HomeMy WebLinkAbout0984 ~ ADJUS'TAB1.E RATE RIDFR
~Coet of Funds Rate Capa?
TIIIS .^I)JU~"TA13L1? RA'I~F. Ftl(N?R i. madc this7th........ da~• uf ...December 19~~........ ~ind i,
inrurEx~r.itcd into and shali br dccmrd tu :im~nd and supplcmcm th~ Murt~a~!c. I)ccd uf T~u:t or ti~curit}~ Dcrd (thc g
..Sccuriti• Instrument" i ~?f thc ,aqi ~ da(e ~ivcn by the undc~si ~n~d ~ihc "l;urro>~er" 1 ~u ,~cu~c t3:~rr~~~i•cr's :1djustabl~ ~
Fi~elity Federal Savi~qs ank of ~'ioriua
R;tt~ Nut~ ( thr "Ncitc~~ ) tu
~ Ihr "Lcndcr" ) u( thc s;imc d:ttc and cu~~cring thc pru~urt~~ dc:rribcd in
thr Srcurit~ Instrument and I~xat~d at:
ADDIE STR~~T,~PORT ST. LOCTE, FL 33952
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~lRu{t•rt~ :1+ldrr..~
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES tN THE tNTEREST RATE
AND THE MONTHLY PAYMENT. TNE NOTE L{MITS THE AMOUNT THE 80RROWER'S
INTEREST RATE C~1N CHANGE AT ANY ONE Tt~9E AEJD 7HE MAXIMUM RATE THE BOR-
ROWER MUST PAY. ~
At~ur~ ui~:~i. rti. In ;~dditiun tu thr cuvcn:int. and agrecmcnt, m;~dc in thc ~~ruritv lmtrumcnt. Burru~vcr
and Lcndcr furthcr ro~~rnant and agrrc a. f~illo~c,:
A. Ih7'ERFST RATE :~tiU ~tONTlll.l' PAl'\1EN'1~ ('H.~\GF:~
Thc !'Vutc pro~~idcs fur :~n initi.~l intcrc~t rate uf8...25..........';; . Thr \~nr pruvidcs for changc~ in thc intcrest r,ttc and thc
monthl~ paymcnts, ax I~ullu~~•:
4. INTERES"1' RA'I'F: .~NI) ~tON'1'lll.l' P:11'\1F:1'f ('{Ir~NGE~:
1 A 1 ChanRe Dates '
The interest rate I will pay may change on the first day of ~anttary , ~g89 , and on that day
every .~z........ month thereafter. Each date on which my interest rate coutd change is called a"Change Date." <
1 B 1 Thc Index
Beginning with the ~rst Change Date, my interest rate will be based on an Index. The~~Index" is the Monthly Weighted
Average Cost of Funds FSLIC-Insured Institutions•Fourth FHLB District as made avai(able by the Federal Home Loan Bank
uf Atlanta. The most recent Index figure a~ailable as of the date 45 days before each Change Date is called the "Current
Index."
If thc Indcx is nu lungrr a~ailablr, th~ Nutc iiuldcr w~ill ~hc?u:r s nc~+ indcx ~,•hich is bascd u~~n cumparablc _
informatian. Thc tiote Ilold~r ~~ill gi~'c n~c nutirc c~f this rh~~irc.
! C 1 ('alculation of ('hanRes
. .
Befure ~ach Changc Datr, thr Nutc liutdcr ~.ill r.tlrulate mp ne~~ interest rate b} addingTWO:AND THREE
QUARTERS..___.._.... ~~rccntagc Fx?ints z~.T.S....... to thr Currcnt Indcx. Thc Nut~ Huldcr ~~•ill thcn round thc
result of this :tdditiun to the ne.~rest unc-righth uf eme ~ rcem.~gc puint (0.1 ?5'"% Subject to the limits stat~~d in Section
d( D) bttlu~~, this roundrd amount ~+~ill Ix m} nc~~ intcrest ratc until thc next Changc Daic.
The Note HuWer will then drterminr thc amuunt of the monthl~~ payment that µuuld be suflicient to repay the
unpaid princip:~l that I am cx~xclcd tu u~~r ;it thr ~~hangr D:itc in ful) nn thc maturity date at my ncµ intcrest ratc in .
substantiall}~ cyual pa}mcnt~. ~fhc rcwlt ul thi~ r:ilculation ~~ill bc thc ne~c amuunt of m~ munthl~ pa}mcnt. ~
1 D 1[.irt~its on Interest Ratc ('han~es
Thc intcrtst ratc I,~m rcyuired tu pa~ at thc tirst Change Datc a~ill nut bc grcatcr than Z~ - 25 ur Ics, than ;
j ......6.. 25......-----.~; _ Thercafter, m~ interest rate ill nr~~er be incrca,ed ur dccreascd on an}~ single Chcinge Date by~ n~ore ;
; than tv?o pcrcentagc Fwints (2.0'~: ) from thr ratr ot intcrrst i ha~~~ lx:cn pa}~ing fur thc precedin~ t.~eh•e months. M~~
interest ratc will nc~~cr bc greatcr t6ani.4,. 25_..........'.:. ~
j 1 F=) Eflecti~e Uate of ChanRes
My ncv?~ intcrc.t ratc ~~ill bccomc s:flecti~~c un cach ~'hangc Dxtc. 1 will p.i}~ thc anwun! of m~~ nc++~ monthly ~,ayment
~ bcginning on the tirst monthh~ payment datc after the Change Date unti! the amount o~ mv munthly pa~~men! changes
again.
1 F 1 Notice ot ('hanRes
Thc Nolc liotdcr ~vili dclivcr or m;~il to mc a noticr ~f an}~ changcs in m}• interest ratc and thc amount of mp monthl~
payment before the e(Tective date uf any changr. The notice w~ill includc information rcyuired by law• to be given me and
also the title and tclephonc numbcr of a~x:non w~ho N•ill ans~vcr any yucstion I ma~~ havc regarding thc notice.
B. TRAtiSFER OF THl~: PROPFR7'Y OR A RENEFIC(Al. INTERFST IN BORROVVER
Uniform Covinant 17 of thc Sccurit~ lnstrumcnt is amendcd to read as follows: . ,
Transfer of the Property or a 8eneficial (nterest in Borrower. If ~It or any part o( thc Prop~rty or any interest in it is
sold or transferred (or if a bc:neticial interest in Borrower is sold or transferred and Borrower is not a natural person}
without Lender's prior written consent, l.endcr may, at its option, require immediate payment in full of all sums secured
~ by this Security Instrument. Ifoa•ever, this option shall not be exercised by I.ender if exercise is prohibited by tederal law
p as of the ciate of this Securuy Instrumcnt. Lender also shall not exercise this option i(: (a) Borrower causes to be
submitted to l_endcr information reyuired by [_cnder to cvaluate thc intendcd transferce as if a new loan were being made
~ to the transferee: and (b) [_ender reasonably determines ttiat !_ender's sccurity will not bc impaircd by the loan
assomption and that the risk af a brrach of any covcnant or agreement in this Security Instrument is acceptable to
Lendcr.
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'L92-U949:S/DCR BOOK V~1 PAGE 983
MULTISTATE ADJUSTABLE RATE R~DER-ARM 5-2--S~ngle Fam~ly-Fannia MaeiFreddk Mac Unilorm Instrument Form 3111 3~85
~494 11/86
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