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HomeMy WebLinkAbout0923 ~ . . , ' ~ r. . . ~ ADJUSTABLE RATE RIDER Lo~~ 22 i 39 s29 (1 Yeu Tre~sury Index-R~te Ca~s) • THIS ADJUSTABLE RATE RIDER is made this 30th day of October , ~9 g~ , and is incorporated into and shall be deemed to amend and suppicment the Mortgage, De~ of Trust or Security Deod (the ."Sccurity Instrument") of the same dato given by the unde~signed (tha "Borrowcr") to secure Borrower's Adjustable Rate Note (the "Nate") to First Citizens Fedecal Savinge & Loan Aasoeiation ~ . (thc "Lender") of the same dat~ and covering the property desc~ibed in the Security Instrument and locatod ~t: ~ xxx Euler Aveaue, Port St. Luaie, Florida 34952 (Ptoperty Addras] THE NOTE CONTAlN8 PROVISION8 ALLOWiNQ FpR CHANQE8IN THE fNTERE8T RATE •~,T•,••• ~•••••=~~T ~ ~_.~A '~E AMOUNT THE BORROVYER'S A~~V ~i67 °~~~:~ta ye~ e+~ATG lNTEREST RATE CAN CHAN~E AT I~NY ONE TIME AND THE MAXiMUM RATE THE BOR- ROWER MU$T PAY. ADDITIONAL COVEf~lAM'S. In addition to the covenants and agraments made in the Security instrument, Borrower and Lender further covenant and agra as follows: A. INTERESf RATE AiVD MONTHLY PAYMENT CNANGES The Note provides for an initial interost rate of 8.25p The Note provides for changes in iht interest rate and th~ monthty paymcnts~ as fottows: ~ 4. INTEREST RATE AND MONTHLY PAYMENT CHANCES (A) Cl~age Dates The interest rate I will pay may change on the first day of November , t988 , and on that day every 12th month thereaCter. Each date on which my int~rest rate could change is cailed a"Change Datc." (B) 11x Index Beginning with the first Change Qate~ my interest rato will be based on an Index. Th~ "lndez" is the wakly average yield on United States Tr~asury securities adjusted to a constant maturity of 1 year. as made avaitable by the Federai - ~ Raserve Board. The most ~ec~nt tndex figure available as of the date 45 days before each Change Date is calied the ~ "Current [ndex." ~ If the Index is no longer available, the Note Holder wili choose a.new index which is basod upon comparable ~ _ information. The Note Holder will give me notice of this choice. ~ a ~C~ C~tl'l1~~~01! O~ ~11glM ~ ; Before each Change Date. tht Note Nolder will calculate my new intcrest rat~ by adding Twp and three quarters ~ percentage points ( 2~ 750 to the Current Index. The Note Holder will thcn round the ~ result af this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits statcd in Section 4(D) below, this round~ amount will be my.new interest rate unti! the next Change Date. , " The Not~ Holder will then determint the amaunt of the monthly payment that would be suti'icient to repay the unpaid principal that 1 am expectod to owe at the Changc Date in full on the maturity date at my new interest rate in Y substantially oqual payments. The result of t6is calculation will be the new amount of my monthly payment. t ~ ~ i ( D) Limits on interes! Ratr C1~anges : Tfie interest rate i am requirod to pay at the first Change Date will not be greater than 10.250 g6 or less than 6.2 SO - Thereafter. my interesi rate will never be increascd or decreased on any single Change Date by more than two percentage points (2.096) from the rate of interest I have been paying for the preceding twclv~ months. My interest rate will never be greater than 14.250 96. ~ (E) ERectire I?~te ot Cl~u~es My new interest rate will become effective on each Change Data 1 will pay the amount of my new monthly payment ~ beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes = again. ; (F) Notice of C7~ages - r ~ ~ The Note Holder will deliver or mail to me a notice of any changes in my intcrest rate and the amount of my monthly ~ payment before the efTective date of any change. The notice will include information required by law to be given me and also the title and tetephone number of a person who will answer any question I may have regarding the notice. ~ B. TRANSFER OF THE PROPERTY OR A BENEFICIAL IIYfEREST IN BORROWER ~ Uniform Covenant 17 of the Security instrument is amended to read as follows: { Tnnsfer ot tbe Property or a BeQefirial Interat In 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 transferrcd and Borrower is not a naiural person) ~ E 'without Lender's prior written conunt, Lender may. at its option, require immcdiate payment in full of all sums securcd by this Security lnstrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Insttument. Lender also shall not exercise this option if: (a) Borrower causes to be ' submitted to Lender information requircd by Lender to evaluate the inter.dcd transferee as if a new loan were being made to the transfera; and (b) Lender reasonabty det~rmines that l.ender's security will not bc impaired by the loan assumption and that the risk of a breach of any covenant or ag~eement in this Security Instrument is acxeptable to Lender., To the extent permitted by applicable law. Lender may charg~ a reasonable fee as a condition to Lender's consent to ' the loan assumption. Lender may also require the .transferee to sign an assumption agreement thai is acceptable to Lender and that obligates the transferee to kap all the promiscs and agreements made in the Note and in this Suurity Instrument. Borrower will continue to be obligated under the Note and this Security tnstrument unless Lender releascs : Borrower in writing. ' ~ R 5U~ PAGE 9~~ ' f~9ULTISTATE ADJUSTABLE RATE roDER-ARM 5-2--~~ ~gle Farrrly-F~~nN Mls~/FndON M c~l~kKWorm k~trun~nt Fora9 311/3/65 ;s ~-822A 187031 VMP MORTGAGE FOAMS • 131312938100 • I~OOi521•7291 _ - _ _ .