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Home My WebLink About0982 - _ , _ ' AI~JUSTA?BI,E I~ATE RI~~'R , ~ . THIS ADJUSTABI.e RATE RIDER is madc thie .~9th... day of ..........JtJN,~.~,,,,,,,,,,,,,,,,,,,,,,,,, ~g,~,2,,,~ and is incorporated into and shall be decmtd to amend and supplement thc Mortgagc, Deed of Trust, or Dced ta Socure Debt (the "Securit~~ Instrument") uf thc same date qiven by thc undersigne~ (the "Borrower") to securz Borrower's ~ Adjustable Rate Note to .............SECURIfY,FEDERAI BAVIN(iS & LOAN ASSOCIATION OF INOIAN RIVER COUNTY ' (the "Lender") oP the same date (the "Nate") a~nd covering the property described in the Security [nstrume*~t and located at: ~ ~ I . . • ' 440 N.W. Ravenswood L-ane port St..,Lucie,...Florida...33452.,...,, ~ ~ ~ • j' (Prope~ty Address: ~ The Note Cnn4ains Provlsion: Allowing for Changr: in the Inter~:t Rate. Incraaset in #h~ Int~rest Rat~ will R~sult in Higher Payments. Decr~a:es i~ fh~ tnte~ast Rata wil! R~suit in Lower ?oym~nts. ~ ADDRIONAL COVENAMS, tn addition to the covenan!s and ag~eements made in the Security Instrument~ Borrower and I.ender further cov~nant and agcee as follo~vs: - A. INTEREST RATE AND MONTHLY PAYMENT CH~~NGES The Note provides for an Initial Rate of Interest ot16 . 6 2 5,c~o. Section 4 of the Note provides for changes in the intrrest ~ rate and the monthly payments, as follows: `•(A) Change Dates _ . J~ginning in 19..~2., the rat~ of interat I will pay may change on the ..z~~.... day of th~ month of ( , and on that day every Q 6th I~ 12th ? 30th [~x 60th (Ch~eck a,yone bo.r)month thereaRer. ~ Each date on which the rate of ir~terest could change is called a"Change Da~e." ' (B) The Iadex _ . Any changes in the rate of interest will be based on changes in the Index. The "Index" is the monthly average yidd ~ on United States Treasury securities adjusted to a constant maturity of Q 6 months Q 1 yeu ~ 3 yeus ~ 5 ytus as made avaiiable by the Federai Reserva Board, or ~ ihe "~onsrzct Interest Rate. Purchase c+f Previously Qccupied - Numes, National Average for all Major Types of Lenders" as made available by the Federal Home Loan Bank Board. ~ jChc~~ 0.7 j+ ~:ne .'-..ixj ~ If the Indes is no lorger avaiiable, the Note Holder will choose a nzw index which is based upon comparab!= ~ information. The Note Holder will give me notice of this choice. . ~ The ferst Index figure for this IVote is14 . 34 Qblo. It is called the "O~iginal Index." ~ The most recentty available Index figure as of the date 4~.`~....-.., days before each Chang~ Date is called the "Cunent Index." - (G~ Gilculation of Chgnges . ~ Before each Change Date, the Note Holder w~ill determi;ie any change in my rate of intsrest. The Note Nolder will ~ calculate the a:nount ot the diR~rence; if any~ betwcen the C~rrent Index and the Original Index. If the Current Index is higher than the Original Index, the Note Holder witl add the diRercnce to the Initial Rate of Interest. If the Ctirrent Index ~ . is lower than the Ori inat Index the Nete Holder will subtrac tiie ' , t difFerence from the.Initial Rate of I , 8 . nterest. The I~Iote ~ ~-Iolder will then round the r~ult of this additi~n or subtract~on to the nearest one-eighth oi one peresntagt point (0.125%). This rounded amount will be the new rate oi interest I am required to pay. . ~ "The Note Holder will then determir.~ the new arnount of my monthly payment that would be sufiicient to repay the outstanding principal balance i~ ~u11 on the maturity date at my new rate of inter~t in substantially equal payments. T'he } result of this calculation wiU be the new amount o!'my mnnthly~ payment. ~ - (D) Effective ~aYe ilf Changes ' - The new rate of interest will become effective on each Change Date. I wiil pay the new amount of my monthly payment each month beginning on the first monthly payment date after the Change DatP until the amount of my monthly ~ payment is again changed or I have fully repaid the loan. ~ (E) l~btice of Chacges ~ ~ 71~e hiote Hold2r will mail or deliver to me a n~tice oPany changes in the amount of my monthly payment before the - ef~'ective date of any change. The notice wi11 include information required by law t~ be given me and also the title and telephone number of a~erson who will answer any question I may have regarding the notice." ~ B. CHARGFS; LIEI~~ - ~ Uniform Covenant 4 of the Security Instrument is amended to read as follows: ~ 4. f_'harges; Liees. Borrower shall pay all taxes, assessments, ::nd oYher charges, fines and impasitions attributable to the Property which may attain a priority over t}~is Security Instrument, and leasehold payments or gravnd rents, if any, in ths . manner provided under paragraph hereof or, if not paid in such manner, by Borrower rr,aking paymrut, when due, ~ directly to the payee ther~f. 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 I~ndec receipts evidencing such payrrents. Borrower shal( promp:iy discharge any lien which has priority over this Sxurity Instrument; providM. ~ that Borrower shall not be rec{uired to discharge any such lien so long as Borrower: (a) shall agree in gvriting to the payment of the obli ation secured b such lien in a manner acce table to I.ender ~ 8 y p ,{b) shall in good faith contest such lien . . . by, or defend against enforcement of such lien in, legal proccedings which ~n the op~n~on of Lender operate to prevent the ~ en~'orcemrnt of the I~en ar forfeiture of the Property or any part thereof; or (c! s~all secure from the holder of suc?~ lien an agreement in a forrn satisfactory to Lender subordinating such lien io this ~ec~+rity Instrumenf. - ; . . ; . - i : ~ ~ ~~9 9'8~ - , ~ I ADJU~TABLE ICATE ltIDER-S~n9k tamiiy-7/81--FNMA ltnifotM tns~ _ ~