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Home My WebLink About0919 i. ~ ADJUSTABLE RATE RiDER ~ s:~ ~ ~ l 1 Ye~~ rre. ~ . } ' _ ; sNry,ta~ex ;R~te Cap~1 TNIS ADJI;STA~I.~ RATE RIDER is made ~his 17 day of NoVembe~' . 19 g~ , and i: incorporated into and shall be deemed. to amend and supplement thc Morlgage, i)eed of Tru:t o~ Secu~ity Deed (tl?e "Securiry instrument")`of the same date givon'by the undenigned (thr "Bo~rower") ta:ecure 8orrower'a Adjustable~ Rate Note ttho "tiote") to SUN BANK/TR$ASURE COAST, NAT20NAL ASSOCTATION ~ ' (the "Lendtr") of the same date and covering the properry described in the Sscu~it~~ inu~ument and located at: 311 ESSEX DRIVE FORT PIERCE~ FLORIDA 33450 ~Prupcrt~ Add~csx) : THE NOTE CONTAfNS PR~ViSIONS Al.LUWINti FOR CMANQES tN THE tNTElileBT RATE ANp Ti~t~ MONTHt,Y PAYM~NT. THE NOTR t,lMtTS TFfE A1YlOUNT.~lfE QOAROWER'$ ~ INTEREBT RATE CAN CHANQE AT ANY ONL TIIIRE AND THE b1AXlMWN'i~ATE~TNE ~Op- ~ ROWER MUBT Fs#Y. ~ ADDITIO\AI. CU1'~tiA\,TS. !n addition to the covenants and agreements made in the Security lns~~ument, Borrower : and Lender i'urthcr covenant and agr~t as foliows: ~ A. INTER~ST RATE AND MONTHLY PAYMENT CHANGFS The Note provides ior an initial i~tcrest rate ot 8. 00 The Notc provides for chan$es ir~ thc interest r~tc :?nd the manthly payments, as follows: • . 4. INTEREST RATE AND AlONTN1.Y PAYMENT CHANGES ( A i Cb~tngt Dates The interest ~ato t wiil pay may change.on the first day of Deeember , 19 88, and on that day . every 121h month ther~after. Each date on which my interest rate cou~d ch~nge is called a"Change Date." ( B ) Thc Indcx • . Beginning with the first Change Date, my inttrest rate will bc based on ran tndex. The "indcx" is the wcekly average ' yield on United S~ates Treasury sccuritits adjusted to a consCant matu~ity of 1 ycar, as made available by.the Fedrral Rescrve 8oard. The most r~cent Index 6gure available as of the date 45 days before each Ch:~nge Da~c is ra!!sd thc - "Current Index." ~ tt tht tndez is no longer availabte. tht Note Holder will cl~oose a new index which is bastd upon compardbk _ inforrnation. Th~ Nott Holder wil! give me notirc of this choice. t C i C~kulat+an ot Clan=es - ~ Before each Change Date. thc Note Holder will calculate my ncw in~erat ra~c by adding THREE AND ~13E QUARTER percentage points ( 3. 25 to the Current lndex. Thc No~e Holder wiil then round the result of tfiis addi~ion to the nearest one•eighth of one perantage poim (0.1259h). Subject to the timits stated in Section D) below. this rounded ainount will b~ my new interest rate until 1ha next Change Date. . The Note Holder will thcn~ determine the amount of ~he monthly payment that would be suli'icient to repay the unpaid principal that 1 am expected to owe at the Change Date in full on the mawriry date at my ncw interest ratc in substantially cqual payments. The res~ft of this calculation will be 1he new amount of my monthly paymeM. ( D 1 Limits an laterest Rate Ch~nges ~ ~ The interest rate i am required to pay at the flrst Change Date w)11 not be greater than 10 . 00 ho or less than 6. 00 ~,~fter, my interest rate will never he increased or decreased on any single Change Date by more _ than two perantage polnts (2.Oqi) fram the rate of interest I have been paying for the preceding twelve months. My interest rafe will never be greater than l4 . OQ q~, 1 E) ERecthe Date of C~ar~ges , My ntw interrst ratt v?il1 become efTeetive on each Change Uate. 1 wil) pay the amcwnt of my ntw monthly paymen! : beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. , ( F ) NoHce of Chsn=es Thc Note Holder will deliver or mail to me a notice of any changes in my in?erest rate and the amount of my monthly payment before the eRective date of any change. The notice will inciude information roquirzdby law to be given me and _ alw the title and telephone number of a person who wili answ~t any quest'son 1. may have regarding tF?~ notice. ~ B. TRANSFER OF TNE PROPERTY OR A BENEt'[CUI, INTERESI' IN BORRUWER Uniform Covenani I7 ot the Security Instrument is amended to read asYfolPows: Tra~sfer a! tbe Property or a Beneflcla! I»terest i» Borrower. • I~ all or any part bt the Proporty or any interest in it is sold or transterred (or if a bcneficia( interest in Borrower is wld or_transf~rtcd and Borrower is not a natural person), without Lender's prior written consent. Lender may,.at its option~ require immodiatc payment in fuli of alt sums securod . by this Sccuriry tnstrument. However, th~s option shaU not be ezercised by L~nder ifexercise is prohibited by ic~eral law as o(' che date of this Security lnstrument. Lender also shal! not exerciu i6is optloo if: (a~ Borrower causes to be , submitted to Lender iaforma~ion requircd by [.ender to evaluatt ti~e i~ttcnded t~~nsfera as if a new Ican were being made ~ to the transtera; and (b) Lender reasonabiy determines that;<~,end~r's aoc~rity wil! ";lot~be impaired by tho loan assumption and that the risk of a breach of any covenant or agreement in this Securi~y ~lnstrument is acceptable to Lendtr. Ta the extent permitted by appficabte law. Leader may charge a reasonable fee as a condition to Lsnder'a conunt to ~tha loan assumption. Ltndtr may ~lso requ~re the t~ansfcret to sign en"assutnption agreement` t6at is aeeeptable to Lender and th~t abligates the transferee to kap al! the promists and agtaments madc in the Note and in this Security Instrument. Borrowor wilt continuc to be obiigated under tht Note anst this Socurity Instrumcnt unlt.s~ Lertder releasea ' Borrower in writing. _ ~ NIJLTIS'tATE AOJIiSTABIE R~YE iI~ER-AHM lFZ-S~ngle ~artr~y--f~l1~N~ MM tT~l~On~ fnqnM~Mlt - . Fo~+n 31t1 fJ86 ~u. 4 ~ PACE a7lr~ • 60Q~t _ t _ , - _ _ _ 1 , ~ _...~r_-y-_ _ _ - - r . _ . . - 1 f