HomeMy WebLinkAbout0983 ~i r.cc i c.s~w uy~}~
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1HIS O~IAL AWUSTABLE RATE RIDER is marle this day of f,~,ec , 1987, and is
incorp~rated into aad ahall be dem~ed to amec~d and eupplement the I~rtgage, (the "Sewrity Instcument") of even
date herewith, which Mortg~ge shall sta~d as security for an Adjustable Rate Note to FIRST CTTI~1S FFD@tAL
SAVIN(S APD LQAN AS90CIATION (the "I~nder") of the sanoe date ea this Rider ard cwering the property describe~ in
the Security Instrument a~d located at: ~
1017 Mayflwer Road, Fort Pierce, FL 33450
(Prnperty Addresa)
1be Hote canGains p~visiaos allwing faar d~es in tbe intetbst rate. If the interest rite
incY+ea~e~, the DorroMer's ~onthl~ ps~¦enb i?ill be hig~er. If the intenat rat~ decreaseo, the
Har:+aMer's ~anchiy p~y~ents vill be lo~~er.
= ADDITIONAL OOV~1ANr5. In additian to the cwa~ants acd agreements u~de in the Seourity Ingtrument, Borrw~
and i.ender further covenac?t and agree as follaiws:
A. II~l~ RAZS l~ 1#~P1H.Y Pi!l~TP ~
Tt~e Note prwideg for an initisl interest rate of 9.OOX. Section 4 of the Note prwides for chaqg~es in the
intereat rate aad the monthly payroents, as follaws:
4. IIP1~ST BA~ Ai~D 1~T14LY PAYl~ ~
~ UU Q~s~e Dates
The interest rate Borrc~r will pay ~y char~e on the lst day of April 1, 1988, and on that day of the month
every tw~lve arx~ths thereafter. Each date on which Bc~rro~w~r's interest rate could char4$e is called a"Change
Date."
(B) ~e Itdeat
Beginning ~,rith the firat Cha~~ge Date, Borra~r's interest rate Will be based on an "Lidex." 1t~e Irdex '_s the
weekly average yield on United States Treseury securities adjusted to a constant maturity of one year, as mecje
available by the Federal Reserve Board. The most reca~t Imdex figure available as of 45 days before each Change
Date is called the "GLrr~t I~~c."
; If the Icdex is no longer available, the Note Holder vill choose a new iid~c which is based up.-~c~ cwparable ~
~ information. ltae Note Hvlder will give me notice of its choice. ~
~ (C) Calaulatian of ~
~ Before esch Chaonge Date, the Note tblder will calculate Barra~aer's new interest rate by adding ;
` three-~xi-one-half percent~ge points (3.SOX) to the Qirrent Indeac. The Note Holder will then rwnd the result of
R this addition to the neareat one-eighth of one pereent~ge point (0.125z) . This rwcded ac.bunt will be Borrcxa~ex's i
~ new i.nterest rate until the next Interest Q~a~ge Date. 11~e interest rate adjust~t may be in the foxm of a rate ~
~ increase or a rate decrease. Borrcywer's first interest rate adjustment will be liffit~d to 2.OOX. Barrc~x's ,
~ interest rate adjustm~nts thereafter will be limited to 2.OOX per year. Over the tecm of Borrcrwer's loan, i
Borruwex's interest rate will never exceed 15.OOX. '
E Zt~e Nate Holder will then determine the amount of the monthly pay~nt that wt~uld be sufficient r~ re~y in
fiull the principal Borrower is e~ected to awe on the A~aqge Date in substaitially ~ual pay~nts by the maturity i
~ date at Borrc~wer's new interest rate. ltie reailt of this calculation will be the new ~nount of Borrowpx's
i I
~ moc?chiy P~rnenc. '
t_ (D) Effective Uate of t~c~es - '
~ Borrower's new interest rate will become effective on each Change Date. Borrcn~er will pay the aauunt of
` Bc~rrower's new maithly payment beginning on the first monthly payment date after the Ch~nge Date until the amcunt
' of Borr:~x's monthly paymen[ changes again. '
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~ iqotioe af ~ '
~ Tt~e Nate Holder will mail or deliver to Borrc~wer a notice before each Chm~,?e Date. Zt~e notice will advise
Borrower of:
_ (i) the new interest raCe on Borrawer's loan as of the Ct~enge Date;
r (ii) the amount of Borrower'a monthly paya~nt follaiwing the Chenge D~ate; '
~ (iii~ ary additional matters Whi.ch the Note ii~lder is required to discloee; and
( iv) the title ad telephone nunber of a person who will a~s~er any question Borrower ra3y have reg~rding
the notice.
- B. (~iAi~FS; LI~S
~ ilniform Cweaant 4 of the Sewrity Instcument is ~nended to read as folla~s:
4. Q~argies; Lie~s. B~arru~r shall pay all taxes, assese~ments, and other charges, fines and i~ositions
: attributable to the Property which may attain a priority wer this Security Instnim~t, and leasehold pay~nts or
- grw~d rents, if any, in the maruier prwided u~er paragraph 2 hereof or, if not pa.id in such m3cu~r, by Borrwpx
making paym~t, when due, directly to the payee thereof. Borrawer ahall pzcx~tly furnish to Lender all notices
: of anoounts due under this paragraph, and in the event Borro~wpx shall make payaent directly, Borrowpr shalt
g pro~tly furnish to Lender receipta evidenci.ng such paymPnts. Bono~wer shall prvaq~tly discharge any lien Which
k has priority cn?er this Seaurity I~truupnt; hoWever, Borrcyw~r shall not be required to discharge mry such lien so
= long as Borr~r: (a) shall ~gree in writing to the payment of the oblig,ation secvred by such lie,n in a n~nner
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~ acceptable to Lerder; (b) shall in good faith cantest auch lien by, or defend against enforceme~t of such lien
~ in, leg,al proceediqgs which in the opinicx~ of I~nder operate to prevesit the e.nforce~ent of the lien or forfeiture
3 of the Prcrperty or any part thereof; or (c) ahall seoure from the holder of such lien an agrem~ent in a fornn
~ satisf~tory to Lender aubordinatic~g such lien to this Sewrity InstnimPnt.
` If I,esder determiciee that all or any part o~ tt~ Pcc~perty is subject to a li~ which may attain a priority c~ver
IF
= this Seourity Instnr~nt, Lender shall give Borro~r a notice identifying such lien. Borrc~r shall satisfy such
lien or take one or ~re of the actiu~s set forth abwe within ten days of [he giving of the notice.
INITIAL HERE
e~,~cOS~L~ PACE0981
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