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Home My WebLink About0965 , ; ~ . i 1 £ ~ - NON-CONVERTIBLE A?DrTUSTABLE ~ATE ~LIDE~t 23258955 (INTFBN~I' $A'1'E E.IMI1g) . THIS ADJUSTABI.E ItA7E RIDER fa made this 26~ey of FEBRUARY 1987 ac?d is incorporated into and shall be deemed to amend and suppkment the Mortgage, Deed of nust~ or Security Deed~ (the "Securlq? Inetrumert') of the aame date glven by the andersigned (the `Borrorwer") w eecure . Borrower's Ac~ustable Rate Note (the "Note'~ tfl HARBOR P'EDERAI.3AVING3 AND LOAN A330CUTION (the , "Lender") of the same dAte and covertng the pmpeirty described in the Security It~strument and located at: ~ t BVBRCLl~DBS BOULBVARD JBpSSlI BBACR, FL. 33457 ~ c~~rq? ~?aare~~ ~ The Note contains pro~isions ~Ilowinq tor chs~~es tn fhs inler~at r~te. N the ~ interest ate tncrtssts, tl~e Borrowar's monthiY psym~~b wlll be hlphar. N the tntarost nb decnasts, the 6onow~r's tnonthly psynsents wili be lowor. ADDITIONAL COVENAN'TS. In addltlon to the cov~enant and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: ~ A. INTEBEST BATE AND MONTHLY pAY~NT CHANGE9 'R~e Note provides for an inltial interest rate of 7. 250 Section 4 of the Note provldes for changes - in the interest rate and the monthly paycnents~ as follows: ~ 4. INTERE3T RA'lE AND MONTHLY PAYMENT CHANGES ~ (~a~e Dates ~ The Interest rate I will pay may change on the Hrst day of MARCH ,19 88 , and on that day of the month every TNSLVB months theteafter. Each date on whtch my InterESt rate coWd change is called a "Change Date'. (B)1l~e Indez . Beginning wfith the ftrst Change D~te~ my interest rate will be based on an "Index".'It?e Index is the weekly av+erage y[eld on United States 7Y'easury securities ac~iusted to a constant maturtty of ONB years, as made ~ available by the F~ederal Reserv~e Board. 7he most recent Index figure available as of 46 days before each Change ~ Date is called the "Current Index'. ff the Index Is no longer available~ the Note Holder will choose a new Index which is based upon comparable information. '1lie Note Holder will giv~e me notice of its choice. - (C) Calcelation oi (~anges _ Before each (~ange Date~ the Note Hoider will cakulate my new interest rate by adding Two ~Z1D 75/100 percentage polnts ( 2.75 to the Current Index. '1l~e Note Holder wW the~ round the result of this addition to the nearest one-eighth of one pereentage point (0.126~). Subject to the tlmits stated in Section 4(D) below, this rounded amount wW be my new interest rate until the new Change Date. • 71~e Note Holder will then determine the amount of the montlypayment thatwould be sutflcient to repaythe ; unpaid pr3nclpal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substanttally equal payments.'If?e result of thls calculation plus any required monthly escrow for taxes and insurance will be ~the new amount of my monthty paymen~ (D) Lmita-on Interest Rate t~ang~s - 'Ihe rate of interest I am required to pay shall never be Increased or decreased on any single Change Date by _ more than ~p Pementage Points ( 2.00 irom the rate of interest I hav~e - been paying for the preceding ~qgLVg months. ~y interest rate also shaU never increase more than BIVB percentage points ( 5.00 fmm the fully indexed ra*.e of g, 625 My interest rate shall never decrease below the Interest rate established in paragraph A of this - ~ instrument. (E) F~ective Dwt~e ~i Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly ~ payment beginning on the first monthly payment date atter the Change Date until the amount of my monthly ~ payment changes ag~ain. ~ (I~ l~dc~ o~ Cbm~ea ~ ~ 'lhe Note Holder wW mail or dellver to me a notice before each Change Date. The notice will advise me of: (i) the new interest rate on my loan as of the (~ange Date: ~ (ii) the amount of my monthly payment following the (fiange Date; ; (iii) My additfonal mattera whkh the Note Holder is required to disctose; and ' • (iv) the titte and telephone number of a person who wiq ansvrer any question I may have regarding the ~ notice. - ~ ~ IN W1TNB88 W~~EOF.Bore+o~+er bas ezecat~d Wfa AD.iUBTABI~ BATE ~ider. ~ 810448 ~ . ~ ~s~c~ i87 ~;r,~ -2 P 2 ~06 ,~R ~l..~~ r+ . n- 'i'~'~'i. . t l~ DL~~~G! r ~ ' . ~ _Rn ~oaH s ~ s . St. LUCIi: i==:~~-.!~ %.~~~L. (Seol) : -a..o.o.. - ~ ~ ~ ~ ~ P~E~ ts~ o~~ 1 8/86 LN +1~4A1iL~NC ~ _ ~ . > - _~.A _ _ . ~ _ ' : - - ~ i - `r~ . - _ - : - - :r