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Home My WebLink About0989 . ~ l NON-COIWE~tTIBLE A,~hTiJSTABI.E R,ATE RIDER, (INTE~ST RATE LIMIT3) so-23246026 THIS ADJUSI'ABLE RATE RIDER is made this lOmHday of OCTOBBR 1986 and is incorporated Into and shall be deemed to amend and supplement the Mortgnge, Deed of'IYust, or Security Deed, (the °Security Instrument°) af the same date giv~en by the undersigned (the "Borrorwer") to secure Aorrower's Ac~ustable Rate Note (the "Note") to HARBOR F`EDFRAL SAYINGS AND LOAN ASSOCIATION (the "Lender") of the same date and covering the property descrtbed In the Security Instrument and located at: MARINBR COURT PALM CITY, FL. 33452 . (~'roperty Address} The Nate contains pravisions ailowing for changes in the interest rate. If the inter~st rate inCr~ases~ the Barro~er's monthiy p~yments wiil be higher. !f tha ir~terest rate decreaaes, the ~orrower'g monthiy paymen4s wili be lower. ADDITIONAG COVENANTS. In addition to the covenant and agreements made in the Security Instrument, E3orrower and Lender further covenant and agree as follows: A. INTEBES"~ 8A'1'E ~RrID MON'1`~~LY PAYMENT CgUNG~S The Note provides for an initial interest r~te of 8. 250 Section 4 of the Note provides for changes in the interest rate and the monthly payments, as foliows: INTERFST RATE AND MON'I'HLY PAYMENf CHANGES . CA) change Dateg 'The interest rate I will pay may change on the first dayof NOVElAB$R ,19 8~ , and on tliat day ~ of the manth every T~~~ mor~ths thereafter. Each date on which my inierest rate could cllan~e is calted a "Change Uate". . ~ (B) T1ie Index ~ Beginning with the firsL Change Date, my interest rate w~ill be based on an "Index". The Inciex is the weekly average yield on United States 'IYeasury securities ad,justeci to a canstant matur9ty of Q~E years, as made available by the Federal Reserve Board.'Ilie most recent Index figure available as of ~5 da3rs befo~e each Change Date is cailed the "Current Index". If the Index is no longer available, the Nate Holder witl choose a new Index which is based upon comparable information. ~e Note Holder will qive me notice of its choice. (C) Calcalatlon of Changes , Before each Change Date, the Note Hoider will calculate my new interest rate by adding THREE AND 25/100 percentage points ( 3.25 to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth uf one percentage point (0.12b~). Subject to the limits stated in Section 4(D} helow, ehis rounded amount will be my new interest rate until the new Change Date. 'Ilie Note I-tolder will then determine the amount of the montlypayment that would be sufficient to repay the unpaid principal that I am expected to owe st the Change Date in full on the maturity date at my new interest rate in §ubstantially equal payments. The result of this calc~ilation plus any required monthly escrow for taxes and insurance will be the new amount of my monthly payment. (D) Lmits on Intereet Sate Changes The rate of interest I am required to pay shall ne~~er be increased or decreased on anysingle Change Date by mor~ than Tvio percentage points ( 2.00 from the rate of interest I have been paying for the preceding TtvEi.vE months. I~Sy interest rate also shall never increase more than P~vE percentage points ( 5.00 from the fully indexed rate of 8. 875 My intere~t rate shall never decrease below the interest rate established in paragraph A of this instrument. + (E) Eifect~~re Date of fx+~nges - My new interest ~rate will hecome effective on each Change Date. I will pay the amount of .Y~y new monthly payment heginning on the first monthly payment date after the Change Date until the amount of my monthiy - payment ch~nges again. (F) Nadce of Chsngee ~ The Nate Holder Yvill mail or deliver to me ~ notice before e~ch Change I}~te. The notice wii! advise me of: ~ (i) the new interest rate on my loan as of the Change Date: ~ (ii) the amount of my monthly payment following the Change Da.te; (IiI) Any additional matters which the Note Holder is required to disclose; and i ~ (iv) the title and telaphone nurmber of a person who will answer any question I may have regarding the ° notice. ~ ; , y IN Ft~ITNE83 W[~~OF,Borrower has ex~cutQd t2ile AIDeTUSTABLE RA'I'E 8tder. t t. ~ ~ ~ WALTER 3 PO ELSKI' ' ' - (~l~ -~.m,,.. ~ p JOAN M PODBIBLSKI . ~a°"°,~,~ ~ ~ Q~0 5 2 2 PA6E0 9 8 s « o~~c ~c~1 3/gg LN ~4A~iIrNC =