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Home My WebLink About0917 _ _ _ ~ : _ . ~r. . _ ~ _ 6~8 ~ . AOJUSTABLE RATE RIDER (1 libar 'Ihasury Indax Rats Capa) ~ i ~ THIS AOJUSTABLE RATE RtDER is made this 9th day d December, 1986 ~ is corporated into and shail be deemed to amend and supplement the Mortgag& Oee~d d Trust or Security Deed {the "Security InstrumenC'j d the sama date gi~ren by the undersig,'~ed (the "Borro~w~er") to secure Borro~w~er's Adjustable Rate Note (the "Note') to_ BA~31T L•Y~I~YC OF ST. L~[ICIB QOUNl'SC (the "I.ender") d the same date and covering the property described in the Secutity Instrumen; and located at: . 771 S.B. F10E~C'aAL STRBIsT . PORT b"P. LUGIB . Flozida 33452 (Property Address) The Not~ cont~lns provlsions allo+ain~ for chan~as In the Interost rats and the monthly payment. Ths Nots tlmlb the amount the Bo~rowe~'s lnterost nte can chanpe at any one tlme and the maxlmum rate the Bor- row~r must pay. Addltlonal Co+renants. In addition to the co~enants and agreements made in the Securiry Instrument, Borraw~r and Lender further covenant and agree as fdlows: A. Interos~ R~ts and WloMhy Payment Cha~ges The Note provides tor an initiat interest rate of 7.500 qb. The No!e provides tor changes in tho interest rate and the monthly payments, as tdlows: 4. Intsrost Rrte and Monthly Payment Changas (A) Chanye Dates The interest rate 1 will pay may change on the tirst day oi J~i1UdrY , 19 88 , and on that day every 12th month thereafier. Each date on which my in,erest rate could change is called a"Change Date." (B) Thelndex Beginning with the first Change Date, my interest rate witl be based on an Index. The "index" is the w~eekly average yield on United States Treasury securities adjusted to a constant matur+ty of ~ year , as made available by ihe Federal Reserve Board. The most recent Index figure available as of the date 45 days betore each Change Oate is catled the "Current Index" !f the lndex is no longar available, the Note Hotder will choose a new index wrhich is based upon comparable iniormation. The Note Hdder will give me r.otice of this choic~ (C) Ca{culetlon of Charyes Betore each Change Date, the NotQ Holder will calcutate my ~ew interest rate by adding 2•750 percentage points ( 2.75Q to the Current Index. The Nois Holder will then round the result of this addition to the nearest one-eighth of one perceniage point (0.125~ib). Subjec! to the limiis s!ated in Section 4(D) below. this round: ed amount will be my new interes# rate until the next Change Dat~ The Ne!e Hc~lder will then determine the amount ~f the monthly payment that woutd be su(tic~ent ~o repay the unpaid principal that I am expected to o~we at the Change Date in tull on the maturity date at my new interest ~ate in substantially equ2J paymerts. The ;esuft ot thi; calculation will be the new amount d my monthly payment. (D) Llmlts on Interost Rate Ch~nges ~ , The interest rate I am required to ~ay at the first Change Date will not be greater than 9.5Q0 9k, or ~ less than S~~O.Q 9~6. Thereafter, my interest rate will never be increased or decreased on any singie ; Change Date by more than _tt~. ( 2 oib) from the rate of interest I have been paying for the preceding t~1ve months. My interest ~ rate will never be greater than 1'~,,5~0 9A~. (E) Effectlve Date oi Changes My new interest rate will beCOme effective on each Change Date. I will pay the amount of my new monthly par/ment beginning ! on the first monthly payment date after the Change Date until the amount of my monthty payment changes again. ; NQte oi Changas . : The Note Hdder wiU deiiver or mail to me a notice d any changes m my interest rate and the amounl d rrry m~nthly payrrert ` be(ore the e(fective date af arry chang~ The notce will include information required by law to be given me and also the title and ! telephone number d a p~rson who will answer any ques~on I may have regarding the notice. ~ B. Transter of the Property er a Beneficlal Intemst ln Borrower ~ Uniform Covenant 17 of the Security Instrument is amended to read as idlows: ~ TFansfer of the Prope~ty of a Beneflclal Ireterest in Borrower. If all or arry part d the Property of any interest in it is sold ~ or transferred (or it beneficial interest in 6orrawer is sold or transterred and Borrawer is not a natural person) wi±hout Lender's prior ~ wri~ten consent. Lender may, at its option, require imme~iate payment in full of all sums secured by this Security Instrument. Hov,~ver, 'this option shall not be exercised by Le~ider if exercise is prohibited by ~ederal lavs~ as d ihe date ~f this Security Instrument. lender ~ also shaN not exercise th~s option i!: {a) Borrower causes to be submitted to Lender iMormation required by Lender to evaluate the iniended transferee as "rf a new loan were being made to the transteree: and (b) Lender reasonably determines that Lender's security will noi be impaired by the laen assumption and that the risk of a breach oi any covenant or agreement in this Security In~trumsnt is acceptable to Leredef To tha ex;ent pe~rnitted by applicable la~v, Lender may chargP a reasonable fee as a condition to Lender's cansent to the Eoan assumption. Lender may also ~equire the transferee to sign an assur~~ption agreement that is acceptable to ~ender a~d that obligates the transleree to keep al~ the promises and agreements made in ih$ Note and '+n this Saurity Instrument. Sorrawer will continue to be obtigated under the Note and this Securir~ Instrument unless Lender releases Sorro~wer in wri;ing. / . . ~ - ; MULTIBT~TE ApJI!$TA~1.~ R~YE pIdER ARM ~3-2 - Sm9+e Fam~F~ f~nnN 1AUNJIFrad~aC t~o~n k~ ~1 ~ Form 31/1 3fl5 WSIT3 Mar 851~b~OWC