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Home My WebLink About0974 Z.i~61s ` AWU8TABLE R11TE RIDER (1 l~iar ll~sasury Ind~x - Rat~ Caps) , , . ~ THIS ADJUSTABLE RATE RIDER is mada this 21 day d J~Y , and is corporeted into and shall tie deemed to amend and supplement the Mortgage, Deed ot Trust or Security Deed (the "Securiry lnstrumenY7 d 1he same date given by the undersigned (the "6or~ower") to secure Bo[~ow~er's Adjustablo Rate Note (the "Note') to AARi~.RT RA11t ~ ST. ~ilc__ig ~ (the "lander") d the same date and carering the property desbribed in the Security Instrument and located at: " 161S 5.8. POATILLO 1t4AD + pCrrP ~f+ _j~jg ~ Fler~rl~ 349~2 [PropeRy A~ldress) Ths Nots conWns p~ovisions allowiny foe chan~sa In ths i~terost rats and tta montfdy p~ymenf. Tha Note ' Iimtb ths AmauM th~? Bon~ower's Interost ate c~n chsn~ at any ans ttme snd the maximurn rate ths Bor rowe~ mwt pay. . Atlditlonal Cwn3nants. In addition to the cov~enants and agreements made in the Securiry instrument, Borrowe~ and.Lender further cover?ant and agree as fdlows: A. Interost Hats ~nd Monthly Payment Chsn~es , The Note (~rovides tor an initial interest rate d Z 75(1 aib. The Note provides tor changes in the ~ interest rate and the monthty payments, as tdlo~ws: - 4. IMarost Rats a~d Monthly Payment Chanyes (A) Chan~e Dates The interest rate I witl pay may change on the first day of At't~1~'~' , 19 and on that day every 12th month thereafter. Each date on which my interest rate could change is Galled a"Change Dat~' (B) Thetndex 8eginning with the ~i~st Change Oate, rtry interest rate Will be based on an Index. The "index" is the w~eekly average yield on United States Treasury securities adjusted to a constant maturiry of one year, as made available by the Federal Resenre Board. The mast recent lndex 6gure available as ot the date 45 days before each Change Date is called the "Current Index:' If the Index is na longer available, the Note Holder will choose a new index which is based upon ccxnparabfe intormat+on. . . The Note Holder will give me notice d this choic~ (CZ Calculatlon of Chanqes ' Betore each Change Dat~ the Note Ndder will calculate my new interest rate by adding 'lTilXl_ANp._'~HIiF~Q]AR'IF~EiS ~ percentage points ( .~~5rt 96) to the Current Index. The Note Hdder will then round the resuft d this addition to the nearest o?~e-eighth d one pe?ceniage point (0.1259b). Subject to the limits stated in Sec6on 4(D) below, this ~ound- ed amount will be my new interest rate until the next Change Date. The Note Hdder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principat that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantialty equal payments. The resuft ot this calculation wifl be the new amount d my monthly payment. , (D) Ltmfts an lnterest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than g,?5(1 9b or less than c~c.n 94. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than tvw percentage poirtts (2.09b) from the rate d interest I have been paying for the preceding 12 months My interest rate will r~ev~er be greater than }~.r; ~n 44. (E) Et~ective D~te ot Changes My new interest rate wiN become effective on each Change Date. I will pay the amount d my new monthty payment beginning on the first monthiy payment date after the Change Date until the amount ot my monthly payment changes again. Nota of Changes ~ ~ The Note Hdder wili deliver or mail to me a notice d any chanc~, es in my interest rate and the amount d my monthly payment betore the eHective date of any changa The natice wiN inGude ir~ormation required tly law to be given me and also the title and tefephone number of a person who wiN answer any questic~n 1 may have regarding the notice. 8. 7i~a~esbr of the Pro~erty or ~ 8enetlclal IMerest In Borr~ower Un"rform Covenani_ 17 of the Security InstrumeM is amended to read as fdlows: TFanstar of the Prope?ty of a BeneHclal Intsrest In 8o~rowsr. Ii all or any part of the Property of any interest in it is sdd a transterred (or "rf benef'~cial interest in Borrow~et is sold or transferred and Borrower is not a natural person) without t~endePs prior writte~ consent. Lender may, at its option, require immediate payment in full of alt sums secured by this Security Instrument. Hou?~eve?, this option shal! nd be exc-~cised by Lender ff exercise is prohibited by tederal law as ot the date d this Seeurity Instrument. Lender ~ also shall not exerase this opGon ii: (a) Borrawer causes to be sutxnitted to Lende? iniormation required by Lsnder to evaluate the intended uar2s(eree as it a new toan w~ere being made to the traruferee: and (b) L,ender reasonably determines that Lender's security _ wilt not be impaired by the loan assumption and that the risk d a breach d any covenant or agresment in this Security Ir.strument is aoceptable to Lsnder. " To ths extent permitted by applicable law lender may charge a reasanak,le (ee as a condition to Lender's consent to the loan assumption. Lender m~y also require the transferee to sign an assumption agreement that is accepiable to Lender and that obtigates the trans(eree to keep ~i the promises and agreements made in the Note and in this Security Instrument. Borrow~er wil! coritinue to be obligated under ihe Note and this Security Instrument uniess Lender r~eases Barrow~er in writing. If Lender exercises the option to require immediate payment in fuN, tender shalf qiv~e Borraw+er notice d scceleration. The notice shall pravide a period of not less than 30 days from the date the natice is delivEred or mailed within wtiich BorroMrer must pay a!I sums secured by this Security tnstru nt. I f 6orrawer lails to pay these sums prior to the expiration of this periad, Lender may irnoks any remedies permitted by this r' Instnament without turther notice or demand on Borrower. !G ING r ts and agrees ro the terms and cavenants contair~ed in this Adjustable Rate R~der. . (~~1 J E. BTEIF~t (Barrower) BBTSY J. (eorrower) (6orrower) 600K ~1 PAGE 9/ J teorrar~rer) MULTISTATE AQlUBTABLE RATE RtDER - ARM 5-4 - Si^9b family F~nnl~ MWFe~M Yoo Untfotn~ krtnwn~tM 'Forn~ ~itt ~6 ~ s a~~~ ~ a t06sT3 Wr A6 (f810qPC