HomeMy WebLinkAbout0938 ~ ~ ~ .
. _
. .
ADJUSTABLE RATE ~IDEx
~OAN N0. 50-2~2g2264
: (INTEREBT 1tA?TE LIMI~'3) .
TH[S MJUS'!'ABLE RATE RtDBR is made thi~ 30THday NOVEMBER 1987
and ta incorporated into and shAtl be deemed to amend and aupplement the Mortg~ge, Deed of 1lruat~ or Security
Deed, (the 'Securlty lnstrument") ot ihe s~me date gtvea by the undereigncd (the "8orrorwer") to eecure
Borrovrer~ Ac~ustable Rate Note (the "Note") to HA~tBOR FEDERAI. 3AVING$ AND LOAIV AS.~OCIATION (the ~
"I~ender') oi the same date and cover[ng che property descr~bed in the Security ]nstrument and located at: •
6010 SUNSET 8LV0. FORT Pt~RCE. F~. 34982 .
. (prop~rty, Address)
~
Th~ Noa contains ptorisions aiiawiny tor ~n~s in ihs lnl~n~t r~t~. H the
lnt~r~at rat~ incro~sy, ths ~orroar~rs monthfy p~Ym~~b wtfl 6t hlph~r. M th~ ~
tn~enst r~l~ chanaas~ tht Borrow~r'a ~nontMY P~yn~hb wN! b~ loarar. ~
ADDITIONAI, C4V~NANI'$: In addiLiori to the cav~enarit and agreements m~de In tt~e Security -
~ Inetrument~ Borcower and Gender further cov~enant and agree as fottows:
A. IrITB~tRBT R~ATE AIVD MOHTHLY PAYA[SN!' CI~ANt~R~
The Note providea tor an lnftial interest rate of 5~0$ ' 9K. Secdon 4 of the Note prov~des foc changes :
in tt~e intereat rate and t#~e month~yr paymente, as follows:
- 4. IN't'ERP'•ST RA1E AND MON'1~IbY PAYMENT CHANGES
' tA) . -
s The intere~t rat~e 1 wW pay msy change on the first dayof p~CEMBER ,18 - 8$ , and on that day
of the manth ev~ry T~~y~rionths thereatter. E~?ch date on which my interest rat~ could change ls called a
? ~ange pate*. .
~ (B)1'he Iadez . .
~ BeginNng with the Rrst +(~ange Date, my lnterest rate wW be based on an "tndex'. The tndex is the weekly
~ averuge ykld on United States 1Y~aaury securitiea ~usted to a constant maturity of aNE - y+ears, as msde
availeble by the Federal R~eaerv~e Hoard.'lt~e most recent Index tfgure available as of 4b days before each Change
Date is called` the "Current Index". ~ ~
U the Index la no ic~nger svai{~ble, tt~e l~bte Nalder wW choo~ a new Index which is based upon comparabie
~ informatbn. 'll?e Note I~lder_wW~giv~e me notice of ita choice.
(C) (7~ktt~oa ot Cia~a~ ~ •
Before aich Change D~te, the Note I~kier wll! cakulate my new fnterest rste by adding T1~10 AND 75/1A0
peirenta~e p~lnte ( 2.]5 SY?) W ihe Current Index. 3he NotE Holder wW then round the result of ihis
~ addition Lo the near~eat one-el~ghth of one percentage paint (0.126~). 3ut~ect to Lhe limits stated in Section 4(D)
below, thls rounded amount will b~ my new interest rat~ unti! the next Ct~ange Dste.
1t?e Notc Holder wW then detetmine the amount of the mont~y paym~nt that wouid be sut~icknt to rcpay the
unpa3d }prtncip~l that I ant expected to owe at the Change Date in full on the maturity.dstE at my new interest
rate in sub~cantialqr equal payments. The resutt of this catculation plua any required nnonthly escrow for tanes
and insuranee w~ll b~ the new amount af my monthly ~pay~aent.
(D) L~eits oa rnterert ~te Gi~ar~ea -
~ 7he rate ot lntereat I am required to payshall neverbelncrea9ed or decreased on anysingle Gfiange Date by
more than 'f1d0 percentage points ( 2.00 from the rate of interest I hav~e
. be~en paying for the preceeding TWEl.VE months. ~ int~erest rate also' ahaU never [ncm~ more
than SI X percentage pointe ( 6.00 from_ the interest rate
estabUshed in Naragraph A of thia instrument. I?~y interat rst~e shaU never decreaee beiow ttie Interst rate estab-
lished in Pl~ragraph A af this insi~rument. ~
,
(B) ERbcHv~e Date o[ G1eao~ea +
A~? new intereat rate wW become eRectlve on each Criange Date. I wili psy the amount of ~:y new monthly
payment beginning on the Rrat monthfy payment dat~e after the C~ange Date until the a~ount ot my ~tnonthty
PaYment chsnges ag,zin.
Notke a~ ~ ~ -
1t~e Note 2kolder wUl mail or del~v~er to me a notice before each Cfiange Date. The notice wil! s~dvlae me of:
(i) the new interest ratc on my loan aa of the Change Date:
(Ii) the amaunt of my ~nonthly_ ~rsyment ioll~avving t,he t~ianje poLe;
(lii) MY addittontl ~?atters whlch the NaLe Holder is required Lo discbe~;; and
(iv) the tit~e mnd tekphone number of s pereon who w~i1! e~ns~ner u~y c~eest~on I m~y have regsrrling the
no~ice.
r .
~ IN WITNBB~ V~B~DF,Bo:e+o~er 1w e ItATE ldder.
~ ` ~ 861~23 :
~
N J ~1
- . 7 . „~uC/~,,cy
~ ~ ~ OEC P 2 •30 . l
. F HEl:EN BOlJRM
f(LED r~t ~ -
QOUG~A~ , ~.ir` ~
ST. l.uC~E ~.:c;!?~;' s~. ~ R ~l~ ~+~at oxtyl
$/~7 800K ~tl~ PACF
~ _ -
_ - . _
___,.________.------w--_-~.
' . ..""i.1__ . ~~'i......_... . . 4_ .