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Home My WebLink About0225 1020376 628459 .IF~d 2c' F'I? ~ ~ ADJUSTABLE RATE RIDER ~ ~ (1 l~ear 1Feaaury Index - Rate Caps) ~ THIS ADJUSTABLE RATE RIDER ~s made this 19 th . day ot _ Janua ry , 19 ~ Qnd ~s corporated ~nto and shall be cieemed to amend and suppiement the Mortgage. Deed ot Trust or Secunty Deed (the "Sec.unty Instrument") ot the same date g~ven by the unders~gned (the "Borrower") to secure Borrower's Ad~ustable Rate Note (the "Note') to_ BARI~IT BAI~ ST_ I~IX_TF. (1)iiNi'Y _ (the "Lender' ) ot the same date and covenng the property descnbed ~n the Secunty instrument and located at ?8~i S~F PTN}~ VAT i FV ~i'F2FFT ~ P[~R'P Qi'_ TIY`~R~ ~ Flnrj~-_349~_--------_-- [Property Address] The Note contains provisions allowing for changes in the interest rate and the monthly peyment. The Note ~ limlts the amount the Borrower's interest rate can change at any one tlme and the maximum rate the Bor- ' rower ~nuat pay. - Additionel Covenenta. In addit~on to the covenants and agreements made ~n the Securrty instrume~t. Borrow~er and Lender ~ further covenant and agree as 1ol!o~vs A. Interest Rate and Monthly Payment Changea The Note prov~des for an ~rnt~al ~nterest rate o! ~nn ~~o The Note prov~des for changes ~n the ~nterest rate and the monthly paymenis. as foliows 4. Interost Rate and Monthly Payment Changes i (A) Change Dstea The interest ra?.e I w~ll pay may change on the i~rst day o` _ ot~r ~ 19 and on that day every 12th month thereaftec Each date on wh~ch my mterest rate could change ~s ca~led a"Change Date" (B) The Index Beg~nnmg w~th the first Change Date. my ~nterest rate will be based on an Index. The "~ndex" ~s the weekly average y~eid on Urnted Sta±es Treasury securit~es ad~usted to a constant matunty of one year. as made ava~tab!e by the Federal Reserva Board The most recent Index f~gure ava~labte as of the date 45 days before each Change Date is ca!'ed the "Current Index" I! the Index ~s no longer avadable, the Note Holder w~ll choose a new ~ndex which ~s based upon compa~abte ~niormahon ?he Note Holder wdi g~ve me notice of th~s cho+ce. (C) Calculation of Changes Betore each Change Oate. the Note Ho!der w~ll ca!culate my new ~nte~est rate by add~ng ~S percentage po~nts ( ~ ~~n to the Current Index The Note Ho!der ~v!li then reund the resu~t of ' th~s add~bon to the rearest one-e+ghth ot one percentage po~nt (O t25~io) Sub~ect to the I!mits stated ~n Sect:on 4(D} below. th~s round- ed amount wdl be my new ~nteres! rate unt~t the next Change Date The Note Holder w~li then ~eterm~ne the amount of the monthiy payment ±hat would be sun~c~eni to repay the urpa~d pnnc~pal that I am expected to ovre at ihe Change Date m fu~l on the maturity date at my new !nte~es? rate ~n substant~a~!y equa~ payments The result of th~s caiculabon w~li be the new amount o+ my monthly payment (D) Limits on Interest Rate Chenges The interest rate i am reqwred to pay at !he f~rst Change Date w~li not be greater than 10. 500 or less than 6. 500 % Thereafter. my ~nteresi rate will never be ~ncreased or decreased on any s~ngle Change Date by more than two percentage points (2.0%) from ?he rate of ~nterest i have been pay~ng for the preced~~g ~2 months My ~nterest ~ate w~i! never be greater than 14. 