The URL can be used to link to this page

Home My WebLink About0993 ADJUSTABI.~: RAI'E; ~211)~:R 1 1 Year Treasur~ Inde~ --ltate ('a~ 1 TNIS ADIUSTABLk: RATF RI[)ER is madc this ~~day uf D~C~+gQ~ . 19 86 , xnd i, ~ incar~rated into and shall be deemed t~~ amend and supplement thc Mortgage, [)red of Trust or Se~urit~~ [)red ~the "Security Instrumcnt") uf the samc date gi~~en by thc under~igned (the "Burruwer") to:ccurc Borr~~wer's Adjustable Rate iVotc: (the "Nutc") to ~~ICAN PICNEE~R SAVJrIGS BANK (the "t.ender") i~P the s~~mr date and covering the p~~pc:rt~~ described in the Security lnstrument and I~.ited at: 2031 S.E. GIFFII~] AVF2QUE POFrr ST. LUCTE FLARIDA 33452 ~N~„~«> ~~~e«„~ THE NOTE CONTAINS PROVISIONS ALI.OWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHIY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CNANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- ROWER MUST PAY. Auun u»~~. Co~'t:~,~ti r~. (n additian to the ro~~enants and agrecments made in thc Scrurity Instrument. t3orrower and Lendcr furthcr co~~enant and agree as fallows: - A. 1NTERFSI' RATE AND 110h`TNI.l' PAYMENT Ct1ANCF~ The Note provides lor an initial interest rate of 8~~0`,~. The Nute pre~~•idi~ fur ch.tnges in the interest rate and the monthly payments, as follow•s: 4. 1NTEREST RATN: AND MONTHI.Y PAl'~1F;N"I' CHANGF~ ~ A ) ChanRe Dates The interest rate I H•ill pay may change on the tirst da~• uf j~~~ , f9 g], and on that day every 12th month thereafter Earh date on which my intcrest ratr could changc i. called a"Change D:~te." ( B 1 The Index Beginning with the first Changr D3te, ~ny inicrest ratc w•ill bc b:~sed on an Indcx. The "Index° is thc weckly average yield on United States Tr~asur}• securities adjusted to a ronstant mawrit}~ o( I ycar, .is madc available by the Federal Reserve Board. The most recent Index ligure available of the da~e as ciavti bcfore each Change Date is called the "Current Index." If the lndex is no longer available, the Ncte llolder will chaue a new• indrx which is based u~n comparable informaticm. The tiote tloldcr will give me notice uf thi~ choicc. ( C ) C'alculation of ('han~cs Before each Change Date, the Note liolder will calcul~te niy~ new intrrrst r<:te by adding ~~5/1~00 percentage Ewints ( 2~~5 `7,) to ihe Current Index. The Note Holder will then round the result of this addition io thc nearest one-eighlh of one pcrcentagc Ex~int (0.125'7, Subjcct to the limits stated in Scction 4( D) below, ihis rounded ama~nt will be my ncw~ interest rate until thc next Change Date. The Note Nolder w~ill ihen determine the amount of 1he monthly~ payment that would be suflicient to repay the unpaid principal that 1 am expected to owc at the Changc D.~te in full on the maturity date at my new interest ratc in substantially equal payments. The result of this calculation will he the new amount of my monthiy payment. ( D I Limits on Interest Rate ChanRes The interest rate 1 am reyuired to pa~~ at the fint Ch.ingc Date w-itt not be grcater than 10.5~0 ~ess than 6.500 Thereafter, my interest rate will never be increased or decreased on anc single C: hange Date by more than !wo percentage points ~ 2.0'7,. ) from the ratc ~f interest 1 have been pa~~ing for the preceding twelve months. My interest rate will never be greater than 13.500 ( E) Efl~tire Date of Changes ,vly new interest rate will becomc ef~ective on each Change Date. I u~ill pa~ the amount of my new monthly payment beginning on the tirst monthly paymcnt date after the Change Datc until the amount oF my monthly paymcnt changcs again. ( F 1 1Votice of Changes The Note Holder wi11 deliver or mail to me a notice of ~m• changes in m}~ interest rate and the arnount of m~~ monthly ~ pa~~ment before the efi~ective date of any change. The notice wilt includ~ information required by la++ to be given me and atso the title and telep6one number of a person who will answ~er any yuestion 1 may have regarding the notice. B. TRANSFER OF THE PROPERTI' OR A BENEFICIAL INTEREST IN BORRnWER Uniform ~ovenant 17 of the Securit~• instrument is amended to read as follaws: Transfer of the Property or a Beneficiat Interest in 8orrower. ti all or any part.of thc Propcrty or any interest in it is sold or transferred (or if a bencficial interest in Sorrowcr is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate paymeM in fuU of all sums secured ~ by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law . as of the date of' this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information required by l.ender to evaluatc thc intcnded transferee as if a new loan were being made to the transferee; and (bl Lender reasonably determines that t.ender's security will not be impaired by ihe loan assumption and that the risk of a breach of any covenant or agreement in this Security lnstrument is acceptable to ' Lender. ` MULTISTA7E ADJUSIAE3L.E RATE i~ER-ARRI 5-2-S~ngle Fam,ly-Fannie Maa!Freddia Mac l.M~itorm katrun?~nt Fam 3111 3185 Fr.rm $QO g~~ pd6~0 g 9~ To Reor4e~ Cai GREAT LA1cES BUS~NESS FOAMS. INC 1~800~253-0209 • tr+M~chpan 1-800-35B 26~3 500 86000419 23-500568