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Home My WebLink About0941 . , . G~~Il~ALE FEOE~ ADJUSTABLE MORTGAGE LOAN RIDER NOTlCE: Tl113 ~CURITY iN~'TRtlYENT 8~6~M~ A NOTE wHICH CONTAINS A PROVI~ W M ALtOwMi3 F W t CNANGE~ IN T!~ p~f TEAEBT MTE MlCREAtE3 IN THE INTEREfT MTE MAY ItESULT MI HKiHER PAYMENTS. ~t:REASES IN TNE INTER~T RATE YAY RESU6T M! I.OMIER PAYMENTS. This Rider is made thia ~y ~i MAY, 1°$7 and is inoorporeted i~to and s~iall be ~eemed to amend a~d aupplement the Mongage. Deed of Tniat, or Deed to Secure Debt (the "Security Instrument") of tl~e same date - given by the underaigned (the "8onower") to secure Borcower's Note to tiLENDALE FEDERAL 3AVINt3S AND LOAN ASSOCI- ATION (ths "Lender") of the same date (the "Note" ~,ng_the p~ope?rtf? deac~ibed in tfie Secu~ity Instniment and located et 10044 S. A-1-A N0. 505, FL 3 45 _ _ Propetty Addtess ADDITIONAL COVENANTS. in addition to the covenants and ag~eements made in the Security Instrument. Borrower and Lender further covenant and agreea ss foltowa: ~ ! A. INTEREST RATE AND MONTH~Y PAVYENT CkANtiEB - . ~ The Note providea for an Initial Rate of Inte~est of 7• 50000 X_ ~tions 2 through 5 of the Note provide tor changea ~ in the intereat rats and the monthiy payments. aa foilows: ~ "Z. INTERE8T A. NrTEREST OwED ~ ~ Intereat wili ba charged on that part of p~incipel that i owe under this Not~a which has not been paid. intereat will be charged ~ beginnir?g on the date i receive principai and oontinuing unUl the fuli amount of principal calied the "P~incipal8alance° hea been pafd. Beginning on the date of thia Note. l will pay intereat at a yearty rate of 7.50000 ~ (the "in~al lnterest Rate"). The interest rate that 1 wtil pay yrili change in aocordanoe vrith Section 2(C) and 2(D) of this Note u~til - my loan is pald. tnter+~t rate changea may occu~ on d~e ~T ~+y of the monthbeginnl on - Jt~iS Ol. 19~$ ~ar~ci on the same day of Me month every ~~~8 N n thereaK~r. Each date on whictithe interoat rate may change will be called a"Change Date." The interest rate required by this Section 2 of thia . Note ia d~e rate 1 wiil pay both before and atte~ any default described in Sectlon 8 of this Note. 6. THE M1DEX My changea in the f nteregt rate will be based on changes in an interest rate index which will be calFed ihe "Index." Trie index is the: FIGG-~~'' ~RIV~ FFYJM ~iE AVSRAC,E W~Y 4L~1,FD YIII.~D dAl U.S. T~C SB(~JRIR'ZL~S AD~7tJ51'~ TO A OCt1STANT MA~JRP~'Y 0~" ~(1) YF14R AS PS~LISHID Ild ~ F'IDF.ItAL RffirVE STATI9I''lCAL ~t~S' E G.13 (4~5) - The most recently available index figure betore each Change [3ate is catled the "Current index". If the index ceases to be made available by the pubiisher. or any auccesaor to ti~e publishe~, the Note Holdef wili set the Note interest rate by uaing a comparable - index. - C. l~ETTNiO THE NE1N N~TEAEST RATE ~ j • There is no interest rate chanqe for the firat tweive (12) months ai my losn. During thia period. i arill pay intereat at the Initial ~ Interest Rate o3 S~~ - perc~nt ( 7.500~O~c~. To aet the new interest rate for the first Change ~ate on n~ , 98~ artd for each Chenge Date every tvwelMe (12) montl~s tNersafter. the Note Holder wNi calculate my new rate of inierest by edding . ~ At~ID _~mnm~.a _ pe~ i 2_750Q(l~) to the CumeM lndex. The result of this calculation wiil be ihe new interest rate as of the next Change Date, subject to the limitations set out in Section 2(D) of thia Note. D. LIMtT'S ON INTEREST MTE CFtANOE ' The rete of tnterest f am required to pay may not change more than once during each suc~eaaive ~tVE MCt~TIIi ' per~d. My firat interest rate change may occur on ~ Ol, 1988 . Future interest rate changes may oa:ur on the ~T day of the month e+rery Z~,VE [~LS ' thereafter. pn esch Change Date. my new interest rate wiil not be changed by more than ~ percent ( 2•~~~ 'li) above or below the iMerest rate I was peying immed[srely prior to the Change Date end wNl not be chartiged ovsr the term of my loan by more than S~ - Peroe~+t ( 6.00000 1y , abo~e ot belo~? mll Mitial Intereat Reta. 3. TIYE AND PLACE OF PAYI~tTB ~ ~ i wiil aay princip~ and interest by making paYments every month. i witi make my monthfY PaY~~ - ~ 1S'r day of each month beginninp on JtILY Ol ~ 1987 i vr~ll make tt~eae payir~ents until 1 heve p~id the principel and inte~eat and arty M~ charget de~c~ibe~ bebw thst i ow~e undsr this No1s. N on - TFB~1R ~l . 2017 i stiil owe any sums ~dsr th~ No~. l wil! pa~? thoee amounts in tWi on that - date which is cslied the "~inai Payment Date." t wili make my monthly payments at 301 EAST LAS OLA3 BOULEVARO~ FORT LAUDEROAtE, FLORIDA 33301 or st a different ptace H required by the Note Ho~der• Q0~ PACE ~7J~ 4. FllLL PAY~NT AYOtJlIT 6 A. AYAINiT O~ qON'rt~.Y PAYYENTS I ~ MY ~~Y P~Y~~ ~41 be M the Mit~l amount ot U.S. 3 274 _ 6A . K tfie inf~~est rsb ch~qes. as pno~rtdsd ~ in Section 2~ thb Nots, the amount of my monthly payments may chanpe. increese+~ in the interBSt rats wili rewN in h~ payments stte~ a Change Date (un~ss my prepeymenb sinoe the Isst Change Dats oftsst the Incre~sa~s in my inlsra~st rate). Decxesses in the ra~. t a s ~ aF ~sa~ s~ Nms ruw iiK56 _ , . ~ , _ - _ . ~ - _ - - - r:~~vKyY:-~s:_wr~?~ : _ - _ . _ -