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Home My WebLink About0943 )S ~ ~ . S ~ ADJU~TABLE RA'TE RIDER Loan Number- : 8144 (1 Yea~ Treasury Index--Rate Caps ) - iHi~ ~t°33li~ii~nLE ~~TE lZIDEIt is made this ~3t^dday of October , ~9 8E , and is ; incorporated into and shaii be deemed to amend and supplcmenl the Mortgage, Ueed of Trust or Security Deed (the ' "Security Instrum~nt") of' the same date given by the undersigned ( the "Borrower") to secure Borrower's Adjustable ~ Rate No~e (the "I`ote") to R~G'UPLIC SAVINGS A~lD LOAN ASSOCIATION~ ~ (the "Lender") of the same date and covering the property described in f . . the Security instrument and Iecated at: ~ XXX S. W. Whit~er Terrace, ~'art St. LllC1FP~ Flarida 33452 ~ ~Property AddrcssJ ~t i THE NOYE CONTAINS PROVISIONS ALLOWING FOR GHANGES IN THE INTEREST RATE ~ eNn TaE tdIONTHLY PAYMENT. THE NOTE LINiITS THE AMOUNI' THE 80RROWER'S w INT~RESY AATE CAN CHaNGE AT ANY ONE TIME AND THE MAXtib1UM RATE TNE BOR- ~ ROWE~ MUST PAY. ~ 'y AODITIONAL COVENANTS. ln addition to the covenants and agreements made in the Security Instrument, Borrower ~ and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8• 750%. The Note provides for changes in the interest rate and the monthly payments, as follows: - 4. INTEREST RAfE AtVD MONTHLY PAYMENT CHANGFS ( A ) Change Dates - The interest rate 1 will pay may change on the first day oC Apr~i 1 , 19 s8 , 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 " Beginning with the first Change Date, my interest rate witl be based on an Index. The "Index" is the weekly average = yietd on United States Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board. The most recent lndex figure available as of the date 45 days before each Change Date is called the ; - _ ~ "Current Index." - ~ !f the Index is no tonger available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. _ (C) Calrutation of Ch~nges ~ ~ Before each Changt Date, the Note Holder will calculate my new interest rate by adding Three and @9/ 100 3 percentage points ( 3. ~Z?0a to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.1259'0). Subject to the limits stated in Section ~ ~y 4(D) below, this rounded amount will be my new interest rate until the next Change Date. ~ The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the ~ unpaid principal that 1 am expecled to owe at the Change Date in full on the maturity date at my new interest rate in ~ substantially equal payments. TMe result of this calcUlation will be the new amount of my mor~ihly payment. ~ - ~ ( D) L4mits on tnterest Rate Changes ' ~ ~ The interest rate I am required to pay at the first Change Dats wiU not be greater than 10. 75a ~ or less than ~ ~ 6: 75~ ryo. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more ~ ~ than two pcrcentage points (2.0`~'0) from the rate of interest 1 have been paying for 1he preceding twelve months. My ~ ' inteeest rate will never be greater than i~• 7~~ ~ ~ . (E) E~Tective Date of Changes ~ My new interest rate wilt become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the f~rst monthly payment date after the Change Date until the amount of my monthly payment changes ' again. (F) Notice of Changes - ~ The Note Hotder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly ~ payment before the effective date of any change. The notice will include information required by law to be given me and - ~ also the title and telephone number of a person who witl answcr any question I may have regarding the notice. ` B. TRAIY~~ER OF TNE PROPERTY O~ A BENEF~CIAL [NTERFST [N BORROWER Uniform Covenant 17 of the Seeurity Instrument is amended to read as follows: - Transfer of the Property or a Be~trftcial [nterest in Borrower. Itall 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) i without Lender's prior written consent, Lender may, at its option, require immediate payment in fuil of ail sums secured ~ i by this Security Instrument. However, this opt"ion shall not be excrcised by Lender if exercise is prohibited by federal !aw ~ ' as of the date of this Security Instrument. Lender also shatl not exercise this opiion if: (a) Borrower causes to bs W ~ submitted to Lender information required by I,ender to evaluate the intended transferee as if a new loan were being made ~ to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan ~ assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to ~ ~ 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. Lender may also require the transferce to sign an assumption agreement that is acceptable to ~ ~ Lender and thas obligates the transferee to keep alt the promises and agrecments made in the tVote anc! in tfiis Security O°' ~ Instrument. Barrower wil! continue to be obligated under the Note and this Securily Instrument unless Lender releases Borrower in writing. ~ MULTISTATE ADJUSTABLE RATE RIDER-ARM 5•2~S~r~te Famlly-Fannie Ma~iFreddie Mac L'nNorm lratrument Form 3111 3/85 ~ •-~..«....,.rrn qUGINFSS PowMS. INC. II7-19N7p0 / IN FLOR~DA CALL: VMP COldiUTER FOR7.1A, ING. ~OYt6f7i2t I