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HomeMy WebLinkAbout0990 . ~ AIJJUSTABLE RATE RIDER 11 1'ear TreasurY Index-Rate Caps 1 THIS ADJI,STABLE RATE RIDER is made this 27}~ da~ of Aug~ygt . 19 86 . and is incorpora~cd into and shall be deemtd to amtnd and supplement thc Murtgagc. Deed of Trust or Security Deed (the "Securit~ Instrument") of the same date given by the undersigned (the "Borrov?er") to secure Borruw~er's Adjustable Rate tio?c ( the "\ote" ) to SL1N BAi~IIC OF ST. LUCIE 00[1NI"Y ( the "Lendet" ) of the same d;?te and cuvering the property described in the Securit~ Instrument and la:ated at: ~ 75~1 St. Luci,e A ieroe, Florida 33451 THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. TME NOTE LIMITS THE AMOUNT THE 80RROWER'S INTEREST RATE CAN CIiANGE AT ANY ONE TIME AND THE MAXtMUM RATE THE BOR- ROMiER MUST PAY. ~ A[)UITIO~A1. CO~ E\A,TS. In additiun to the covenants and agreements made in the Securit~ Instrument, Borrower - and Lender further covenant and agree as follows: ~ A. ltiTEREST RATE A1D `10':~THLI' PAYl11EtiT CHANCES ~ The \ote provides for an initiai interest rate of 8.0 k. The tiote pro~~idex for ch~nges in the interest rate ~nd the ~ monthl}~ payments, as fallows: 4. IhTEREST RATE AtiD 1101THLY PAl'11ENT CHAtiGES ` 1 A 1 Change Dates ~ The interest rate I~~ill pay ma~ change on the tint day of M3rCh . 19 88 . and un that day ever}• 12th month thtreafter. Each date on which m}~ interest rate could ~h3nge i~ CSIII'(j J"Change Date." 1 B ) The Index Beginning with the first Change Date, my intereat rate will be: based ~~n an Index. Thc "Indrx" is thc wcekl~ average yield on United States Treasur}~ securities adjusted to a cunstant mawrity of 1 ~car, as made available by the F~~deral Reserve Board. The most reeent Index figure a~•ailable as of the date 45 da~s befure each Cha~ge Date is called the "Current Index." If the lndex is no longer available, the tiote Holder will chiwse a new index whirh i. ba~ed upon cum~r:~blc information. The Note Holder wil{ give me notice of this choi~e. 1 C 1 Calculation ot Ciwngss - Before each Change Date, the Note Nolder will calculate my new interest rate b~• ;~dding ZWO & THREE- ~~R percentage points ( 2, 75 ) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125`y~ Subject to the limits stated in Section 4( D) below, this rounded amount will be my new interest rate until thc next Change Uate. The Note Holder will then determine the amount uf the monthly payment that would be suflicicnt to repay the unpaid principal that ! am expected io owe at the Change.D,lte in full on the mawrity date at m~ new~ interest rate in ~ substantially equal payments. The result of this calculation will be the new amount of my monthly payment. i D) l.imits an Interest Rate Changes i: The interest rate I am required to pay at the first Change Date will not be greater than 10.0 °/o or less than I ~ 6.0 °10. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more ' ~ than two percentage points (2.0°ls) from the rate of interest 1 have been paying for the preceding twelve months. My interest rate will never be greater than 14 . 0 °'e - 1 E 1 ERectire Date oi Chsnges My new interest rate will become etFective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Datc until the amount of my monthly payment changes again. ~ ( F ? tiotice of Changes ~ The Note Holder wil{ deliver or mail to me a notice o~ any changes in my interest rate and the amount of my monthly payment before the ef~ective date of an~• change. The notice wiil include information required by law to be given me and ~ aiso the t~tle and telephone number of a person who will answer any question 1 may have regarding the notice. B. TRAtiSFER OF THE PROPERTY QR A BENEFtC1AL INTEREST IN BORROWER t;niform Covenant 17 of the Security Instrument is amended to read as follows: Transfer ot the Property or a Beneficial lnterest in Borrower. If all or any part of the Property or any intcrest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) ~ without Lender's prior written consent, Lender may, at i?s option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be excrcised by Lender if exercise is pruhibited by fedrral law = as of the da[e of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be ~ submitted to Lender info~ mation required by Lender tc evaiuate the intended transferee as if a new loan werc being made ~ to the transferce; and (b) Lender reasonabl}• determines that Lend~r's security will not be impaired by the loan ~ assumption and that the risk of a breach of any covenant or agreement in ahis Security Instrument is acceptable to ~ Lender. To the extent permitied by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to ketp all the promises and agreements made in the Note and in this Sccurity Instrument. 8orrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borro~er in writing. ~ MULTISTATE ADJUSTA9lE RATE RWER-ARM S-2-S~~g?e Fams;y-Faiw?ie Ma~ Uniform ktstrwnMt Form 3111 11Q5 Financul L~w FOrmt° `0`~ ~6 BOOK 5~~ ~AGE 9~9 ~ ~ _ _ _ _ _ - ~ + ~ ~ - - - - x. . ~ _ - ~ - _ . . , y - - - t ,