500 0~0 ; Effective Date of Changes i My new ~nterest rate wil! become effecbve on each Char~ge Date I w~li pay the amou~t o` my new• mon,h!y payment begmn~ng ; o~ the hrst monthly payment date afte; the Change Date unUl the amount o` my monihly paymen! changes aga n j (Fl Note of Changes The Note Holder will dehver or ma! to me a not~ce ef any changes in my mterest ra?e and the amoun? o! my mo~?h;y payment ~ betore !he effective date ot any change. The no!~ce w~il inCiude informa;~on requ~red by la~ ?o be g~~~en me and a~so the t+tie and ~ telephone number of a person who wiil answef an;~ quest~on i may have regard~ng the notce ~ B. Transfer of the Property or a Beneficial interest in Borrower ~ Uniform Covenant 17 of the Security lnstrument ~s amended to read as to!lows ~ Transter of tht Property of a Beneficial Interest in Borrower. it all or any par o` the Property o' any ~nterest m ~t sold ~ or trans(erred (or it benef~c~al interest rn Borrower is sotd or transferred and Borrave~ ~s ~ot a natural person) w~?haut Lender's prior wntten consent. Lender may, at ~ts opt~on, reqwre +mmed~ate payment ~n (ul! of all sums secured by th~s Secunty ~ns?rument. However. ~ ?h~s opt~on shall not be exerc~sed by Lender ~F exerase ~s proh~b~ted by federa~ law as o! the date of th~s Secur~ty Instrument Lender ~ alsp sha~l not exercise th~s op;ion rf: (a) Borrower causes to be subm~tted to Lender ~nformation requ~red by Lende; to evaluate the ~ ~ntended transferee as rf a new loan were be~ng made to the transteree and (b) Lender reasonably determ~nes that Lender s secunty ~ w~ll not be ~mpa~red by the loan assumpt~on and that ihe nsk of a breach of any covenan± or agreement ~n th;s Secunty Instrument ~ ~s acceotabie to Lender. ~ To the extent perm~tted by apphcab'e I~w. Lender may charge a reasonabie fee as a cond;t.or to Lender s consen! to the loan € assumphon Lender may aiso requ~re the trans~eree to s~gn ar, assump;ion agreement tha; +s acceptable to Lender and tha? obl~gates the transferee to keep ali the prorrnses and agreements made ~n the Note and ~n th~s Secunty !ns?~umen? Borrd~r w~il conUnue ro be obl~ga?ed under the Note and th~s Secu~~ty lnstrument unless Lender re~eases Borr~r ~n wr~Ung If Lender exerc~ses the opt~on to requ~re +mmed~ate payment ~n iull, Lender shatl g~ve Borrawer no!,ce of a~ce~erat~cn Tr,e not~ce ~ shall provide a period oI not less than 30 days from the date ihe nobce ~s del~vered or ma~leo w~th~n wh~ch Borrower must pay atf sums secured by th~s Secunty Instrument If Borrower ia~ls to pay these sums pr!or to the exp,rabon o'th~s per~od Lender m2y ~nvoke any remed.es perm!tted by th,s Secunry Insirument without further nobce o~ demand on Bo~r~,~rer. ~ BY SIGNING B~LOW, Borrower accepts and agrees to the terms and covenants p6n?amed in this AO~usfab,e Rate R~der ~ - , ~ " - iSeal) - l~-"`~ CA' ~ (Seal) ` ~ D. WO IBo~ro•1+~er) LIrDA W~O~'BE~C ~ ieo~rower) ~ R _ (Seal) _ (Seal) (Borrower) (Bcxraher) aeoK 674 ~cE 225 MULTISTATE ADJUSTABLE RATE RIDER - ARM 5-~ - S~ 9~e Fam~ty - F~nnk M~dFnddN M~e Unlform Instrum~nt Fwm 3111 3/85 2 3~ 5 6~ B 9~0 CW 4'i preva,s e~!cn<_ a~e oosde!e i05t73 Rev Sep B6 {t6~O1PC € ,~.y ~ ~r~~s ~ ~ ;~y-~~ . ~ ~ " ~