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HomeMy WebLinkAbout0999 , ' :~llJUS"t:~BLE R~~l'f: K1UER i 1 1'r:~r ~I~rca~ur~ Indr~-l2:+t~~ Tt!!~ :~1)JI:ST:~lil_!: iZ:~TI: {tli)ER i> ~;~a~ie ~hi~ .1:i~ .~f December . t~~86 , and is i~;~~~rp.~r:it~~ ~nt~ .ini1 >hall G~ dccn~rc! tu amrn~l an~i ,u~~~~l~m~nt tlic ~t.~r~ga~c. U.rd ~~i ~l~ru>t ur ~crurit~~ l)~c~1 (thr .5~curit~ In,iruntrnt'~) ~~f thc ~:i~nr ~atc gi~•~n b~ thr undcr~i~nc.1 (thr °Il.~rr~~~~rr"? ~~~•r~ur~ l~~rr~~?cr'~ A.1ju~tabl~ fZ,?tc \~tr (th~ ••~~it"> w FLORIllA NATIONAL BANK ' (thr "l.ri~il~r~~) ol ?hr,:unr~l,ttr anJ.~~vrring thc pr~fj~rrt} ~1r.~ribril in tf;r 5rcurit~ In,t,~im~nt an~f ;~~.itrcl cit: ~ , 332 Hernando Street j~G, roxt Pierce , F1 . 334$2 f Nnqkci~ :\ddrr..j TNE NOTE CONTAtNS PROVISIONS AILOWING FOR CHANG~S IN 7NE INTEREST RATE AND THE MON7NLY PAYM~NT. TNE NOTE LIMITS Tr1E AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE 71ME AND 7HE MAXiMUM RATE THE BOR- ROWER MUST PAY. :1~~i>~ ~ ic?~ ~i. C~~~ t:~ ~~;rti. In ;«t~ition ~o ~hr rovcnan~, and agrrrmrnti m:~dr in the ~r~urit~ In,~rum~n~. Burrv~~rr :tn~1 Lc~?d~r furtlrcr r~x~cn:tnC :tne~ :igr~r as fullii~~.: r1. t\'I~F:RE~~(~ R:~T(~: :~tit) \lOtil~l11.1' P:\1',11E1'1' Ci1:~tiGE:S The \~i~ pro~~ide. fur :tn iniiial intcr~;t rate of 9. ~ `T.. Thr \ot~ {~r~n~i~i~, f~~r ~hangr. iri thr int~rr.~ ratr and thc monthi)' p.t)'mrnt,, a, (~lio.~~ti: 1~~1'EREtiI~ 12:1"fF: :~\t) \tU~'1'HLl' f':~l~titF:ti'1' Cif:~NG(~:ti (:11 (~h:u~Rc Ua1c+ l~hc ~nterc:~t r,~t~ I ~viU pay m:+~ c}t:intir w~ Ih~ tir.t ilay ul December lSt . I~l . an~i ~~n lhat ~1a~. e~•cr~• (?;t~ monlh thrre:ift~r. l.arh ~la~~ ~~n ~.•hi~h ~n~ ~n~rrc,t r:?tr cou!<1 ~h:~ngr i. call~~1 a°C~h:?ngr I):~tc... ( li ~ "Chc (ndc~ l3r~:irjnin~ ~..ith thc tir,l Ch:tn~r i)atr, ntt' intrrc.l r.itr ~+ill bc b:i.r~1 un an Ind~~. -1~tir "Ind«'~ i. Uir ~?r~kly:iti~rr.~~;r ~icl~1 ~n l;nitcd ~tatc, '1-rca.ur} ~e~untir, adju,~rd tu a ron,~,int m:iturit~• uf I}rar. as izt;~~1r av:~il:~blc by thr Frdcral (Z~,cr~~~ t3uar~i. l~tir iiio,l rr~~nt In~1~~ ligurc a~•ailable a~ ~~f tiic ~citr a5 d:+~•~ brl~ur r.icb C~h:~n~~ l):~tc i. ~atlyd thr "Curr~nt Incfct." II ihe In~l~.~ i~ nc~ l~~r~~cr t!L•ailablc, lhr lotc 11ui~1rr ..ill ~f~uusr nrt~ in~lr~ ~+liirh i~ b;i,c~1 u~;~m runi~rir:~blc inlunti:cti~in. ~l~hr Nulc f 1Uldcr ~~~i11 gi~•~ mc n~ti~c ~~l thr. ~h~~i~r. l I (~alculation of t~han~c~ l3clitrc ~ach Change Uat~. Ihr \vlc I(ol~lcr ~~ill ralcul:it~ ni}' rtc~v intrrc,l ratc b~ adtling three (~~rc:cnl:~gc Puints ( 3 tu thc t~urr~nl Indcx. ~fhc No?~ liut~cr «ill the~i ruunil Iitc rc,ult uf ihn a~ldiliun ~o th~ nc;~rest un~-~ibh~h of onc prrrcntag~ j~.iin~ (U.125';~.). ~ubj~ct tu thc limil. ~ta~cd in S~cUUn U) bciu«~, ihi~ ruun~ccl am~~unt ~+ill bc m}' nc~v int~rc.i ratc until thc n~x~ Change Ua1c. Ihc Nutr Ituid~r ~+•ill th~n dctrrnoinc thr amuunt u( th~ inunthfy ~ripmcnt tt~;it «~u~id ~ul)icicn~ tu rc~~:~y tt~c unpaid ~~rinciral th:it I,?m cx~c:ctc~f lu o~~c at th~ Chan~;~ Uatc in full ur1 thr i~~:iturily ~t:itc :!t my nc~~• i»~crc~t r.itc in sub,t:~nci,~;l~• cyu:il ~~:t}'mcn~~. ~I~h4 r~,ull o( thi, c:+l~ul:itiun «-i!I bc thc ncti~~ amuunt ul iny monthly Ii:~yrnrni. i fl i Limi(ti un Inlcrest Rate C~h:inke~ "1~hr intcrc~t ratc 1 am rcyuirce! to pay at thc first Changc I>atr will not hc grea~cr than tw0 °~'~e or lrti, than tW0 ~'o. "I~hcrraitcr, it~y inLcrest ratc ~+~ifi iicvc; br intrcasc:l or dccreascd on anq singic Changr I)atr hy mc~rc II)JIl IWO !)l'CCClllagc ~~oin[s (2.0°l0) fro~n thr ralc ol intrrctit I h;?