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Home My WebLink About0971 ADJUSTABLE RAT~ RIDER (1 Yea~ Tre~sury Index-Rste Caps) ~e . C° THIS ADJUSTABLE RATE RIDER is made this .......4~h day oP ........A~X~ki 19 .8z...., and is U° i~corporated into and shall be deemed to amend and suppicment the Mo~tgage. Deed of Trust or Security Deed (the ' "Secu~ity Inst~ument") of tt~ same date given by the undersigned (the "Borrower") to secu~e Bo~~ower's Adjustable ~ Rate Note (the "Note") to.....Citx.Federai,Swvi~as.A~d,Lo~n Associatton i:; (the "Lender") of the same date and covering the property describcd in ~ the Security Instrument and located at: ~ << ....................................:.......~9~..#~q~.~3r...A~t~ou~.,~.:koxt...Sx.,...~,~G~~.,...~~....~~45.~............................................... ~ ~ ( Property Addras ~ ~ t ~ THE NOTE CONTAINS PROVISIONS ALLOWINGt FOR CHANGES IN THE INTEREST RQTE ~ ~ AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S i IMTEREST RATE CAN CHANGE AT ANY ONE T1ME AND THE MAXIMUM RATE THE BOR- ' _ ~ ROWER MUST PAY. ' ~ ° AD~ITtONAL COVENANT"S. lo addition to the covenants and agreements made in the Security Instrument, Borrower ~ and Le~der fu~ther covenant and agree as follows: A. INTERESI' RATE AND MONTNLY PAYMENT CHANGES ~ The Note provides for an initial interest rate ot .........7.~.25 96. The Note provides tor changes in the interest rate and the ~ monthly payments~ as follows: 4. INt'EREST RATE AND MONTHLY PAYMENT CHANGES ( A ) Cbange Dates The interat rate i will pay may chanEc oe the first day of .......,~}~F~g 19....~~.. and on that day every 12th month thereaftet. Each date on which my interest rate could changc is called a"Change Date." ( B ) The [ndex Beginning with the first Change Date, my intercst rato will be based on an Index. The "lndex" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year. as made available by the Federal Reservt Board. The most recent lndea figure available as of the date 45 days before each Change Date is callcd the "Current lndex " If the Index is no longer available. the Note Holder will choosc a new indcx which is based upo~ comparable information. The Note Holder wil) give me noeice of this choice. (C) Calcuiation of Chaages ~ Before each Chan e Date, the Note Holdcr will calculate m new interest rate b addin Two and One Half - 6 Y Y S rcenta e ints 2.50 9o to the Current Index. The Note Holder will then round the ~ ~ 8 Po ) result of this ~ddition to the nearest one-eighth uf on~ perc~rttage point (0.125%). S~~bject to the limits stated in Section 4(D) below, this rounded amount will be my new intcrest rate until the next Change Date. The Note Holder will then determine the~amount of the monthly paymcnt that would be sufficient to repay thc unpaid principal that 1 am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially tquat payments. Tht result of this calculation will be the new amount of my monthly payment. (D) Umits on Interest R~te Changa The interest rate 1 am required to pay at the first Change Date will not be greater than ...9 : 25 ...............°Yo or less than 'i ...5...2~ ...............96. Thereafter. my interat rate will never be increased or dccreascd on any single Change Date by more j than two percentage points (2.0%) from the rate of int~rcst I have been paying for ihe preceding tvyelve months. My ~I interest rate will never be greater than ....13;,25,,,,,90. ~ j ( E) EBecti.e Date of Changa ' My new interest rate will become etTective on each Change Date. 1 will pay the amount of my new monthly payment beginning on the first monthly payment date aftet the Change Date until the amount of my monthly payment changes , again.' ~ ( F) Notice ot Chanqes ~ The Note Holder will deliver o~ mail to me a notice ot any changes in my interest rate and thc amount of my monthly payment before the eHeetive date oC any change. The notice will include information required by law to be given me and also the title and tclephone number of a person who will answer any question 1 may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICiAL INTERFST IN BORROWER Uniform Covenant 17 of the Sccurity instrument is amended to read as follows: ~ Trnnsfe~ of thc Proptrty or a Beneficial interest in Borrower. (f all or any part of the Property or any interest in it is ~ sold or transferred (or if a beneficial interest in Borrower is sold or t~ansferred and Borrower is not a natural person) . ~ . u secured with u w' 'ate ment in full of all s ms o t Lender's rior ntten consent, Lend_r ma , at its o tion, r uirc immedi P Y P W PaY ~ b th' w ' d der if exercise is rohibitcd b federal law = is Securit Instrument. Ho ever this o tion shall not be exercisc b Len p y Y Y • P Y . . . ~ . as of the date of this Secunry (nstrument. Lender also shall not exercise ~h~s option ~G (a) Borrower causa to be : submitted to Lendcr information required by Lender to evaluate the intended transferee as if a new loan were being made ~ to the transferec; and (b) Lender reasonably determinas that Lender's securily will not be impaired by the loan ~ assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to ~ 4~ Lender. _ a I ~ I ~ ~ ~ ' ~ MULYISTATE ADJUSTABLE RATE tilOER-ARM S-2-Sing~e Fa n.~j~,~arlqfq orm Inswm~nt Form 31 t 1 3/85 " 1 'l Cl ~i- - - ~ . 2ESSt~ SIS 110M117~S !t M 11 f.~r.t . j ~ . . . , . . . ~ . . . . . . . _ . . _ Y.~:i~ ~~~s~-.~- ' . ' 'L: ' 'r~ .y'F/~a~t_ T~: - ~ -..-,}.~~T.~.... _ ,