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HomeMy WebLinkAbout0930 ADJUSTABLE RATE RIDER ( l Yeu Treasury tadex-R~te Csps) _ THIS ADJUSTABLE RATE RIDER is made this 13ti~ day of AUGUST 19 87 ~'~d~is > , incorporated into and shall be deemod to amend and supptament the Mortgage. Deed of T~ust~ot~ Securily ~(1~ie ' "Security Inst~ument") of thc samc datc given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to AMERICAN PIONEER SAVINGS BANK . , (the "Lender") oP the same dat~ and covering the property described in the Security Instrument and located at: ~ XXX WOODLANDS DRIVE, WHITE CITY, FLORIDA 32950 (Property Addras] THE NOTE CONTAIN8 PROVISIONS ALLOWIN~i FOR CHANt~E3 tN THE INTER~ST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AM4UNT THE 80RR0'WER'S INTERE8T RATE CAN CHANflE AT ANY ONE TIME AkD THE MAXIMUM RATE THE BtHi- ROWER MUST PAY. ADDITIONAL COVENAN7'S. In addition to the covenants and agreements made in the Security Instrument~ Borrower and Lendtr further covenant and agree as follows: ~ A. INTEREST itA'tE AND MONTHLY PAYMENT CHANCFS ; The Note provides for an initial interest rate of 7. 75 96. The Note provides for changes in the interest rate arid the i monthly payments, as follows: ; 4. INTEREST RATE AND MONTHLY PAYMENT CNANGES i ( A ) C6ange Datea The interest rate 1 will pay may change on the first day of SEPTEMBER . 19 88 , and on that day ~ every 12th month thereafter. Each date on which my interest rate could change is called a"Change Date.° ~ ~ (B) The Index Beginning with the first Change Date. my interest rate will be based on an Index. The "Index" is the wcekly average ~ yield on United States Treasury securities adjusted to a constant maturity of 1 year. as made avaiiable by the Fcderal Reserve Board. The most recent Index figure ava~lable as of the date 45 days before each Change Date is called the "Current Indea." ~ " If the Index 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. (C) GiculaHon of Ch~ages . Before each Change Date. the Note Holder will calculate my new interest rate by adding TWO AND 875/1000 perccntage points ( 2.g75 to jhe Current lndex. The Note Holder wilt then round the result of this addition to the nearest one-eighth of one percxntage point (O.12596). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the ncxt Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially oqual paymonts. The result of this calculation will be the new amount of my monthly payment. (D) Limits on totereat R~te Changes The interest rate [ am required to pay at the first Change Date will not be greater than 9. 75 % or less than 5. 75 Thereafter, my interest rate will never be increascd or decreased on any single Change Date by more ~ than two percentage points (2.096) from the rate of interest I have been paying for the preceding twelve months. My ~ interest rate wiQ never be greater than 12 . 75 ~ (E) EBectire Date ot C~anges ~ My new interest rate wil! become etfiective on each Change Date. I will pay the amount of my new monthly payment 'i beginning on the first monthly payment date after the Change Date untii the amount of my monthly payment changes ~ again. - j (F) Notice of Cluuges ; The Note Holder will deliver or mail to me a notice of any changcs in my interest rate and the amount of my monthly ~ payment before the efi'ective date of any change. The notice will include information rcquired by law to be given me and j also the title and telephone number of a person who will answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAI~ lNTERFST IN SORROWER Uniform Crnenant l7 of the Security Instrument is amended to read as follows: Tnnsler of t6e Property or a Beneflcial Iaterest in Borrower. If all or any part of the Property or any interest in it is ~ sold or transferrod (or if a beneficial interest in Borrower is sold or transferrod and Borrower is not a natural person) without Lender's prior written consent. Lender may, at its option, requiro immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security [nstrument. Lender also shall not eaercise this option if: (a) Borrove+er c~uses to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new toan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of afty covenant or agrsement in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender may also rcquire the transferee to sign an assumption agrament that is acceptable to - Lender and that obligates the transferee to kap all the promisss and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Secur'~~tyR nstrument unless Lendcr releases Borrower in writing. BOOK 554 PAf,~ ~Gp MULTISTATE AOJUSTABLE RATE FI~EA-ARIA 5~2~Sv~g~e Farnily-Faruw~l~s Mas/fr~ddM Msc UNlona M~run~t ` Fann 31113/8S ~•82ZA 187031 VMP MORTGAGE FORMS • 13131293•8100 • IB001621-72a1 '~~i:=~T_'~_i"'_ S'"' . . "