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HomeMy WebLinkAbout0944 ~ . , ' ADJUSTABLE RATE RIDER ~ • ~ • ' (1 Ye~~ T~+ry t~dex-R~te Cs~s) ~ ~ THiS ADJUSTABLE RATE RIDER ia made this 30~ day of ~II, . 19 g~ , and is incorporatod into and ahall be damed to amend and supplement the Mortgage, Dad of T~ust o~ Socurity Dad (the "Sccurity Instrument") ot the same date given by the underaignod (the "Borrowe~") to socure Borrowe~'a Adjustable Rate Note (the "Notc") to ~ICAN pICN~R SpVII~S gANK (thc "Lender") of the same date and covering the property described in the Sexuri~y Instrumcnt and located at: 2198 SHIPPING ~Q1~1D PC~P ST. I~JCIE FLA~tID~1 33452 ~Ptoperty Addras) THE NOTE CONTAIN8 Pl~OV18lON8 ALLOWMKi ~R CHAN(iE$ IN THE INTEREST RATE AND TlIE MONTHLY PAYMEtdT. THE N4TE LIIMITS THE AMOUNT THE BORROMIER'S lNTEi~ST RATE CAN CHAN~iE AT ANY ONE TIME AND TME MAXIMUM RATE THE BOR- ~ ROYYER MU8T PAY. - ADDITIONAL COVENANTS. In addition to the covenants and agreements madc in the Security instrument. 8orrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAVMENT CHANCES _ 'The Note provides for a~ initial interest rate of $,000 The Note provides for changcs in the interest ~ate and the monthly payments. as foilows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES - ( A ) Cbaage Dates _ The interest rate l witl pay may change on the first day of ~E , 19 Sg , and on thal day every t 2th month thereafter. Each date on which my interest rate could change is called a"Change Date." ( B ) 1'be iadex ~ . Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the wcekly average yield on United States Treasury sccurities adjusted to a constant maturily of 1 y~ar, as made available by the Fcderal Reserve Board. The most rccent lnd~x figure available as of the date 45 days before each Changc Date is called the "Current Index ° _ ' If the lndex is no longer available. the Note Holder will choose a new index which is based upon comparabic informatian. The Note Haidor will give me notict of this choice. (C) Cskulstioa of C~sages Before tach Change Date, the Note Holder will calculate my new interest rate by adding ~ AND 815/1000 parcentage points ( 5 96) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eight~ o~one percentage point (0. ( 25 JC,). SubjeFt to the limits statcd in Section 4(D) below, this rounded amounl will be my new interest rate until thc next Change Date. The Note Holder will then determine the amount of the monthly paymcnt that would be sufficient to rcpay the unpaid principal that ! am expectod to ow~ at the Change Date in full on ihe maturity date at my new interest rate in substantially equal payments. The resutt of this calculation will be the new amount of my monthly payment. (D) I,imits oei loterest Rste C6aegs.t The interest rate ! am roquired to pay at the 6rst Change Date will not be greater than 10.000 %or Icss than 6.000 - Thereafter, my interest rate will nevet be increascd or decreased on any single Change Date by m4te than two percentage points (2.09i6) from the rate of interest I 6ave been paying for the precedi~g twelve months. My interest rate will never be greater than 13.000 (E) Effecti~e Date of C6aa~es My nev?+ interest rate will became eRective on each Change Date. t will pay the amount of my new monthly payment bcginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. ( F ) Notice o! C6a~ges The Note Hotder will deiiver or mail to me a notice of any changes in my interest rate and thc amount of my monthly payment before the efl~ctive date of any change. The notice will includ~ information requircd by law to be given me and atso the title and telephont number oF a person who will answer any question 1 may have regarding the notice. B. TRANSFEit OF THE PROPERTY OR A BENE~[CIAL INTERFST iN BORROWER - Unitorm Covenant 17 of the Secerity Instrument is amended to r~ad as tollows: Tnasfer ot tbe Property or ~ BeNeficia! IRte~est is Borrower. lf all or any part,of the Property or any interest in it is sold or transferred (or if a bencficial interest in Borrower is sotd or lransfcrred and Borrower is not a natural person) without Lender's prior~written consent, i.endor may, at its option~ require immcdiate payment in fut! of all sums securod by lhis Security Instrument. However, this option shall not be exercised by Lendcr if ezerciu is prohibited by foderal law as of the date of this Security [nstrument. l.onder alao shall not eacrcise this option it: (aj 6orrower cauus to be submittod to Lender information roquirod by Lender ta evaluate the intended transferce as if a new loan were being made to the transfera; and (6) Lender reasonably determines that Lendcr's security will not be impaired by the loan i asaumption and that the risic of a breach of any covenant or agrament in this Sscurity Instrument is aoceptable to 1 Lender. ~ ; , ~ ~ aoox541 ~c~ 944 ~ ~ungr~~ ru~ r+~o~-~ s-z-sr,~e F~r,,-fa~,~. w.~r~r.es. wc un~ ~ ~ a~~~ ana iorm 206r To R~ordw Gk OtEAT LAKEB lUBf~IEA~ FOfMAB. NC. 1 •800•~SS-020o ~ M I~fetip~n t •lOOJ6s•Zbe.9 ~ 500 87000055 23-500644 ~n..-.,,,-t7"Ya-~--r r.-'s.. _ . . . - - . _w.~_.. 'L._ .i._'