HomeMy WebLinkAbout0917 ADJi1STABLE ItATE RIDER
. (1 Year TreASUry Index-Rate Caps)
r TNIS AGJUSTASLE RATE RIDER is made this 3~ay oP , 19 and is ~
incorporated into and shall be deen~ed to amend and supplement the Mortgage"
;-Dee~of Trust or Security beed (the r i
"Security lnstrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable ;
Rate Note (the "Note") to ~ICAN PICNEER SAVIl~X'~S BANK ~
(the "Lender") of the same date and covering the property described in ~
the Security Instrument and located at: i
5737 DEER ~1 DRYVE, CNIT 2-C FORT PIERCE F'IARIDA 33450 ~
~Property Address) ~
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THE NOTE CON7AINS PROVlSIONS ALLOWING ~OR CNANGES IN THE INYEREST RATE
AND THE MONTHLY PAYMENT. THE NOTE LIMITS YNE AMOUN7 YHE BOR~tOWER'S ~
INTEREST RATE CAN CHANGE AT ANY ON@ TIME AND THE MAXIi4iUnri iiAi~ THE ~OR- ~
ROWER MUST PAY. 4
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ADDITIONAL COVE:NAN7~';. In addition to the covenants and agreements made in thc Security Instrument, Borrower ~
and Lender further covenant and agree as follo~vs:
A. INTERFS7 RATE AND MONTHLY PAYNIEN~' CHANGES ~
The Note provides for an initial inlerest rate of 9.62~~10. The Note provides for changes in the interest rate and the ~
monihly paymcnts, as follows: '
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4. INTERES'f RATE AND MQNTHLY PAYNiENT CHANGFS - i
( A ) Change D~tes
The interest rate 1 will pay may change on the first day of DECE~'BER . 19 and on that day
every 12th month thereafter- Each date on which my interest rate could change is called a"Change Date."
( B ) The Index -
Seginning with the first Changc Uate, my interest rate will be based on an Index. The "Index" is the weekly
average yield on United Slates Treasury securities adjusted to a cunstant maturity oF 1 year, as made available by the
Federal Rcserve Board. The most recent Index figure available as uf the date 45 days before each Changc Datc is called t
the "Current Index." '
If the Index is no longer available, the Note Holder will choose a new index which is bascd upon comparable =
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information. The Note Hofder will give me notice of this choice.
(C) Calculation of Cha~ges ~
Before each Change Date, the Note Holder wil) calculate my new interest rate by adding ~O ~ND $15/lOQO =
percentage points ( 2. ~/5 `90) to the Current Indcx. The Note Nolder will then round the #
result of this addition to the nearest one-eighth of one percentage point (0.1259~,). Subject to the limits stated in Section ~
= 4(D) below, this rounded amount will be my new interest rate until 1he next Change Date. ~
The Note Holder will-ihen determine the amount of the monthly payment that would be sufficient to repay the ~
unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in
substantially equal payments. The result of this calculation wil) be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes _
11.625 ~
The interest rate 1 am required to pay at the first Change Date will nol be greater than %or less than
~ 7,5~5 Thereafter, my interest rate will never be increased or decreased on any single Change Datc by more
~ than two percentage points (2.0%) from the rate of interest t have been paying for the preceding twelve months. My ~
` interest rate will never be grealer than 14.625 ~o~ ~
(E) ERective Date of Changes i
My new interest rate will become efTective on each Change Date. I will pay the amount of my new monthly paymcnt
beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes
again.
(F) Notice of Ch~nges ~
The Note Holder will deliver or mail to me a notice of any changes in my intcrest rate and the amount of my monthly ~
payment before the efTective date of any change. The notice will includ~ information req~aired by law to be given me and
also the title and telephone number of a person who will answer any question I may have regarding the notice.
B. TRAN5F~R OF THE PROPERTY OR A BENEF[CIAL INTEREST 1N BORROWER ~
Uniform Covenant 17 of the Security Instrument is amended to read as follows: ~
Transfer of tlse Praperty or a Beaeficial Interest in Borrower. If 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 natural person) ~
without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured ~
by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law N -
as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be
submitted to Lendcr information required by Lender to evaluate the intended transferee as if a new loan were being made Q~
to the transferee; and (b) Lender reasonably determines that Lender's security vfrili not be impaieed by the loan ~ ~
assumption and that the rislc of a breach of any covenant or agreement in this Security Instrument is acceptable to ~
Lender. ~ # `
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I~ULTISTATE AOJUSTABLE MTE F~OER-AR~15-2~Single Farrwly~Fr~nle fdao/Fra64i~ I~Asc UMiotm k~rtm~t Form 3111 3/83 ~ 3
Form 2064 To Fieorder. Cd~: CiREAT W(ES BUSNtfS3 FOFiMS. G4C. }
500 a6000323 ~ 23-5~u~3~ ~-263•0209 ~ InikGGqan 1•B00•358•2813
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