HomeMy WebLinkAbout0997 ~ ' ADJUSTABLE RATE RIDER
1 1'e~r Tre~sury. lodcx--R+~te C~ps 1
_ THIS ADJI:STABLE RATE RIDER is made this 22nd day~ October , ~q 87 ~n~ ~S _
incorporated into and shall be de~med to amend and supplement the Mortgagc. Deed of Trust or Security Deed (tho
"Security (nsuument") of the s~me date given by tht undersigned (the "Burrower") tu sccure Borrower's Adjustable
Rate tio~c (the "\ote") ~o Flnt N~tlon~l B~ak ~sd Tnut Compxay of Stuart
(thc "Lender") uf thc same date and cuvering the praperty described in
the Securi~~ Instrument and located at:
Lot 1297, Nettles Islan~ Jen~t~n Beach, Florida 33457
~Pru~rt} Addre~.c~
THE NOTE CONTAINS PROVISIONS ALLOWINa FOR CHANGES IN THE fNTEREST RATE
AND THE MONTNI,Y PAYM~NT. THE NOTE IIMITS THE AMDUNT THE BpRROWER'S
INTEREST RATE CAN CMANti£ AT ANY ONE TIME AND THE MAXlMUM RATE THE BOR-
ROWER MUST PAY. ~
Alri)ITIO\:1L C0~'F:1AtTS. In addition to the covenants and agreements made in tht Security Inst~ument, Burrower
and Lender further covenant and agrce as follow~s:
A. ItiTEREST RATE AfvD A10NTNLY PAl'i41ENT CHAIVGES
The Note provides for an initial interest rate of 9. 000~ The Nute pro~~ides for rhanges in ~hc interes~ ratc and the
monthly payments, as follows:
4. INTEREST RATE AND MOtiTHLY PAYMENT CHANCFS
1 A 1 ChAnge Dates
The interest rate I will pa~~ ma}~ change on the tirst day uf January , 19 89 , and on that day
e~•ery~ 12 month thereafter. Each datc on which m~~ intere:t ratr could changc i. railed a"Changc Da~e."
1 B I The Index
Beginning with the first Change Date, my interest rate will be based on an Index. Thc "Index" is the weekly average
}ield un United States Treasury securities adjusted to a constant maturity of 12
Mont~r, ~s m:~de avaitable by the
Federal Reserve Board. Thc most recent Index tigure available as of the date 45 daya befurc each Ch:~nge Date i:
rallcd thc "Current Indrx."
If the Index is no longer available, the Note Holder will choose a new 6ndex which is b:~~ed upon comp~rable
information. The Note Holder wil{ give me notice of this choice.
~ 1 C 1 Calculs?tian of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding Three and 00/100
€ percentage points 3.000 ry) to the Current Index. The Note Holder wiU then round the
; result of this addition to the nearest one-eighth of onc percentage point ( 0.125~/~). Subject to the limits statcd in Section
~ 4(D) betow, this rounded amount will be my new interest rate until the n~xt Changc Date.
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~ The Note Fiolder witl then determine the amount of the monthly payment that would be suflicient to repay the
~ unpaid principal that I am ex{~ected to owe a! the Change Date in full on the maturity date :+t my new interest rate in
~ substantially equal payments. The result of ~his calculation will be the new amount of my monthly payment.
( D 1 Limits on Irtterest Rate Changes
~ 11.000 ~
The interest rate 1 am required to pay at the first Change Date will not be greater than % or less than
7. 000 Thereafter. my interest rate wili never be increased or decreased on any single Change Date by more
than ~o and 00/ l~~centage points ( 2•
~~t~lo) t'rom the rate of interest 1 have been paying for the preccding
~ ~2 mon~hs. My interest rate will nevcr be greater than 15.000 %
I E 1 Eftective D~te ot Changes
Mv new interest rate will become efi'ective on each Change Date. I will pay the amount of my new monthly payment
beginning on thc first monthly payment date after the Change Datc until the amount oi my monthly payment changes
again.
( F I Notice of Changes
The Note Holder N~ill deliver or mail to me a notice of any changes in my interest rate and the arnount of my monthly
pay~ment before the e(Tective date of any change. The notice will include information required by law to bc given me and
aiso the titte and telephone number of a person who will answer any ques~ion I may have regarding the notice.
B. TRA?VS~ER OF THE PROPERTY OR A BFNEFICIAL INTEREST IN BORROWER
Lniform Covenant i7 ot the Security lnstrument is amended to read as follows:
Transfer of the Property or a Benefici~t tnterest +n Borrower. I~ 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 transfcrred and Borrower is not a natural person)
w•ithout Lender's prior wriiten coqsent, Lender may, at its option, require immediate payment in full of all sums secured
by this Security Instr~ment. However, this option shall not be exercised by Lender if exercise is prohibited by federa( law
as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) 8orrower c~auses tQ be
submitted to Lender in(ormation required by Lender to evaluate the intended transfer~e as if a new loan were be+ng made
to the transferee; and (b) Lender rcasonably determines that Lender's sccurity will not be impaired by the toan ~
assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to I
Lender.
To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition 1o Lender'~~ consent to
the loan assumption. Lender may also requirc the transferee to sign an assumption agreement that is acceptable to
Lender and that obligates the transferee to keep al) the promises and agreements made in the Note and in this Sscurity
! Instrument. Borrower will continne to be obligated under the Note and this Security Instrument unless Lender roleases
Borro~•er in writirtg.
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MULYISTATE ADJUSTABLE RATE RI~ER- BOOK V~~ PA~E 995
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