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HomeMy WebLinkAbout0926 i ADJUSTABLE RATE RIDER ~ • ~ (1 YeAr Treasury lndex-Rate CAps) ~ ~ _ _ , I THIS ADJUSTABLE RATE RIDER is made this .~~7.?~day of .........FEBRUARY ~ ~9 „8$,.., and is incorporated into and shall be deemed to amend and supplement the Mortgagc, Decd of T~ust or Security Deed (the "Security Instrumcnt") of the same date given by thc undersigned (the "Borrower") to secure Sorrower's Adjustabl~ Rate Note (the "Note") to.....INRa.AN.~tIY.~R.F~A.~RA~.SAY~INGS.a,t1NK ; . . . (the "Lcnder") of tht same date and covering the property described in ~ the Security Instrument and tocated at: XXX bRIFTW00D ST. , PORT ST. LUCIE~..FLORIDA 34984 (Propcrty Addreu] ~ THE NOTE CONTAtNS PROVISIONS Atl.OWING FOR CMANGES IN THE INTEREST RATE AND THE MONTHIY PAYMEN7. THE NOTE LIMITS THE AMOUNT THE ~ORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- i ROWER MUST PAY. ADDITIONAI. COVENAN7S. in addition to the covenants and agrecments made in the Security Instrument, Borrower and Lender further cavenant and agree as follows: A. INTER~.ST RATE AND MONTNLY PAYMENT CHANGFS The Note provides for an initial interest rate of 8.Q........96. The Note provides for changes in the interest rate and the • monthly payments, as fo~lows: 4. INTERFST RATE AND MONTHLY PAYM~NT CHANCFS ( A ) ChAnge Dates The interest rate 1 will pay may change on the first day of ......~~~RUA~iX 19....$9, and on that day ev~ry 12th rnonth thereaft~r. Each dat~ en whieh my interest rate could change is called a"Chan~e Date." ( B ) The Index Beginning with ihe first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board. The most recent Index figure available as of ?he date 45 days before each Change Date is called the "Current Index." !f the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. ( C ) CAlculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding .two and three fourths ~ ~ ~ percentage points (?.~ZS..........96) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage pc~int (0.125`90). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufiicient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new iaterest rate in ~ substantiaily equal payments. The result of this calculation will be the new amount of my monthly payment. ( D) Limits on [nterest Rate Chxnges ~ 10 00 ~ The intcrest rate t am required to pay at the first Change Date will not be greater than or less than ti_nn ~ ! _ a? 7'L__,,,,o.a. :•e.a r.,,~~ s,,,vyr ;~~~Pa~P~ nr ~iecreasec! ~n anv sinele Chan¢e Date bv more ~ /D. I~ctG~lw~~ u~j ~i~aa.~~..i~ ~aa ' than cwo percentage point (`l.o~ ) from the rate of interest I have been paying for the preceding iwelve months. My ; ' interest rate will never be greater than ...13.75 c~ ' ~ ( E) Etiectire Date of Changes My new interest rata witl bccome eH'ective on each Change Date. 1 will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. ( F ) Notice of Changes The Note Holder wiil deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly ~ payment before the effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a person who will answer any question 1 may have regarding the notice. ~ B. TRANSFER OF THE PROPERTY OR A BENEFIC[AL INTEREST IN BORROWER ` Uniform Covenant i 7 of the Security Instrument is amended to read as follows: i Tnnsfer of the Propcrty or a Beneficiai Interest in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior writtee consent, Lendcr may, at its option, require immediate payment in full of all sums secured by this Security Instrument. Howover, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be submitted to Lender inforrnation required by Lender to evaluate the intended transferee as if a new loao were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk o~ a breach of any covenant or agreement in this Security Instrument is acceptable to Lender: To the extent permitted by applicable law, Lender may charge a reasonabte fee as a condition to Lender's cons~nt to the loan assumption. Lender may also require the transferee to sign an assumption agrecment that is acceptable to Lender and that obligates the transferee to keep al! the promises ana agreements made in ihe Note and in this Security tnstrument. Barrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. 800~~75 FACE 924 MULTISTATE Ap1USTABLE RATE RIDER-ARM 5-2-Singfe Family-Fannie Mab Uniform Instrument IRF MD3909-02 Ifrontl4 65 T 1"' " v • ~ . ~ ' .