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HomeMy WebLinkAbout0916 GLEI1t~l0.E FEDERAL ADJUSTABLE MC?RTGAGE LOAN RiDER NOTICE: THl8 8€CURITY IN8TRUMENT 8ECUREB A NOTE WHICH CONTAINS A PR4VISION ALLOWINO FOR CHANa~81N THE INTEREST RATE. INCHEASES IN TNH INTEREST RATE MAY RE8UL71N HIOHER PAYMENT3. DECREASES IN THE INTEREST RATE MAY RESULT IN LOWER PAYMENTS. This Rider is made this 24~ day of ~'UST~ 198~ , and is incorporated into and shell be desmed to amend and supptement the Mortgage, Deed ot Trust, or Deed to Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrowar's Note to GLENDALE FEDERAL SAVINGS AND LOAN ASSOCI- ATION (it~eoQb LAKII.,Ai~ID BLVD ate (thPIN~ote~"i aFLc 3345~ the p~operty described in the Security Instrument and located at d FT Property Address ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, 8orrower and Lender funher covenant and agrees as follows: A. INTEREST RATE AidD MONTHLY PAYMENT CHANC~ES The Note provides for an lnitial Rate of Interest of ~ 5000 Sections 2 through 5 ot the Note provide for changes in the interest rate and the monthly payments, as tollows: "2. INTEREST A. INTEREST OWED Interest will be charged on that part of principal that I owe under this Note which has not been paid. lnterest w+ll ba charged beginning on the date I receive principal and continuing until the fuli amaunt of principal called tha "Principal Balance" has been paid. Beginning on the date of this Note, i wilt pay interest at a yearly rate of 7.75000 q{, (the "Initial tnterest Rate"). The interest rate that 1 will pay will change in accordance with Section 2{C) and 2(D) of this Note until my loan is paid. Interest rate changes may occur on the day of the month beginning on ~PPa•ISER Ol, 1988 and on the same day of the month every `~~~VE t•SD~]'~3S thereafter. Each date on which the interest rate may change will be called a"Change Date." The interest rate required by this Section 2 of this Note is the rate I witl pay both before and after any default described in Section 8 of this Note. B. THE INDEX Any changes in the interest rate will be based on changes in an interest rate index which will be cafled the "I~dex." The index is the: Z"~OI~1LY I~TEIGF~PID AV.~2AGE C06T OF FUNDS IN F. II.L'~ll~]TH Dr~ru rT nF ~t~-t~ ~~r.RAT - HCX•1E IAAN BANK SYS`PF3~. ~iIS IND~ IS PIIgT_.74iL`J~ Bv 'iHF. FIDFRAT. Hf~MF. T1~AN RnNK_!~' SAN FR~I9C0 ON ~IE I~SP 5441~CING FRIDAY OF F,Af~I t:3(~TI~~, TNpTC'_ATTNC' C~~ FC~R 'T41~ PR,~'VIQTS MQ~I~I. Z~IE FIDEP.AL HQ~ IAAI~I ~~lK OF SA*I FRAT~Y`Tq'Y~ T~~A'PFSI AT {;nn : CAL.IFD:2NIA S'1'REEr, SAN Ff2A.*~ISQD..~,~, 9412_0_ : The current index figure is the most recent index figure available approximately forty-five (45) days before each Change Oate. If the index ceases to be made available by the publisher, or any successor to the publisher, the Note Holder will set the Note interest = rate by using a comparable index. . ~ C. SETTING THE NEW INTEREST RATE ii There is no interest rate change f~r the fi~st twelve (i2) months of my loan. During this period, I will pay interest at the Initial ~I Interest Rate of SEV~+7 ~~HRF~:-QiIAR't"?R.~ percent ( 96). ( ; To set the new interest rate for the first Change Date on m_ i nQQ and for each Change Date every ~ ~ twelve (12) months thereafter, the Note Holder will calcutate my new rate of interest by adding # ~ At~ ONF}-IiAT F percent (~a.Q.QDQ.._.96) to the Current Index. The result of this ~ f calculation will be the new interest rate as of the next Change Date, subject to the limitations set out in Section 2(D) of this Note. ~ D. LIMITS ON INTEREST RATE CHANGE j : The rate of interest I am required to pay may not change more than once during each successive ~ ~ if~~ period. My first interest rate change may occur on Ol, 1988 . ~ Future interest rate changes may occur on the 1~' day of the month every i~~:~IS thereafter. ~ On each 1 a5000 ate, my new interest rate will not be changed by more than y p ON~ A~iD ONFrHA'LF ; qercent ( ~i6) above or below the interest rate I was paying immediatel rior to the Chan e Date and will not be changed over the term of my loan by more than FI~ percent ( 7.00~~0 q6) : above or below my Initial Interest Rate. ~ 3. TIME AND PLACE OF PAYMENTS I will pay principal and interest by making payments every month. i will make my monthly payments on ths . 1ST day of each month beginning on OC~BE'ct Ol, 1987 . I will make these ' payments until I have paid the principal and +nierest and any other cha?ges described betow that I owe under this Note. If on SEPTa48I~t Ol. 2017 , 1 still owe any sums under lhis Note. I will pay those arriounts in full on that date which is called the "Final Payment Date." I will make my monthly payments at 301 EAST LAS OLAS BOULEVARD, FORT LAUDERDALE, FLORIDA 33301 or at a diNerent place if required by the Note Holder. 4. FULL PAYMENT AMOUNT , A. AMOUNT OF MONTHLY PAYMENTS My monthly payments will be in the initial amount of U.S. S ~~0-'~~ . If the interest rate changes, as provided in Section 2 of this Note, the amount oi my monthty payments may change. Increases in the interest rate will result in higher ~ a ments after a Chan e Date unless m repayments s+nce the lasi Chan e Date offset the increases in m ~nte~est rate f P Y 9 ( YP 9 Y~ ~ ~ j (3F FL50d47 3-l7 NOTE DLAN 5/ ~ P.~., ~ 3 °~ooK p~cE 91~ ~ iooo5o4 ~ - - - - . ' - .