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Home My WebLink About0958 ADJUSTABL~; RATE RIDER ~ 1 1 1'ear Treasury Index-Rute Caps 1 ` "T'IIIS AD.IU~iTr~liLl~ RATt: 1tIDt:R i. madr this ..30th.. ~~f........llecember 1986....., and is incurpur:~ted intu and sh.~ll br dremcd t~~ amcnd and supplcment thc ~1or~gage. Dc~d uf "Trust ~~r Security Decd (thc "Scrurity Instrumcnt") of th~ ~:?mc datc givcn b}~ thc undcrsigncd (thc "E3orro~~~cr") to;ccurc Barn~~~cr's Adjustablc Rat~ Nutr (thc "tiotr") tu .....RIVERSIDE NATIONAL..BANK..OF..FLORIDA . . . . . . (thc "l.cndcr") uf'thc samc datc and covrring the proEx:rty dc,cribcd in ~hc S~rurit~ In.trum~nt .~nd I~xatcd at: .................................................3103_.JerseY...Court.r...Fort._ Pierce,..FL._33450................................................... ~ ~ {~ro~xrt. :~ddrr,. ~ ~ TNE NOTE CONYAINS PRUVISIONS ALIOWING FOR CHANGES IN THE INTEREST RATE ~ AND THE MONTHLY PAYMENT. TNE NOTE LIMITS THE AMOUNT THE BORROWER'S ~ INTEREST RATE CAPI CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- ROWER MUST PAY. rU?~~~ r~e?~ C't?~ F:~ r~. In addition tu the co~~enants and agreemrnts mad~ in the Sccurit}~ Instrument. Borro«~er and t_~ndcr furthcr cuvcnant and agre~ as follo~~•s: - :1. INTERF:S7' RATE AND 110NTHl.I' PAl'MF:NT ('NANCES The Note pro~~ides I~or an initial interest rate of ...9 ~ 875....`i:. The Notc providcs for rhanges in the interest rate and the monthl~~ paymcnts, as follo~~~•: ~3. 1NTF RF:ST RATt: :~ND `10NTHLY P~il'11ENT ('HANGE:S 1 A 1 Change Dates Thc intcrest ratc I~~~il) ~a~• ma~~ changc on thc fir~t day of .....P.~cep~ber 19..$.7...., and on thal day r~~en 1?th nionth thereaftrr f=.~ch da.e un ~~hirh m}~ intere~t rate could changr i~ ralled a"Change Date." 1 B 1 Thc Inde~ Beginning «~ith thc first Change Date, m~~ imcrest r.tte ~~ill be bascd un an Index. The "Indcx" is the w~eekl}• a~~cragc ~icld on Unitcd St~?tc~ Trcasur~• ,ccuritic, adjustcd to a constant maturit~~ of I~~car, as madc avail~,:blc by the ?~ederal Resen•~ Board. The ntu~t r~cent Index tigure a~~ailablc as of the date 4~ da}s bcfure each Change Date is called the "Current Index." If the Inder i: no lungcr a~:+ilable, ~he ~utc Iloldcr ~vill ch~~~e a n~~~ indrx ~+~hich iti based uFwn rom~arable informxtiun. Thc Notc Huldrr ~~ill givc mc noticc uf this choirc. ~ 1 ('alculation of ('hanges : Brfore each Change Datc, thr tiotc f loldcr ill calculatc m~~ nc~~ interest rate by adding Three_, and.._...._.. ~ .,.,._.9.75/lOQ..._._.._... ~,ercentagc {wints (.....3..975. ~o thc Currcnt Indcx. The '~ote Hulder ~sill then round the - re,ult of this addition to ihe nearest one-eighth of onc pcrcen.age point (0.125'7, Subject to the limits statcd in Scction ~l~ D) belu~~•, this ruunded amount ~~ill be m}~ ne~~ intcrest ratc until the next Change Datc. The Note Ilolder «~ill then dc~crmine the amount of the munthh p.+yment that ~vould be suflicient to repay the unpaid prinripal that I am ctpcctcd to o~~c at the C'hange Datc in full on the maturity date at m~~ neµ interest rate in sub~tantiall~• cyual paymcnts. Thc result of this calculation ~~ill bc thc ne~~ amoant of m~ monthl~~ pa}~mcnt. 1 U 1 t.imits on Interest Rate ~'han~es ~ Thc intcrest ratc I am rryuircd to pa~• .~t thr tirst Changc Datc w ill nut bc greatcr than ....11,.875.........'; ~~r Icss than ~ ......Z..$.7.5.........'~ . Thereafter, m~~ interest rc~te ~ti ill nevcr be increased or dccreased on an~~ singtc Change Date b~~ more than 1~~o per~eniage Fx~ints (2.0': ) from thc rate of interest I have bcen pa~ing for thc rreceding t~+el~~e munths. M~ intcrc~t ratc «-ill ncvcr bc grratcr than ..~.4.,.$.7.5.....'~:. E 1 F:1 Effecti~e Uate of ChanRes ti1~~ ne~~~ interest rale «~ill become clTecti~~~ un each Change Datr. I~~~ill pa~~ the amount of m}• ne~+~ monthl~~ pa~~ment beginning on thc first monthly p~~}•ment dute after the Changc Date until thc amoum of m}~ monthly pa~~ment changcs :tgain. 1 F 1 Notic4 of (~han~es The tiote I lolder will deliver or mail to me a notice of any change~ in m}~ interest rate and the amount of my~ monthl}~ pa~~ment before the etTective date of any change. The notice ill include in(ormation reyuired by law~ to be given me and also the title and telephone number of a person aho will answer any yuestion I may havc regarding the notice. B. TRANSFER OF THE PROPER7'Y OR A BENEFICIAI. INTER[~ST IN BORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: ~ ~ Transfer of the Property or a Beneficial Interest in Borrower. I( all or any part of the Property or any interest in it is > sold or transferrcd (or if a beneficial interes! in Borrower is sold or transfFrred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, reyuire immediate payment in full 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 lnstrument. Lender also shall not exercise this option if: (a) Borro~ver causes to be submitted to Lender information reyuired by Lender to evaiuate the intended transferce as if a new loan were being made to the transferee: and (b) Lender rcasonatly delermines that L~nder's security will not be impaired by the loan assumption and that the risk of a brcach of any covenant or agreement in this Securi?y lnstrument is acceptable to Lendcr. ~ . ~ } MULTISTATE ADJUSTABLE RATE RIDER-ARM 5-2-Single Fam~ly-Fannie Mae/Freddie Mac Unitorm Ir+strument Form 3111 3i85 a BANKERS Sr5TEN5. 1~~C_ ST. CLOUD. Mry 56302 FOR1A ARR-S-2 $~p 5 2 6 pA~~ g g~ = y ~ c_ . . _ s-~--.~. : - ~ .iwfi .