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ADJUSTA?BLE RATE MORTGAGE RIDER
LOAN# 22123051
NOR`ICE: THE SECURITY 1NSTRUMENT SECURES A NOrI'E WH1CH CONTAINS A PROVISION ALLOWiNG
FOR CHANGES IN THE 1NTEREST RATE. INCREASFS IN THE INTERESf RATE WILL RESUL'~ iN HIGHER
PAYMEN'I5. DECREASFS IN TNE 1NTERST RATE W1I.L RFSUI.T IN LOWER PAYMENI'S.
This ridc~ is madc this 6th.......... day of ..........................March........................., 19..87......,
and is incorporated into and shall be decmed and supplen~ent the Mongage, Deed of Trust. or Deed to Secure Debt (the "Security
InstrumenC') of the same date given by the undersigned (the "Borrower") to secure Borro+ver's Note to Ftrst Citiuas ~ederal
Savings and Loan Association (the "Lender") of the same date (the "Note") and covcring thc property described in the
Security Instrument and located at ,.,,,,,,3925 $leven Mile Road, Ft. Pierce, Florida 33451
Property Address
Modifkations. In addition to the crnenants and agreements made in the Security Instrument, Bormwer and Lender fur-
ther covenant and agree as tollaws:
A. INTERFST RATE AND MONTHLI' PAYMENT CHANGES
The NMe provides for an initial interest rate of ~ 50.... 96. Section 4 of the note provides for changes in the
interest rate and the monthly payments, as follows:
4. INTERFST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate 1 will pay may change on the ........_lat.... day of ........April 19.88....,
and on that day of the month every ..1 ~ months thereafter. Each date on which my interest rate could change is called a
"Change Date: '
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an "Indez:' The Index is the weekly average
yield on United States Treasury securities adjusted to a constant maturity of One y~~, as made available by
the Federal Reserve Board. The most recent Index figure available as of 45 days before each Change Date is called the "Cur-
rent Indez:'
If the indez is no longer available, the Note.Holder wiil choose a new index which is based upon comparable informa-
tion. The Note Holder will give me notice of its choice.
(C~ Calculation of Cbanges
Before each Chan e Date, the Note Holder will calculate m new interest rate addin T~'~o and on "
g Y ~'Y 8 ~'pe~~age
points 5~... to the Current Index. The Note Holder will then round the r~esult of this addition to the nearest
one-eighth of one percentage point (0.125%). This rounded amount will be my new interest rate until the next Interest Change
Date. The interest rate adjustment may be in the form of a rate increase or a rate dzcrease. My first interest rate adjustment
~ 2•~a ' 1.00
i will be limited to My interest rate adjustments theneafter will be limited to ..................96. Over the
, ,
i term of my loan, my interest rate will never exceed ............12.50 %
' The Note Holder will then determine the amount af the monthly payment that would be sufficient to repay in fuU the
~ principal I am expected to awe on the Change Date in substantially equal payments by the maturity date at my new interest
rate. The result of this calculation will be the new amount of my monthly payment.
f (D) Effective Date of Changes
f
~ My new interest rate will bccome effective on each Change Date. I will pay the amount of my new monthly payment
beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again.
~ GP HOME ADJUSTASLE RATE F10R7'GAGE RIDER - frREASURY INDEX - 3r8a>
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