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NQN-CONVTRTIBLE ADJUSTABLE RATE RIDER
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~ a '~I'EREST RATE,LIM[TS) ~
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THIS ADJUSTABLE RATE RIDER is made this 2 TN da of ~
9 r AUGUST tg86 ;
and is incorporated into and shsll be damed to amend and supplement !he Mortgage, Dted of Truat, or Security Deed, (the "Security
Instrumsnt'~ of thc same date given by the undersigned (the "Borrower'~ to sccu~e Borrower's Adjustable Rate Note (the "Note'~ to ~
HARBOR ~EDERAL SAVITVGS AND LOAN ASSOCIATION (thc "Lender'~ of tht same date and covering the property
described in the Security Instrument and locatcd at:
]04 EL RANCHO ~RlVE~FT PIERCE. FL. 33482
(Property Addreas)
The Note co~leins p~ovlsions allowing ior chan~s in the intetest ~ata. N the
Interest rate incn~ases, the Borrowers monthly payments wlll be htgher. H the
intereat rete decreases, the 8orrower'a~ rr~onthly payments wii! be towar.
ADDITIONAI_ COVENANTS. In addition to the covenant and agrcements made in the Security I~strument,
Borrower and I.ender f~rther covenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYINEAIT CHANGES
The Nott provides for an initial interost rate of $.000 ~tion 4 of the Note provides Car changes in the interest ratc and
the monthly payments, as follows:
: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Chan~e Dates
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~ "I'he interest rate I wili pay may change on the first day of SEPTEMBER ~~9 87 , and on that day of the month every
s T4IELYE months thercafter. Each date on which my interest rate could change is catled a"Change Date."
(B) The [ndes
~ Beginning with tbe first Change Date, my interest rate will be based on an "Index."The Index is the weekly averago yield on United
Statcs Treasury 3ecurities adjusted to a constant maturity of ONE Y~~. ~ made available by the Fcderal Reserve Board. The
~ most recent lndex figun avaitabfe as of 45 days bcfore each Change Date is called thc "Current Index."
. !f thc index is no longer availablo, the Note Holdcr wiil choost a new Index which is bas~d upoq comparabte information. The Note
~ Hoider will give me notice of its choice.
(C) Calcutattoa of C6aa~a
~efore each Change Date, the Note Holder will calculate my new interest rate by adding ~ AND 75 / 100
}xrcentage points ( Z~~596) to the Current Index. The Note Holder eviU then rounc! the result of this addiUOn to the nearest
one-eighth of one peccentage point (0.125%). Subject to the limils stated in Section 4(D) below, this rounded amount will be my new
interest rate until the ntw Change Date.
The Note Holder will then determine the amount ottht monthty payment that would be sutticient to r~pay tho unpaid principal
that t am expected to owe at the Change Date in ful! on the maturity date at my new interest rate in substantially equal payrmnts. Tho
result of this calCUlation plus any requered monthly acrow for te~tes and insura~a wil! be the new amount of my monthly paym~nt.
(D) Umits on intcrest Rate Clunzea
~ Thc rate of interest I am rcquired to pay shall ntver be increased or decreased on any single Change Date by more than
~p percentage points ( 2~ 0~) frorn the rat~ of intereat 1 have bcen payingforthe preceding
TbIELVE months. My interest rate aiso shait never increase more than F I VE ~
percentage points ( 5~ ~Q ryo) from the tully indcxed rate ot j~~ ryo. My interts~ rate shall nevsr decreast below the ~ s
interest ratc establishod in paragraph A of this instrument.
~ (E) Etfectire Date ot Chan=es
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~ M new interest rate wil! become effective on each Chan e Date. l will
~ y g paythesmountofmynowmonthtypaymentbeginningonthe
first monthty payment date after the Change Date until the amount of my monthly payment changes again.
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{ (F) Notlce uf Cbanges
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The Note Holder will mai! or deliver to me a aotice before each Chxnge Date. Tho notioe wiU advise me o(:
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(i) the new interest rate on my loan as of the Change Date: s
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~ (ii) the amount of my monthly payment following the Change Date; ;
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~ (iii) Any additional matten which the Note Holder ia rcqLired to disclose; and
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~ (iv) tho titte and tetephone numberota penoa who wi!! answ~erany Quation I may have regarding the notice. ~
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~ 600K ~~t~ PAGE t7~ LN R~AMl.rNC il
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