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Home My WebLink About0959 ~ ~ , t:. . . ADJUSTABLE RATE RIDER , (1 Yeu ~ la~ex--Rst~ C~s) THIS ADJUSTABLE RATE RIDBR is made this 2g~day of ~,~ggR . 19 gJ . aad i: inoorporatod into snd ahall bo deeaiod to amend and :upplemznt the Mortgage. Deod of Trus/ or Socurity Dood (the "Security instrument") of tho sume date given by the undonianed (the "Borrower") to secure Borrower'a Adj~utable Rate Note (tha "Noto") tn ~I~ PIQ~lBet 3~AVIi~.S B~ (the "I.ender") of th~ same dat~ and oovering the propertY described in the Security tnatrumertt and locatod at: . . ~Q~IX BV~i gTR~BT p~OE~T ST. LUQB FLQRmA 34983 . (~nr /?ddrrasj _ TF~ NOTE CONTAMI8 PFi0V1810N8 A1.LOWlI~Ki FOR C~HANt3E81N THE INTEHEST RATE ANO THE MONTHLY PlAYiNENT. THE !lOR41.MAIT8 THE AMOtlNT THE BORRdIAIER'8 - - INTERE8T RATE CAN CHANGE AT ANY ONE 7'MAE 11t~ ~ MAXIMIiM RATE THE BOR- • RO~MY~R IIAIJ8T PlAY. ADDlTIONAL COVENANTS. In addition to the oovenanta aed agreements msde in the Socurity inatrument, Borrower and Lender [urther oovena~t and agree aa follows: A. IN!'EREST RATE AND M4NTHLY PAYMENT CHANCE.S ~ Th~ Note providea for an initi~l intereat rate of 9•~~96. '1'he Note providea [or changa in the interest rate and the mcntbiY PaYmonu. as faltowa: 4. IM'ER~S'~.' RA1E AND MONtHI.Y PAYMENT CHANGES ~ , (A)~ a~ ~ _ The inte~est rate i wiU pay may cbange an the fint day of ~gugg,,R , 19 88 and on tbat day ~very 12tb month thereafter. Each date on which my interest rate oouk! change is callod a"Change Date." _ (B) 'I'ie iriex . ~ . 8aginning with the flrst C6ange Date. my inte~est rate will be basod on an Index. The "Index° is tbe wakly avcrage yietd on United Stetea Tn~asury ~ocuritiea adjuated w s oon:tant maturity of 1 yea~, as made avaitabk by the Foderal Reserve Board. The moat roant Index figure available as of the date 45 days bet'ore each Change Date is called the "Cunent Indea~ " If the Index is no longer avail~ble. the Note Holder will choose a new index which is bs~d upem oompsnble - information. 'fhe Notc Holder vriil give me notia of thi: c6oia. (C) Glcrb~tio~ oi CiMt~a . Before cach Change Date, the Note Hotder wili catculate my new intereat rate by adding ~~ID 230/1000 - pereentage points ( 3 2~ 96) to the Current lndex. The Note Holder wili then round the reault of thu addition io the nearat one-eightb o~ene percxnage point (O.i 2S`bj. Subject to tbe limits atated in Soction 4(D) below, th~ roundod amount will be my new interat rate until the next Change Date. . The Note Hoider vrili then determine fl~e amount of the monthly payment that would be suflicient to repay the unpaid princip~l that I am expectod to owe at the Changa Date in full on the maturity date at my nea? interat nete in ~ aubatantially equal p~ymenta. The resuit of this caiculation will be the new amount.of my monthly payment. t . - [ (D) Uwib os i~terat Rate C1au~a ~ 1'~a ipt O t rate I am roquirod to psy st the fint Change Datc will not be greater than~ 11 %or laa than QO 96. Thereafter, my intereet rate will never be increasod or decre~sod on any ainglc Change Date by more thsn two percentsgt points (2.096) from the rate of interat I hav~ ban paying for the precoding tweive months. My interat rate will never be greater than 14.000 g~,, - (E) E~ectire D~te of Ciia~a - . My ~ew int~re,st nte wilt bcoome afToctive on cach Ct~ange Dste. 1 will pay the amount of my new monthly payment beginning on the fint monthly payment date atter the Change Date until the amount of my monthly payment changex again. (F) Notioe ~ C~a The Note Hotder will deliver or mail to me a notia of any changea in my interest rata and the amount of my mont~ily payment before the effective date of any chsnge. The notice wiil include information r~quirod by law to be given me and alao tha titie and telephone number of a per:on wbo wili answer any question 1 msy have rcgarding the notice. B. TRANSFBR OF THE PROPERTY OR A BENEFiCIAL iM'EREST !N BORROWER Uniform Cavenant 17 of the Security lnstrument i: amended to read aa followa: . Traader ot tre Pro~trtr or a BaroAcbi iNa~ ~~orrower. !f all ~ any part of the Propeny or any intere~t in it ia sold or transferrod;(or if a bene8cial intereat in ~orrrrow~r is soid or trar~ferred snd Bonower is not a natural pecson) withait Lender.': prior written conaent, Lender may, at its aption, roquire immodiste payment in full of alf suma secured by this Savrity ir~strument. How~ver, ~his optios~ ahail not be exercisod by Lendu if eaetcise ia prohibitod by tederai ~aw ~ as of the date of this Security Instrument. Lendet alao ahsll not eacrcise thia option if: (a) Borcower causes to be aubmitted to l.~nder information roquired ~y Lender to cvatuate the intended tranaferee as if a new laan were being made to the trarufera; and (b)~ [,ender reasonably determines that Lender's sxurity will not .be imp~ired by the loan aasumption aad that the risk of s.breach of sny oavenaet or agreermnt in this saurity Inatrurrtent i: aaxptable to Lender. - To the extent permitted by applicable taw. Lendcr may charge a reasonaWe fa aa ~~ondition to Lender's oo~ent to t6e lo~n auumption. Lender may at~ require the tranifa~ee to :ign an assumption agrament that ia.aeoeptabie to Lender and that obligatea the transfera to kap all the promisa and sgramenu made in the 1Vote and in this Security Ir~trument. Borrower will continue to be obligata! unda the 1~ote ~?nd this Sa;urity l~trumcnt anlc~s i.tnder rel~ ~otrower in writing. 600i( ~ P~l~ . a~nar~?~ ~aiuar~u~~~~3~ ~z~-s~,~e Famy-f.~. 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