HomeMy WebLinkAbout0925 GL~f1t]AL~ FEDERAL
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ADJUSTABLE MG~RTGAGE LOAN RIDER
NOTICE: THIS SECURITY INSTRUMENT S~CURES A NOTE WHICH CONTAINS
A PROVtSiON ALLOWING FOR CHANGES IN THE INTEREST RATE. INCREASES
IN THE INTEREST RATE MAY RESULT IN HIGNEii PAYMENTS. OECREASES IN
THE INTEfiEST RATE MAY RESULT IN LOWER PAYMENTS.
Th~s R~der ~s made th~s day of ~M~~ l~~g. and is inCOrporated ~nto and ShaU be
;eemed tu amend and supplement the Mortgage, deed ot Trust, or Deed to Secure ~ebt (the "Security InstrumenY') oi the same date
;.Yen by the unders~gned (the "Borrower") to secure Borrower's Note to GLENDAIE FEDERAL SAVINGS AND LOAN ASSOCI-
F~ TION lthe "Lender") of the same date (the "Note") and covenng the property tlescnbed ~n the 5ecurrty instrument and located
-r-~ r.•..-.~ nTrr-*.. rt~~n~ c•^ ~~;i~-r~ r.r ~~.:r
.1~ ~~~-~__r.1l.L..~i._~__i~ l.[]nt~! i~i t ~ _~.s. _
Proparty Address
ADDITIONAL COVEtVANTS In add.t~or: !o the covenants anC agreements made ~n the Secur~ty Instrument. Borrower and ~
,.~~r~,~er further covenant and agrees as tollows
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
The Note prov~des for an In~t+ai Fiate o~ Interest ot ___~,.~iIlL~ __°o Sect~ons 2 through 5 0! the No:e prov~de for changes
-;r,e ~nterest rate and the montt~iy payments, as follows
'2. INTEREST
'
A. INTEREST OWED ~
Ir~teresi w~1I be charged on tnat part of pnnc~~al that I owe ~n~er th~s Note wh~ch has r,ot been pa~d interest w~il be:.harged ~
~ ~~~g~nn~ng on the date I rece~ve ar~nc~pai ana conl~nu~g unt~l the fufi amount of pnnc~pal calted the "Pnnc~pal Ba,ance has been pa~a ?
~ E~eg~nrnng on ;he date of th~s Note. I w;l~ pay mierest at a yearly rate of _.____.__...~f?!~~:'1 ?b ~
` ~•~e lmhat Interest Rate' ? The ~nterest rate tnat I w~ll pay w~li change +n accordance w~th Sect~on 2(C} and 2(D? of th~s Note ur.t~i
; •:.uan ~s pa~d Interest rate chanqes may occur on the 1~--_- day ot the mont?~ beg~nn~ng on
' /l ard or, the same da of the month ever _ thereafter
€ 1 - i~~T -~>U~ - _ _ y y -
; :_a' r date ~n whiCh the rnterest rate may charge w+ll Ce called a' Change Date ' The ~nterest rate requ~red by !h~s Sectton 2 of th~s
~ .:;;e +s tn~ rate I w~il pay aoth defore and after any default des~nbed ~n Sechon 6 of ,h~s Note
~ 8. THE INDEX
~ :.ry cranges m the ;nterest rate w~lt be Dased on changes ~n an ~nterest rate ~ndez wh~ch w~ll be cal?ed the' index Tt~e +ndex ~s
~
iC ri(~~-:^s~~'~ ~+~-r~L~~-:•~~1-r'.r~~~^-`~-t~-~'s:'-: L.~--~~27~-~'',?~R~:=~~.:--
i ts~~C~i~- =?~'y-it ~
L~i~»=`+r~---i-~r"Trd~-i-=~-rt-'3~ ''-t~--~~--~' '~ir',F~ ~,~5-~;r~.i-~-ri:--Y`~-~~~ - - ~
~ ~~-~3 -E4~ - - - 3
, . . , :t-:-:~:?•,r:•r ~
~ - _ _ - _ _ ;
€
- - - - - - - - - _ -
~ r~~~ ~;;rrent ,ndex f,gure ~s tne most ~ece~~! ,~bex hgure ava~lable approx~mateiy to?ty-hve (45) days bebre each Cnan~e Date
z •~~e ,r~ex ceases ta ~e maoe a.a~;aG~e t,y ~~c uoi~she~ o~ any success~r ta the pubi~sr,er, the Nate Holder w~il set the Note .nteres! ~
_ •:;te tiy ~.,s~^g a compara~~le ~ndex
C. SETTiNG THE NEW INTEREST RATE
Tr•ere ~s nc ~rtergs! rate C~ange for the hr;t tweive 112) mon(hs of my Ioan D~r~r.g thiS per~od. I will pay interes! at tne Ir~t~a!
