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HomeMy WebLinkAbout0924 ~ , ADJUSTABLE RATE RIUER ~ 1 1'e~r T~e~su~y Inc4x-R~te C~psl E _ THIS ADJI;STABL~ RATE RIDER is made this ~a day uf Ju1 , 19 87 , and is _ ~ incorporatcd into and shall be deemed td amend and supplcment the Murtgagc.~eed uf T~ust or Security Dtcd (the "Security lnstrument") af the same date given by the undersigned (ihe "Burrow~er") to secure Burrowe~ s Adjustable Rate'~ote (the "\ote") to ~ CBNTRAL SAVIN~ye~n~o~4~d~r1~~a4~and coverinR the propeny dcscribed in the Security Inst~ument and located at: 2108 Cameo Boulevard, Port St. Lucie, Florida 349S3 , ~P~ur+crt~ Addrcac~ THE NOTE CONTAINS PAOVISIONS A~.LOWiNG FOR CNANQ~S IN THE INTEREST RA7E AND THE MONTHIY PAYMENT. THE NOTE ~IMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHAN~E AT ANY ON~ TIME AND THE MAXIMUM RATE THE BOR- ROWER MUST PAY. At~niTro~~?~ Co~'t_~.~~TS. ln addition to the covenants and agreements made~in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. tf~'TEREST RATE AND h10NTHLY PAYMENT CHANCES The ~ote provides for an initial interest rate of g~ pp `T~. The Nute provides for changes in thc interest ratc and the monthly payments. as follows: 4. ihTEREST RATE AND MOIdTHLY PA1'MENT CNANGES l A i ChAnge Dates The interest rate ( will pay may change on the h~st day of August , 19 88 , and on that day e~~er~• 12th month thereafter. Each date on which my interest rate could change i~ c~lled a"Change Date." 1 S ) The Index Beginning with the first Change Date, my interest rate wiil be based on an tndex. The "Inc~:ic" is the weekly :+verage yicld on United States Treasury securities adjusted to a constant maturity of I yc~r, as made availabtc by the Federal Reserve Board. The most recent Index figure available as o~ the date 45 days before each Change Date is cslled the "Current Index." if the lndex 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. 1 C 1 CAlcul~tion of ChAnges . ~ Before each Change Date, the Note Holder will calculate my new interest rate by adding 1W0 AND THREE- QUARTERS percentage points ( 2. 750 to the Curren~ Index. The Notc Holder will thcn round the result of this addition to the nearest one-eighth o( one pcrcentage point (0.125`J6). Subject to the limits stated in Section a( D) bclow, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine thc amount of the monthly payment that wculd be sufliCicnt to repay the unpaid principal that 1 am expected to owe at the Change Date in full on the maturity date at my ncw interest rate irt substdntially equal payments. The result o( this calculation will be the new arnount ot my monthly payment. ~ 1 D) Limits on Interest Rate Chaages The interest rase 1 am required to pay at the ~rst Change Date will not be greater than 10. 00 °lo or less than 6. 00 Thereafter, my interest rate will never be increased or decreased on any singte Change Date by more ~ than two percentage points (2.Oalo) from the rate of interest I have been paying f'or the preceding twelve months. My ~ interest rate will never be greater than 14.00 ' 1 E! EBectire Date of Changes ~ ~ My oew interest rate will become efTective on each Change Date. 1 will pay the amount of my new monthly payment ` beginning on the first monthly payment date afte~ the Change Date until the amount of my monthly payment changes ~ again. 1 F! Notice of Changes The Note Holder wi11 deliver or mail to me a notice of any changes in my interest ratc and the amount of my monthly payment before the eRective date of any change. The notice will include information required by iaw 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. B. TRAtiSFER OF THE PROPE6tTY OR A BENEFICIAL lNTEREST IN BORROWER Uniform Covenant 17 of the Security Instrament is amended to read as follows: TrAnsfer ot the Property or s BeneficiAl [nterest in Bonower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is solA or transterred and Borrower is not a natural p~rson) ~~ithout Lender's prior written consent, Lender may, at i~s option, require immediate payment in full of alt sums sccured by~ this Security Instrument. Nowever, this option shall not be exercised by Lender if exercise is Prohibited by federaf law as of the date of this Security Instrument. Lender also shalt not exercise this option if: (a) Borrower rauses to be submitted to Lender information required by Lender to evaluate tht intended transferee as if a new loan were being made to the transferee; an~ (b) Lender reasonably determines that Lcnder's security will not be impaired by the loan assumption and that the risk of a breach ot any covenant or agreement in this Security Instrument is acctptable to Lender. To the extent permitted by applieable law, Lender may charge a reasonable fee as a condition to Lender's consent to the toan assumption. Lender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Plote and in this Security )nstrument. Borrowee will continue to be obligated under the Note and this Security tnstrument unless Lender relcaus ' Borrov?er in writing. MUITISTATE ADJUSTABLE RATE RIQER-ARIA 3-2-S~n9~e Famrly-FsnnN Ms~ Unilorm Inshu~~nt Fom~ 31t1 1185 , f~ is~t ~w Fams" ~ 919 . 800K 5~0 - _ _ - _ Y~ _ . . - _w..__.