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Home My WebLink About0997 ' ~ , . ..>..f , • ' ADJUSTABLE RATE RIDER LOAN1 22134082 ' ~ (1 Yar Treawryr I~dex-Rate C~~s ) THlS ADJUSTABI.E RATE RIDER i: madc this 20th day ot July . 19 87 . and is incorpo~atod into end shall be damed to amend and aupplement the Mortgage~ Dad oi Trust or Security Deed (the "Socu~ity insirument") of the ~amc date givcn by the undenign~d (the "Borrower") to ucure Borrower's Adjuatablc Rata Noto (th~ "Notc") t,o girst Citiaene Federal Ssvic?ge & Loan Association _ (the "Lender") of the aamc dat~ and covering the prop~srty dsscribed in the Security [nstrument snd locatod at: 1321 "A" Peppertree Trail, Fort Pierce, Flarida 33450 . (~*~y Aadras) THE NpTE CONTAIN~ PROV18lON8 AlLOWINQ FOR CHANtiE81N THE HrTERE8T RATE ANO Tt~ MONTHt.Y PAYMENT. THE NO?E LIMiTS THE AlIAOtJNT THE 80~ER'8 ~ iN7EREST RATE CAN CMAN~iE AT ANY ONE TIME AND THE MAXIMUM MTE 7HE 80R- RO'WER MU8T PAY. ADDITIONALCOVBNAM'S. ln addition to the aovenants sad agreements made in the Security Instrument, Borrower and I.ender further covenant and agree as fotiowa: ~ A. iNfEitESt RATE AND MONTHLY PAYMENT CHAIYCES The Note pravides for an initial interest rate of 7.250 96• The Note provides tor changes in the interest rate and the monthly payments, as foilows: - 4. INTER~ST RATE ANQ MONTHLV PAYMEN'f CHANGES ( A ) CW?a~e Data The interesC rate 1 will pay may change on the firat day of August . 1988 , and on that day . cvery 12th month thereafter. Each date on which my interest rate ooutd change is calted a"Change Date." (B) Ti~e tadex Beginning with th~ first Change Date, my interest ratc will be based on an Indca. The "Index" is the wakiy average yield on United States Treasury securities adjusted to a oonstant maturity of 1 yeae~ as made availabte by the Foderal Reserve Board. The most recent tndex figure available as of the date 4S days before each Change Date is cailed tht "Cunent Index." if the tndex is no iongcr aveilable, the Note Hoider will choose a new indea which is bas~ upon comparabtc inform$tio~. The Note Holder will givz me notia of this choice. , (C) CakWstioR of Cbanges Before ~ach Change Date. the Note Holder will catculatc my now interest rate by adding Two and one half perantage points ( 2.SOQ `~6) to the Current Inaex. The Nott Hoider will then round the result of this addition to the nearest one-eighth of one percentagc point (0.125%). Subject to tha limits state~ in Section 4(D) betow, this roundaf amount wi!! be my new interest rata until the next Change Date. . The Note Hoider wiii then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that 1 am oxpected to owt at the Change Date in tull on the maturity date at my new interest rate in substantia!!y equal payments. The reault of this calculatian will be the new amount of my monthly payment. ( D) I.imits oa I~terest Rate C~aagea ~ The interest rate I am requi~ed to pay at the first Change Date wili not be greatcr than 9• 2S0 96 or less than - 5.250 Thereafter. my interest rate wiU never be increased or decreastd on any single Change Date by more ' ' than two perantage points (2.O~b) frorri the rate of interest I have ban paying for the proceding twelve manths. My ~ ~ interest rate wili never be greater than 13.250 96. ~ (E) ERectin ~te ot Ci~a~a My new interest rate will beoome effective on each Change Data. t will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changts again. . (F) Notice ot Clit~tges The Note Holder will ddiver ar mail to me a notict of any changes in my int~rest rate and the amount of my monthly paymtnt before the effective date of any change. The notice will include information requirod by law to be given me and - also the title and telephone number of a person who wilt answer any queation 1 may have regardirtg the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL IM'ERESf IN BORROWER l;niform Covenant 17 of thc Security Instrument is amended to read as foitows: ~`rasster ott~e Property or a B~AcG~! Isterest ia 8orrower. lf a!1 or any Pan of the Propeny or any interest in it is sotd ar transferred (or if a beneficial interest in Borrower is sold or transferred and Bonower is not a natural person) without l.ender's prior written canaent, Lender may, at ita option, require immediate payment in fuli of all sums secured by this Security Instrument. However. this option ahall not be exercisod by i.eader if exercise is prohibited by fedaral law as of the date of this Security Inatrument. Lender alao shall not exercise thia option if: (a) Borrower causes to be ' submitted to L.ender inforn:ation roquir~d by L.ender to evgluate the intended transfera as if a new loan were being made to the transfera: and (b) Lender reasonably determines that L.ender's security wiil not be impairod by the loan aasumption and that the riak of a broach of any covenant ar agrament in thia Sxurity ln:irument is aoceptable to Lender. To the extent permitted by epplicabfe law, Lender may charge a rea~nable fee as a oondition ta Lender's consent to the la~n assumption. Lender may also rtquirc the tranafera to aign an assumptian agrament that is aoceptab~e to Lender and that obligates the tranafaree to kap ali the promises and agreements rryade in the Notc and in this Socurity - Inatrument. Borrower will cantinue to be obiigated under the Notc and this Security Inatrument uniaa l.ender releascs B~nower in writing. " ~,~~~~f~T~ """"Fo~a~~~ t YULTI$TATE AD~N)STABLE RATE RIDFR--ARM S~Z--S~gie Famly-f~N MM/Fr~~ IMc tlNbrp~ /8S VMP MORT(3A(3E fORMS • l3131 762-4700 ~ 1lqpl bZt•72P1 . ' _ . _ . , -