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~ ~ ~ • ADJUSTA][~LE 1~A'T~ RIDER
' S"J-232936fl9
(INTEREST ~tATE LIMITS) :
~ TNI~ ADJU~TAE3LF: KA7'k: R1Dt:lt is made this 22HD day of DBCEFiBBR 198?
and is incorporated inta and shall be deemed to amend and supplement the Mortga~e, Iked of'IYust, or Security
Deed, (the "Security Instrum~nt") ot the same date qi~~en by the undersigned (the "I3or~orwer") to secure
Borrower's A~justal~le Ra~e Note (the "Nate") to fiARBOR H'FDBRAI. ~AVINGS ANn LUAN AS.SOCtATION (the
"l.ender") of the same date and co~~ering the property described in Hie Security Instrument and lc~cated at:
CALSNt~AR STREET & GILROY ROAD PORT ST ~~UCIfi, FL•. 33452
({'roperty Address) ~
t
The Nota contains provialons allowing ior changes in the intere:t rate. 14 the '
intere~t r~te InCreases, the Borrowe~'a monthiy paym~nts wi~! be higher. If the _
ir~terea4 rate decreases, the ~orr~wer's mo~t~rly paymenta wll! b~ lower.
ADDITIONAL COVENAN'I'S. In addition to tl~e covenant ar~d agreements made in the Security
Instrument, Borro~ver and L,ender further covenant and agree as follows:
A. INTEREST RATE AND MONTHLY FAYMENT CHANGES
1fie Note provides for an initia! interest rate of '7 . 750 ~ Section 4 of the Note provideslor ct~anges
in the interest rate and the monthl;~ payments, as follows
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dutes
The interest rate I will pay may change on the first dayof JAIIUARY ,~g 89 , and on that day
of the month every TivELVE months thereafter. Each date on which my interest ratp could change is called a
"Change Date". .
(B) T'he Index
Beginning with the first Change Date, my interest rate will he based on an "Index". 71~e Index is the weekiy
average yield on United States Treasury securities ac~justed to a constant maturity of o~E years, as made
available by the Federal Resen~e Board.'Ihe most recent Index figure availabie as of 45 days before each Change
Date is calted the "Current Index".
If the Index is no langer available, the Note Holder will choose a new I~~ciex which is based upon camparable
information. 'Ifie Note Holder will give me notice of its choice.
(C) CalcQladon of Changes _
Before each Change Date, the Note Holder will calculate my new interest rate by adding Two ~rtD 75/l00
percentage points ( 2.?5 to the Current [ndex. '!fie Note Holder will then ~ound the result of this
addition to the nearest one-eighth of one percentage point (0.125`~). Subject ta the limits stated in Section 4(D) <
- be?ow, this rounded amount will be my new interest rate until the next Change Date. 3
The Note Holder will then determine the amount of the montlypayment that would be suflicient to regay the
unpaid principal that I am expected to owe at the Change Date in fult on the maturity date at my new ir~terest -
rate in substantially equal payments.'llle result of this caiculati~n ptus any required monthlyeserow for taxes
and insurance wilI be the new amount of my monthly payment. F
(D) Ilmits on Lnterest Be~te G`hanges i
'Ihe rate of interest t am required to payshal! ne~,~er be increased or decreased on anysingle Change Date by
more than TWO perceniage points ( 2,00 from the rate of interest I have
been paying for the preceeding TwELVE ~ months. My interest rate also shall ne~~er incrcase more
than SrX percentage points ( 6.00 from the interest rate
established in F'aragraph A of this instrument. bty interest rate shall ne~~er decrease below the interst rate estab-
lished in Paragraph A of this instrument. ,
~ (E) £lrective Date ai Changes ~ -
• My new interest rate will become effeciive on each Change Date. I will pay the amount of my new monthly F
payment beginning or+ the first monthly payment date after the ~hange Date until the amount of my monthly
' payment changes again. -
{F) Notice af Chsnges
The Note Holder will mail or deliver to me a notice before each Change Date. The notice wil! advise me of:
(i) the new interest rate on my loan as of the Change Date:
(ii) the amount of my monthly payment following the C:~ange Date;
(iii) Any additional matters which the Note Iiolder is rec~uired to disc~ose; and
~ ~ :(iv~ the title and telephone number of a person who will answer ~.n
y quesiion I ma; hav~ regarding the
notlce.
IN Wi~'NESS WHEBEOF~,Borrower tus execute~ this ADJUSTABI.E ~ATE Bkler.
- (Sea l)
a~~s s YouNC
. PREPARED BY: HARBOR FBDII2AL SAVIN
_ ~~]52~,`ii P. 0. BOX 249 ~ ~ ~~l}
FOP.T PIER~E, PL 33454a~aBZg R YOtJtdG
'87 D~C 2$ A11 ~49 ~ - (s~l~ .
(S~jn ~?'i9+.tcnl Onl?/)
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