HomeMy WebLinkAbout0962 . ,
• ADJUSTABLE RATE RIDER
(1 Year TreRSUry ladex-R~te C~ps) ' ~ ~
ti. .
- .
THIS ADJUSTA~3LE RATE RIDER is ~a~de`t1~i~ .29xh.: c~y?nf ....Se~tembex 198:7......~ and is
incorporated into and shall be decmed to amend an~d supplement the Mortgaga. Deed of Trust or Security Daed (the
- "Securit Ins~rument") of the samc date~ gi~ven by the undersigned (the "Bo~~ower") to secure Borrowcr's Ad'ustable
y RIVBRSIDB NATIONAL B~NK OF FLORIDA ~
Rate Note (the "Note") to
(the "Lender") of ihc samc date and covering the property dcscribed in
the Security Instrument and located at:
..................................$6~9. ~~,a~~R..P~nes„Road~..Fort, Pierce~..Florida„34951.......................................... :
~ ~Properly Address)
THE NOTE CONTAiNS PROVISIONS ALLOWMKi FOR CHAN(3E3 IN THE lNTEi~ST RA7E
AND THE MONTHI.Y PAYMENT. THE NOYE LIMITS THE AMOUNT THE 84RROWER'S
INTERE8T RATE CAN CHAN(iE AT ANY ONE TIME AND THE MAX{MUM RATE THE BOR-
ROWER MUST PAY.
ADiNT10NAL COVENAIYI'S. In addition to the covc?:ants and agroements made in the Security Instrumcn~, Borrower
and Len~dcr furthcr covenant and agree as foflows:
A. INTERESf RATE AND MONTHLY PAYMENT CNANGES '
The Note provides for an initial interest ratc of 9,.B7.S....%. The Note provides for changes in th~ interest rate and the
monthiy paymeMs. as follows:
4. ~ iNTERESf RATE AND MONTHLY PAYMENT CHpNGES
( A ) Chaage Dates ~
The interest rate 1 will pay may change on the first day of O~tol~er,,,,,,,,,,,,,,,,,,,,,,,, ~9.8$..,. and on that day
every 12th month thereafter Each date on which my interest rate could change is called a"Change Date."
! B ) The lndex ~ : , ' r
Beginning with the first Change Date. my interest raie will be based on an index. The "index" is the weekly
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 betore each Change Date is called
the "Curr~nt Index." ~
If the Index is no longer availabte. the Note Holder will choose a new index which is based upon comparable
infarmation. The Note Holder will give me notice of this choice.
( C ) Glculatioa ot Changts
Before each Change Date. the Note Holder will calculate my new interest rate by adding ....~o., and
.~ix~.~..s~uax'.k~X;R.. percentage points (..2...7.~.......9f~) to the Current Index. The Note Holder will then round the
~ result of this addition to the nearest one-eighth of one percentage point (0.12596). Subject to the limits stated in Section
4(D) beluw. this rounded amount will be my new interest rate until ihe next Change-Date.
The Note Holder will then determine the amount of the monthly payment that would be sufi'icient 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
( substantiatly equal payments. The result of this caiculation will be the new amount of my monthly payment.
f (D) Limits on Interest Rate Changes ~
~ The interest rate 1 am required to pay at the first Change Date will not be greater than ....~X,..~.1.~.........9F or less than
.......7.., $7.~.........~. Thereafter. my interest rate will never be incrcased or decreased on any single Change Date by more
than two percentage points (2.0~) from the rate of interest 1 have been paying for the preceding twelve months. My
interest rate will never be greater than ....15 ~$7~...9b.
( E) Effectire Date of C6anges
My new interest ratc will become eflective on each Change Date. I will pay the amount of my new monthly payment
beginning on the first monthly payment date aRer the Change Date until the amount of my monthly payment changes
agair~.
( F ) Notice of Clwnges • ~
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 efTective date of any change. The notice wi~l include information required by law to be given me and
also the title and telephone number of a person who will answer any question 1 may have regarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
Uniform Covenant 17 of the Secarily Instrument is amendcd to read as tollows:
Tn~sfer ottt~e Property or a'Beaefkial taterest Is Borrower. lf all or any part of the Property or any inte~est in it is
sold or transferred (or if a beneficial interest in Borrower is sold or transferraf and Borrower is not a natural person)
~ without Lender's prior written consent. Lender may~ at its option. roquire immediate payment in full of all sums secured
- by this Stcurity Instrument. However, this option shall rtot be exerciscd by Lender if exercise is prohibited by kderal law
as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be
submittcd to Lender information requircd by Lender to evatuate the intendcd transferee as if a new loan wcre being made
to che transferee; and (b) Lender reasonabty determines that Lcndcr's security wil! not be impaired by the loan
assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to
Lender.
800K ~JIJIJ PAC~ c~V1,
. Mtl1.T18TATE ADJUSTABLE RATE i~ER-ARM 5-2-Sirgle Farv~y-F~ Ms~/Ftbdi~ Mtc UnMotm kwtruMMit Form 31113/85
{ANK[M fYfT[I~M. ~NG_ fT. CLOVO. MN'66]Ot /ORM M1132
. . . t.._...~-~:._ ~ -