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Home My WebLink About0283 , 628465 • ~ , AOJUSTABLE RATE RIDER (1 l~ea~ Tteasury Index Rate Caps) TH~S ADJUSTABLE RATE RIDER ~s made th~s 18th day of JarluaCy 1990 and ~s corporated ~nto and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Secunty Deed (the "Secunty Instrument") of the same ' date given by the unders+gned (the "Borrower") to secure Borrower's Ad~ustable Rate Note (the "Note") to R1~kN~iT AAT~K (lF ~'i' i~1C`TF. (Y~TiNPI/ (the "Lender") of the same date and covenng the property described m the Secunty Instrument and located at: E~ir~a '~d45Q _ Property Address) The Note contains provlsions allowfng for changes in the interest rate and the monthly payment. The Note ~ Iimits the amount the Borrower'a interest rate can change at amr one time and the maximum rate the Bor- rower must pay. Additional Covenants. In add:t~on to the covenants and agreements made ~n the Secunty Instrume~t. Borrower and lender further covenant and agree as follows: A. Interest Rate and Monthly Payment Changes g 500 The Note provides for an ~n~tiai ~n±erest rate of ' ~~o. The Note p,ov~des for changes m the ~nterest rate and the monthty payments, as foliows: 4. interest Rate and Monthly Payment Changes (A) Change Dates The interest rate I wil~ pay may change on the t~rst day a ~RU~ . 19 95 . and on that day every 12th month thereafter. Each da!e on wh~ch my ~nterest rate could change is called a"Cnange Date." (B) Tha Index Begmnmg with the first Change Date. my ~nterest rate wdl be based on an Index. The "index" is the weekiy average y~eid on United States Treasury secunt~es ad~usted to a constant matunty of one year, as made ava~lable by the Federal Reserve Board. The most recent Index f;gure ava~labie as of the date 45 days befoie each Change Date is ca!ted the "Current Index" If the index is no longer ava!labie. !he Note Holder tiv~ll choose a new ~ndex wh~ch ~s based upon comparabie ~nformat~on. The Note Hoider will g~ve me nerce of th~s cho;ce. 'f (C) Calculation of Changes I Before each Change Date, the Note Holder ~v~ll ca!culate my n~v interest rate by add~ng I percentage po~nts ( 2.750 to the Current Index. The Note Helder w~U then round the result of th~s add~Uon to the nearest one-eighth cf one percentage po~nt (0125~~0) Subject to the I~m~ts stated ~n Sect~on 4(D) below, this round- ed amount wdl be my new ~nterest rate unt~l the next Change Daie. j The Note Holder will then de.!ermine the amount ot the monthly payment that would be suffic~ent to repay the unpa~d principal ~ that I am expected to ov~~e at the Change Date ~n fuli on the matunty date at my new ~nterest rate in substanUally equal payments. j The result of th~s caiculat~on w~lf be the new amount of my monthly payment. ; (D) Limits on Interest Rate Changes ' The ~nteresi rate I am reqwred to pay at the f~rst Change Date w~ll not be greater than 11.500 0,~ or ~ less than 7.500 Thereafter, my interest rate wdl never be ~ncreased or decreased on any singte Change Date ~ by more than two percentage points (20a~o; trom ihe rate of ~nterest i have been pa~~ng for the preceding 12 months My interest ~ rate w;ll never be greater than 14.500 o~o (E) Etfective Date of Changes ~ My new ~nterest rate w~ll become eNechve on each Change Date. i w~il pay the amount of my new monthly payment beginrnng ? on the first monthty payment date after the Change Date unt~I the amount of my monthly payment changes aga~n. ~ (Fl Nate of Changes The Note Hoider w~ll dei~ver or ma~i to me a not ce of any changes ~n my ~nterest rate and the amount of my m~nthiy payment ~ before the effecUve date o` any change. The nottce will ~nclude ~nformation reqwred by law to be g~ven me and also the titEe and ~ telephone number ot a person who w~if answer any quesbon I may ha~~e regard+ng the not~ce. B. TFensfer of the Property or a 8eneficial Inter~st in Borrower ~ Urrform Covenant 17 of the Secunty instrument ~s amended to read as foliows: ~ Transfer of the Prop~rty oi a Beneficial Interest in 9arrower. If ail or any part of the Property oi any mterest ~n ~t is sold ~ or transferred (or if benef~cial mterest ~n 8orrower ~s sold or transferred and Bo~!ower ~s not a natural person) w~thout Lender's prior ; wntten consent. Lender may. at its opt~on, requ~re ~mmed,ate paymert ~n fuii of all sums secured by th~s Secu, ~ty Instrumeni. However, ~ th~s opUon shail not be exerc:sed by Lende~ if exerc~se ~s prohibited by federa~ law as of the date of th~s Secur~ty instrument. Lender s also shall not exercise th~s opt;on rf(a) Borrower causes ro be subm~ned to Lender ~niormaUon requ~red by Lender to evaluate the ~ ,ntended transferee as rf a new loan were be~ng made to ihe transferee: and (b) Lender reasonably determ~nes that Lender's secunty ~ w~!I not be ~mpa~red by the loan assumpt~on and that the nsk of a breach of any covenant or agreement ~n th~s Secunty Instrument ~ +s acceptable to Lerder. ~ 7o the extent perm~[ted by apphcabje law. lender may charge a reasanabfe fee as a cond+Uon to Lenaers consent to the loan ~ assumption. Lender may also requ~re ihe transferee to s~gn an assumpt~on agreement that is acceptabfe to Lender and that obi~gates the transfe~ee to keep all the prom~ses and ay~eements made ~n the Note and m th~s Sec_'unty Instrument. Borrower wili continue to be ob4igated under the Note and this Secur~ty lnstrument unless Lender re~eases Borrower m wnbng. If Lender exerc~ses the ophon to requ~re ~mmed~ate payment in Iull, Lender shaii g~ve Borrower ~ot~ce of accelerat~on. The not~ce shall provi~e a pencd of not less than 30 days from the date the not~ce is de!~vered or ma~ied w~thm wh~ch Borrower must pay all sums secured by th~s Secunty Insirument If BorraNer fails to pay these sums prior to the expirat~on o! th~s penod. Lender may invoke any remedies perm~tted by this Secunty Instrument without turther nohce or dems3nd on Borrower BY S ING BELOW. Borrower accepts and agrees to the ±erms and covenants contamed ~n th+s A~~ustable Rate Rider. ~ ; ~ _ (Seai) (Sea1) : ~ ~ ~ (Eior+axer) ~ O (Borrower) ~I : ~ (Seai) . ~ i ~ - (Seai) (Berrarver) - ~ " ' (Borrower) . ;Y I MULTtSUTE AQlUSTABLE RATE HIDER - ARM 5-2 - S^;'e Fa~^'~ - Fmnie Mae/FnOdle M~c UnMorm Inst?urtroM Form 3111 3/!5 2 3 4 5 5 7 B 9~0 ~:vl A" c~e+*~:s M~•~,m are oAw+e'e 0 R c 3 Rev Sep 95 1t6~0~C 9UV~~ ~ IAr~ ~ . . }"k ~'.~:+'~r'~- - ~,y ^~~~'°.e~' ~'¢'s F .s~~..-~~y - . t'"~s ~'_~~s-` Tr~~