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Home My WebLink About0990 , 236204 ; ~ AOJUSTABLE RATE RiDER (f Ybar 11^eaaury lndsx Rets Caps) THIS ADJUSTABLE RATE RIDER is made this 28th day oi May, 1987 , and ~s corporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") ot the samQ date given by the undersigned (the "Borrave: to secure Borrower's Adjustable Rate Note (the "Note"j to BARNEIT B~NK OF ST_ LLI~$ (~[J~( (the "Lender") of the same date and covering the property described in the Security Instrurrtent and located at: [Proper y ress The Note contelns provislona allowing tor chenges In the Interost rate and the monthly payment. The Note Ilmlts the emount the Borrower's Interest rate can change at any ona tlme and the maxlmum rate the Bor- rower must psy. Addltlonal Covenents. In addition to the covenants and agreements made in the Secunty Instrumenl, Borrower and Lender further covenant and agree as follows: A. Intereat Rate and Monthly Payment Changes The Note provides (or an in~ti~! inierest rate o! _ ~.II~.n ~h. The Note provides tor changes in the interest rate and the monthly payments, as follows: 4. Interest Rate and Monthly Psyment Changes (A) Change Dates - The interest rate I w~ll pay may change on the first day of ~r,~,~ , 19 and on that day every 12th month thereaftec Each date on which my interest rate could change is calted a"Change Date.' (B) The Index Beginning with the iirst Change Date, my interest rate will be based on an lndex. The "mdex" is the weekly average y~eld on United States Treasury securities adjusted to a constant maturity of one year, as made availabte by the Federal Reserve Board. The most recent Index figure available as o! the date 45 days before each Change Oate is called the "Current Index" I( the Index ~s no longer avai!able, the No~e Holder w~ll choose a new index which is based upon comparable in!ormation. ~ The Note Holder will give me no!ice ot th~s choice. (C) Calculatlon of Changes ~ Before each Change Date, the Note Hotder w~H calculate my new ~~terest rate by adding ; percentage points ( 2~7~n %j to the Current Index. The Note Holder w~ll then roun t e su = this addition to the nearest one-eighth of ons percentage poirtt (0.125~io). Subject to the l;mits siated ~n Section 4(D) below, this round- ed amouni wili be my new +nterest rate unt~! the next Change Date. ~ The Note Holder will then delermine the amount ot the monthly payment that would be suffFCient to repay the unpaid principal ~ that I am ex ' - pected to owe at the Change Date in full on the maturity date at my new interest rate in subslant~ally equal payments. ~ The result of this calculation ~nnll be the new amount of my monthly payment. ~ (D) Llmlts on Interest Rate Changes The interest rate I am requ~red to pay at the first Change Oate will not be greater than Q/o or ~ less than ~~~~_a/o. Thereafter, my interest rate w~~l never be increased or decreased ori any s~ngte Change ~ate ' ~ by more than tw~ percentage points (2.Og'o) from the rate of interest I have been pay~ng tor the precedmg t2 months. My interest rate wili never be greater than ~cn ~?o. ~ (Ej Effectlve Date of Changes My new inteiest rate +nnll become eftect~ve o~ each Cha~ge Date. I~nnll pay the amount ot my new monthly payment beginn~ng ~ on the tirst monthly payment date after the Change Date until the amount oi my monthty payment changes agam. s Note of Changes ; The Note Holder wili del~ver or ma~l to me a notice of any changes in my interest rate and.the amo~~nt o( my manthty payment ? before the eftective date of any change. The notice will ~nclude iniormation required by law to be g~ven me and a~so the tiile and t telephone numGer o( a person who w~ll ansver any qusstion I may have regard+ng the not+ce. B. Transfer oi the Property or a Benetlcfal Interest in Borrawer tlnifofm Covenant 17 ot the Security Insirument is amended to read as tollows: k Transter of the Property ot a Beneflcial Interest in Borrower. If all or any part ot the Property o! any interest ~n ~t is sold or tiansterred (or if beneficiat ~nterest in Borrower is sotd or transferred and Borrower is r~ot a natural person) wiihout lender's prior ~ wr~tten consent, Lender may, at its option, require ~mmediate payment in full of all sums secured by this $ecunty Instrument. No~wpver, ~ this option shall not be exerc~sed by Lender if exercise is prohib~ted by tederal taw as ot the date of thfs Security tnstrument. Lender , ~ also shall not exerc~se this option rf: (a) Borrower causes to be submitted to Lender iniormation required by Lender to evaluate ihe ~ intended transferee as ~f a ne~N ioan were being made to the transferee: and (b) Lender reasonably determines that Lender's secur;ty ~ will ~ot be ~m aired p by the loan assumption and that the risk of a Creaeh ot arry covenant Qr ag~eement m this Secunty Instrument i~ ~s acceptabie to Lender. ~ To tt~e extent permitted by app!~cable IaN. Lender may charge a reasonabte fee as a condition to Lender's consent to the loan assumpt~on. Lender may aiso require the trans(eree to sign an assumption agreement that is acceptable to Lender and that obligates ~ the transferee to keep all the prom~ses and agreements made ~n the Note and in th~s Security Instrument. Borrower ~nnll continue ` ta be obl~gated under the Note and ih~s Secunty Instrument unless Lender releases Borrower ~n writmg. ~ Ii Lender exerc~ses the option to reqwre ~mmediate payment m tull. Lender shall give Borrower notice oi acceteratian. The notice ~ shall pro~~~de a period of not less than 30 days (rom the date the not~ce is detrvered or mai?ed w~thm wh~ch 8orrower must pay all ; sums secured by th~s Secunty tnstrument tf Borrower ta~ls to pay these sums pr~or to the exp~rat~on ot ihis period, lender may ~nvoke 3 any remedies perR~rtted by th~s Secunty instrument w+thout Iurther notice or demand on Borrower. 8Y SIGNtNG BEL W. Bor orrer accepis and agrees to the terms and covenants contained ~n this Adjustabte Rate R~der. ~ (Seal) •~A (Seaq M~QE M. ~A{~$ (Eiorrover) &2,7426 ~ (Eiorrawer) ' (Sea~) ~1LEO ANQ n= ~GRDEQ _ (sea~) ~s°~'°~~~ OQTUG~AS QfXON ~C ~eo«~?~ S . LUCIE COUNtY. FL. MULTISTATE AOJUSTABIE RATE RIDER - ARM S-2 - S np e fam~~y - Farlnl! MaeJFfrddb 61~C UM1otT It11VulMM FO?m 3111 3la5 i ~ z~. s e~~ ~ a Q oo~ D.rr (~nn ~C5~~3 Mar 85 p6~o)vC } D f/Kii V V V ~ `~C . .