HomeMy WebLinkAbout0937 ~
ADJUSTA[3[.E RATE R1DER
.
TH1S ADJUSTABLE R111~ RIDER is mide this day of ...Ag.F~Rtb~x 19.~4...~
and is incorporaced inco and shall be deemed to amend and supplemenc the MongaQc. Dced of Trust~ o~ Deed to
Secure Debt (the "Security instrument") of the same date ~iven by the u~deni~ned (the "Borrower") to ucure
eo~rower's Adjustable Rate Note to .....G~E1RX...~R~1~AIiA..~A.~S~.i~..,aAd...J4?X~~..i9~t`1H..~US~~I.~....hi~s..~t~~~.........
(the "Lender") of the same datc (the "Note") and eovering the
propeny deuribcd in the Security Instrument and located at:
108 Riverview Drive
. (Ptoperry Add~ha)
Th~ Nat~ contains providona sllowi~~ ior cha~~s In fh~ intsr~st rat~. If tM i~to~est rat~
i~cnasos, th~ 8onowK•s nanthly parm~nt• w1l1 fa~ hiqhsr. If th~ interest ?at• ~
• d~cr~at~~. tM 8orrowK's monthlr pa~?msnt~ will b~ low~r. ;
AnnrrtoN~?t. CovE~+~rrrs. In addition to the covenant and agrcements made in the Security [nstrumens, Borrower
aad l.ender further covenant and agrce as follows:
A. INTEREST RATE AIVD MONTHLY PAYMFNT CHANGES
The Note provides for an initiai interesc rate of ~
50..........96. Section 4 of the Note provides for changes in the
intercst r~te and the monchly payments, as follows:
4. tN?EREST RATE AND MONTHLY PAYINENT CHANGES
(A) Ch~nge D~ta
The interest tate I will pay may change oa the .....1st day of Januar,y,,,,,,,,,,,,,,,,,~ ~9.87. and
on that day of tha month every ...~X~1X~........... months thereaRer. Each date on which my interest rate oould change
is caUed a "Change Date."
(B) The Index /
Beginning with the first Change Dace. my interest rate will be based on an "Index." The Index is the weekly ~
average yield ua United States Tnasury ucurities adjusced to a constant maturicy of ......4i1~ years, as made
available by the Federal Rexerve Boar~. 'Ihe most recxnt Index figure available as of 45 days before each Chan~e
Datt is called :he "~urcent Index." ~
If ths Index u no lon~e: available. the Note Holder will choou a new index which is bascd ugon ~;omparabie
information. The 1~Iote Holder will give ~me notice of its ch~ia.
(C~ Caiculation o[ Changes
Hefore each Change Date. the Note Holdcr will calcul~te my new intrr~t rate by adding 1. 75 percent~ge poims
~ ( 1. 75 to th~ Current lndea. The Note Holder Will then round thc re~ult of this addilinn Io the nearest one-eighth `
~ of onr prrcrnt~gr ~x~int (0.125~7'0). This runndcJ amo~nt will be my nrw intrrtst r~tc until thc next Change Date. ;
! The Note 1loldtr will then determine the amount of Ihe monthly pa_ymenl that would be suflicient to repay the ;
unpaid princi~l b~l~nce of my loan ! am czpectcd to ovre an Ihe ChonFe Datc in full on the m~turi~y date at my new ~
inte~at rote in substantially equal payments. The result ot this c~lculation is call~d the "Full Payment AmounC'. ~nd it
will b~ ~hc new am~~unt uf mp manlhly ~ymrnt
(D) Effectire Date ot Ch~nges
My new interest rate will bemme efTective on each Change Date. I will pay the amount of my new monthly ~
payment beginning on the first monthly payment date aRer the Change Date until the amount of my monthly
paymenc changes again.
;
(E) Notice of Changes ~
The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of: '
(i) the new interesc rate on my loan as of the Change Date;
(ii) thc amount ot my monthly payment following the Change Date;
(iii) any additional matters which the Note holder is rcquired to diulose; and
(iv) the title and telephone number of a person who wili answer a~y question I may have regarding the
~
noticc.
i
B. CHARCES; LIENS
E;niform Covenant 4 of the Security Instrument is amended to rcad as follows:
4. Chorges; Liens. Borrower shall pay all tazcs. asscssments. and other charges, fincs and impositions attributable to
the Propeny which may attain a priority over this Security Instrument, and IeasehoiJ payments or ground rents. if
any. in the inanner provided under paragraph 2 hereof or, if not paid in such manner. by Borrowtr making payment.
xhen due. di~ecdy eo the payee t?iereof. [3orrower shall promptly f~rnish to Lendei ~II notices of amounts due under
this paragraph, and in the event Iiorrower shall makc p~ymcnt dircctly, Borrower shall promp~ly furnish to Lender
receiPts evidencing such payments. Borrowcr shall promp~ly di~charge any lien which has priority ove~ this Security
Instrumtnr however, Borrower sh~ll not br required to Jischarge any such ticn so iong as Borrowcr. ( a) shall agrce in
writing to the payment of thr obligation secured by such lien in a manner acceptable to Lender, ( b) shall in good
FNB - RF-201 UNIFORM ADIUSTABIE RATE lOAN-crRUwr~ ~NO~c~-
i
. ~~24 l~9~~
i
~ : : . ~ _ . _ _ . _ . _ _ _ - -