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Home My WebLink About0939 ADJUSTABLE RATE RIDER (1 Yar Index - Periodic and l~fe Interest Rate Cops) T}!IS ADJUSTADLE FtA'('E RIDER is mada thic 9TH day of DECI•:rB ER , 19 87 , and is iatorpor+ted iato and shall be detmed to amead aad supplement 1he MoAgage, Der4 of Ttuu ot Security Deed (the "Secunty Instrument") of the same date given ~y the uodersigned (the "Dortuwer~ tn ~ecure Barower's Adjustable Rate Note (ihe "Nae") to GDV FINANCIAL CORPORATION, A FLORIDA C~ORPORATION (the "Lender') of the ume date and coveri~g the propeny dexribed in the Security Inswment and located at: 1648 S. E. GREEN ACRES CR EE-101, PORT ST. LUCIE, FL 34952 . (PropeRy Addross) THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN T~IE INTEREST RATE AND THE MONTHLX PAYMENT. Addlllonal Covenants. In additioa to the coveoants and agttemeots made in the Security 1nsUUment, ~ortowu and Lender funher covcnant aad agroe as foilows: A. INTEREST RATE AND MONTNLY PAYMENT CHANCES. 7Yro IVote providcs for an Initiat Interost Rate of 10 . 2 rJ 96. '11u Note providea for changes in the intettst nte and the monthly paymenu, as fotlows: 4. 1NTERFS"T RATE AhD MO\THLY PAYME~IT CHANGES; BORRONER'S RIGHT TO LIMIT PAYMEAT (A) Change Dates 'Ihe inteeest rate 1 will pay may c}unge on the first day of J14P~U AR Y , 19$ 9, and on that day every 12th month thereatter. Each date on w~hich my interest rale could change is called a"Cliange Date". (B}The Inde: Beginning with the firs? Clunge Date, my intercst nte witl be based on an Index. 'tho "Iedex" is the weekly avenge yield on United Sutes Treasury securities ~djusted to a coesunt maturity oE 1 yar, as made available by the Fedenl Reserve Board. 'It~e most recent Index figure available as of the date 45 days beforo each C~ange Date is called the "Qirrent Index". If the lndex is no Innger availabie, the Note Holder wi11 choou a new index which is based upcm comparable intormation. 'Ihe Nae liolder wtill give me notice of this choice. (C~ Calculation otChsnges ~ Be(ore ach Change Date, the Note Holder will calculue my new imerext nte by adding 3. 2 5 pereentage points ( 3• 2 5 to ihe Current Index. The Nate Holder will then tound the result of this addition to the narest one-eighth of one percentage point (0.12596). 'itiis rounded amount wiU be my new interest rate until the cext Chaege Date. F{owever, my i~erest nte shall never be increased or dccreased oe any single changed date by more than 2, 0~ percentage points (2 • 0 0 96) from the nte of intereat 1 h.d been paying immediately prior to the change date, ar.d my rate d interest shall nover incrcase or decrease by more than ~J . 0 0 percentage points 0 H 56) f[om the Initial Interest Rate over the term of the i Note. ~ 'llie Note Holder will thea detertnioe the:mouat of the monthly payment that would De sufficient to repay the unpaid principal ihat 1 am ezpocted to owe at the Change Date in full on the maturity dale at my new interest rate in subsuntially equal payments. 'ltie rcsult of this calculation will be the new amount of my monthly payment. B. TRANSFER OF TNE PROPERTY OR A BENEFICIAL INTEREST IN BORRO~VER. ~ Uniform Co~•enant l7 of the Security Inswmeat is amended to rcad as follows: i Transier of the Property or a BeneAdal Interest In Borrower. U all or any part of the Property or any interest in it is so'd or transferred (or if a beneficial intereat in Borraver is sold or tnnsfemd and Bortower is not a natunl person) without Lende~s prior written consent, Leoder rtuy, as its option, rcquire immediate paYmene in tull of all sums secured by this Searity Insuument. Hrn+•ever, this option shall not be exercised'oy (.ender it' exercise is prohibited by fodenl law as of the date of this Security 1nsUumen~ Lender also shall not ezerciu this option if: (a) Borrower uuses to be submitted to Lender infatmation requireA by Lender to evaluue the intended tnnsferee as if a new Iwn were being made to the tnnsferee; and (b) Lender reasoeably daerminea 1hu I.endera socurity will not be impaired by the loan asv.unption and that the risk of a brcach of any covenant or agament in thia Security ]nstrumeot is xceptable to Lender. To the extent permiued by applicable law, Lender may charge a reasowble fee as a coadition to Leoder : consent to the laan assumption. l.eader may also rcquire the tnnsferce to aign an assumption agreement thal is acceptable to Lender anJ that obligates the tnnsferee to kcep all Ihe promises ~d agretmenta made in the NcYe and in this Security Inswmeo~ Bortower will continue to he obligated under the Note and lhis Security laswment unleas Lender rclwses Bortower in writing. If Lender exercises the option to require imtrxdiate payment in full, Lender shall give Borrower notice of accelention. "Ihe notice shall provide a period c,f not less than 30 days from the date the notice is delir•ered or mailed within which the $orrower must pay all sums stcured by this Security Instturtxnt. If Bortrnver fails to pay these sums prior to 1he expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demaod on Bornn~'er. BY S1GNItiG BELOW. Borcower accepts and agrets to the tertns and covenants contained io this Adjusuble Rate Rider. Witness ~he hand(s) and sea!(a) of the undersigned j//^ f ~ \ (Seal) ~ >r-s' =:-f lC ~ =2 + (Seal) -B«rower EL I Z AB ETH A. WATRAL -Borrower ~ i~ ~ ~ ,Z~ ~ , ~....r ~s~~p .Z~ cs~i~ . S / -9orrower PATR I CI A L. BOGG S ~ -Borro~+~er ' JSign Origina( OnlYl ~1ULTISTATE ADJUSTABLE RATE RIDF.R - 1 Year Treasury Inde: - Single Family - FN!4tA/FHLLiC IJnlfortn Instrument 15402-67 6r84 PR gooK 571 ~~~E 938 _ _ _ _ : . _ ~