The URL can be used to link to this page

Home My WebLink About0932 . , At~lUSTABLE RATE RIDER vt~-21744 i''' r rr.r 1~..«m? ~d~C - pa. c~w~ f _ l,oan Na 0 61112 3 T~iIS ADJUSTABLE RATE RIDER is made this 31ST day a D~C$M88R, 1987 , and is ~ incorporated inb and sha~ t~e deemed to amerxl, supple~nent the Mor~age~ Oeed d Ttust or SeC~xily Qeed (the "SeCUtiy Instrument~ d the same date gnien by the undersigned (the 'Bor~ow~er~ tu secure 6or~ower~ Adjt~staWe Rate Nde (the `Note~ to Fb~ida Federa~ ~ Savings and Loan Associstion (the 'lsnder~ ot the same date and cwering the property described in the Secur'dy Instrument and bcated at: 471I MYRTLE DR FT PI$RCE, FL 33450 . ' (Property Address) THE NOrfE CONTAINS PRO~VI8lON811LLA'WINGi FOR q1AN0E81N THE INTEREST RATE ANO THE MONTHIY AIIYA~N1: TNE NOTE LIMiT'8 THE AMOUNT THE 80RROWER'8 INYEREST RATE CAN CHANQE AT ANY ONE TIME AND THE ~AAXIMUM RATE THE 80RROWER MUST PAY.. ADdT10NAL CaVENANT'S. In addi6on to the ca~enanls and agreet?~enfs made in the Security insirument, Borrawer and Lender furthe~ covenant and agree as tdlo+HS: A. INTEREST RATE ANO ~lONTHLY PAYMENT CHANGE8. The Note pravicles for an initial interest rate d 7. 6 2 5 9~6• The Note provides for changes in the interest rate and the monthy ~ payments, as idlows: 4. INTEREST RATE AND MONTHLY PAYIIAENT CHANGE8 ~ ~ (A) Cha+~e Dates The interest rale 1 will pay may change on the tirst day ot FEBRUARY ~ 1989 , and on that day every 12th month thereafter. Each date on which my interest rate could change is caNed a"Change Date.' (8) The Index Beginning with tt~e first Change Date, my interest ra,e wiN be based on an Index. The 'Index" is the weekly average yield on Uniteci States Treasury securit~s adjusted to a oonstani maturity of ?~ear, as rr~ade available by the Federal ReSenre Board. The most recertt Index figure available as o( the date 45 days before each Change Date is called the "Current Index" If the Index is no bnger available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will g'nre me notice pt this choice. (C) Calculatlon of Chaanyes ; Betore each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND 7 5/ 10 0 P~~~9e Pa~is ( 2,'j 5 p 96) to the Current Indeic. The Note Hdder wiu then round the resutt of th~s addition to the nearest one-eighth of orte perCentage point (U1159b). Subjec! to the Gmits stated in Section 4(D) below, this rounded arnount will be my new interest rate un61 the next Change Date. The Note Holder wifl then determine the amount d the monthly payment that would be sufticient to repay the unpaid principal that ! am expected to owe at the Change Date in full on the maturiry date at my new interest rate in substantially equal payments. The result o( this ca~ulation will be the new amount of my monthly payment. (D) Limfts on Interest Rats Chan~es The interest rate 1 am required to pay at the first Change Date wili not be greater than 9.625 than 5. 6 2 5 ~i6. Thereafter my interest ~ate will never be increased or decreased on arry single Change Date by more than two percentage pant(s) (2.09'u) (rom lhe rate ot interest I have been paying for the preoeding twel~e months. My interest rats will never be great~ than 13 . 6 2 5~• Effecttve Date of Char~ges My new interest rate witl become effectiv~ on each Change Date, I will pay the amount d my new monthty payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F~ Notlce of ChanQes The Note Holder will deliv~t or mai! to me a notice of any changes in my interest rate and the amount of rty monthly payment . betore the eftective date ot any change. The notice wiA include information required by law to be given me and also the title and telephone number of a person who will answ~ any question I may hav~e regarding the notice. B. TRANSFEii OF THE PROPERTY OR Il BENEFIqAL INTERE$T !N 80RAOWER ~ , Uniiorm Covenant 17 of the Security Instrument is amended tu read as (otlaws: Tra~ster of ths Propetty or a BensfiCla! Intersst In Bornowet. If all or any part of the Property or any interest in it is sold . or transferred (or ii a beneficial interest in Borro~w~et' is sdd or transferred and Borrou~er is not a natural person) without l~ertder§ prior written consent, tsnder may, a! its option, require irrur~ediata paymen! in full of a11 sums s~cx~red by this $ecurity InsVument. Hov?~ever, this option shall not be e~cercised by Lencier ii exercise is prohibited by federal law as d the date d this Security Instrument. _ lender also shatl not exerci~e this op6on ii: (a) Borrower causes to be submitted to Lsnder intormation requifed by Lender to evatuate ; the intended transteree as if a new loan were being made to the trar~sferee; and (C) Lender reasonab~y deaermines that Lender§ security will not be impaired by ihe loan assumption and that the risk af a breach d arry ca+~enant or agreernent in th~ Security lnstrument is acceptable to Lgnder To the extent permitted by applicabte law, Lender may charge a reasonable fes as a oondition to Lender~ conser~t to the loan assumption.L,ender may atso require the transteree to sign an assumption agreerrient that is aoceptable ta Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Instrument. Borro~wer will continue to be obligated under the Note and this Security Instrument unless l,ender releases 6orrow~er in writing. ' If Lender exercise.s the option to require imrtiediate payment in fuH, L~ende~ shall give Borrow~er notice of accgleratian. The natioe ~ shaN pravide a period oi not tess tfian, 30 days from the date the notice is tielivered or mailed v+%+tt~n wl~ich Borrow~er must pay ~ a!1 sums secured by this Security Instrument_ If Borrow~er fails to pay tt~ese sums prior to tt?e expi~aGon d this period, Lerxier may irnroke arry remedies perrrutted by this Security Instrument without furthet notioe or ciemand on Borrawer. ~ BY SIGNING BELO'W, 8orrower accepts and agrees to the terms and coMenanis contained in this Adjustable Rate Rider. i ' ~ta 311L~ ~ ~~---c°--~'~' (SEAL) ~ ' 86666,`Z DARRE L EVANS -Borrawer e? (SEA~) , ~ ~ ~j ;1Q SANDRA L. BAER •Borrower - f~«~ ~,ra . - .ea ~L~ ~UGIAS ~~~.:u~pEU LUCIE COUNjY FLK ~ (SEAL) ~ $ -Borrower ~ ~ ~ MULTISTATE ADJU$TABLE MTE RIDER-a1RM 5-2-3'~ngle Family-FannN MeNF~ddl~ MaC UNlomt IratrutrMnt Form 3111 3/85 ~ ~ go~K 5~0 ~ 93~ _ _ _ _ _ ;