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Home My WebLink About0985 / f ~ ' F • ~ , ~ ' i ! AD.TUS`~'ABLE RATE I~IDEIt = 50-2329244'l (INTE$E3T RATE I.IMIT3) THIS AAIUSTABLE RATE R[DER is made this 25T~ day of ~1~a~R 1987 and is incorporated lnto and shaU be deemed to amend and supplement the Mortgage~ Deed of 7lrust, or 5ecurity Deed~ (the' `Security Instrument') of the same date giv~en by the underslgned (the "Borrorwer") to seCure 8otcower~s Ac~uatable Rate Note (the `Note") W NARBOR FEDERAL SAVINGS AND LOAN ASSOCfATION (the "Lender") of the same date and covering the pmperty de~cribed in the Security I~strument and tocatcd at: 1CING8'1~ON- STRB$T PORT ST LUCIB, FL. 349$3 (Property Address) ~ Th~.•Nota contains provistons aliowlnq tor chan9es tn ths l~~rost rat~. H the •i~tirost nt~ Oncroases, th~ 8orrovwr's monthlY p~ynNnts vWli b~ hl~h~r. !f the intenst rat~ d~croaas~ the 6orrorwr's monthiy p~ymtnts wlil be lowtr. ~ ADDITIONAI. COVENANTS. In addition to the cov~enant and agreements made in the Security _ Instrument~ 8orrowec and I~nder further covenant and agree as foQowa: A. INTEBE~i' RATS AND MON1~iLY PAY~NT CHAN(iEB The Note provides for an initisl lnterest rate of 8.000= Section 4 of the Note provides for changes in the inter~s~t rate and the monthly payments, as foUows: 4. INTEREST RATE AND MON'I'~iLY PAYMENf CHANGES (A) (fiange Dat~s ' 'l~e interest rate I wW pay may change on the flrat d~yof D$~~~ ,19 88 ~ and on that day of the month every months thereatjtter. Each date on which my Interest rate coWd change is called a "(:hange Date'. ~ . (H) ~e Index Heginning wlth the tirst Change Date, my interes~ rate wiU be based on an "Index'.'lt~e Index Is the weekly average yleld on United States TreasuYy securities a~usted W a constant maturity of ~ oNg years~ as made available by the Federal Rgsen~e Hoard. ~e most recent Index tlgur~e available a~ of 46 days before each Change Date is caUed the "Current Indez'. ~ _ If the Index is no longer available~ the NoLe Holder wlil choo~e a new Index whkh is based upon comparable ~ information. The Note Holder wW giv~e me notice of tts choke. : (C) Ca~cal~io~ ot l'~tu~es Before ea~ch Ct~ange Date, the Note Holder wW cakulate my new interest rate by adding R'wo ~,t~D 75/100 : percentage points ( 7.75 to the Current Index. 'fie Note Holder wW then round the result of this addition to the nearest one-eighth of one percentage point (0.1269K). Subject to the llmits stated in Section 4(D) below~ this rounded ~mount will be my new interest rate until the next Ct~ange Dste. ~e Note Hol@erwill then deterniine the amount of the montlypaymentthatwould be sut~Mtentto repay the ~ ~ unpald prlncipal that I am expected w owe at the C~ange Date ln full on the maturlty date at my new interest ' rate in substantfally equal payments.'!!?e result ot this cakulation plus any required monthly e~crow for taxes ~ and insurance will be the new amount of my monthly paymen~. ` (D) Lis~tts on Inter~st Bst~e C'~aoSes 'Il~e rate ot interest I am required to payat?all nev@r be increased or decreased on any stngle Change Dm?te by ma~ ~p percentage points ( 2.00 from the rate of Interest I h~ve ~ been paytng for the preceeding TwBLVS months. IV~j? interest rate also ahall nev~er incrrase more _ than SiX - perrentage potnts ( 6.00 from the linterest rate . established in Paragraph A of this insLrument. My fnterest rate shall never decrease below the interst rate estab- ifshed in Paragraph A of this Instrument. (E) ffiecsdv~e Datc o[ ~an~ea - - ~ My new interest rate wIll become effectiv~e on each Change Date. I will pay the amount of n:y new monthly payment beglnning on the tirst month~jr payment date after the Change Date until the amovnt of my monthty payment changes ag~in. (F) Nudce a[ C~aaSe~ 71~e Note Holder will mait or deliv~er to me a notke before e~ch (~ange Date.'Ilie notice wW advlse me o! (i) the new interest rate on my loan as of the Gfiange Date: (ii) the amount of my monthly payment folloyving the Cha~e Date; ~ (W) M3+ additlonal ~tt~rs whkh the Note Holder ls requtred to dlscloe~ and ~ (iv) the titk and telephone number of a pere~n who wilt aasvPer atiy qua~iion I may heve regsrding the ~ n~ic~. IN WI'i'[~P.SB R~~EOY+,Borro~w~er lys exectited t~is ADJUSTAHLS 1t~TE Qlder. ` . 86iZ"~53 (Se~) , - PR~ B~W d°"°"'r 1 ~55 :~`._J ) ~ ~a~ ~ ~ ~ ~e~, $ R8~ $ Ila ~ - , .rSl.i. ~ 'i"pRUGi.,~;.: , 0 R ~ PIIGE ~O~ ~ $T. l-~ e/RT d00K ~t)~ LN ~~AMta+~NC .is"s .4.:._ " T__.`- .M14i~= '`'1( - u . . . . "__"'._~_.~-_~T- . . . _ ~ T~:'' :t/ ~ .'r'L . ' ~"L" _ u . - - .