~~c bccn ~~,iying for ll~c ~rc~eding l~vclvc monti~s. ht~. intcrc~t ratc will ncvrr he grcatcr than ~iVe ~/o. I f:1 F:tfcrti~c U~~tc of ChariKc~ ' ~ty nrti+• interc>t r.?te ~ti•ill bccomc et~rc~ive un cach Cli.~ng~ l):ite. t will pay thc ,une~unt u! m~• nrw munthly p:i~~mrnt bcbiniiin~ un lhc lir~l munthly ~,iy?ttcn! dalc aftcr the Chan~c i):ilc until thc :iri~uunl o( rn}' ?~onlhly P:iyuicnt ~tr:in~;c~ _ ab~+in. I F 1 \uticc of C~han};r~ • T12r \utr I loi~~r ~~iU dclivcr <~r m.~il [v rne a ni>ticr ol an}' ch::ngcti iii my intcr~,t r:~tc ant) thr :iin~~un1 uf iny nwnlhty ~ynirnt br~urc th~ cll~~ti~~c da:c c~f ~n} c}t;ir~gc. ~l~hc nulic~ will includc inlurnt:ttiun rcyuircd b}' I.~w lu bc givcn inc .~nJ :il;~~ thc litle :~nd trlr~~hune nwnbcr ul a~icr~un ~~Iw will answer any yuc.,u~>n 1?u:iy li:~vc rcg:trding thc nuticr. ; B. ~1~12:~1ti(~F:R UF"r~tlE: PROP[:R'(l' Ofl A I31~,NE:F1('L~L IN"ft•:NN:tit~ IN t30NRU~ti'F:)t Uni(~rm C~vcn~inl 17 ul~ ttic S~cufit} Intitrurncn! i~ amcndcd lu read ~~tluws: 'i~ran~frr of the 1'ro~~crly ur a Bencticial Interest in 1)or~orier. If all ur any ~~:~rl of thc ('nr~~erty ur .itty inl~rest in it i~ ~ ~r::.i~'.`r~^~1 ~f a t~rnctiri:+l interest in f3urrowcr iti suld ur lr:~n~fcrrcd :ind I3vrruw~r i~ nut a naturaf ~cr~~~n) ~,•iti,uu~ I.~nJer'~ ~ri~~r ~,ritt~n con,~nt. L~ndrr ntay'. at itti ~~~ic~n, rcyu~rc i,nincdr.i~c p:~y~::::::t :u~. ~~;.t:_cc`. . b) tlti~ ~«urit}' In~trttr?t~nt. } 1u~+c~•cr. Ihi~ opli~~n tihc+H nc~t br rYcrci,cd b}' l.cn~lcr if c~rrci~~ iti ~ruhibitc:cf by fc~l~r.~l lati+ 1~ . a> ~f :hc c+.,it~ i~f lhi~ Srcuril~• (nslrumcnt. Lcndcr al,u sht~ll not cxcrcitic lhi~ u~ti~in if: {,c) fi~~rro+?cr cati~c~ to bc i ~ubrnittrd Lrnclrr in(urmati~~n reyuircd by Lerelcr w r~:iluate thc intcndcd trantifcree ati i(a r~cw luan wcrc bcing madc !u thr tr:~n~l~r~e; antl (bj L~ndcr rc,uun.~bly cictcrminc~ thal I_cndcr'ti sccurity will nut bc in~~aircti by th~ loan :~~~um~~iiun :~iid that t~~c ri,k ul a brca~h uf an} covcn,int ur cigrccrr~en! in thi~ Sccurily Intitrun~cnt iti accc~~iablc to L~nJrr. ~fu ~hc cxtcr~t ~rrrTiittc;~f b~ ap~i:c:,blc la~~. (.cn~lcr m:+p cti~r~e rc,i~unablc tcc .~ti a cunditiun to Lcndcr's ronscnt t~~ the fu;in :~~.urtt~tic~n. 1_rn~Jcr m:ty :il,u r~yuire tt~c ~r,~n~(crcc tu s~~n :+n ati~umClion :tgrc~rncnt lli:tt is acccplablc tu t.cndct :znd th:>> ublig:ite, thr tran~fcrcc to krrr all ~hc ~rumi~c> and a~;rccmrnts m:+clc in thc Notc ~ncl in this S~Furity . ~ In,trun~cnl. l3urro~~rr ~tiill cuntinu~ to bc oblig:~tcd undrr ?hc Nutc and thi~ Srrurity lntilrun~cnl unlcss I.cndcr rclcascs l3urtu«<r in ~~riting. t ML'LTISTATE ADJUSTAE3LE RATE~1Ffq'-~R~-~!~ g+~--Fannie Mae Urilorm Instrumc~ ~11~ 1185 EK~d y t. ~7 ~w F,rar.~a+lae Fnrr-:~s"