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Home My WebLink About0997 t ~ , . , i . ; ~ ~ ADJUSTABL~ RAT.E RID~;R . . , ' ; ( t 1'ear Treasury Index-R~te CAps1 . • . ' " TNlS ADJI;STABLE RATE R1D~R is made this ~-9~ da~• uf ~P~+~ , 19 86 , and is incorporated inta and shall be deemed to amend and 'supplement the Martgage. Deed of Trust or Secu~ity Deed (the "Securit~~ Instrument") of the same date gi~•en b~~ the undersigned (the "Burraa•er") to secure Rurrower's Adjustabtc Rate ?~ote (the "tiotc") to StTN 8~1NfC ~F' S"r. LUCIE OOUrTPY (the "Lender"1 of the same date :ind covering the property described in the Sccurit~ f nstrument and locatcd a~: 7705 C~press RAa~d, Fort PierCe, Flo~'id~ 33450 ; ~Nro~xrt~ Addre::~ : TNE NOTE CONTAINS PROVISION§ ALlOWlNG FOR CMANGES IN THE INTERE57 RATE ~ AND i'NE MON`PHLY PAYMENT. THE NO'fE LlMIITS THE AMOUNT THE ~OiiROHIER'S INT~REST RAT~ CAN CWANGE AY ANY QPIE TIME AND THE MAX1MUiM RATE T~iE BOfi- ~ FiOW~R (V9UST RAY. A[)UITIO\~l. CO~'k:\A\TS, In addition to the covenants and agreemems made in the Security Instrunient, Borrower and Lender further covenant and agree as follows: A. tNTEREST RATE AND ~10NTHil' PAYMENT CHANGES The ?tiote provides for an initial interest rate of 8.0 The Note provides for changcs in the interest ratc and the monthly ~payments, as follows: 4. I~iTEREST RATE AND ;~90tiTHLti' PAYh1ENT CHANGES ~ 1 A ) Ch~nge Dates The interest rate i u•iN pay~ may- change on the lirst day of ~g~r , 19 g~ , and un that day ever}• 12th month thereaiter. Each datc on u~hich my interest ratc could chunge is called a"Change Date." ( B ~ ~'he index Beginnin~ with the first Change Date, my interest rate will be based on un Index. The "lnd~x" is the w•eekly average yietd on United States Treasury secarities adjusled to a constant maWrity~ uf 1 y~ar, as made available by the Fcder.~t Reserve F3oard. The most recent Index Figure availaUle as of the datc 45 da}~s bcfore cach Changc Date is callcd the "Currcnt lndex." If the lndex is no longer auailable, the Note Holdcr will choose a new• index whirh is b:~sed upon cumparable ~ information. The Note Holder will give me notice of this choice. ~ IC? Calculation of Change§ ~ Before each Change Date, thc Note Holder will calculate my new intcrest ratc by :~dding ~p ~ Tj~~ ~ ~}~r percentage points ( 2~'75 `7.) to the Currcnt Indcx. The Note Holder will then round the result of this addition ta the nearest one-eighth of one percentage point (0.125`~~). Subjcct to thc limits statcd in Section 4( D) below, this rounded amount will be my new interest rate until thc n~xt Change Datc. ~ The Note Holder will then determine the amount of the monthly payment that would be suflicient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my ncw in~erest rate in s?abstantially equa{ payments. The resuit of this catculation will bc the new amount o!' my monthly ~aymcnt. ~ ( D ~ Limits on [nterest Rate ChAnges ~ ~ ~ ~ ; ~ The interest rate I am required to pay at the ~rst Change Date will not be greater than 14.0 °lo or less than 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.OQIo) t'rom the rate of interest I have been paying i'or the preceding twelve months. My interest rate will never be greater than 14.0 °10• ~ 1 E 1 Eflective Date of Changes :r.; 3 yt'y new interest rate will become effective un cach Change Date. t will ~ay the amount of my new montMy peyment beginning on the first monthly payment date after the Change Date until the amount of my monthty payrrient chaRgcs again. f F ? \otice oi Changes The Note Holder will deliver or mail to me a notice of any changes in my intcrest rate and thc amount uf my monthly payment before the eflective date of any change. The notice wi(I include information required by !aw to be givers me and also the title and telephone number of a person who will answer any question t may have rcgarding the notice. B. TRANSFER Of THE PROPERTY OR A[iENE~'[CIAL IMTEitE~T [N BORROW~R Uniform Covenant 17 of 1he Security InstrumeM is amended to read as follows: Transfer of the P~operty or a Beneficial Interest in Borrower. lf all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natura! person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of al} sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intendcd transferee as if a new luan were b~ing made ~ to the transferee; and (b) Lender reasonably determines that Lender's security will not bc impaired by the loan assumption and that the risk of a breach of any covenant or agreemen~ in this Security Instrument is acceptable 10 Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. l.ender may atso require lhe transFeree to sign an assumption agreement that is acceptable to Lender and that obl~gates 1he transferee to keep all the promises and agreements madc in thc Note and in this Security lnstrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Bor~ower in writing. MUkT15TATE ADJUSTABLE RATE RlDER--ARM 5•2-S~ng?e Fam~ly-Fannl~ Mae Unitam In~trumant Form 3111 9/85 ` F(n~ncid L~w Formt" _ - Form 203b ~ ~ BOOK PAGE 9~~ . ~ . _,__:.----T-. i,-~