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Home My WebLink About0999 1 , ~ ~ GLEIIC~ILE FEDE~tAL ~ ADJUSTABLE MORTGAGE LOAN RIDER NOTICE: THIS 8ECURiTY INSTitUMENt 8ECURE8 A NOTE WHICH CONTAINS A PROVt810N AILOWINQ FOR CHANGES iN THE INTERE8T RATE. INCREA8E8 IN THE f NTERE8T RATE MAY RE8ULT IN HIaHER PA1f MENTS. OECREASE8 IN THE lNTERE8T RATE MAY REBULT IN LOWER PAVIiAENT8. This Rider is made this 2~ day of ~~L~ 1987 , and is incorpor~ted into and shal! be deemed to amend and supplement the Mortgage, Deed oi Trust, or Deed to Secure Debt (the "Security InstrumenY') of the same d~te given by the undersigned (the "Borrower") to secure BorrowePs Note to GLENDALE FEDERAL SAVINGS AND LOAN ASSOCI- ATION (the "Lender") oi the same date (the "Note") and cover~ng ihe property described in the Securiry Instrument and located at 5781 DEER RUN DRIVE 3-C, FORT PIEF2~, FL 33450 _ ~ Property Address I ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and ; Lender iurthe~ covenant and agrees as tollows: A. INTEREST RATE AND MONTHLY PAYMENT CHANi3ES The Note p~ovides for an tnitiat Rate of Interest of 7.25000 96. Sections 2 through 5 of the Note provide tor changes in the interest rate and the monthly payments, as follows: "2. INTERE8T ` A. INTEAE8T OWED ~ Inlerest will be chargeti on that part oi principal that I owe under this Note which has not been paid. interest witl be charged ~ beginning on the date 1 receive principal and continuing until the full amount of principai called the "Principal Balance" has been paid. Beginning on the date of this Note, l wiil pay interest at a yearly rate of ._7_ ~~nnn 96 (the "Initial Interest Rate"). The interest rate that I wili pay will change +n accordance w~th Section 2(C) and 2(D) ot this Note until . my loan is paid. Interest ~ate changes may occur on the 1 G'j' day of the month beginning on i~Y Ol, 7~T88 and on the same day of the month every `~~'F-?~E ~-L~ ~hereafter. Each date on which the interest rate may change will be called a"Change Date." The interest rate required by this Section 2 of this , Note is the rate ! will pay both before and after any detault described in Section 8 of this Note. ~ B. THE INDEX ~ Any changes in the interest rate will be based on changes in an interest rate index which will be catled the "Index." The index is the: '~'TQ1RE_DER? 'i'HI' AV~2Af~' u7~'F'u~' v nrn~ta~ Vir.~rn nn~ tt a m~narmv c~ruTmTFc ~v• ~v~r• ~ Ah~fij~ A[YY~14TA1~P hW~fRT'PV (1F' CY~I~ QT' TTCTT AT RF~'F ~ji~~~~/,1~~~1 The most recently available index tigure before each Change Date is called the "Current Index". If the index ceases to be made available by the publisher, or any successor to the publisher, the Note Holder will set the Note interest rate by using a comparabte index. ~ C. SE7TINCi THE NEW INTEREST RATE There is no interest rate change for the iirst twelve (12j months of my loan. D~ring this period, I will pay interest at the Initial Interest Rate ot SE'~7~ A~ID 0~-~JA~ER percent ( 7_~snna~~. To set the new interest rate for the fi~rst Change Date on I~Y 0],,., 1 A88 and for esch ChanQe Date every ~ twelv~ (12) months thereafter, ihe Note Holder will calculate my new rate ot interest by adding f T'trU ADD ~ percent ( ?-75nt~~6) to the Current Index. The result of this i calcufation wil! be the new interest rate as of the next Change Date, subject to the limitations set out in Section 2(D) oi this Note. D. LIMIT$ ON iNTEREST RATE CHANtiE r The rate of interest I am required to pay may not change more than once during each successive 'IiriEL,VE MC~TPH period. My tirst interest rate change may occur on MAY Ol ~ 1Q8R- • Future interest rate changes may occur on the 1.G'r' day of the month every T~L-VE 2~Jt~i:.-- thereafter. ~ On each Change Date, my new intersst rate will not be changed by more than 'n+n percent ( 9b) above or below the interest rate I was paying immediately prior to the Change Date and witl not be changed over the term of my loan by more than ~Tx percent (___y,~ggg~%) above or below my Initial Interest Rate. - 3. TIME ANO PLACE OF PAYMENT8 I will pay principal and interest by making p8yments every month. t will make my monthly paymenis on the . ~ 1,S'1' day of each month beginning on ~~~~~g.~ . I wifl make these ~ payments until I have peid the principal and interest and eny other charges described below that I owe under this Note. !f on _ i ~~1Y (1] ~n~7 . I still owe any auma under this Note, I will pay those amounta in full on that { dete which is calted the "Final Payment Date." ! will make my monthly payments et 301 EAST LAS OIAS BOULEVARD, FORT j LAUDERDALE, FLORIDA 33307 or at a different place if required by the Note Holder. ~ ~1. FULL PAIIMENT AMOUNT . A. AMOUNT OF MONTHLY PAYMENTS My monthfy psymenta will be in the initial amount of U.S. ; ~~e . It the intereat rate changes, as pravided j in Section 2 of this Note, the amount ot my monthly paymenta may chang~. Increasea in the intereai rate will resutt in higher payments after a Change Date (unleas my prepayments since the laat Change Ddte oHset the increases in my interest tete). Oecreases in the . oap~ 1 ot ~ OF fL6Q?~0 6~ MOTE PLAM~( 56 ; gooK 541 PAGE 999 0~518,1 ~.'~'~iz. ~y YJ _ . . ~ . _ " _ ~L" _ _ ` . _ ~ _