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Home My WebLink About0923 , . LJ~~47 AQlUSTABI.E RATE RiDER (t Ylea~ Treasury Index - Rate Caps) THIS ADJUSTABLE RATE RIDER is made thi~ 29 day b,; FID~2[)ARY , and is corporated into and shall be deemed !o amend and supplement the Mo?tc~age, Deed of Trust or Security Deed (the "Secunty InstrumenY') of the same ~ date given by the unders~gned (the "8urro~ver") to seCUre Borrower's Adju$tabte Rate Note (Ihe "N~te') to ( BARNI.'IT B~1NK OF Sl'. LUCIE OOiINI'Y tthe "Lender") ~ ot the same date and covering the prope~ly described in the Securily Instrument and located at~ 7909 P'L~1?YI~?~'ION LAK1'~.S DRIVE~ FORT PI~E ~ F~~ricla 49~ [Property Address) The Note contains provisions allowing for changes in the interest rate and the monihly payment. The Note Ilmits the amount 1he Borrowe~'s interest rate cen change at any one time and the maximum rete the Bor- rower must pay. Additional Covenants. tn addit~on to the covenants and agreements made in the Security In~trument, Borrower and lender further covenant and agree as tollows: A. Interest Rate and Monthly Payment Changes , The Note provides (or an ~niUat in!erest rate of 7~Q0 The Note prov~des for changes in the interest rate and the monthly payments, as (ollows: 4. Interest Rate and Monthly Payment Changes (A) Change Dates _ ~ ~ The interest rate 1•will pay may change on the (irst day of t~~ _ • 19 -$9-~ and on that day every /2th month the~ea(tec Each date on which rny interest rate could change is catled a"Change Date." (B) The Index Beginning with the first Chanye Date. r~y inierest rate will be based on an Index. The "index" is the weekly average yield on United States Treasury secunlies adjusteci to a constanl maturity of one year, as made available by the Federal Reserve Board. The most recenl Index figure available as of the date 45 days betore each Change Date is calted the "Current Index" If the Index is no longer avaitable, the Note Holder wil~ choose a new index which is based upon comparable iniormation. The Note Hader will give me notice oi this choice. (C) Calculatlon of Changes - Before each Change Date, ihe Note Holder will calculaie my new interest rate by adding percentage points ( 2 750 9~6) to the Currern Index. The Note Holder will ihe~ round the result of this add~tion to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) below, this round- ed amouni wnll be my new interest rate unti~ the next Change Date. The Note Holder w;!! then determine ihe amount of the monthly payment that would be sufiicieni to repay, the unpaid principal that I am expected to owe at the Change Gate in fult on the maturity date at my new interest rate in substanti311y equal payments. The result of ;his cafculation wnll be the new amount of my montMy payment. (D) Limits on Interest Rate Changes The interest rate 1 arn required to pay at the first Change Date will not be greater than _ o~nn a/o or tess than 5,,5d(l Thereafter, my interest rate wil! never be increased or decreased on any singte Change Date - by more than two percentage points (2.0%) irom Ihe rate of interest I have been paying for the preceding 12 months. My interest ~ate will never be greater than L3..5DD ~'o~ _ (E) EHective Date of Changes , My new interest rate wit! become ef(ective on each Change Date. I will pay thE amount of my netiv monthty payment beginning on the first monthly payment date after the Change Date until the amount ot my monthly payment changes again. Note oi Changes . The Note Holder wit! del~ver or mail to me a notice of arry changes in my interest rate and the amount of my monthly payment betore the effective date c>f arry change. The notice wilt i~rclude information required by law to be given me and also the title and telephone number of a person who wilt answer any question ! may have regarding the notice. B. Transter ot the Property or a Beneficlal Interest in Borrower ' Uniform Covenant 17 of the Security ~nstrument is amended to read as follows: Transter of the Property of a Beneficiat Interest In Borrower. Ii all or any pa~t ot the Property of any interest in it is sdd - or transferred (or it beneficial inEerest in Borrower is sdd or transTerred and Borrower is not a natural personj without t_ender's prior ~ wntten consent, Lender may, at its opiion, require immediate payment in tull of all sums secured by this Security lnstrument. Hovve~ver. ~ this option shal! not be exercised by Lender if exercise is prohibitec! by federal law as ot the date of this Securiiy Instrumen!. i..ender aiso shall not exercise this option if_ (a) Borrawer causes to be submitted to Lender information required by Lender to evaluate the I :nlended transferee as if a ne~r, loan were being made to the transferee: and (C) lender reasonably determines that Lender's secusity ` wi11 n~t be impa~red by the loan assumption and that the risk of a breach of any covenant or agreement in this SECUrity Instrument - is acceptab~e to lendec To the extent perm~tied by app?icable lav+, Lender may charge a reasonable tee as a condition to l~ender's consent to the loan assumption. l.ender may also requ~re :he transieree to sign an assumption agreement that is acceptabte b Lender and that vb!igates the transieree to iceep al4 the promcses and 2greemsn!s mads in th~ fvote and in this Security Instrument. Borrower will continue P I f1 to be oblsgated under the Note and this Security Instrument unless Lender rel~ases Borrower in w ~ti g. It Lender exercises the option to require immediate payrr°nt in tull. Lender shalt give Borrower notice of accelera;ion. The n~tice shall prowde a Ger~od o( not less than 30 days irom the date the not+ce is delivered or mailed within which Borrawer must pay all sums ser.ured by this Secunty insirument. If Bor:ower tails to paylhese sums prior tc~ the exp~ration oi this p~riod, Lender may irn~ike any remed~es perm~tted by ~his Secur~ty Insirument without furtner nofice or demand on Borrowec BY SIGNING 8EL0'N, Borrower acce~ts and agrees to the terms and covenants cantained in this Adjustable Rate Rider. ~ (Seal) _ (Seal) ~~~Q (Borrwver) {eorrovver) ~ (Seal) (Sorrafi+!er) ~ VM (Borrower) f.JitJ MULTISTATE AOJUSTABLE AATE RIDER - ARM 5-2 - S~nge Fam~!y - Fannb ~AaNFroddi~ tdae Unlfo~n Instrumtnt Form 3111 3~/d5 i 3~ S 6 7! 9~0 Prera:c e6~wn d Mar 8.`, r*.ay be ssed ~OSa73 Ae, Sep g8 (t6H))PC . ~ :i.~.r ~.~~~s I!' : ~T ! _ ~ c _ ~i- ' r ~ ~ ,