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ADJUSTABLE RATE RIDER ~ ' ~ • 4213397,7 .
(1 Year Treasury INdex-R~te Caps ) ~ ~ ~ ' ~
THIS ADJUS'1'ABLE RATE RiDER is made this 26th day of August , ~987 . and is
incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust or Security Deed (the
"Security Instrument") of the samc datc given by the undersigned (the "Borrower") to secure Borrower's Adjustable
Rate Note (thc "Note") to First Citizens Federal Savings ~ Loan Association
(the "Lender") of the same datt and covering the prope~ty describ~d in
the Securiry Instrumenl and located at:
Unit G204, 3100 Pruitt Rd., Port St. Lucie, Florida 33452
~Property Address)
THE NOTE CONTAINS pROVISIONS ALLOWINO FOR CHANt3ES IN THE INTEREST RATE
AND THE MONTHIY P~IYMENY. THE NOTE LIMITS THE AMOUNT THE BORROWER'S
INTEREST RATE CAN CHAN(iE AT ANY ONE TIME AND TME MAXIMUM RATE THE BOR-
ROWER MUST PAY. .
AODITIONAL COVENANTS. ln addition to the covenants and agroements made in the Securiry (nstrument, Borrower
and Lendcr further covenant and agree as follows:
A. INTERESf R4TE AND MONTHLY PAYMENT CHANCES
~ The Note provides for an initial interest rate of 7.250 ,96. The Note provides for changes in the interest rate and the
' monthly payments. as follows:
4. iNT'ERESf RATE AND MONTHI.Y PAYMENT CHANGES
E ( A ) Ch~nge Dates
~ Thc interest rate I will pay may changt on the first day of September , 1988 , and on that day
g every 12th month thereaRer. Each date on which my interest rate could change is called a"Change Date."
( B ) The Index
~ Beginning with th~ first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average
~ yield on Uniied Statts Treasury securities adjusted to a constant maturity oC 1 year, as made available by the Federal
Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is callcd the
"Current lndex."
lf the Index is no longer available. the Note Nolder will choose a new index which is based upon comparable
information. The Note Holder will give me notice of this choice.
( C ) Calculation of C6anges ~
Before each Change Date, the Note Holder will calculate my nzw interest rata by adding ~o and one half
percentage points ( 2.500 to the Current Index. The'Note Holder will then round tho
result of this addition to the nearest one-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 sufficient to repay the
~ unpaid principal that t am expected to owe at the Change Datc in full on the maturity date at my new interest rat~ in
; substantially equal payments. The result of this calculation will be the new amount of my monthly payment.
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~ ( D) Limits on Interest R~te Clwnges
' The interest rate I am required to pay at the 6rst Change Date will not be greater than 9.250 gb or less than
: 5.250 96. Thereafter. my interest rate will never be increased or decreased on any single Change Date by more
; than two percentage points (2.096) from the rate of interest 1 have been paying for the preceding twelvt months. My
~ interest rate will never be greater than 13.250 96,
~ ( E) Etfectire Date of Ctianges
~ My new interest rato will become etTective on each Change Date. 1 will pay the amount of my new monthly payment
~ beginning on the first monthly paymeni date after the Change Date until the amount_ of my monthly payment changes
again.
~ ( F ) Notice of Changes
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 eRective date of any change. The notice will include information required by law t~ be given me and I
~ also the title and telephone nurr~ber of a person who will answer any question I may have rsgarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
i~ Uniform Covenant 17 of the Security Instrument is amended to read as follows:
Trstnster ottl~e Property or A Beneficial Interest in Borro~er. If all or any part of the Property or any interest in it is
sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person)
without Lender's prior written consent~ Ltnder may, at its option, require immediate payment in full oP all sums secured
~ by this Security Instrumtnt. Howevtr, this option shall not be exercised by Lcnder if exercise is prohibited by federal law
as of the date of this Sccurity Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be
~ submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan 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 any covenant or agreement in this Security lnstrument is acceptable to
' Lender.
~ To the eztent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to
i the loan assumption. Lendcr may also require the transferee to sign an assumption agreement that is acceptable to
Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security
Instrument. Borrower will continue to be abligated under the Note and this Security~n~tr nless Le~p~~leases
Borrower in writing. BOOK~ ~t y
~ I~ILTISTATE AD,~ISTABLE iiATE i~DER-AR~I S-2-S~ngle Family-Fannis Mss/Fr~ Mac UMlorm kaUumsnt Form 3111 3/85
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~-8ZZA187031 VMPMORTGAGEFORMS • 1313l2938t00 • 180015Y1-7291
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