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ADJL'STABL~ RATE RI~~R
(1 lear Treasury Indrx--~te CAps 1 , ~ ; = . ~ ~
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THlS ADJl:S7ABL.E RATE RID~R is made thisl2th day of Sept'~et~lber 1986 , and is
incorporaied into and shall be deemed to amend and supplement the Murtgagc, necd af Trust ur Security Deed (the
"Securitp Instrument") of the same d~te siti•en b}• thc undersigned (the "Sorro~~~er") to sr.cure Borrower's Adjustable
Rate'~ote (the "tiote") to 5UN AANK ST. IIJCIE UOUNi'Y
(the "Lender") of the same d~te :?nd covering the prope~ty described in
the Securit~ Instrument and located a~: 1910 Georgia ~,verYUe, ForE. Pieroe, Florida 33450
~Pro~xr~~ ~lddrex~) -
TNE NOTE CONTAIN~ PR~VISIONS ALLOWING ~OR CMANGES IN THE INTERESY RAYE
AND 7HE MONTMLY PAYMEN7. TME NOTE l.IMIYS THE AMOUNT THE BORROWER'S
INTEREST RATE CAN CHANGE AT ANY ONE TIME AMD THE MAXIMUM RATE THE t~QR- ~
ROWER MUST PAY. ~
A~n~Tto~at. Co~~E:~a,TS. In addition to the covenants and agreements made in the Securit~~ fnstrument. Borrower
and Lender further covenant and agree as fallows:
A. 1NTEREST R~lTE AND ti10NTHL1' PAl'MENT CIiANGES
The tiote provides for an initial interest rate of 8.50 The Note pruvides for rhangcs in thc intcrest ratc and the
monthly° payments, as folloµ~s:
4. INTEREST RATE AND 110hTNLY PAYIIENT CNANGF.S
1 A 1 Change Dates
The interest rate I w~ill pa~~ ma~- change on the lirst day o~ OCtober . 19 $7 , and un that day
every 12th month thereafter. Each da.e on which m~• interest rate could changc is callcd a"Change Date."
~ B ) The Index ~
Beginning with the first Change Date, my interest r~te will be based on an Indcx. The "Indcx" is the weckly average
yield on United States Treasur}• securities adjusted to a constant mawrit~• uf 1 ycar, as made available by the f~ederal
, Reserve Board. The most recent Index tigure ~~vailable as of the date 45 days before each Ch~ngc Date is ~~alled the
' "Current lndex."
' (f the Index is no longer available, the Note Holder will choose a nea~ index which is based u~wn cumparable
I information. The No1e Holder will give me noticc of this choice.
~ ( C 1 Calculation of ChAnges
~ Before eaeh Change Date, the Note Holder will calculate my new interest rate by adding ~ee an~d One
I c,~uarter percentage points 1 3.25 7'r,) to the Current Index. Thc Notc Flolder will thcn round the
~ result of this addition to the nearest one-eighth of on~e percentage point (0.125^I~,). Subjcct to thc limits statcd in Scction
4(U) below, this rounded amount will be my new interest ratc until thc ncxt Change Datc.
The Note Holder will thcn determine the amount of thc monthly paymcnt that would bc su(licicnt to rcpay the
unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new intcrest rate in
substantially equat payments. The result af this calculation wiil bc the new amount of my monthly payment.
jl ( D) Limits on Interest Rate Changes
i "
~ The interest rate I am required to pay at the first Change Date will not be greater than 1.0.5 % or less than
6.5 Thereafter, my interest rate will never be increased or decreased on any single Change Date by more
than two percentage points (2.0%) from the rate of interest I have been paying for the preceding twelve months. My
interest rate will never be greater than 14.5 =
( E 1 EfTectire Date of Ch$nges
My new interest rate will become ef~ective on each Change Date. 1 will pay the amounl of my new monthly payment
beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes
again.
( F ) Noti:e of Changes
The Note Holder wiil deliver or mail to me a notice of any changes in my interest rate and the amount uf my monthly
payment before the eflective date of any change. The noticc wili include information rcquired by law lo be given me ar~d _
also the title and telephone number of a person who will answ~r any question 1 may havc rcgarding the notice.
8. TRANSFER OF TNF PRUPERTY OR A BENEFiCiAL [NTEREST {N BORROWER
Uniform Covenant 17 of the Security Instrument is amended to read as follows:
Transfer of the Property or a Beneficial Interest in @orrower. If all or any part of the Property or any in~erest in it is
sold or transferred (or if a beneficial interest in ~orrower is sold or transferred and Borrower is not a natural person)
without 1_ender's prior written consent, Lender may, at its option, requi~e immediate payment in full of all sums secured
by this ~ecurity Instrument. ~ However, this option shall not be exercised by Lendcr ii exercise is prohibited by federal law
as of the date of this Security Instrument. Lendcr also shall not exercise this option if: (a) Borrower causes to be
submitted ta Lender information required by Lender to evaluate the intended transferee as if a new loan were being made
~ to the transferee; and (b) Lender reasonably determines that Lcnder's security will not be impaired by the loan
. assumption and that the risk oi' a breach of any covenant or agreement in this Security Instrument is acceptable to
Lender.
~=i,
To the extent permitted l~y applicable law, Lcnder may charge a reasonable fee as a condition to Lender's consent to {
thc loan assumption. Lcnder may also require the transferee to sign an assumption agrecmcnt that is acceptablc to j,~-;
Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security y:
Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unlcss Lender releases
- Borrower in writing. -r
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MULTISTATE ADJUSTABLE RATE ~lOER-ARM 5-2-S~ngte Fam~iy--FannJa Mas Un~torm InmtrumeM Form 3111 1185
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