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NON•CONVEItTIBLE AD~JUSTABLE RATE RIDER,
(I~$E~ $,A~ ~~I~) 23272212
THIS ADJUSI'ABLE RATE R1DER ls mad~ this 24T8 day of Jt/N8 1987
and is incorporated into and shall be deemed to amend and supplement the Mortgage~ Deed of Z1-ust~ or Securlty
Deed, (the "Security Instrument") of the same date given by the underslgned (the "Borrorwer") to secure •
Borrower's Ac~ustable Rate Nate (the'Note") to HARBOR FEDERAL3ANNGSAND LOAN ASSOCIATION (the
"Lender') of the same date and covering the property described in the Security Irstrument and located at:
CARMBLIT$ STRBBT PORT SAINT LUCI$, FL. 33452
.
(Property Address)
The Note contains provislons ellowing for changes in the interest. rate, if the
. Interest rste incresses. the Borrower's manthiy payments will be ht~her. If the
interest rete decreases~ t19e Borrower's monthly payments will be lower.
ADDITI4NAL COVENANTS. In addition to the covenant and agreements made in the Security
lnstrument, Borrower and Lender further covenant and agree as follows:
A. INTEBEST RATL AND MONTHLY PAYMENT CHANGES ~
'Rie Note provides for an initial interest rate of S00 Section 4 of the Note provides for ch anges
in the interest rate and the monthly paycnents, as follows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGFS
(A? C6ange Dstea
The interest rate I will pay may change on the Rrst dayof JiTLY ,1968 , and on that day
of the month everyTw$LVB months thereafter. Each date on which my interest rate could change is calted a
"Change Date°. ~
(B) '!be Indez
Beginning with the first Change Date, my interest rate will be based on an "Index".'I7~e Index is the weekly
average yield on United States 'IYeasury securities ac~justed to a constant maturity of pHg years, as made
available by the Federat Reserv~e Board.'!he most recent Index figure available as of 45 days before each Change
Date is called the "Current Index".
U the Index is no longer available, the IVote Holder will choose a new Index which is based upon comparable
information. The Note Holder will give me notice of its choice. ~
(C) G~lcnlation of L'hangea -
Before each Change Date, the Note Holder will catculate my new interest rate by addin~y,~p AND 75/100 ~
percentage points ( 2.75 to the Current Index. 1he Note Holder wi11 then round the result 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 unW the new Change Date.
The I+1ote Halder will then determic~e the amount of the rnontly payment that would be su~cient to repay the
unpaid principal that I am expected to owe at the Change Date in ful! on the maturity date at my new interest
rate in substantially equal payments. 'R~e result of this calculation plus any required monthly escrow for taxes
and insurance will be the new amount of my monthly payment.
(D) Ilmita on Interest BaLe C~angee
'17ie rate of interest I am required to pay shall never be increased or decreased on anysingle Change Date by
more than ~p percentage points (2 ~G) from the rate of interest I have
been paying for the preceding ~gLpg months. My interest rate also shall never increase more
than gipg percentage points ( 5.00 from the fully indexed rate
of Ip , ppp My interest rate shall never decrease below the interest rate established in paragraph A of this
instrument. ,
` (E) F.tiect~v~e IMLe of Chsnges ~
~ My new interest rate will become effectiv~e on each Change Date. I will pay the amount of my new month[y
payment beginning on the first monthly payment date after the Change Date until the amount of my monthly
payment changes again.
(F) Notice oi C~attges
The Note Holder will mail or detiver to me a notice before each Change Date. The notice will advise me of:
(i) the new inte~est rate on my loan as of the Change Date:
(ii) the amoant of my monihly payment lollowing the Change Date;
(ili) Any addltional matters which the Note Holder is required to disclose; and
, (iv) the title and telephone number of a person who wiU answer any question I may hav~e regarding the
notice.
IN WITNE83 WHB~EOF,Borrower hae ezecated tbis AUJUSTABLE BATE Blder.
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~ ELAINB P MCCORRISON
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DC~'' ~ ~ • (Seal)
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o R 548 P~~E 943 «~,~r
3/88 SUOK LN +tf4ANIrNC
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