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Home My WebLink About0931 . ~ i ~ ~ ~ ~ i ( AI~JUSTA~L.E M~RT~AG~ L~AN ~ID~P~ NATIC~: TH18 SECURlTY iN8TRUM~NT $ECURES A NATE WHICN COPdTA1N~ t A PAOVl8lON ALL0~191Nti Fl3ii CNAN~3E81N YH~ INYEREST RATE. INCREII$ES ~ IN THE INTERE8T RAl'~ G1AY ~E8ULT fN F9lt~HEti PAYNIEMTB. DEC~E~?8E8 IN ~ TNE INTEREST RAT~ IIAAY RE8ULT IN LOWH~i PAYMEMTS. I 3 ~ } 7his Rider is made this 22~ day of 1~~?d is fncorp~rated into and shall be ` deemed to amend and suppl~ment the Mortgage, Deed of Trust, or DeBd to Secure Deb! (the "Security InatrumenY') of 4ha same date given by the undgrsigned (the "8orrawer") to secure Borrower's Note to GL~NDALE FEDERAL SAVINGS AN~ l.OAN ASSOCI- ~ ATtON (the " n er" of the sam date tihe "Note" and covering the~pro pe described in the Security Inat~ument and lacated at 1~~~ ~ CLF.ARB~OK S~, ~ ST. Li1CIE, L~I,~3452 ~ , Property Address ~ AbDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Barrower and Lender further covenant anci agrees as tollows: A. INTERE8T RATE kND l~ONTHLY PAYMENT CHANGES ~ 8 75000 ~ 7he Note provides for an Initial Rate ot Interest of • 96. Sections 2 through 5 of the Note provide for changes in the interest rate snd iho monthiy p~yments, as foltows: ( "2. INTEREST ! A. INTEqEST OWED s ' Interast will be chargad on thet part of principai that I owe under this Note which has not been paid. tnterest will be Charged i beginning on the date I receive principal and continuing until the fui! amount of principal calted the "Principal Balance" has been p~id. ` i' Beginning on the date of this Note, I wiil pay interesi at a yeariy rate of _ 8• 75000 q~ 1 (the "Initial Interest Rate"). The interest rate that I will pay will change in accordance rnrith Section 2{C) and 2(D) of this Note until ~ , my loan ispa id. int~rest rate changes may occur on the 1~ day of the month beginning on ~ 4 APRIL Ol, 1988 and on the same day of the moMh every M~~S thereafter. ~ ~ Each date on which the interesi rate may ~hange will be called a"Change Date." The interest rate ~equired by this Section 2 of this ; " Note is the rate i will pay both before and after any default described in Section 8 of this Note. ~ d B. THE iN~EX ~ Any chan es in the interest rate will be based on chang~s in an interest rate index which will be calted the "lndex." The i~dex is ~ the: DEf2IVID k~M ~iE AVII2AG~ WCF~tLY QIIOTEU YIEIb ON U.S. TREASUFn~ Sk~IFtITIES ~ AD~7USTID ~Q A CONSZ~IN`r I~lATUR.ITY OF OI~ (1) YFAF2 AS PIIBLISi-~ IN ~iE F~DERAL ` R~SERVF~ STATISTICAL REL~~ G.13 ~ 415y ~ ~ ~ t , P The most recently available index figure before each Change Date is called the "Current Index". if the index ceases to be made 1 r available by the publisher, or any successor to th~ publisher, the Note Nolder will set the Note interest rate by using a comparabte ' ~ j index. ~ C. &ETTING THE NEW IMTERE~Y RATE ` Y i . There is no intorest rate change far tha tirst twetve (12) months of my loan. During this period, I will pay interest at 3he Initia! ~ ~ Interest RaSe of EZ~' ~~~~~'~A~'~ ~ percent ( 8.7500(~). ~ ; To set the new interest rate for the f~rst Change Date on APRIL Ql, 1988 and for each Ct~anga Date every > i twelve (12) months thereafter, the Note Holder will cafculate my newr rate of interest by addEng ~ ~ p~roent ( 3~1i~00~6) to thQ Current Index. The r+asult of this ~ ? calculation will be the new interest rate as of the next Change Date, subject to the limitations set out in Section 2(D) of this Note. ~ i D. LIMIT8 ON IW'iEREST RATE CWAPItiE i The rate of ~nterest I am required to pay may not change more than oncs during each successive ~~1`~ p8riod. My first interest rate change may occur on ~Ii7r~ Ul, 1a88 . ~ Future interest rate changes may occur on the ZS'I' day of the month every , ZS~+T~j~ ~~a ~ thereafter. ` , On each Change Date, my new interest rate will not be changed by more than 'IY~ ; percent ( 2• 40n~~ 96) above or bslow the iMerest rate I was paying immediately prior to the Change Date and will not be 1. ; - changed aver the term of my loan by more than percent ( °16) ~ above or below my Initial Interest Rate. ~ I ' 3. TIME iiND PtJ~CE OF PAYMENTS I will pay principal and interest by m~king payments every month. 1 witl make my monthly payments on the ~ 1ST day of each month beginning on aY ..0~ , 1~R? . I will make 1h~se ; ~ payments until I have paid the principal and interest and any other charges descrlbed balow that 1 owe under this Note. If on ` s ti APRIL Q~, 2017 , I stil! owa any suma under this Note, I will pey those amounts in full on that 4 ~.i~ti s~ ~~uo,~ ~ha ~~Flnal F~avmflnt natA." I will make my monthly payments at 301 EAST LAS OLAS BOULEVARD, FORT ~JQIO ~tI11V17 1~ vu~~vv ~..v LAUDERDALE, FLORIUA 333Q1 or at a different place if requireci by the Note Holdsr. 4. ~ULl. FAYMENT AI~OUIVT A. AMOU~1'C O~ MUPlTNL.Y PAYIAENYS ' My monihly payments will he in the initial amount of U.S. S-- K~~ . tf the interest rate changes, as provided in Section 2 of this Note, the amount af my monthly payments may change. increases in ths intereat rate will result in higher payments after a Change Qate (unless rrsy prepaymenis since the last Change Date offset the increases in my interest rate). Decresses in the ~ ~ aa~s t ot s af F~osso s-ee e~o~ Pua ~a ~ i ~ ~c~~.~ Pnc~ 929 9 u ° 1 ~ ~ ~ ~ ~ ~ ` ~ ; # 0877795