HomeMy WebLinkAbout0964 thc Sccurity Instrument and ic~c:~ted at !
XXX JANER AVENUE PORT ST. LGCIE, FL 34452
~ Pro~xrl~ Addre..~
THE NOTE CONTAINS PROVISIONS ALL0IMING FOR CNANGES IN TNE lNTER£ST RATE
AND THE MONTHLY PAYMENT. THE NOTE Uf~AAITS THE AMOUNT THE BORROWER'S
INTEREST RATE ~AN CHANCiE AT ANV ONE TiME ANO THE MAXIMUM FiATE THE BOR-
ROWER MUST PAY.
Apu~T~o~~t. Co~ t:~ a~rs. In addition to the covcnants and agrccmcnts madt in tht Securily Instrumcnt, Borrowcr
and Lcnder further cu~~cnant and agrec as follows:
4. 1!YTERE5T RATE AND MO`'THLti' PAYy1ENT CNArGFS
Thc Note provides for an initial intcrest rate of 2S0 The tiotc pru~~~des for changcs in thc intcrcst ratc and the
monthly payments, as follovvs:
1. INTERE.ST RATE AND MOtiTHLY PAl'titE'VT CNANGES
1 A ) C'hangc Data
The intertst rate I will pa~~ ma} changc on the hrst day of AUGUST . 19 89 , and on that day
evtry 12th month thereafter. Each date on which my interest rate could change ~s called a"C'hange Date.°
! B ? The Index
Beginning with the first Change Date, my intercst rate will bc based on an Index. Thc "Indcx" is the weekly averagc
~ield on United States Treasury sccurities ad~usted to a constant mawrity of I year, as madc availablc by the Fedcral
Rtserve Board. The most recent Index figure available as uf the date 45 days before cach Change Date is caile~ thc
"Current Index."
tf the Index is no longer available, the Note F~older will ch~w~e a new index which ic based upon comparable
information. The Note Holder will give me notice uf this choice
1 C? Glculation oi Cl~anges
Before each Change Date, the '.~ote Holder will calculate my ncK interest rate by adding ~ AND THREE i
QUARTERS percenta~e points ( 2.750 to thc Currcnt Indcx. The !vote Holdcr will then round the ~
result of this addition to the ~tarut onacighth of one percentage point ( 0. I?5`~ Subject to the limits stated in Section ~
4( D? below, this rounded amaunt w~ill be my ncw intcrest ratc until the neat Change Dace.
Tht tiote Holdcr will then dctermine thc amount of thc monthly paymtnt that would bc sufficient to repay thc
• unpaid principal that I am expected to owe at the. Cha~ge Da~e in full on the maturity date at my new inierest rate in
wbstantiali~ equal paymcnts. The result of this calculation will be thc ncµ amount uf my monthly payment.
~ 1 D? Limits on Interest Rate Changes
The interest rate 1 am required to pay~ at thc first Change Datc will not bc grcater than 10.2SO ~ ~r (css than
6. 250 Thereafter, my interest rate vvill never be increased ur dccreased on an} singk Change Date by more
~ than twci pereentage points ( 2.4'~ ) from the rate of interest I have been pay ing for the preceding twelve munth~. !4ty
' interest rate w~ill never be greater than 14.250
i 1 E 1 Eftectire Datt ot Chapza
~ 41y new interest rate will become ctTecu~~c on each Change Uatc I Nill pay thc amount of m} ncw monthly paymcnt
~ beginning on the first monthl~ pa}ment date after thc Ch:?nge Datc until thc amuunt of mti monthiy paymcnt changes
again.
~ ( F ~ tiotict ot Chaey~es
; The'`ote Holder will deliver or mail to me a notice of am change~ in m} intere~t rate and the amuun~ uf m~ monthly
£ pay ment before the efTective date of an~ change. The notice N ill inciude information reywred b} I:~v? to be gi~~rn me :ind
; also the title and tcltphone number of a person who will an~wer any qucstion 1 may havc rcgarding the notice
° B. TRA'~SFER OF THE PROPERTY OR A SENEFtCIAL ItiTERE'.ST iti BORROVb'ER
l.ni(orm Covenant l7 of the Security~ Instrument is amendcd t~ rcad as fullows:
Traesfer ot the Propertv or ~~tkial tnterest in Borrower. If all or any part ot thc Propcrty o~ any intcrest in it is
sold or transfcrred (or if a bencficial interest in Borrower is sol~ or transfcrrcd and Borrawcr is not a natural person)
; µ~thoyt Lendcr's prior written consent, Lender may. at ~ts option, rcquire immcdiatc payment in ful) of all sums securcd
by this Security (nstrument. Nowever. this option shall not be ezercised by Lender if excrcise is prohib~ted by federa) lau
as of the date of this Stcur.ty Instrument. l.ender also shall not cxercise thia optiun if: (a) 8orrow~cr causes to be
~ubmitted to L~nder information required by Lender to evaluate the in?cnded transferes as if a ncw~ Ic~an wcrc bcing madc
. to tht transftrec: and Ib) Lcnder reasonably dctermincs that Lcnder's sccurity Mill not be ~mpaircd b~ ~hc laan
assumption and that the nsk of a breach of any covenant or agrcement in this Security Instrument is acceptabir to
~ Lcnder.
} To the cxtent permittcd b~ appl~cable law, l.ender may chargc a reau~nable fce a. a condit~on to l.cndcr's ~onscnt tu
thc ~oan assumptiur~. Lcnder ma} alsn reyuire the transferce to cign an a~sumption agrcemcnt that ~s acccptablc to
l_cnder a~d that obligates thc transferce to kcep all the promiscs and agrecmcnts made in thc tiote and in this Securit~
lnstrumerit. Borrc~uer wil! conunue to be obligated urjder the ~ote a9d~h~s Securily Inct•;smtnt unlt~s Lender releases
~iarrower in wr~ting. 8~~ ~ ~
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