HomeMy WebLinkAbout0987 ~ ADJUSTABLE RATE RIDER
THIS ADJUSTABLE RATE RIOER is made th~s 3U day ot March , ~g 8g , and is incorporated ~nto
,ncf shall 1~ deemed to amend and supplement the Mortga9e, ~eed of Trust o~ 5ecur~ty Deed (tt~e "Secur~ty Instrument"1 of the same date ~
:i ven by the undersig~ed (the "Borrower") to secure Barrower's Adjustable Rate Note (the "Note") to
UUVAL FtDF'RAL SAVINGS AND LOAN ASSOCIATION OF JACKSQNV1t.l.E irhe "Lender"1 of the samedateandcovenng ,
tn~~ property described in the Security Inst?ument and tocated at:
1541 Empire Streei, Port St. Lucie, Florida 34983
(P~op~rfy AJdress~
t
THE NOTE CONTAINS PROVISIONS ALLOWING FOii CHANGES IN THE INTEREST RATE ANO THE MONTHLY #
PAYMENT. THE NOTE IIMITS TFtE AMOUNT THE BORFiOWER'S INTEREST RATE CAN CNANGE AT ANY ONE
TIME AND TNE MAXIMUM RATE THE BORROWER MUST PAY. ~
ADDITIONAL COVENANTS. In acldit~on to the covenants and agreements made in the Secur~ty instrument, Borrower and Lender
',,rther covenant anci agree as foilows.
A. INTEREST RATE AND MONTHLY PAYMENT CNANGES ,
; h~: Note provides fo~ an ~n~hal ~nterest rate of 2 S ?b. The Note prov~des tor changes in the ~nterest rate and th2 monthly payments,
as follows
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The ~nterest rate I w~ll pay may change on the first day of Apr i 1 _~g a9 , and on that day every 12 th
n,~~nth thereafter. Each date on wh~ch my ~~terest rare couid chanqe ~s cal?ed a"Change pate."
(B) Thelndex
Beginn~ng w~th the first Change Date, my interest rate w~t! be based on an Index. The "Index" is the weekly average yieid un Un~ted ~
~ S~.~tes Treasury secunt~es ad~uzted to a constant matur~ty o'. one yearlsi, as made ava~iable by the Federal Reserve Board. The most
~c~nt Index f~gure ava~lable as of the date 45 days before each Change Oate ~s calted the "C~rrent Index." i
If the index ~s no lonqer ava~lable, the Note Holder w~ll choose a new ~ndex which ~s based upon comparable ~nformaUOn. The Note
~~<,~der wi~l g~ve me not~ce of this cho~ce
(C1 Calculstion of Chsnges
Before each Change pate, the Note Hotder w~ll calculate my new ~nterest rate by add~ng 2. 75 percentage points
2. 75 to the Current Index. The Note Holder w~ll then rounci the resuit of th~s add~t~on to the nearest one e~ghth of one percent-
,a po~nt (0.125°.1. Sub~ect to the !im~ts statec! Sect~on 41D1 below, th~s rounded amount w~li be my new ~nterest rate until the next
,
' ;ha~ge Date.
~
; The Note Holder w~U then determ~ne th? amount of tl~e month{y paymer~t that would be zuff~c~ent to repay the unpa~d prmc~pal that 1
i ,n~ ?xpected to awe at the Change Oate ~n futl on the matunty ciate at my new ~nterest rate +n substant~aliy equal payments. The resulS of
t s caltulat~on w~li be the new amo~nt o! my monthty payment.
i
E (D) Limits on Interost Rate Changes
The ~nterest rate I am req:,~red tu pay at the f~rst Change Date w~ll not br_ g;eater than 9.25 ~ or less than 5.25 °b,
~ ~~»reafter, my ~nterest rate w~l! never t~ ~ncreased t~r decreased on any s~ngle Chanqe Date by more than two percent
2=~1 from the ;ate of ~nterest ~ have been pay~ng for the preced~nq 12 months. My ~nterest rate witt never be greater thanl3. 50 `'ti.
E (E) EffecUre Oate of Changes
; My new ~nterest rate w~ll become effectrve on each Chang? Date. I w~ll ~ay thv amount oi my new monthly payment beginn~ng on the
~ '•:t monthly payment date a~ter the Cha~ge Qate unhl the amouni of my monthly payment changes aga~n.
s
~ (F? Notice of Chsnges
The M1iote Nolcier w~l~ del~rer or ma~l to me a not~ce any changes ~n my ~nterest rate and the amount of my monthly payment before
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~ Pffect~r•e date of any chanqe. The nnt~ce w~li ~nciude ,nformat~on requ~red by lav~ to t~ given mQ and also ihe t~tle and telephone number
~ a;~erson who w!II answer any quest~on ! may have re~ard~ng the not~ce
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~ B TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
~ •~.form Covenant 17 of the Secunty Instrument ~s amended to read as follows
Trsnsfer of ths Property or a Benef~cial Interest in Borrowe~. If a!I or any pa~t of the Property or any ~nterest ~n ~t ~s sold ~r iransfer:ed
~f a t~nef~c~ai ~nterest ~n Borrower ~s sald or transferred and Borrower ~s not a natural person) v~~ithout Lender"s pr~or wniten consent,
;_ende~ may, at ~ts opt~on, requ~re ~mmed~ate payment ~r~ ful! of all sums secured by th~; Security Instrument. However, th~s opt~on shall not
;>e exerc~sed by Lender ~f exerc~se ~s proh~b~ted by feAeral law as of the date of this Secunty Instrument. Lender also shall not exercise this
~;pt~on rf lal Borrower causes to be subm~tted to Lender information required by Lender to evaluate the ~ntended transferee as if a new loan
r~oro ~,ng macle to the transferee, ar.d Ib1 lende? reasonably dete~m~nes that Lendef's secunty will not be ~mpa~reci by the ioan assumpt+on
and that tne nsk of a breach of any co~enant or a~reement ~n th~s Secunty Instrument is acceptable to Lender.
To .he extent perm~tted by appLcabie law, Lender may charge a reasonable fee as a condihon to ~ender's consent to the loan assump•
; ~ r,n Lender may also requ~re the transferee to s~gn an assumpt~on agreement that ~s acceptable to Lender and that obl~gates the trans(eree
~ ~o keep all the promises and aqteements rt',acie ~n the Note and ~n th~s Securrty Instrument. Borrower w~l! coni~nue to be obligated under the
Note and th~s Secunty Instrument unlPSS Lender refeases Borrower ~n wni~ng.
i MULTtS7ATE AOJUSTABLE RATE AID€R S~,y r~ cm.~y
3ooK 5~4 ~arE 987
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