HomeMy WebLinkAbout0963 NON•CONVER„T'IBLE AIAJUSTABLE RATE R,ID~R.
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THIS ADJUSfABLE RATE RIDER is made this 29TAday of ~Y 1987
and is incorporated linto and shalt be deetned to amend and supplement the Mortgage, Deed of'l~rust, or Security
Deed, (the "Security tnstrument') o! the same date given by the undersigned (the "Borrorvver") to secure
Barrower's Ac~ustabie Rate Note (the "Note") to HARBOR F'EDERAL SAViNGS AND LOAN ASSOCIATION (the
"Lender') of the same date and covering the property described in the Security Instrument and located at:
2121 DOLPHIN ROAD PORT SAINT LUCIB, FI,. 33452
(Property Address)
The Note contains provlslons allowlny tor chan~es in the interest rate. N the
intere:t rate increases. the Bo~rowe~'s monthly payments wtlt be higher. N the
intereat rate decreases, th~ Bonowe~'s monthty payments witl be lower.
ADDITIONAL COVENAM'S. In addttlon to the cov~enant and agreements made in the Securtty
Instrument, Borrower and Lender further covenant and agree as follows:
A. INTEREST.RATE AND MONTHLY PAYMENT CHANGES
'I1ie Note provides for an Initial interest rate of 500 Section 4 of the Note provides for changes
in the interest rate and the monthly payments, as foUows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGFS
(A) Chs~ge Dstes
'llie interest rate I will pay may change on the first dayof JUN$ ,19gg , and on that day
of the month everyTwBLV$ months thereaRer. Each date on which my interest rate could change is called a
"Change Date".
(B) '1Le Index
Beginning with the first Change Date, my interest rate will be based on an "Index". The Index is the weekly
average yield on United States 'IYeasury securities ad~justed to a constant maturity of oNE yeaxs, as made
available by the Federal Reserve Board.'It~e most recent Index figure available as of 45 days before each Change
Date is called the "Current Index".
If the Index is no longer available, the Note Holder wiU choose a new Index which is based upon comparabie
information. 'llie Note Holder will give me notice of its choice.
(C) Glcnlsdon oi Changes
Sefore each Change Date, the Note Holder will calculate my new interest rate by adding~0 At~m ?5/100
pementage points ( 2, ~g to the Current Index. 'I~e Note Holder wi11 then round the result of this
acldition to the nearest one-eighth of one percentage point (0.12b~). Subject to the limits stated iqSection 4(D)
below, this rounded amount will be my new interest rate unW the new Change Date.
'I1?e Note Holderwill then determine the amountof the montlypayment thatwould be suf~icient to repaythe
unpaid principal that I am expected to owe at the Change Date in full on the maturit~ date at my new interest
rate in substantially equal payments.'It~e resutt of this calcutation plus any required monthiyescrow for taxes
and insurance will be the new amount of my monthly payment.
(D) 1lmits on Interest Bate (~tanges
The rate of interest I am requIred to pay shall nev~er be increased or decreased on any single Change Date by
more than percentage points (2 . ~o from the rate of interest I have
been paying for the preceding T~Ly$ months. My interest rate also shaU nev~er increase more
than gIpg percentage points ( 5.00 from the fully indexed rate
of 9, 75 My interest rate shall never decrease below the interest rate estabiished in paragraph A of this
instrument.
(E) Effecdve Date oi (~a~ngee .
' My new interest rate will become ePfectiv~e on each Change Date. I will pay the amount of my new monthly
: payment beginning on the first monthly payment date after the Change Date unti~ the amount of my monthly
payment changes again. '
(F) Notlce of Ch4ngee
Y 'It?e Note Holder will mai! or deliver to me a notice before each Change Date.'il~e notice will advise me of:
(i) the new interest rate on my loan as of the Change Date:
(i~) the amount of my monthly payment following the Change Date;
(ili) Any additional matters which the Note Holder is required to disclose; and
. (iv) the tttle and telephone number of a person who w[ll answer any question I may have regarding the
notice.
. IN WYTNF.SS WHE~tEOF,Borno~er has ezecuted thL AATUBTA~LE BATE ~ider.
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FILED AM~ f~ECOROEG
~ OOUGlAS ~iXOH CLERK ~~l ~1~~
ST. IUCI~ COl1NtY. FL. ~ R
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