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ADJUSTABLE RATE RIDER LOAN~ 22135253
{ 1 Year Tre~sury lndrx-Rate Csps
, THIS ADJUSTABLE RATE RIDER is made this a'~ day of , i9 87 , and is ;
incorporated into and shall be deemed to amend and suppiement the Mortgage. eed ot Trust or Security DcCU ~ii~~ ;
"Security Inslrument") of the same date given by the undersigncd (the "Borrow~r") to securc Borrower's Adjustable ~
Rate Note (thc "Note") to First Citizens Federal Savings ~ Loan Association ~
( the "Lendcr" ) of thc same date and covering the property described in
thc Sccurity Instrumcnt and locatcd at: ~
xxx Sandbar Terrace, Port St. Lucie, Florida 33453 ;
(Property Addrasj #
THE NOTE CONTAINS PROVlSIONS ALIOWINGI FOR CHANGES IN THE INT~~~ i iin~ t
AND THE MONTHLY PAYMENT. THE kOTE LIMITS THE AMOUNT THE BORROWER'S
INTEREST RATE CAN CFiI~?NCI~ AT ANIi (f~E 7iiriE i~i~iD TY,€ R.4T~ T!~!~ E30R-
ROWER MUST PAY.
ADnIT10NAL CovEN~rrrs. In addition to the covenants and agreements made in the Security Instrument, Borrower
and ~ender further covenan~ and agrec as follows:
A. INTERFST RATE AND MONTHLY PAYMENT CHANC~S
The Not~ provides for an initial interest rate of 7.750 96. The Note provides for changes in the interest rate and the
monthly payments, as follows: ~
4. INTERFST RATE AND MONTHLY PAYMENT CHANCES
( A ) Change Dates
The intzrest rate 1 wil! pay may change on 1he first day of September , 1988 , and on that day
every 12th month thereafter. Each date on which my interesl rate could change is calied a"Change Date."
( B ) T6e index
@eginning with the first Change Date, my interest rate will be based on an lndex. The "Index" is the weekiy average
yield on United States Treasury securities adjusted to a constant maturity of 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 called the
"Current index."
If ihe 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) CatcutaNon of Changes . ~
Before each Change Date, thc Note Holder will calculate my new interest rate by adding Two and one half '
perccntage points ( 2.500 `~O) to the Current lndex. Th~ Note Holder will then round 1he ~
result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section
4(D) betow, this rounded amoant wil! be my new interest rate until the next Change Date. ,
The Notc Hotder wit! then dctermine th~ amount of the monthly payment that would be sufficient to repay the
unpaid principal that 1 am expected to ow~ at the Change Date in full on the maturity date at my new interest rate in
substantially equa! payments. The result of this calculation will be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes
' The interest rate I am required to pay at the first Change Date will not be grcater than 9.7 50 g~, or less than
{ 5.750 °k. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more
~ than two percentage points (2.0%) from the rate of intcrest I have been paying for the preceding twelve months. My
~ interest rate wil! never be greater than 13 .7 SO 96.
(E) ERectire Date ot Ch~nges '
My new interest rate will become efl'ective on each Change Date. t will pay the amount of my new monthly payment
r beginning on the first monthly payment date after the Change Date untif the ar+~ount of my momhly payment changes
~ again.
( F) Notice ot Changes ,
' The Note Holder will deliver or mail to me a notice of any changes in my iaterest rate and the amount of my monthly
~ payment before the eH'ective date of any change. The notice will include ini'onnation required by law to be given me and
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 BENEFICtAL INTEREST tN BURROWE~t
Uniform Covenant l7 of the Security Instrument is amended to read as Follows:
Tr~nster of the Froperty or ~ BeneHciAl Interest ia Borrower. !f 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, Lender may, at its option, require 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 tnstrument. Lender also shatl not exercise this option if: (a) Borrower causes to be
submitted to Lender information required by Lender to evaluate ths intended transferee as if a new loan were being made
to the transfcree; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan
assumption and that the risk of a breach ot any covenant or agreement in this Security Instrument is acceptable to
Lender.
To the ezteni permitted by applicable law, Lender may charge a reasonable fec as a condition to Lender's consent to
~ the loan assumption. Lender may also require the transferee to sign an assumption agrcement 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 obligated under the Note and this Security Instrument unless Lender releases
Borrower in writing. 600K V~~ PaGE 9fi1
MULTISTATE ADJUSTABLE RATE RfOER-Af~A S-2•-S?ngle Family-Fannk I~Aae/F~addls Mac UMform iMtrurtNM Form 3111 3i85
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