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HomeMy WebLinkAbout0935 f ADJUSTABL~ RATE RIDER THISADJUSTABLERATEAiOERismadethis.~~~ dayof. Februa-xy••••••••••••••~--•.~•.1988...,and ~ is ~ncorporated into and shall be deemed to amend and supplemeni the Mortgage, Deed of Trust or Security Deed ~ Ithe "Security Instrumenl") of the same date given by the undersigned (the "Borrower') to secure Borrowers Adjustable Rate Note (the "Note") to FI?st Community Service Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ • - ~ ~ ~ • • . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (the "Lender') of the same date and cove~ing the property ~ described in the Security Instrumeni and located at: , . . . . . . . . . . . . . 2326. SE _Seafury, Lane~ .Port, St., lucie,_ Florida.34952 , . . . ~PrOperly Addre33~ THIS NOTE CONTAiNS A PROVISION ALLOWINC FOR CNANGES IN MY INTEREST RATE. IF MY INTEREST RATE INCREASES, MY MONTHLY PAYMENTS Wi~.L BE HIGHER. IF MY INTEREST RA7E DECREASES, MY MONTHLY PAYMENTS WILL LOWER. Additional Covenants. In addition to the covenants and agreements made in the Security Instrument, Bor~ower and Lender further covenant a~d agree as follows: A. INTEREST RATE AND MQNTHLY P~AYMENT CHANGES The Note provides (or an initial interest rate of ~.'.50. 7he Note provides ior changes in the interest rate and the monthly payments, as foilows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES; BORROWER'S RIGHT TO L.IMlT PAYMENT (A) Ghange Dates The interest rate I will pay may change on the first day of . . .Mar~h . . . . . . . . . . . . . 19 .8~ . . . . , a~id on that day every~Z_ month thereatter. Each date on which my interest rate could change is call a"Change Date." (B) The Index Beginning with the first change date, my interest witt be based on an index available with ihe Federa! Home Loan Bank Board The "tndex" to be used is the: Weekty average yield of United Siates Treasury Securities adjusted to a constant maturity ofiyear. ) National Monthly Medi3n Cost of Funds (NACSTM) The most receni index ligure 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 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 w~ll calculate my new ~nterest rate by adding two. and_ . f i.ve eighths pe?centage pomtsl...2..625. ........90? to the current Index This amount w~ll be my ! new ~nierest rat~ unt~l the n~xt Change Date. The Note Nolder wilt then determine the amount of the monthly payment that woutd be suf(icient to repay tt~e unpa~d prrncipa! that I am expecied to uwe at the Change Date in full on the maturity date at my new interest rate ~n substantiallyequal payments. The result of thiscalculation iscalled the"~ull Paymen4" It will be the newamount ~ ot my monthly payment unless I choose the amount permitted by Section 4(Fl befow. ~ (D) Effective Date of Changes ! ' My new ~nterest rate will become effective on each Change Date. I wi!I pay the amuunt of my new monthly payment beymnng on the first monthfy payment date after the Change Date until the amouM of my monthly payment changes again. (Ej Notice vf 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 betore the effective date of any change. The notice will include infqrmation ~equired 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 not~ce. I (F) Limits of Interest Rete Changes ~ ' The interest rate as calculated herein, wil not be increased by more than,_?.00 percentage points on the first Change Oate, or more than ___1~QQ.__ percentage points on any change date thereafter. Decreases in inte?est rates will not exceed ~l_U~__- percentage points on any change date. fn no event shalt the interest rate on this loan ai any point in fime, be greater than _ 13.25 _ 96 or less than 4;00 _ c~ Boo~ 57~ PacE 933 ? . _ ~-~-y..A.r-_~• .