HomeMy WebLinkAbout0940 . ~ .
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~ ATDJ~.T~TABLF itATE L~UAN' RIDEit ~
- NOTICE: ~'HF SF.CURITY lNSTRUMF.NT SECURES A NOT~ WNIC4~ CUNTAINS
- A PROVISI_n!+: ;LLfl`rVii~iC: FOR CHANGFS IN THE IN i ERFST RATE. IN-
~ '~REASFS dN THF. INTERFST RATE W~GL RF:SUL'T IN HIGH~R PAYMENTS. .
~ ~ DELREASES 1N THE INTEREST ItATE WILL RESUGT In LOWER PAYMENTS. -
.This Ridcr is made this . . ~~th , day of . . . Mav . . . . . . . . . . . . . . 19 ~2. : . , and is incnrporated into and shalt
ba deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Seeure Debt.(the "Security Instru-
- ~ ment") of the same date giv~n by the unciersigneci (the "Borrower") to secure Borrower's Note to . . . . . . . . . . . . . . . . .
- CiT,IZENS_.FEDERAL,SAVINGS, AND.LOAN,ASSO~IATI,QN,OF,~jf. L,U~~~, CQI~NTY,,,,,,,,,,,,,,,,,,,,,,,,
- (ti~e "Lender" of the same date (the "Note") and covering the property desc~ibed in the Security Instrument and
- Iocateciat..~~3.Bayard.Avenue,,,.,..Port,St:,.Lucie;,Flori,da,,,3,34~?,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
- ~ Property Addiess ~ ~ _
~ Modi~cAtions. In ad~ition to the covenants and agreements made in the Security Instrument, IIorrower and
~ Lencler further covenant and agree as follows: ~ . .
A. INTEREST RATE AND MONTHLY PAYMENT CHANGES " _
~ The Note has an "Initial Interest Rate" of .17. The Note interest rate may be increased or decreased on the
. 1 st day of the month beginning on September ,,,,,,~~9.8~ and on that day of the month every
_ ~ . . ~ ? , months thereafter. ~ ~
~ Changes in the interest rate are governed by changes in an interest rate index called the "Index". The Index is the:
[Chtrk one box lo indicate Index.J
~ (1) "Contract Interest Rate, Purchase of Previousty Occupied Homes, National Average fi~r aU Major
~ Types of Lenders" published by th~ Federal Home Loan Ba?ik Board.
' (2)
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; . . . ~ . ~ . . . . • . . . . • . . . . . . • . . . . . . . . ~ . . • . . . . . . . . . . . • . . . . . . . . . . . . • . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ~ ~ .
[Check one 60~. to indicote x•helher ~here is ony maximum limi~ on changes in she in~erest rate on each Change Da~e; iJno box is checked Ih~re will
F'~ . be no maximum limi~ on changes.] ~ ' . ` _
'(1) ~ There is no maximum limit on changes in ihe interest rate at any Change Date.
~ (2) ? The interest rate cannot be changed by mare than percentage points at any Change Date.
If the intcrest rate changes, the amount of Sorrower's monthly payments ~vilt change :~.c provided in the Note. 1;?-
creases in the interest rate wii! result in higher payments. Decreases in the interest rate will result in low~er payments.
~ B. LOAN CHAR~FS ~ - . ~
It could be that the loan secured by the Security Instrument is subject to a iaw which sets maximum loan charges
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and that law is interpreted so that ihe interest or oth~r loan charges coll~eted o~ to be collected in connection with the
~ loan would exceed permitted limits. If this is the case, then: (A) any such loan charge shall be reduced hy the amount
necessary ro reduce the charge to the pe~mitted limit; and (B) any sums already collected from Borrow•.r which exc~ed-
I _ ed permitted limits wiil t~e refunded to Rorrower. Lender may chc~ose to make this refund by reducing the principal
~ owed under the Note or by making a direct payment t~ Borrowe~. -
~ ~ C. PRIOR LIE~S _
If Lender determines that all or any part of the sums secured by this Security Instrument are subject to a lien
which has pri~rity over this Sec~rity Instrument, Lender may send Borrower a notice identitying that lien. Borrower
~ sfiall promptly act with regard ~to that lien as provided in paragraph 4 of the Security Instrument or shaJl promptly
~ secure an agreement in a for~n satisfactory ta Lender subordinating that lien to this Security Instrument.
D. TRANSF~It OF THE PROPERTY
~ If there is a transfer ofZhe Property subject to paragrapi~ 17 of the Security Instr~ment, Lender .may require (1)
an increase in the ~urrent Note interest rate, ar (2) an increase in (or remova! o~ the limit on the amount of any one in- -
` terest rate change (if there is a limit), or (3) a change in the Base Index figure, or ali of these, as a condition of Lender's
waiving the option to accelerate provided in paragraph 17.
; . Ay signing this, Borrower agrees to ait af che above. .
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~ 1`~ ' t1 ~S g~l 3~ . . . . . . . . C~.~tr.=.~~-. :vCl~ . . . . . . . . . . (Seal) -
: ~ :.~1 ''~t~Y M i chae 1 ~ . Moon . -Borrower
" t 1; t C ~!iC :.~~r~:
I; 5'•.t3.7C;4 CG_ti ;•~t.. -
~ : ~ RGGF.f~ f'f:i <<~~ . v~~(~ . ~,~/.~~~~?r..~ .
~ cl[h~ c~~~u~t cc::F,t~ . . . . . . . . . . . . . . (S~al)
.-„r~~.:ti•~ki_,,Er~ t~.~ Maureen P. Moon -Borrowcr
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• lJmorr than one box is chrcked or ijno Lox is chrckrd, and Lend~~ and Boirow•rr do nor othawBt ogre+e in wri~ina, ~be firs~ /nd~x nomed ivii/ opply.
ADJUSTABLE RATE LOAN RIDER-st8l-fHI~IC UNIFORM INSTRUMENT
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