HomeMy WebLinkAbout0961 ~ . . A?.DJUSTA~L'~ I~~.T~ ~ttIDFR ;
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TIIIS ADIUSTADLG RA'I~ RIDER i~ m~de thic 2 9~Hd~r ~ OCTOB~R ~~9 $ 6, !
and is inco~+orated into ~nd shall ba deemed to smend and ~upplement the Morigage, Deed ot Tnist or Security Deed (the "Szcurity j
Inst?ume~C') af the some dnte given by tha undersigned (tlk "Dorrowcr7 to securo Borrower'a Adjustabio Rate Nate (the "Note") to i
GDV FxNANCIAL CORPORATION, A~LORYDA CORPORATION
(ihe "Lender') of the saimc date and covering the property dtscribrd io ~he Security Instrument ~nd located at:
2396 5.~:. GILLETTE AVENUE, PORT ST. LUCIE, FL 33452
(PropeAy Address)
: TIIIS NOT~ CONTAINS PROVISIONS ALI.OWTNG FOR CHANGES IN'THE
1NTEREST RATE AND THE MONTIILY PAYMENT.
Addlliond Covensnls. In addition to the coven~nts and agrcemenls made in lhe Security (nsuurncnt, Uortower and Lender Wrthcr ~
covenanl ~nd agrce as foilowe:
~1. IN'~'F,RE.ST RATE ANI) MONTHLY PAYMI:NT CHANGES.
71ie t+lote providea for ~n Initi~l lnleteat Rate ot 9~ 5 ~96. 7he Note providcs for changes ia the interest r~te snd the monthiy payments,
, , as follow•s: .
4. 1N"CF.RFSC RATE AND btONTli[.Y PAYdiENT C{CANG£S; BORKO~VF.it'S RiCtIT TO I.IAiIT PAYhiEN1'
~ (A) Ch~nge Dates
~ 71ie interest nte I wiil pay may changa on 1he firstday of NOVEPfC3ER ~ 19 $7 Y ~Y
, and on th~t da eve i2th
~idfit~i thereafter. Each date on w~fiich my interost ~ate could change is callod a"C1~ange Date'.
(D) The lndex
Qeginning with the first Cliange Aate, my inteteK rate wii! be b~scA on sn Index. 'Ihe "Indea" is the weekly a~erage yield on United
Sutes Treasury securities adjusted to a consUnt maturity of 1 yrar, as made av~ilable by iha Cedcral Reserve Doud. 'Ihe most recent Index
figura available as of Ihe date 45 daya beforo each Change Date is called the "Qiment Index".
If 1he Indez ia no longer available, the Note lloider will choose a new indea v,fiich is based upen companble informatian. 'Ilie Nole
' 1(older wili give me notice of this choiee. ~
~ (C~ Calculatlon of Chenges
; Defore each Change Date, the Note liolder wtill calculate my new interesl nte by adding 3. Z 5 percerttage
s
i t points ( 3. 2~J to the Carnat Index. The Mote itolder wili ~hen raeind the rcsuit of this addi:ion to the rte~rest onaeighth ot one
.
` percent~ge point (0.1?S~). 'ihis roundcd amount will be my new interest rate u~til the neal Chznge Daia
c
~ Nowevrr, my inleast rate ahall never be inereased or decrsased on any single changuf d~te Dy more than 2. 0 ~
~ parcealage points ( 2. O O%) from the rate ot intereat 1 had been paying immediateiy prior to the ch~nge date, and my rate of interest ahall
~ never increase or darcase by more than ~j . ~ ~ percenuge poinls O O4b) from the Initiai latereat Rate over the tertn ot the
Flete.
' 'Ihe Note llolder will then dctermine the anwunt of the monthly payment th~t would bs sufficient to mpay the unp~id principal th~t [
z am expectod to owe at the Change Date in fuil on the maturity date at my new intereat n[e in eubst~ntiaily ec~uai payments. 7he result of this
~ calculation will be the new amount of my mnnthly payment. .
€ B. TRANSrER OF THE PROPERTY OR A BI~NEFICIAL INTF.REST IN I~ORROWER.
~
~ Unifomi Covenant 17 of itu Security Instrutnent is amended to read as follows:
~
ti 1'ransfer o! fhe i'ropert~ or a Denellclsl Interest tn Borrower. If aU or any pari ot 1he Propcrty or any interest in it is sotd or
~ transferred (cx if a brnefici~l inlereal in Borrower is aoid or tnns(errod and Borrowet is not t nstun! peraon) withoul LendePs prior written
consent, Lerider may, as il~ oplion, rcquire iir?n?ediate payment in full of atl sum~ saurcd by this Sewrity Ins[rt~rrxnt. {towever, Ihis option
;
ahall not be exercised by Lender if eaerciu ia prohibited by fedenl Isw as of the d:te of this Seeurity Instrsrment. l.ender also sfi~ll not exercise
lhis option if: Borrower cauaes to be aubmitted to Lender informaGon required by Lender to evatuate the intended tnnsferee as if a new loan
were kieiog r?ude to the ttansferee; and (b) Lendtr reasonably delemunes that L,ender't security will not be imp~ired by 1hG toan assumption and
lhat the risk oC a breach of any covenaat or ~greement in lhis Sccurity t6strument is acctF+table lo [.ender.
~ To the extent permittcd by applicable law, Ltnder may chirge a rc:aonable fee aa a condition !o Leoder's conunt !o Ihe loan
assumption. L.cndcr may also rcguiro the tnnaferee to aign an assumption agreement that ia acceptable to Lender ~nd that obligates the
transferee to keep sfl ~hs promisea and sgreements made in the Note and in thit Security InstrumenG IIorrower will continue lo be obligated
under t}~,e Note ~nd ~his Sewrity Inswmcnt unleas Lender relascs Dorrower in writing. '
If Lender exercisea the op[ion to « quire immedi~te payment in full, Lender ahall give Cierrower notice of accsleration. '[he notice .
i'~ shall provide a period of not lesa th~n 30 d~ys from the date the nolice is delivered or mailed within which the Borrower musi pay all sums
I~ aecured by this Sccurity lnswment. If Barrower f~ilt to pay these aums prior to the expiralion of this period, Lender ?n~y invoke any remedies
f~ _ permittcd by this Security in:wment without further notice or demand on Borrower.
~ BY SIGNING BELfJW, Borrower accepta and agrces to the terma and coven~nts conuined in this Adjusuble Rate Rider.
Witncss the h~nd(a) and aeal(s) of !he undcnoignad.
~ • (Seal) , ~ (Stal)
ALE' RD M. SEiAW -Borrowcr ARIEL A. SHAW -eorrowcr ~
(Sealj (Sal)
-Borrowtt •Dorrower
- (Sign Urigim! Only1
btULTiS"TATE ADJUSfAI3LE RAT£ RIUER • 1 Year Tressur~ Index - Single P~mily - FAIMA/E11Lb1C Unlform ]nslrument
15402-67 6/$4 PR
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