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HomeMy WebLinkAbout0968 . ' ~ , NON-COIWER~'IBI.~ AA~TUSTAIBLE ~&A'TE RID~R - {IN'I'EBEST ~TE LIMITS) ~ 50--23245465 '1'HIS ADJUSI'ABLE RATE RIDER is made thts 1aTNday of ~ ~CTOBER 1986 ~ and is Incorporated into and shall be de~med to amend and supplement the Mnrtgage, I3eed of'IYust, or SecurIty i I~eed, (the "Security Instrument') of the same date given by the undersigned (the "Borrorwer") to secure ~ Borrower's Ac~ustable Raie Note (the "Note") to HARB~R FEDERALSAVINGSAND LOAN A~.SOCIATION (the "I.ender") of the same @ate and covcring the property desc;ribed in the Securlty Instrument and located at: ~ ~ ~ 2941 SAN JERONIHO PORT ST I.UCIE~ FL. 3345z ~ (Property Address) ~ Ths Note contalns prbvl=lo~s allowing tor changes In the intere$t r~te. if th~ lnt~reat rate lncrea~~s, the Borrov~er'~ monthiy payments vuiil b~ higher. !f thg ~ intereat rate decreeses, !he ~orrower's monthl y pay~enta wiil be lower. ~ ADDITIONAL COVENANTS. In addition to the covenant and ugreements made in the Security f Instrument, Bocrower and Lender further covenant and agree as foAows: ~ ~ A. INTEBEST RATE AND PVIONTHLY PAYiN~NT CHANGES ~ The Note provides far an initial interesC rate of 25~ Section 4 of the Note provides for changes ~z in the interest rate and the monthiy payments, as follows: ~ Q 4. INTERES'I' RATE AND MONTHLY PAYMENT CNANGFS ~ , CA) ~Ch~nge Datea Tt~e interest rate I will pay may change ~n the firstdayof ~OVEM9E R ig ~j , , and on that day ~ of the month ev~ry T~~~-vE months thereafter. Each datE on which my interest rate co~ld change is calted a °Ct~ange Date". ~ (B) 'I'hs Index ~ ~ Beginning with the first Change Date, my interest rate will be based on an "Index". The Ind~x Is the weekly ° average yietd on Un9ted States ZYeasury securities ac~iusted to a constant maturity of ~ME years, as rrtade ~ availabte by the Federal Reserv~e Board. Zhe r~ost recent Index figure available as of 4F days before each Change Date is called the "Current Index°. If the lndex is no longer available, the Note Holder wilt choose a new Index which is based upon comparable ~ informatlon. 'IT~e Note Holder tivill give me notice of its choice. ~ (C) Calcnlation oY C~?ges ~ Before each Change Date, the Note Holder wiil calculate my new interest rate by adding THREE AND 25/140 ~ percentage points ( 3•~5 to the Current Index. ~e Note Holder wili then raund the resutt of this addition to the nearest one-eighth of one p~rcentage point (0.125~ j. Subject to the limits stated in Section 4(D) below, thi~ rounded amount will t~ my new interest rate untf! the new Change Date. ~y; T'he Note Holder will then deLermine ihe annount of the montlypayment that would be sufficient to repay the unpaid principal that I am expected t4 owe at th~ Change Date in full on the maturity date at my new interest ~ rate in substantially equal payments. The result of this catculation plus any required monthly escrow for taxes - and insurance will be the new amount of my monthly payment. ~ (D) Lmit~ on Intereet Bate (~anges . The rate of interest I am required to pay sha!! never be increased or decreased on any sin~Ie Change Date by ~ more than TWO percentage points ( 2.00 from the rate oP interest I have ~ be~n paying for the pr~ecedIng TWEl.1lE months. My interesL rate also shall never increase more than F I VE percentage points ( 5• 00 from the fully indexed rate of 9.000 Aiy interest rate shall never decrease helow the interest rate established In p~sragraph A of this instrument. . ; (E) Efte~~ Liatie of (~anges My new interest rate will become effectiv~e on each Change Date. I will pay the amount 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) Nedce of Ch~engee T,-~e Note Holder wIll mall or deliver to me a notice before each Change Date. The notice will advise me of: ~ (i) the new interest gate on my Ioan as of tYe Change Date: ~ (ii} the amount of my monthly payment following the Change Date; - -(iii) Any addItional matters which the Note Holder is required to dLsclose; and i (iv} th~ title and telephone number of a person who wlll answer any questlon I may h~ve regarding the nottce. . IN WITN~ W~REOF,Borra~ver hag ~xecc~t~d tl~ie AD.T'tJ8'~ABLE RATL ~id~r. "~~~~J~~ V `J . (a]l~4~) . ~ E R J 0 Y ~B°"°"~. ~ •86 OCT 13 P 2~~~ a ~ ll ~ ' MAE N LORY , ~ f ILE~ ; ~ ROGER F~;~: ~ t Er',~ : ~ ST. LUCi~ _ Ftt ~ ~ ~ ~ry ~ ~ ( p~~~ ~ . r ~ n inn a00K • IN~L M'~~ ~ ~ . , .f if -~RI LifY ~Tls - . ~ ~ .