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Home My WebLink About0964 ~ ~i/~~ ADJUSTABLE RATE RIDE~t ~ ~ ~oar~e 22 i 3a6~~' (1 Year T~e~sury Index-R~te Caps) _ THiS ADJUSTABLE RATE RIDER is madc this 2gth day o( July ~ ~9 87 ~ and is incorporated into and shall bc dcemed to amend and supplrment ~hc Mortgagc. Dcai of Trust ar Security De~d (the "Security Instrument") of the same date given by th~ undersigned (the "Borrowe~") to secnre Borrowc~'s Adjustable Ratc Note (thc "Note") to First Citizens Federal Savings b Loan Association (the "Lender") of the same date and sovering the propcrty desctibcd in the Security lnstrument and locatad at: 5746 Briargate Lane, Fort Pierce, Florida 34981 (Properly Addrasj THE NOTE CONTAINS PROV1310NS ALIOWiNQ FOR CHANGES IN THE INTEREST RATE AND THE MQNTHLY PAYMENT. THE NOTE LIMITS THE AM~JtINT THE BORROWER'S INTEREST RATE CAN CHAtdAE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- ROWER MUST PAY. ADDITIONAI. COVENAN'1'S. In addition to the covenants and agreements made in the Security instrument, Borrower and Lcnder furthe~ covenant and agree as foltows: A. INTERESf RATE AND MONTHLY PAYMENT CNANCES The Note ~rovidts for an initial interesl rate of 7.250 96. The Note provides for changes iR the interest rate and ihe monthly payments~ as follows: 4. [NTEREST RATE AND MONTHI.Y PAYMENT CHANC~.S - ( A ) Change Dates The interest rate 1 will pay may chang~ on the first day of ~eptember ,~988 , and on that day every 12th month the~eafter: Each date on which my interest rate could change is caticd a"Change Date." ( B ) Tbe index Beginning with the first Change Date. my interest rate will be based on an Indcx. The "Index" is thc weckly average yield on Lnited States Treasury securities adjusted to a constant matu~ity of 1 year, as made avaitable by the Federal Reserve 8oard. The most recent lndex figure available as of the date 45 days before eaGh C~ange Date is callcd the "Current indez " ~ If th~ Indtz is no longer available, the Note Ho_~er will choos~ a new iodex which is based upon comparable 4 information. The Note Holder wili give me notice of this choice. g ( C) Caiculation ot Clanges ~ Before each Change Date~ the Note Hotder witl calculate my new interest rate by adding T~"~o and -one half ~ perc~ntage puints ( 2.5Q0 96) to the Current Indez. The NQte Holder will then round the ~ result otthis addition to the nearest one-~ighth of one percentage point (0.125%). Subject to the limits stated in Sectinn 4(D) below, this ~oundcd amount wi!! be my new intcrest rate until the next Change Date. ~ The Note Iiotder will then determine the amount of the monthly payment that would be sufficient to repay the ~ un~id princiPal thai i am expected to owe at the Changc Date in full on the maturity date at my new intcrest rate in ~ substantial~y equal payments. The result of this calculation will be the new amount of my monthly payment. , ~ . i ( D) Umits on inte~est RAte Changes - The interest rate [ am requircd to pay at the first Change Date will not be greatrr than 9.250 96 or less than S.250 96. Thereafter, my interest rate will never be increa~ed or decreased on any single Change Date by more than two perccniage points (2.0%) from the rate of interest I have been p. ying for the preceding twelve manths. My interest rate wiil never b.. grtater than 13.250 96. (E) ERectire Date of Ch~tnges ' My new interest rate will become eflective on each Change Date. I will pay the amount of my new monthly payment ` b~ginning on the first monthly payment date af~er ti~e Change Date unti! the amount oi my monthly payment changes i again. _ ~ ( F ) Notice of Changes ~ The Note Holdet wil! deliver or mail to me a notice ot any ch~nges in my interest rate and the amount of my montnly ~ payment before the efl'ectivo date of any change. The notice will include information roquired by law to be given me and } also the title and telepiione number of a person who will answer any question I may ha~e regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEF[CIAL INTEREST IN B4RROWER ~ Uniform Covenant 17 of the Security lnstrumcnt is amended to read as follows: Tnnsfer of the Property or a BeneBcis! lnterest en Borrower. If al! or any part of the Praperty or any interest in it is ; sold or transkrrpd (ur if a beaeficia! interest in Borrower is sold or transferred and ~orrower is not a natural persoa) = without Lender's prior written conunt, Lendee may, at its option, requir~ immediate payment in full of all sums secured , i by this Security Instrument. Nowever, this option shall not be ezercised by Lender if exercise is prohibitcd by federal law ' ~ as of the dato of this Security Instrument. T..ender also shall not exercise this option if: (a) Borrow~r causes to be ~ submitt~d to Lender information required by Lender to Gvaluate the intcnded transPerec as ita ncw loan were being made ; to the transferet; and (b) Lender reasonably determincs that Lender's sec4rity will not be irrt{raired by the loan ~ assumption and that the risk of a br~ach of any covenant or agr~emcnt in this Security Instrument is acceptablo to Lender. To the extent permitted by applicable law. Lender may charge a reasonahle fee as a condition to Lender's consent to the loan assumption. Lender may also rcquire the transferee to sign an assumption agreement that is acceptable to ~ Lender and t[~at obligates the transferee to kap all the promises and agreements made in the Nate and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. gpp~( PACE 9~ I~l1LT1STATE RDJUSTABLE RATE RIOER--ARM 5~2-SK~de Fam~y-Faru~ M~iFr~ M~c Un3tortn Mttrwn~t fortn 3i11 3/8i ~'B~Za VMY MONTGAGE iORMS • 13131 792-4~00 • 180Q1 621•7291 ~ , ~ _-~-?i~-r • . J~~-~