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~ ADJUSTABLE 1~TE L01AN R,tD~R
NOTICE: TN~ ~ECURITY INSTRUM~NT SECURES A NOTB WHI~H CONTAIt~S
A PROVISION ALLOWING FOR CHANGES 1N THE pNTE~T RATE. IN-
CREASES IN THE INTERF.ST RATE WII;L RESULT In HIGHER PAYMENTS.
_ DECREASES ~N T1~E INTEREST RATE WILL RESULT IN LOYrER PAYMENTS.
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• This Rider is madc this ~P . , day of . , , Au~us t. . . , ~ . . , ~ ~9. 82 . ~ &nd i; incorporated into and shall .
be deemcd to ~mend and supplement the Mortgage. Ueed of Trust, or Deed to Secure Debt (the "Security Instru•
ment") of the same date given by the undersigned (the "Borrower") to srcure Borrower's Nate to . . . . . . . . . . . . . . . . .
. . . . E~Rs~T. NAT~QNA~.. OANK liNP. TitVS7. CQMPIRNr .4~ Snl~l~~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
~ (the "Lender") of55~ SS1.n8.d6~oTtairN~er~~aced ~~ort ~t
~~u°~ey Flbria-"a~n ~4~urity Insirumtnt and
-i located at . ~
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- Pro/xrly Addrau
Modif~r~tions. In addition to the covenants and agreements madc in ths Securiry Instru~nent, Borrower and
_ Lender further covenant and agres as follows: ~
A. INTEREST RATE A,ND MONTHLY PAY~F~T CHANGES
The Note has sn "Initial Interest Rate" of The Note inter t rate may be incre~sed or ~decreased on the
_ ~ , l.st, day of the month beginning on , , Marc~i . + . . . . , , , , 19.~.~'. . . and on that day of the month every ~
- . . . . . months thereafter. .
, Changes in the interest rate arc governed by changcs in an intcrest rate index callcd the "Index". The Index is the:
(Chrck one box to indicete /ndtx.)
~ (1) ~C~'' "Contract Interest Rate~ Purchase of Previously Occupied Homes, National Average for all Major
_ Types of Lenders" published by the Federal Home Loan Bank Board.
(2) O • . . . . . . . . . . . . . . . . . . . . . . . . ~ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
_ ~ [Cherk one box ~o indicate wbether lhen is any moximuin limit on chonga in tht inrenst rate on tach Ciwnge D~ele; ~f no box is chtrkallletre wfll
• be no maximwn~ lin~it on changes.] ~ - _
' il) O There is no maximum limit oti chan~es in the interest ratt at ~ny Change Date. ~
(2) KJ The interest rate cannot be changed by more than Q8 . pertentage points at any Change Date.
~ . If the interest rate changes, the amount cf Borrower's monthly paymenfs will change as provided in the Note. In-
creases in the interest~rate will resutt in higher psynnents: ikcreases in the interest rate will result in lower payments.
- B. LOAN Cf~IARGES - -
~ ~ It ceu~d be that the loan secured by the S~:urity Instrum~n~ is s~~bject to a!aw which sets maximum loan charges
- and that law is interpreted w that the interest o~r other loan charges collecied ar to tx collected in con;~c~ction with the
loan would exceed permitted limits. If this is the case~ then: (A) any such loan ~liarge shall be reduced by the amount
- necessary to reduce the charge to the permitted limit; anri (B) any sums alr~ady collected from Borrower which excad-
ed permitted limits will be refundcd to Borrower. Le;ider may choose to make this refund by reducing ihe principal
owed under the Note er by making a dircct payment to Borrower.
C. PRIOR Y.[EN~ - ~ -
~ • If Lender determines that a1l or any part af the surris sec.ured by this Security~ Instrument are subject to a lien
~ which has priority over this Securiry Iastrument, Lender may sena Borrower a notice identifying that lien. Borrower
shall prompt:y act with regard ta that lien as provided in paragraph 9 of the Security Instrument or shall promptly .
. secure an agreement in a focro satisfactory to Lender subordinating that lien to this Security Instrument. ~
~ D. TRAI+I~FER OF THF, PROPERTY ~ '
1f there is a transfer of the Property subject to pazagraph 17 of ihe Security Instrument, Lender may require (1)
- an increase in the current Note interest rate, or (2) an increase in (or removal o~ the limit on the amount of any one in-
terest rafe change (if there is a limit), or (3) a change in the Base Index figure, or all of these, as a condition of Lender's
waiving the option to accelerate provided in garagraph 17.
? ~ By signing this, Borrower ~grees to all of the above.
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- Ronald Reek " --Borro,~er
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5' lL'.^.if Cft'ti' e
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r.~~/~ i`-~J ~ . . . . . . : . . . . . . . . . . . . . . . . . . . u . . . . . . . . . . (Sealj ~
' ~ ' ' - Charlotte Reek -Borrowa _
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•!j mort ~hon ont boz 8 checked or iJ no bos ss chtcked, and Ltnder ond Barrowtr do not orlrtrwise oane in wri~ins, tIK ftrst Indez nomed iri.q appJj.
= ADJUSTABLE RATE LOAN RIDER-~rei-~~wc u~+~o~?t uts~~u~t~ - ..r~ s~?FS~.,~aFa...
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