The URL can be used to link to this page

Home My WebLink About0996 87-11-OV94 ia+i ~ ~ , . . , . ' ADJt7~1'ABLE RAT~ RIDER . IAAN! 221~i2838 (1 Year Tre~srry lMlex---R~tc Cxps1 ~ TNlS ADJUSTABLE RATE RIDER is made this 24th day ot Noveabe~e . 1987 .$~d is _ inco~porated into and shall be deemed to amend and supplemcnt the Moitgage, Deed of Trust or Security D~eed (ihe . _ ~ "Security Instrumenc"~ oi' the same date given by the undenigned (thc "Bo~rowtr") to secure 8o~rower's Adjuatabla ~ Rate Notc (the "Note") to girat Citi~eas ~ec~~ra~ ~~v#r~ge b Laan A~soei~atioa :4 (t e ea er o t aama d~te ao cover~ng the proper~y described in - the Security Instrument and located at: ~ _ - 1074 SW AeWan Avenue, P4~~iSA~~L~~cie, Florida 33453 = t . THE NOTE COPITAINS PRaVt8i0N811RLOWING FOR CHAN~iE81P1 THE MlTEliE8T RATE IUV~ Ti1E MONT~K.Y PJAYMENT. THE NOTE ~8 7't~ AMQUNT~THE 80RROYIIER'S ' - ~ INTEi~BT RA'T~ CAN CMAN4~ !1T ANY OI~ Tp~E ANO THE MAXlM~NIA RATE THE 80R- RO'WER MU8T PAY. . ADDITIONAL COV~NAM'S. In addition to the covenants a~d agraments made in the Socurity Ir~strument, Borrower and Lender funher oovenant and agra as follows: - . A. [TVTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initiai interest rate ot SD 96. The Note provides for changes in the interest rate and thc - monthiy payments. as follows: 4. INTEREST RATE AND M4NTHLY PAYMENT CkANGES ~ ( A ) Claia~e Drta . The inte~est rato I will pay may change on tha fi~st day of Dece~ber . 1968 , and on that d~y cvery 12th month thereafter. Each date on which m~r interest rate could change is callod a"Change Date." ~ ( B ) T~e ~~dex ~ ~ . Beginning with the ficst Change Date, my interest rate will be based on an Index. The "Index" is the wakly average yield on Unitod Statea Treasury aocurities adju:tod to s constant maturity of 1 year. as made available by tfie Foderai Reserve Bo~ard. The mast recent lndex figure avai~able as of the date 4S days before cach Change Date is calfed the "Currcnt Indea." ~f the Index ia no longer available. the Note Holder will cfioos+e a new index which is bas~d upon aomparable • information. The Note Hoider will give me natia of this choicc. (C) Caic~aNo~ of C~es - Before ~ach Chaoge Date. the Note Holdar will calcuiste my ncw interest rate by adding ~o and three quarters perantage.points ( 2.750 9b) to the Current tndex. The Note Holder wil! then round the resuit of this addition to the nearest one-eighth of one pcrcentage point (0.123~6). Subjcet to the limits stated in Scction _ 4(D) below. this rounded amount witt be my new interest rate nntii the next Change Date. ~ The Note Holder witl then determiee the amount of the monthly puyment that would be sufficient to repay the unpaid Principal that [ am expated to owe at the Change Date in fuli on the maturity date at•my new interest rate in substantiaUy oquat payments. The result of this calculation wiq be the new amount of my manthly payment. ~ i ~ - - (D) Ls~its a~ lsterat Rate Claa=a . The interest rate I am required to pay at the fint Change Date will not be greater than- g•~S~ %or Iru than ~ 5.750 96. Thereafter, my interest ~ate will never be increased or dacreasod on any ~ingle Change ~ate by more than ~wo percxntage points (2.U96) from the rate of interest l have ban paying for the preceding twelv~ months. My interest rate will never be grcater than 13..750 ( E) ERecttrt Dtte o! C'laue~a . My new intereat rats will baM:ome efTective on each Change Date. l wili pay the amount of my new monthty paymtnt l~eginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes a~~ ( F) NoHee o+t Ciaases Th~ Note Notder will deliver or maii to me a notice of aay changes in my interest rate and the amount of my momhly payment betor~ the ef~ective date of any change. The rtotive wil~i include informatian roquir~ by law to be given me and atso the title and tetephone number of a penon whu wiU answar any question 1 may have regarding the notice. - B. TRANSFER OF THE PR~PERTY OR A BLNEFICtAL trft'EREST IN BORROWER Uniform Covenant 17 of the Securiey in~trument is amended to rend as follows: Tra~efer ot tbe Proptrty or s BeMeAclsl Ietenst ie Horra~vst. !f ali or any pan of thc Property or any intertst in it is sold or trana[~rrod (or if a bentficial interest in Borrower is sold or transkrred and Borrower is not a nalur~l persoR) without Lertder's prior written conaent, Lender may. at its option. require immcdiate payment in full oi all sums securod , by this Socurity Instrument. However. this option shafl not be exercised by Lender if exercise is prohibited by fod~ra! law as of tht date of this SocnrFty Inatrument. Lendet atso sh~ll not exercise this option if: (a) 8orrower cauus to be submittod to i.ertderinformation roquired by Lender ta evaiuat~ the intended transPerce ss if a new loan were being made to the transfera; and (b) Lender reasonably determines that Lender's security will n9t be impaired by the taan assumption and that the riak ot a breach of any crnenant or agrament in i6ia Sccurity Instrument ia aaxptable to Lender. To the oxtent peemitted by applicable iaw. Lender may charge a reasonabk fa as a condition to Lsnder's conscnt to , the loan assumption. Lender may also require tht transfeta to sign an auumption agrament that i~ acceptable to Lcnder and that obligatcs the tranaferee to kap al) the pramises aad agraments made i~ ths Note and in ~hia Security . Instrumtnt. Borrower will continue to be obligated under the Note and this Stcutity Instrument unless Lender rettases Borrower in writing. ~OOK ~ACE ~t'~~ ~ MUlTt8TATE AOJUSTABLE MTE ~tt--At~i 5~Z-S+ngie Fan'wY-Fa~r~N M4t ~ I~t~ MiC tlMfwnl M~u~eM I~on~ 3111 ~~~S ~-~MA~e~a~? vMV~oero~c~roaKS • ni~»~e~oo • ieooisttatt~ tM - - - _ . .~~F r. . . - _ . . : . . - ~s~.::_: . K~'.> ~ . ! ~ .