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HomeMy WebLinkAbout0958 i J . ~ i . i . ~ . 1 ` . _ _ . . _ . . . . . . . __...._...Y" _ . . . - . . . . . i ' • . • • . ~ VARIABL~ RATE RIQER This Variable Rate Rider is made this 6th ~ of _ Febru~ry , ~9 87 , and is incorporated into and shall be deemed to amend and supplement ths Mortgage of the same date (the "Mlortgage") given by the undersigned (the "Borrower"j to secure Borrower's Equity Sou~oe Aocount Agreement and Disclosure Statement to Citioorp Savings of Flor- ida, A Federal Sav~ngs and Loan As.gociation {the "Lender") of the same date (the "Note") encumbering ihe property described in the Mortgage and located at: 2165 S.E. Dunbrooke Circle, Port St. Lucie Florida 334s2 (the Property Addressj THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INYEREST RATE EFFECTtVE ON THE ~IRST € OAY OF EACH JANUARY, APRIL, JULY AND O~TOBER. IF THE INTEREST RATE tNCREASES, THE BQRROWER'S MONTH~Y PAYMENTS WiLL BE HIGHER THAN IF THE INTEREST RATE HAD NOT INCREASED. IF THE INTEREST FiATE DECREASES, THE B(}RROWER'S MONTHLY F AI~Ni~iVTS iiViLL 8E LOiNER T~i€~iv ir Tri~ iRi i~n~~ ~ ~A^ NOT DECREASEO. ~ ADDRlONAL COVENANTS. In addiYwn to the covenants and agreements made in the Mortgage, Borrower and Lender turther ' c~venant and ag~ee as follows: A. Interest Rate and Monthly Payment Changss. . The Note provides for an initial interest rate of 7• 75 9~6. The Note provides far changes in the interest rate and monthly pay- ~ ments,beginningon July 1 ,19~.Z,asfo!lows: ° B. V~~able Rate ~ - The interest rate on the ~lote wiii wary quarieriy b~ on changes in the "Prime Rate" of interest as published from time to time = in The Wall Sb~et Joumal. The "Prime Rate" published in The Wat! Street Joumal is defined as the "base rate on corporate loans t at large U.S. mo~ey center c~mmercial banks" If ~7he Well Sh~Bei Joumal should pubtish a range of "Prime Rates" the iowest rate so pubtished wili be the rate applicable to }rou~ Account. W~e reserve the right. howsver, to substitute another comparabls index if The Wall StieetJouma/ ceases to publish a°Prime Rate" or changes the definition of "Prime Rate" E The inierest rate on the Note wil! be determiried by adding a 2• 00 9~6 per annum margin to the "Prime Rate" The interest rate under the Note wiN increase if, at the time of ihe quanerly adjustment, ihe "Prime Rate" increases. The inter- esi rate on your Note will decrease if~ at the time of the quarte~r adjustment, the "Prime Rate" decreases. - Adjustments to the inierest rate on !he Note wiU take eHect on the first day of each Ja~uary, April, Juy and October. The new interest rate will be based on the "Prime Rate" published on the last business day of each December, March, June and Sep- tember. My increase in the interest rate on th.e Note may result in increased minimum monthly payment amounts on the Note. Any ' decrease in the interest rate under the Note may result in decreased minimum monthty payment amounts on the Note. he mini~mum monthly payment during the first sixty (60) rr~onths after the date the Note is accepted by Lender shall squal the sum of (a) any Other Cha~ges debited under the Note during the billing cycte (if any), (b) the vQluntary credit life insurance pre- miums due under the Note during the billing cycle (if any), (c) the Finance Charges which have accrued under the Note during the billing cycle, and (d) any Qast due payments un~der the Note. Should the sum of a, b and c above be tess than ~50.00 for arry billing cycte. the minimum monthly payment uncler the Nate witt instead be 550.00, plus any past due paymsnts, hut shall never exceed the tota! amount owing under the Plote. . Beginning with the sixty-first (61st) mon~1 ai~e~tite'd~e this Nate is accepted by Lender~ ths minimum monthly payment shall equal ihe sum of (a) arry Other Charges due under the Note during the billing cycle (if any), (b) the vofuntary credit life insurance premiums assess~d under the Note during the billing cycc;l~e (if any), (c) the Fnanae Charges which have accrued during the bi(I- ing cycle. (d) any Na;; ~atymsnts, and (e)1/180th of the Net Balance. Should the sum of a, b, c and e above be less than 350.00 for any biiling cycle, the minimum monthly payment under the Note will insiead be 550.00, plus any past due payments, but shal! never exceed th~ tatal amount owing under the Note. As used in this Agreement, the term "Net Balance" means the aggregate unpaid amount of all advances made under the tVote, including arry unpaid closing costs and origination fees which were initialty funded under the Note. D. Llne of Cnedit The Note provides for a iine of credit. The amount of indebtedness evidenc~d by ttte Note may be borrowed, repaid and rebor- rc~wed in acxordance with the terms of the Note and the Mortgage. !t is agreed that any sum a sums advanced by Lender pur- suani to the temns of the Note, whether such advances are obligatory or are made at the option of Lender~ or otherwise, at any tlme within twenty (20) years from the date of the Matgage, with interest thereon at the rate agreed upon at the time of each loan or advance. shall be equally secured with and have the same priority ~s the origlnal indebtedness which is secured by the Mortgage and shall be subject to all of the terms and provisions of the Mortgage, The tota! amount of indebiedness secured by the Mortgage may increase a decrease from time to time, provided that the aggregate amount of indebtadnes,s outstanding and so secured at any one time shall not exceed the principal amount of U.S. S 84. 000. 00 , plus inte~est thereon and • disbursements made for the payment of taxes~ levies or insurance on the property c~overed by the I4lortgage with interest on such disbursements, anci pravided turther that it is understood and agreed that this pravisiqn shal! not be canst~ued to obligate Lender to make ar~y ban ar advance to 8orrower. - IN WITNESS WHEREOF, Borrower has executed ihis Variabla Rate Rider this 6th day of Februa rv ,1 g 87 . (SEAL) (SEAL) Rjchar . erg rawer" Marie Ber ° ' ~ Interest Only (8/86) ~ g 3i PI~09~7 ~ , _ . . _ , _ . . . e °ci. ~ _ • '