HomeMy WebLinkAbout0953 • ' ADJUSTABLE RA1'~ R~DER .
' (1 Year 1Yeasury ladex--R~te ~{a--Fixcd R~te ConveMoa Optiaa) ~
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•THIS ApJUSI'ABLB RATE RIDBR Is madc this • day of No~vet~bt~ ~
19 8? , and is incorporatod ~ato and ahall be damed to amend and suppkment thc Mortga~e, Deed of Trust
or Secu~ity Dad (the "Secu~ity Inatrt~mant") of the aame date given by the underalgned (thG "Borrawer") to axu~e
Bonower's Adjustabl~ Rate Note (the "Notd') to Fir8t Nt~ti~onal B~nk myd ~'xtist Otx~p~any of tt~e
~re ~ : (thc "l,endes") bf the _
same date and covering the property descr~bed In the Securlty Instrument and located at:
1597 S.E. ELfiuist ~rcl, Port St. I~ucie, Floricla 34952 ,
(Property Aadras~
~ THE NOTE CONTAiNS PROVISfONS ALd.OWINQ FOR CHANQE~ IN `fNE INTFREST RATE
_ . AND TNE MONTHLY PAYMEIYT. TH~ NOTE UMIT8 THE AMDUNT TH~ ~ORROWER'S
ADJU8TABtE INTERE8T RATE CAN CHANQ~ AT ANY ONE TIME AND TH~ MAX{MUM
ADJUSTABLE IqATE THE 60RROWER MU8T PAY. THE NOTE ALB~ CONTAINS YHE
OPTlON TO CONVEqT THE ADJUSTABLE RATE TQ A FIXED RATE. ~ .
ADDITIONAL COVENAN7'S. tn addition to the covenants and agraments made in the Security Instrument,
Borrower and Lender funhcr covenant and agree.as follows:
A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES "
The Note pibvides for an inltial Interesc rate of 8.0 lii. The Note provides for changes
in tlie adjustable interest rate and the monthly payments~ as foUows:
4. AQIUSTABLE 1NTEREST RATE AND MONTHLY PAYMENT CNANGES
(A) Cbaa=e Datea
- The adjustabla interest rate I wilt pay may change on the first day of JariuaYy ,
19 89 ; and on that day every t2th montt~ thereafter. Each date on which my adjustable interest rate could change
- is caUed a "Ci~ange Date." ;
(B) T6e I~lex " -
Beginning with the first Change Date, my adjustabte intertst rate wili be based on an lndex. The "Index'• is the
weekty a~erage yield on United 5tates Treasury stcurities adjusted to a constant maturity of l year, as made avaflabie
by the Ftderal Resewe Board. The most recent lndex figure available as of the date 45 days before each Change Date . ~
~ is ralled the "Gurreat Index."
lf the Index is no longer available; the Note Holder will choose a new index which is based upon comparable '
information. The Note Holder will give me notice of this choice. -
; .
' (G`? CakWadou oi (~s~~es -
~ Before each Chsnge Date~ the Note Holder will calculate my new interest rate by adding 7~ao attd S~v~erity
! Five percentage points ( 2.75 ~fi) to tht Cunent Index.
r Tt~e Note Holder wilt then round the resnlt of this additibn to ttte nearest oae-eighth of one perantsge point (0.125 ~ir). ,
Subject to the limits statod in Soction 4(B) belovr, this rounded amount vrill be my new interest rate until the next.
Change Datc. ~
The Note Holder will then determiae the amount of the monthly payment that would be sufficient to rEpay the
_ unpaid principal that I am eacpected to owe at the Change Date in full on thc maturity date aC my new interest rate •
in substantialty oqusl payments. The reault of ihis calculation will be the new amount of my monthly payment: ~
. (U) Uaiiis o~ lstsrest ltste Cb~es
The lnterest rate I am roquiral to pay at the furat Change Date will not be greata than 10.0 ~ 9~r
or less than 6.0 Thereafter, my interest rate wiU ncver be increasad or docreased on any ~
single Change I}at~ by more than two percentage pointa (2.O~r) from the rate of interest I have been paying for the
preoeding 12 months. My intaeat rate wiil never be greater than 14.0 ~lfi. Th~e interest rate Gmits
of this Soction 4(D) w1U not apply if I exercise my Conversion Opdon u~der Soctian S of this Note.
(E) BiteMlv~ Dste oi Cita~ea
My new interest rate will be~ome effective on each Change Date. ! wil) pay the amount of my nerv monthly payment
beginning on the ~rst monthly payment date after the Change Date until the amount of my monthly payment changes
again. '
Notice of CbAnges .
• The Note Holder wi11 deliver or maii to me a notice of any changes in my adjustable interest rate and the amount
~ of my monthly payment before the effective date of any change. The notice~will includt information required by law
to be given me and also the title and telephone number ot' a person w~o wili answer any question I may have regarding
the notice.
B. FIXED INTEREST RA'TE OPTIUN ~
The Notice provides for the Borrowe~'s option to convert from an adjustable interest rate with interest rate limits
to a~xed interest rate. as follows: ~
5. FIXED 1NTERFST RATE CONVERSION OPTION
(A) Optioo tv Coav~rt to Fixed Rate
t have a Conversion Optton which 1 can exereise untess t am in default or this Section S(A) will not permit me ~
eo do so. The "Conversion Option" is my option to convert the interest rate t am required to pay by this Note from ~
an adjustable rate with interest rate limits to the fixed cate caiculated un~ier Section S(B) txtow.
The conversion can onty cake ptace on a date spccifi~d by the Ntote Hotder during thc period beginning on the
first Change Date and ending on the tifth Changs Date. Each date an which my adjustable interest rate can conven
to the new fixed rate is calied the "Conversian Dato." b~K ~iJU PACE ~7~0
MULTISTATE AD.N18TA01.E MTE RIDER-AfaM PLAN ST-Single Fart?tly-PannN Ma+ UNform ~strurmnt Form 3118 7l87
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