HomeMy WebLinkAbout0932 ~ ADJUSTABLE RATE RIDER
TNIS ADJUSTABLE RATE RIOER is made this ~9th.. day ot....... ~'!aX ........................19..87.., and
is incorporated into and shall be deemed to amend and supplemant the Mo~tqafle, Deed oi Trust or Security Deed
(the "Security instrumenl") of the s~me data qiven by tho underslQned (the Meonower~ to secu~e eorrowers
Adjustable Rate Note (the "Note'1 to First CommunitY 8~tvi~ Corp . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lenda~ d the same dete and coveri~g the property
described in the Secu~ity Instrument and located et ~
7Q¢.Noodlands Driye,. Part,St.,Luci~~_F1.33452............................
~wow~b ~?eor.•+i
THIS NOTE CONTAlNS ~1 PROVISION ALLOWING FOR
CHANGES IN MY lNTEREST RATE. IF MY INT~EREST
RATE iNCREASE$, MY M~NTHLY PAYMENT3 WILL
BE HIGNER. IF MY INTEREST RATE OECREASES, MY
MONTHLY PAYMENTS WILL LOWER. .
Additional Covenants. In addition to the covenants and agreements made in the Security Instrument,
8orrower and Lender further covenant and agree as Iollows:
A. INTEREST RATE AND MONTHI.Y PAYMENT CHANGES
The Note provides for an initial interest rate of...7..pQ 96. The Note provides forchanges in the interest rate and
the monthly payments, as foilows:
. 4: INTEREST RATE AND MONTHLY PAYMENT CHANGES; BORROWER'S RIGHT TO
LIMIT PAYMENT
(A) Change Dates
The interest rate I will pay may change on the first day of . . JatnQ . . . . . . . . . . . . . . . 19 . 88. . . . , and on
that day everyl2-_month thereafter. Each date on which my interest rate could change is call a"Change Date."
~ The Index ~
Beginning with the first change date, my interest will be based on an index availabte with the Federal
; Home Loan Bank Board. The "Index" to be used is the:
` Weekly average yield of United States Treasury Securit~es adjusted to a constant maturity of_year.
~ ( X) National Monthly Median Cost of Funds (NACSTM)
~ The most recent index figure available at least 30 days but not more than 120 days is called the "Current
~ Index".
If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable
~ information. The Note Holder will give me notice of this choice.
(C) Calculstion ~f Changss
~
Before each Change Date, the Note Holder will calculate my new interest rate by adding T~..and.Tbree ~
__._.Ei.ghths .....................percentagepoints(...2.~3Z5..._.._..96)tothecurrentlndex Thisamountwillbemy
new ~nterest rate until the Rext Change Date.
The Note Holde~ will ~en.det~tmine the amount of the monthly payment that would be sufficient to repay
the unpaid principal that 1~rn expected to owe at the Change Date in full on the maturity date at my new interest rate
in substantially equal paymenta The result of this calculatio~ is called the"Full Payment" It will be ihe new amount
' of my monthly payment unless I choose the amount permitted by Sectinn 4(Fl below.
(D) Effective bsM of
Chan9es
My new interest rate will become effective on each Change Uate. 1 will pay the amount of my new monthly
payment beginnng on the tirst monthiy payment date after the Change Oate until the amount of my monthly
payment changes again.
! (E) Notice of Chsn~es
; The Note Holder will deliver or mail to me a notice of anychanges in my interest rate and the amount of my
monthly payment before the eHective date of any change. The notice will include intormation required by law to be
given me and also the title and telephone number of a person who will answer any question I may have regarding ~
; ` the notice.
(F~ Limits of Interest Rate Chan~~s ~
~ The interest rate as calcutated herein„ wit not be increased by more than 2•~~__ percentage points on
the first Change Date, or more than 1.00 percentafle points on any change date thereafter. Decreases in
interest rates will not exceed percentafle pointa on any chan9e date. In no event ahall the interest rate
on this loan at any point in time, be greater than _13.25__ 9b or less than _4_nn 96.
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