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Home My WebLink About0971 • . ' '.,..i . • ADJUSTABLE RATE RIDER ' ' . (1 Ya~ T~e~sury Index-Rate Gps) ° c~ . ~ . ~ a• •~-~r------;-~~ , _ TH1S ADJUSTABLE RATE RIDER is made this 13THday of ~UQ)ST . 19 $7 . and is - ~ incorporated into and shall be deemed to amcnd a~d supplcment the Mortgage, aeed of Trust or Security Dud (the "Security lost~ument") of thc samc date given by the undersignod (the "Borrowcr") to secure Borrower's Adjustable Rate Note (the "Note") to pIp~ ~VI~ ~HIC (the "Lcnder") ot the samc date and covering the property described in the Secu~ity lnstrument and located at: ~ 920 B~ORF~GE AVE P~T ST. LUCIE FI~O[2IOA 33452 (Prvperty Addre~.s) THE NOTE CONTAINS PROVlSIONS ALLOWiNGS FOH ClIANGiES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME'AND THE MAXIMUM RATE THE BOR- ROMIER MUST PAY. ~ ~ ADDITION~L COVEN~NTS. !n addition to the covenants and agreements made in the Security Instrument. Borrower and Lende~ furthcr covenant a~d agree as follows: A. INTERESf RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initiai interest rate of $~~p96. The Note provides for changes in the interest rate and the • monthly payments. as follows: 4. lNTERESt RATE AND MONTHLY PAYMENT CHANCES ~ ( A ) C6ange Dates The interest rate ! will pay may change on the first day ot p~~g,R , 19 $g, and on that day every 12th month thereaRer. Each date on which my interest rate coutd 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 weekly ; average yield on United States Treasury securities adjusted to a constant matu~ity of 1 year, as made availabie by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called ' the "Current Index." ; lf the Index is no longer available, the Note Holder will choose a new index which is based upon comparable ~ informatian. The Note Holder will give me notice of' this choice. ~ ( C) Calcutation of ChAnges ~p p~ 625/1000 ~ Before each Change Date, the Note Holder will calculate my new interest rate by adding F percentage points ( 2 6~r to the Current lndex. The Note Holder will then round the ~ result of this addition to the nearest ane-eighth of one percentage point (0.12596). Subject to the limits stated in Section ~ 4(D) betow. this rounded amount will be my new interest rate until the next Change Date. ~ The Note Holder will then determine the amount of the monthly payment that would be suH'icient to repay the ~ unpaid principal that I am expected to owe at the Change Date in full on the maturiry date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate C6'nges Tho interest rate I am requircd to pay at the first Change Date wili not be greater than 10.250 qb or less than 6.250 Thereafter. my interest rate will nevec be increased or decreased on any single Change Date by more than two percentage points (2.0%) from the rate of interest I have been paying for the preceding twelve months. My interest rate will never be greater than 14.250 ~0' (E) ERectire Date of C6anges My new interest rate will become eRective on each Change Date. 1 will pay the amount of my new manthly payment beginning on the first monthly payment date after the Change Date until the amount ol' my monthly payment changes again. (F) Notice of Chaages The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the eflective date of any change. The notice will inciud~ information required by law to be given me and also the title and telephone number of a person who will answer any qurstion I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL. INTEREST [N BORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: Tnnste~ ot tbe Property or a Beneiiciat iaterest in Borrower. If all or any part,of the Property or any interest in it is sold or transferrcd (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate paymcnt in full of all sums secured by this Security Instrument. However, this option shall not be exerc+sed by Lender if exercise is prohibited by federal law as of the date of this Security Instrumen~. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender information roquired by Lender to evaluate the intended transferce as if a new loan were being made to che 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 any covcnant or agreement in this Security Instrument is acceptable to Lender. ~ BoflK 554 PACE 9s9 ~ MUL.TISTATE JIDJUSTABLE RATE ii~ER-Ai~l S-2-Single Family-fannN Ms~/FnddN Yse UN(orm Instrum«K Form 3111 3/QS ' form 206~ To Fisada. Cr: (iHEAT WcES BUSNES3 FORMS. HC. 1-800•263•0209 ~ h Niclipr~ 1-800•358•2643 00187000449 716-244266 . . _;u, . . . . _ _