender") of the samt date and rovering the pruprrt~ dcscribed in the 5ecurit~ Instrument and I~kated at~ 11000 S. AlA BL~G.2 UNIT 4 JEI~LSEN B~ACB [~LA~RILI~ 33457 !Prortn~ Addrr.,) THE NOTE CONTAIPIS PROVISIONS ALLOWING ~OR CHANGE5IN THE INTEREST RATE AND THE MONTHLY PAYf,AENT. THE idOTE ~IMITS THE AMOUNT THE BORROWER'S IN?EiiEST RATE CAN CHANGE AT ANY ONE TiME AND THE ~IA/IXIMUM RATE TH~ BCA- ROWER MUST PAY. :~[~~trto~a~ Co~ e~a~rs. !n add~tiur~ to ihe coven;~nts a~d 3greements made in the Security~ Instrument, &~rrower and lender further cuvenant and agree as to,lows: A. ~tiTEREST RATE AND MONTHl.Y QAl'!~!E'tiT CHANGFS The'~ote provides for an initial interest rate of y~25~"m. The tiote protiidrs for changes in the interesl ratr ~nd the monthly pa~•m~rnts, as follo??~s: 4. iI~TEREST RATE A'~'D MO\THLY' ~A4'1~tENT CHAtii:ES 1 A I Change Untes The interest rate 1 will pa~• ma~ change un the first day of SEPI'~i+BER. •~y 87• ~nd on that day ; e~•ery 12th month thereafter. Each date on w6ich my interest rate could change is called a"Change Date." t S 1 Ti~e Index Beginning with the first Change Date, my interest rate wilt be ba~ed on an Index. The "Index" is the weekly avrrage }~ield on L'nited States Treasury securities adjusted to a cunstant maturity of I year, :~s made avail~ble by the Federat Resen~e Board. The most rectnt Index figure ava~lable as of the date 45 da~~s before each C'hange Date is called !he "Current index." (f ihe (ndex is no longer avai;able, the Note Holder wilt chuose a new index whirh is b:~sed upon comparable information. The tiore Holder witl give me notice of th+s choice. 1 C 1 Calculation of Changes Before each Change Date, the ?tiote Noider witl catculate my new interest rate by adding T~tSB e~B1D 000/1Q(~3 perceniage points ( 3. QQQ ) to the C~rrent lndex. The Note Holder will then round the result of this addition to!he nearest one-eighth of one percentage point (0.125`JF,). Subject to the limits stated in Section 4( D) btlow, this rounded amount will be my new interest rate until the n~xt Change Datc. The ?~ote Nolder will then determine the amount of the monthly payment that would be sufficient to r~pay thc unpaid principai that ! am expectes~ to owe at the Changt Date in full on the mawrity date at my new interest rate in substantially equal payments. The result of this catculation will be :he new amount of my monthly payment. _ 1 D 1 Limits on lnterest Rate Changes The interest rate I am required to pay at the frrst Change Date will not be greater than lI. ?SO ~10 or less than 7.25Q Thereafter, my inierest rate wi!! never be increased or decreased on any single Cha~ge Date by more ihan iwo percentage points (2.O~i) frorn the rate of interest I have been paying for the preceding tweh-e months. My interest rate will never be greater than 24.250 °Ia. t E 1 EfTeciire Dste of Changes My new interest rate wil! become tfTective on each Change Date. t will pay the amount of my new monthly payment beginning on the first moothly payment date after the Change Date until the a~nount of my monthty payment changes again. ( F ) Notice oi Chang~s ; The Not~e Holder will deliver or rr,ail to me a notice of any changcs in my interest rate and the amount of my monthly ' payment before the efTective date af any change. The notice wili include information required by law t~ oe given ms and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEEICIA[. INTEREST 1N BaRROWER Uniform Covenant !7 of the Stcurity Instrumen[ is amended ta read as follows: Tnnsfer ot the Property or a Benefici~! Interest in Borrawer. If all or any part of thc Property or any intcrrst in it is sold or transferred (or if a beneficiai interest in Borrowtr is sotd or transferred and Borrower is not a nawral person~ without Lend~r's prior wriuen eonsent, L.ender may, at its option, require immediate payme~t in full of all sums secured by this Security Instrument. However, this option shall not be cxercistd by Lendcr iiexercise is p~rohibited by federal law as of the date of this Security Instrument. t~ender also shall not exercise this option if: (a) Borrower eauses to be submitted to Lender information requircd by Lender to evaluate ths inten~ed transferee as if a new toan were being made to the transfcree; and (b) Lender reasonabty determines that Lender's security wilt not be impaired by the loart assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the eztGnt permitted by applicabl~ law, Lendcr may charge a reasonable fee as a condition to Lensier's consent to the loan assumption. Len~er may also require the transf~ree to sign an assumpsion agreement that is acceptable to Lender and that obligat~s the transferce to keep all thc promises and agreemcnts made in the Note and in this Security lnstrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower writing. INUITISTATE ADJUSTASIE RATE RWER-ARM 5-2-Suigfe Fam~ty-FaiwM~ Wt tJnifonn M~un~ ~orm 31ft 1/a3 F«„~"~ 00186000505 0 ~16~200564 . eo~C'~~9 ~ 980 : - - - . _ _ . _ . . _ - - _ _ 2~ . _ ~ . _ _ _ - , _7 ~ _ ~ .