HomeMy WebLinkAbout0924 • ADJUSTABLE RATE RIDER
• ~ (1 Ya~r Tre~wry l~ex--Rste Cips)
, • THIS ADJUSTABLE RATE RiDER ia made tfiis . . .s~. . . . day of . . . . . .19. d?: and ia
incorporat~ into and shall be damed to arrnend and aupplement the Mongage, Dad of Trust or Socurity Deed (the
"Socurity lnatrument~~) of the sa~RIFIRST~~FfOERN.ho~Yle~Bg~ ~t~"~~jA~~',-to secure'Borrower's Adjustabte
Rato Note (thc Note ) to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .01M. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . .
• • • • • • • • . . . . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lender") af the samc date and covering the property described in
the Security Inst~ument and located gt:
3056 SE FarlsY,Ro~d~,Port,St., Lucis,, FLORIOA 33452............................
(Property Addras)
THE NOTE CONTAINB PR4VIalONS AL~OWINO fOR CHANaEA IN THE INTERlST
RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE
• 90RROWER's INT6REST RATE CAN CHANOE AT ANY ONE TIM! AN~ THE
MAXIIIAUM RATE THE 00RRAWlR MUBT PAY. ~
ADDtTtONAL COVENANT'S. In addition to the covenants end agreements made in the Security lnstrument,
Borrower and Lender furiher covenan! and agra as follows:
A. INTEREST RATE AND MONTHt,Y PAYMENT CHAAtGES
The Note provides for an initial interest rate of 96. The Note provides for changes in ihe interest rate and the
monthly payments, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rale 1 will pay may change on the first day of . . . . . .July, .1 . . . . . . . . . . . . . . . . ~ ~q_ 88 , . „ and on that day
every 12th month thereafter. Each date on which my interest rate could change is called a"Change Date."
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly
ave~age yield on United States Treasur~~ securities adjusted to a constant maturi~y of 1 year, as made availab(e by the
Federal.Reserve Boaril. Z'he most recent Index figure av~?ilable as of the date 45 days betore each Change Date is called
the "Current Index."
It the (ndex is no longer availabte, the Note Holder will choose a new index which is based upon comparable
int'ormation. The Note Holder will give me notice of this choice.
(C) Calculation oi Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding T~e° a^d 25/1M
percentage points ..3~250. .96) to the Current Index. The Note Holder will then round tha
resutt of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section
4(D) below, this rounded amount will be my new interest rate until 1he next Change Date.
The Note Holder will then dete~mine the amount of the monthty payment that would be sufficient to repay the
unpaid principal that t am expected to owe at the Change Date in full on the maturity date at my new interest rata in
substantially equal payments. The result of this calculation will be the new amount of my monthly payment.
(D) Limits on lnterest Rate Cbanges
The interest rate 1 am required to pay at the first Change Date will not be greater than 9.~ or less than
..S..q00. ._...°l6. Thereafter, my interest rate will never be increased or decreased on any single Change Dat~ by more
than two percentage points (2.0~) from the rate of interest I have been paying fur the preceding twelve months. My
interest rate will never be greater than ...12.000. ...~c.
(E) Effective Date oi Changes
My ,new interest rate will become effective on each Change Date. 1 will pay the amount of my new monthly
payment beginning on the first manthly payment date after the Change Date until the amount of my monthly payment
changes again.
! ( F) Notice ot Changes . '
~ The Note Holder will deliver or mail to me a notice of any changes in m~• interest ratc: and the amount of my
j monthly payment before the effective date of any change. The notice w~ill include information required by law to be
~ given me and also tfie title and telephone number of a person who wilt answer any question 1 may have regarding the
~ notice. _
~ B. TRANSFER OF THE PROPERTY OR A BEN~FICIAL INTEItFST IN BORROWER
Uniform Covenant i7 of the Security [nstrument is amended to read as follows:
Tr~nsfer o[ the Property or a Beneficial tnterest ia Borrower, lf all or any part of the Properiy or any interest in it is
~ sold or transferred (or if a beneficial interest in Borrower is sold or transferred and 8orrower is noi a natura! person)
without Lender's prior written conscnt, Lender may, at its option, require immediate payment in full of aU sums
securcd by this Security Instrument. However, this option shall not be ex~rcised by Lender if exercise is prohibited by
federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes
to bc submitted to Lender information required by Lendcr to evaluate thc intcnded transferee as if a new loan were
being madc to the transferee; and (b) Lcnder reasonably determints that Lender's security will not be impaired by the
loan assumption and that the risk of a breach of any covenant or agreemenl in this Security Instrument is aeceptable to
Lender. -
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~ ~ R PACE 9~
~ 800K
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MULTI~TATE Ae,IUiTA~LE RATE RIDER-/lAAi10-2-Single Family-f YN/f~+Ml1w M~ ~{n~m I~tnMIMM ~q~1 i/p
„ ~ AWC i~1 i/N
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' ('TIAL INI7'IAL