HomeMy WebLinkAbout0918 ADJUSTABLE RAT~ RIDEa
T?i~S ADJUSTAE3LE RATE RIDER is made this.l5 ~i~ . d~y o~ . , , , , , _~~,nuary . . . . . . . . . . . . . . ~ g .88. . . , and
~s ~ncorporated ~nto and shall bP deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed
~the "5ecurity Instrument") oi the same date given by the undersigned (the "8o~rower') to secure 6orrowers
Ad~ustable Rate Note (the "Note") to First Communlty S6rvice Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "lender") ol the ~arn~ ~at~ and covering the properiy I
descnb8d in Ihe Security Instrument and located at:
. . . . . . 337 SE Atlas.Terrac.e~ .POrL. St... .l,ucie._ F1ori.da .349~3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I
(Property Address~
THIS NOTE CONTAINS A PROVIStON ALLOWING FOR
CHAfdGES IN MY INTER~ST RATE. iF MY iNTEREST -
RATE INCREASES, MY MONTHLY PAYMENTS WiLL
H!!G~lFR.~ !F !u!Y INTEREST RATE DECREASES, MY
MONTHLY PAYMENTS WILI. LOWER.
Additional Covenants. In addition to the covenants and agreements made in the Security Instrument.
Borrower and Le~der further covenant and ayree as follows:
A. ~NTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note prov~cies tor an ~n~tial interest rate ot...? ~50. .....9b. The Note provides forchanges in the interest rate and
the monthiy payments. as toilows:
4. INTEREST R~TE AND MONTHLY PAYMENT CHANGES; BORROWER'S R1GHT T~
LIMIT PAYMENT
(A) Change Dates
?he :.^.te~Qst rate I will pay may chanQe on the tirst day of February
. . . . . . . . . . . . . . t 9 89 . . . , and on ~
that day every month thereafter. Each date on which my interest rate coufd change is call a"Chartge Oate.~
(B) The Index
8eginning with ihe first change date, my interest will be based on an index available with the Federal
Home L-oan Bank Board. The "Index" to be used is the:
V'Jeekly average yield of United States Treas~~ry Securities adjusted to a constant maturity of~year.
( x) National Monthly Median Cost of Funds (NACSTM) ,
The most recent index figure available at least 3b days C~t not more than 120 days is called the "Gurrent ~
Index". ~
If the Index is no longer ava~iable, the Note Holder will choose a new index vrhich is based upon comparable
~nfarmat~on. ~he Note Holder will give me notice of th~s choice •
(C) Catculation o( Changes
Befo~e e.:ci~ Change Date, the Note Holder w~li calculate my new ~merest rate by add~ng .t~vo :
and five eighths _percentagepo~nts(... 2.625 ~o)tothecurrentfndex Th~samountw~llbemy ~
nev~ ~nteres! rat~ unt~? the next Change Date
~
The Nole Holder w~ll then determine the amount of the monthly payment that would be su(1~c~ent to repay ~
tt~e unpa~d pr~nc~pal that I am expected to owe at the Change Oate in full on the maturity date at my new interest rate
~r~ ,ubstantiaily e~ual payments. The resu~t of thiscalcuiation iscatled the "FuN Payme~i." !t w~ll be the newamount
of ~ny monthly payrnent untess I.choose the amount permitted by Section 4(~ below.
1
(O) Eftective Date of Changes ~
I
My new ~nterest rate w~tl become eftective on each Change Date. 1 w~?t pay the amount ef my new monthly !
payment beg~rnny on the f~rst montt?ly payment date aiter the Change Date unhl the amount of my monthly I
payment chanqes agarr~ ~
(E) Notice oi Chsnges
T he Note Holder wil( detiver or mait to me a notice ot any changes in my inierest rate and the amount of my
monthty aayment belore the etiective date of anychange. The notice will include information required by law to be
yr~en me and also the title and telephone number of a person who will answer any quest~on I may have regarding
the notiCe
(F) Limils ot lnterest Rate Changes
Tt~E ~ntPrest rate as calculated herein, wil not be increased by more than _ 2.00 percentage pomts on
the I~rst Chanye Date, or more than _ 1.44__ psrce~tage points on any change date lhereafter. Decreases in
~nterest rates w~11 not exceed 1.D0___ Percentags points on any change date. In no event shall the inlsrest rate
on this loan a2 any point in t~me, be greater than __13 _25_ 96 pr less than 4.00_ qb.
aooK 572 ~,~r,~ '~18
~ - - -