HomeMy WebLinkAbout0920 A[yJUSTABLE RATE RIDER
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THIS A~JUSTABLE RATE RIDER is mads thisi~~az~. day of.....t~~~~~„~.,_ 19.j , and
~s ~ncorporated into and shall be deemed to amend and suppteme~t the Mongage, D~ Trust or Secu~ity Oeed ?
(the "Security Instrumsnt") of the same date given by ihe undersigned (the "Borrower') to secure 8orrowers
Adjustable Rate Note (the "Note") to First Community Service Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~
(the"Lender'jofthesamedateandcoveringtheproperty ~
desc~ibed in the Secur+ty fnstrument and IoCated at: ;
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.....................?092,SE.Giffen Avenue,,Port,St,.~.ucie„',F~Qrida,3495~,.,,. > I
, ~Property AdO~ess~ :
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THIS NOTE CONTAINS A PROVISION ALLOWING FOR ~ i
C H A N G E S i N M Y I N T E R E S T R ATE: IF MY INTERES'T
RATE INCREASES, MY MONTHLY PAYMENTS WILL v~
BE HIGHER. IF MY INTEREST RATE DECREASES, MY ~
MONTHLY PAYMENTS WILL LOWER. ~
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Additional Covenants. In addition to the covenants and agreements made in the Security Instrument, ~
6orrower and Lender further covenant and agree as follows:
A. tNTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provrcies for an iniiiai interest raie oi j,3~. ~p. i 1`i~ i~U[~ j~it~Vit~t=5 ~c3i~i~a~i~~~ ii
i t~i~ Itlt$ff3St ta42 a~it~ -
the monthly payments, as toilows:
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES; BORRO{lVER'S RtGNT TO
LIMIT PAYMENT ~
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(A) Change Dates ~
The interest rate ! will pay may rhange on the first day of . . . .March . . . . . . . . . . . 19 gg . . . . , and on
that day every 12 month thereaiter. Each date on which my interest rate could change is call a"Change Oate." ~
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(B) The Index ~
Beginning with the first change date, rny ~nterest will be based on an index available with the Federal
Home Loan Bank Board- The "Index" to be used is the: i
Weekly average yield of United States Treasury Securities adjusted to a constant maturity of ~year.
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The most recent index figure available at least 30 days but not more than 120 days is called the "Current ;
Index".
If the Index is no longer available, the Note Holder will choose a new index ~rhich is based upon comparable
information. The Note Hotder will give me notice of this choice.
. (C) Calculation of Changes
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Before each Change Date, ihe Note Holder will calculate my new ~ntetest rate by adding •two ~ ~
and. five.eighths ...............percentagepomts(.2.b25~~~ . -..~..°~oltothecurrentlndex Thisamountw~llbemy
new ~nterest rate until the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be sut(icient to repay
tt~e unpa~d principal that I am expected to owe at the Change Date in full on the maturitydate at my new interest rate
~n substantially equal payments The result of this calculation iscalled the"Futl Payment" It will be the new amount
- ot my monthly payment unless I choose the amount permitted by Section 4(F~ below.
~D? Ef/ective Date o! Changea
My new ~nterest rate will become effective on each Change Date. 1 will pay the amount of my new monthly
payment beginnng on the f~rst monthly payment date atter the Change Date until the amount of my monthiy
payment Changes again.
(E) Notice ot Changes
The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my ~
monthly payment be(ore the eftective date of anychange. The notice wifl include information required by law to be
g~ven me and a~so the title and telephone number o! a person who will answer any question I may have regarding ~
the nohce.
(F) ~imits of Interest Rate Chertges 3
7he ~~terest rate as calcutated herein, wil not be increased by mors than __2~pQ__ _ percentage points on ~
the tirst Cliange Date, or fiore than _1.~Q_ percentage points on any change date thereafter. Decreases in ~
interest rates will not exceed __LQQr percentage points on any change date. (n no event shaN ihe intersst rate
on th~s ioan at any point in hme, be greater than __13.25 qb or less than 4.00 qb.
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