HomeMy WebLinkAbout0995 ADJUSTABLE RATE RIDER
't'filti :11>Jl'~'C:1131.1~: 1t:1'I'N: IZII)F:R iy made ihis 28th_ ~1~ty --Ptarch--_---_- ~y_88 ,
.ind is in~•~?rpo~~t~~d int~? and ~h;+ll hi~ d~~~~mrd t~? amend and ~uppl~~ment the Mort~a~r. I)~~ed ot Trust. or I)et~d
1~~ ~~~cur~~ 1)Pht (th~• ..~~•~•urit~• Insirum~~nl"1 oP ihe same datc Kiven b~~ the undc~rsi};ned Ithc• .,Rorrower"1 to
s~•cur~~ I;orr~~~~~~~r's Adjusl:thl~~ K.it~~ Not~~ to l'niled ~a~•inK~ ot :lmericu. N'.A.. (tfie "I.e:nd~~r") ~zf th~• sam~ dat~ Ithe~
..N~?t~~.,~ and ~•u~~i~rin~; th~~.~opt~rt~• +ie~erihi~d in thE~ Security Instrument and located at:
.
XXXX Salerno Road, Fort Pierce, Florida 34951
(Property Addrees)
Th~ Not~ cont~ins provlsion~ ~tlowin~ for chan~s In tM int~»st rat~. N th~ int~nst r~ts
incrsas~s. tM BorrowK's monthyr p~ym~nb will b~ hi~lwr. If tl» intshst rate
d~crsas~a~ the Borrow~r's mon~hy? paym~nta wfll b~ bw~r.
AnnrrtoN~u. CovErt~t~rrs. In addition to the mvenant and agreements made in the Security lnstrument, Borrower
and Lender further oovenant and agree as follows:
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of ...~.~~5~ 9b. Section 4 of the Note provides for changes in the
interest rate and the monthly payments, as follows:
4. INTEREST R.lTE AND MONTHLY PAYMENT CHANGES
(A) Chaage Dates
The interest rate 1 will pay may change on the Sth day of ...........September_______________ ~9.. 89.., and
on that day of the month every ._12,,.(;Itaelve) months thereafter. Each date on which my interest rate could change
is called a "Change Date."
( B ) The Index
Beginning with the first Change Date, my interest rate will be based on an "Index." The [ndex is the weekly
average yield on United States Treasury securities adjusted to a constant maturity of ......~....(4ii~.?...... years, as made
available by the Federal Reserve Board. The most recent [ndex figure available as of 45 days before each Change
Date 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 wil) give me notice of its choice.
(C) CalculAtion ot Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding ...:n^'.o.. and.. Three
.....Qu~x.~~x.s percentage points (...2.~.750........`~) to the Current Index. The sum will be my new
interest rate.
The Note Holder will then determine the amount of the monthly payment that woutd be sufi'icient to repay in full
the principal I am expected to owe on the Change Date in substantially equal payments by the maturity date at my
new interest rate. The result of this calculation will be the new amount of my monthly payment.
(D) EBective Date o! Changes
My new interest rate wiil beoome eflective on each Change Date. I will pay the amount of my new monthly
payment beginning on the first monthly payment date a ft r the Chan¢e Date until the amount of m monthl
payment changes again. The interest rate shal~ not cha~ige by more than two petycentag~
points (2.000%) on any change date, nor by more than six
(E) Notice ot ChAnges percentage points (6.000%) over the life of the loan.
The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of:
( i) the new interest rate on my loan as of the Change Date;
( ii ) the amount of my monthly payment foliowing the Change Date;
( iii ) any aciditional matters which the Note Holder is required to disclose; and
(iv) the title and telephone number of a person who will answer any question I may have regarding the
notice.
B. CHARGES; I.IF.NS
Uniform Covenant 4 of the Security Instrument is amended to read as follows:
4. Chaeges; Liens. Borrower shall pay all taxes, assessments, and other charges, fines and impositions attributable to
the Property which may attain a priority over this Security Instrument, and leasehold payments or ground rents, if
any, in the manner provided under paragraph 2 hereof or, iE not paid in such manner, by Borrower making payment,
when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under
this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to L.ender
receipts evidencing such payments. Borrower shaU promptly discharge any lien which has priority over this Security
Instrumenr however, Borrower shall not be required to discharge any such lien so long as Borrower. ( a) shall agree in
writing tu tf~e payment of the obligation secured by such lien in a manner acceptable to Lender; ( b) shall in good
GENERAI FORM-FHLMC UNIFORM ADIUSTABLE RIiTE LOAN-crr~sur~ iM~x>-3~g3
~ R 5~O PAGE ~~~7~
BOOK
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