~ „
~ 1 • \ T~
f !erest Rale of . ~..F - - - Perce~t ~''r`~'~- °~.I
- - _ _ - C1 _ ~
~ T~ set tre new ~n?erest rate !or the i~rst Cnange Da~e on R~ and for each Char:ge Qate every
~ • r,F~,ve +~2 months trtereafter. t~e Ncte Hoider w,ii calCulate m new rate of ~nterESt b add~n
a 1 Y Y 9 - - - - - - -
~ ~'--a ~:T~'yr'--~*~: - percent 1---?' ~"n~_?b~ to the Current Index The result of tn~s
~ a:c:;:a~~~n w~tl be the new ~nterest rate as of tne r•ext Chanye DatP, sub~ect to the I~m~tat~ons set out ~n Sect~on 2(D) of tn~s Note
~ D. LIMITS ON INTEREST RATE CMANGE
qF Tne rate of ~nteresi ! a^~ ~equ~red to pay may not change rr.ore than once dur~ng each succ~ss~ve _ _
5 .-~'~..f-~ ~t ~^yr ~Ttt~r lrf)C1
; _ penoQ My hrst ~nteresi ra;e change may occur on __s„~;,~_~,_~_
; .
,k :„t.~.e ~nte~est rate crar;ges may occu~ or ihe . _i.~--_-.- aay the month evary :..i~~::-._
~ _ thereatter
~ O^ each Cr~an~e L'ate. my new ~nterest rate w~il not be char:ged by more than ~ r____.__ °
_ - - _
n
5 ;;ercent ± ~~_~~_Qb~ atio~~e o~ Ce~ow tre mterest rate t was aay~ng ~mrred~ateiy pr~or to the Change Date and w~~~ not oe
c:harged over the term of my ioar~ by more than _ ~,ercec~t (_-•^~~~C_ ._°*u~
:~bove or beicw my in~t~al interest Rase
3. TIME AND PIACE OF PAYIiAENTS
I w~i~ay pr~nc~pal and mterest by mak~n~ payments ever~/ month I w~ti mak~ my monthiy payments on the _
1~-' _-day o! each month beg~nn~ng on ~1
_ _ _ _ I wili mdke theSe
pa~ments ~~t~l I have pa~d t~e pnnc~pel and ~nlerest an~ any other charges descnbed below that 1 owe under tnis Note It on
_Clt._ ~ st~il owe any sums unaer th~s tVole, 1 wil: pay those amounts ~n full on that
~ete wh~Ch ~s ca~ieo the F~na( Payment Date ! w~ll meke my mOr;niy payments at 301 EAST LAS OLAS BOULEVARD, FORT €
~ A.UDERDALE. FLORIDA 33307 or at a d~t~erent p!ace ~f requ~red by the Note Holder ~
4. FULL PAYAAENT AMOUNT
A. AMOUNT OF MONTNLY PAYMENTS
My monthly payments w~li in the ~r.~t~a+ amount Qf il S S_____ I! the ~nterest ~ate changes, as prov~ded
Seci~on ? of tn~s Note, the amount of my mc~nthly payments may Change Intreeses ~n the ~nteresi rete wi+i resuR m h~g~er
;~ay;r~ents atter a Chdr~g Date ;unlESS my arepaymenis s~nce the East Change Date oftset the increases m my mterest rate)
Psq~ 5 01 ~
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