HomeMy WebLinkAbout0967 ADJUSTABLE ~RATE RIDER ,
THIS ADJUSTABLE RATE RIDER is made this.~9~11, day ot.... JANUARY . ~ , ~ 9..88.., and
is ~nco~porated into and shall be deemed to amend and supplement the Mongage, beed of Trust or Security Deed
(the '•Security lnstrument") of the same date given by the u~dersigned (the "Borrower') t~ Secu~e 84rrOw@rs
Adjustable Rate Note (the "Note") to First Comntunity Ssrvlce Corp. . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(the"Lender')ofthesamedateandcoveringthsproperty ~
described in the Secur~ty Instrument and located at:
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..........~16.SE.RdY. A~~~4~~.Port. St,,Lucie, 34983.................................................. .i
~Property AdOres~ ~
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THIS Nt3TE CONI'AlNS A PROVISION AL~OWING FOR ~
CHANGES IN MY INTEREST RATE. IF MY INTERESt
RATE INCREASES, MY MONTHLY PAYMENTS WILL
BE HIGNER. iF MY INTEREST RATE DECREAS~S, MY
MONTWLY PAYMENTS WtLI LOWER.
Additional Covenants. In addition to the covenants and agreemenls made in the Security Instrument,
Borrower and Le~der further covenant and agree as follows~
Q. INTEREST RATE AND MONTMLY PAYN9ENT CHANGES
The Note provides for an initial interest rate of 5Q _ 96. The Note provides tor changes in the inte~est rate and
th~ monthty payments, as toilows: .
4. lNTEREST RATE AND MONTHLY PAYMENT CHANGES; BORROWER'S RIGHT TO
LlMIT PAYMENT
(A) Change Dates
7he inferest rate t will pay may change on the first day of .f.ebruary . . . . . . . . . . 19 .$Q . . . . , and on ~
that day e~ery _12__ month thereatter. Each date on which my interest rate cauld change is call a"Change Date." ~
(Bj The Index ~ '
Beginning with the first change date, my interest wiN be based on an index available with the Federat j
Home Loan Bank Board. The "Index" to be used is the: . ,
Weekly average yield of United Siates Treasury Securities adjusted to a constant maturity of`.year_
Nationai Monthly Median Cost of Funds (NACSTMj (x) llth District Average Cost of Funds~
The most recent index figure avaitable at least 30 days but not more than 120 days is called the "Current
Index".
tf the Index is no longer available, the Note Holder will choose a new index which is based upon comparable
information. The Note Holder wi!! give me notice of th~s choice.
(C) Calculation of Changes
Before e2ch Change Date, the Note Holder will calculate my new ~nterest rate by adding Lwn_
and. .fi v.e . eighths percentage.po~nts 2.6z5 ......9i,~ to the current Index Thisamount w~ll ~e my
~ new mterest rate unhl the next Change Oate.
The Note Holder will then determine the amount ot the monthly payment that would be sutficient to repay
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the unpa~d principal that 1 am exRected to owe at the Change Date in (ull on the maturitydateat my new interest rate
~n substantially~ equal payments The result oitliis catculation iscalled the"Full Payment" It will be the new amount '
~ of my monthly payment u~~ess I choose the amount permitted by Section 4(~ below.
(D) Efiective Date oi Changes
fvt y new ~nterest rate will become effective on each Change Date. ! wfll pay the amount of my new monthly
payment beginnng on the tirst monthly payme~t rfate after the Change Date untii the amount of my monthly
payment changes again.
(E) Notice of Chsnges
The Note Nolder will detiver o~ maif to me a notice of any changes in my interest rate and the amount of my
monthly payment before the eifective date of any change. The notice will include information required by law to be
g~ven me and also the title and telephone number of a person who will answer any question I may have regarding
the notice.
iFl l~m+ts of lnterest Rate Changea
The interest rate as c~lculated herein, wil not be increased by more than~__ _~.~Q.Q__ percentage points on
the first Change Oate, or more than _1~4Q_-. percentage points on any change date thereaiter. Decreases +n
interest rates wilt not exceed __1.QfL__ percentage points on anychange date. In no event shal! the interesl rate
on th~s loan at any point in t~me, be greater than _ 1~.25 or less than 4.00 _ qb.
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