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Home My WebLink About0929 ~ ADJLSTABLE RATE RIDER LOANli 22145534 (1 Year Treasury Index-RAte Caps ? ~ THIS ADJUSTABLE RATE RIDER is made this 19th day of February . 1988 , and is incorporated intu and shall be deemed to amend and supplemeni ihe Martgaae, Dced of Trust or Security Deed (the ."Security Instrument" ) of the same date given by the undersigned ( the "B~~roH~er" ) to secure Borrower's Adjustable Rate Note (the "Note") to First Citizens ~ed~ra~ $av~.~gs ~ Loan A~ssociation 1 t e" en er') o t e same date an rovering the property described in the Security Instrument and locatcd at: . A xxx Birch Drive, Fo~t Pier~e, Florida 34981 ~ Pro(xrt) A dres,~ ` ~ THE NOTE CONTAlNS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE ~ AND THE MONTHLY PAYMENT. THE NOTE I.IMITS THE AMOUNT TI~E BORROWER'S ~ INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- ~ ROWER MUST PAY. ~ . ~ . ~ At~oiTio~.at. Covt:~.a~TS. In addition to the covenanis ar~d agreements made in the Security Instrument, Borrower ~ and Lender further covenant and agree as follows: ~ A. II~ITERFST RATE AND MONTHLY PAYMFNT CNANGFS ~ The Note provides for an initial interest rate of ~~750 The Note provides for changes in thc interest rate and the monthly payments, as follows: 4. INTERFST RATE AND MONTHLY PAYf11ENT CHANCE.S ( A ) Change Dates The interest rate I will pay may change on the fi~st day of March . 1989 , and on that day every 12th month thereaPter. Each date on which my interest rate could change is ralled a"Change Date." ( B ) The Index ~ Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly averagc ~ i }~ield on United States Treasury securities adjusted to a constant mawrity of 1 year, as made available by the Federal ' j Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called the ~ "Current Ir,dex." = ' 3 If the Index is no longer available, the Note Holder will choose a new index ~~hich is based upon comparable t information. The Note Holder a~ill give me notice of this choice. 1 C 1 Calculation of Changes Before each Change Date, the Note Holder vviil calcutate my new interest rate by adding Two and three quarters percentage points ( 2~750 to the Current Index. The Note Holdcr will then round the result of this addition to the nearest one-eighth of one percentage point ( 0.125~~• Subject to the limits stated in Section ~ 4( D) below, this rounded amount will be m}• new interest rate until the next Change Date. The tiote Holder will then determine the amount of ihe monthly payment that would be suflicient to repa~~ the _ unpaid principa! that 1 am expected to owe at the Change Datc in fuU on the maturity date at-my ncw interest rate in ~ substantia!!y equal payments. The result of this calculation will be the new amount of m~• monthly payment. ~ ~ ( D 1 Limits on Interest Rate Changes ~ The interest rate I am required to pay at the first Change Date wiN not be greater than 9.750 '7,. or less than 5.7 50 Thereafter, my interest rate wil! never be increased or decreased on any singte Change Date by more ~ E than two percentage points (2.0`7~) from the rate of interecl I-havc been paying for the preceding twelve months. My ~ ~ interest rate wi1! never be greater than 13.750 ~ ! 1 E) EtTectire Date ot Changes ~ My new interest rate wiil become efTective on each Change Date. t~~ill pay the amount of my new monthty payment ~ ` beginning on the first monthly payment date atter the Change Date until the amount of my monthly paymcnt changes again. ~ ~ f F t Notice of Changes The Note Holder wiN deliver or mai! to me~a notice ot any changes in m~ interc.t rate and the amount of m~~ monthl~ pay~ment before the etTective date of any change. The notice will include inform~tion reyuired by laa to be given me and ~ also the title and telephone number of a person who will answcr any qucstion I may have regarding thc notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST !N BORROWER Uniform Covenant 17 of the Security In"strument is amended to read as futlows: f Transfer of the Property or a Beneficial interest irt Borrnwer. I!'a!! or any part of the Propcrty or an}• interest in it is ~ sold or transferred (or iF a beneficial interest in Borrower is sold ~r transferred and Borrower is not a nawral person) ' without Lender's prior writlen consent, !_ender may, at its option, require immediate payment in full of ali sums secured by lhis Securit}• lnstrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law~ as of the date oC this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causcs to bc submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan wcre being made , ro the transferee; and (b) Lender reasonably determines that Lcnde~'s security wiil not be impaired by the loan assumption and that the risk of a breach o( any covenant or agrecment in this Security Instrumenl is acceptablc to l.ender. To the extent permitted by applicable law. Lender may charge a reasonable fce as a condition lo Lender's consent to the loan assumption. Lendcr may also require the transferee to sign an assumption agrecment that is acceptablc to Lender and that obligates the transferee to keep all the promises and agreemcnts made in the Note and in this Sccurity Instrument. Borrower w~ill continue to be obligated under the Note and th~'.j~c~q~ryLknstrume~~s Lender releases Rorrower in writing. BOQK t1 PAGE - MULTISTATE ADJUSTABIE RATE RIOER-ARM 5•2-5~ng~e F arn~iy-Fannie Idae Freddie Mac Unitorm Instrument Form 3111 3 85 ~ ~-822A-R7~r~~ VMPMORTGAGE FORMS • 1313~293~8100 • i800152 1-7291 SM s ~ :