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Home My WebLink About0297 ! ADJUSTABLE RATE RIDER Loan Number : 701339 ( 1 Yar'Il~tunry Indac - Rate C~) 'THIS ApJLTS'I'pgLE ItpTE RIpER is made ttris 17th day of January ,19 90 , and is inco~porated into aad sha~l bc deemed to anxid aod suppkm~nt the MoRgage. Deed of TYust or Security Deed (the "Security InswmeM") of t6e same date pvea by t6e ~mde~igned (the "Borr~wcr") ta axuie Bocmw~r's Adjustabk Rate Note (the "Nae") to 8UN BANK/SOUTH FLORIDA, NATIONAL ASSOCIATION (the .•Lender') of the same date and covering the pmperty describod 'm tha Stcurity Instnnnent aud located at: 3120 N. AIA, Unit 7-C, Fort Rierce, Florida 34949 [~~M ~1 THE NOTE CONTAINS PROVISIONS ALLOWINQ FOR CHANQE8 MI THE INTEREST RATE AND THEMONTHLYPAYMENT. THENOTEUMfTSTHEAMOUNTTHEBORROWER'SlNTERE3TR11TE CAN CHAN(lE AT ANY ONE TIME AND THE MAXIMUM HATE THE BORROWER MU3T PAY. Annrrtav~t. CovgtvMTTS. In addition to the covenants and agreemeac.s made in tbe Secx~rity Instrumed, Borrower and Lender fruther covenant and agree as follows: A. 1NTEREST RATE AND MONTHLY PAYMENT CHANGES 'Ibe Not~ provide,s for an imtial interest rate of 8. 250 96• 'ILe Note provides for c~anges in the interest rate and the montWy payments, as follows: 4. INTERFST RATE AND MONTHI.Y PAYMENT CNANGES (A) C6ange Dates 'It~e intetest rate I will pay may change on the first day of February , l9 gl , and o~ that day every 12t h m~~ ~re~L Earh'date on `~'hich my inteiest rate could change is called a"CBange Date." (B)'ILe Index Begu~aing with tbe 5ist Cfiange Date, my interest rate will be based on an Index. 'ILe '7ndea" is the weekly average yield on United States Treasury securities adj~ted to a coostant maturity of 1 year(s), as made available by the Federal Reserve Board. The most receM Index figure available as of t6e date 45 days before eac6 ~ange Date is called ti~e "Cucren~ Index." If tbe Indea is no longer availab~e, the Note Holder will choo9e a new iodea which is based upon compuable intormation. The Note Holder will give me ootice of this choice. (C' Cakalation af C6angea Th e I n i t i a 1 I nde x i s: 7. 6@0% Before each C6aage Date~ tbe Nde Holder will calculate my new interest rate by adding ! Two and Three Quart ers peroentage points ( 2. 750 96) to the C~rred lndea. 'Il~e Note ~ Holder will tben roand tbe resiilt of this addition to t6e nearest ooe-eighth of one percentage point (0.l25%}. Subjea to tl~e limits stated in Section 4(D) below, this rounded amount will be my new ieterest rate uatil tbe neat Cbange Date. 'lbe Note Holder will then deteanine the amount of the mondily payment that wauW be sufficient to repay the unQaid principal that I am expeded to owe at t6e Change Date in full oo tbe maturity date at my cew uxerest rate in substantially equal ~ payments. 'Ibe result of this calculation will be the new aznount of my monthly payment. ~ ; (D) Limits on Interest Rate Changes ~ 'Ibe interest rate I am uired to a at the first Chan e Date will not be ater than % or less thaa i'eQ p Y 8 SR 10. 250 , 6. 250 `16. '~re~r, my interest rat~ will never be incceased or decieased on any single C6ange Date by more thaa ~ two percentage points (Z.096) 6rom the rate of interest I have been paying far the preceding Twe 1 ve mocKhs. ~ My i~erest rate will never be gteater than 14. 250 ~ (E) ERective Date of Changes ~ My new interest rate will become effective on each Cbange Date. I will pay the amount of my oew manthly payme~t ~ beginning on the fust monthly payment date after the Change Date until the amouat of my monthly payment changes again. 4 (F) Notice of Changes E 'Ibe Note Holder wil! deliver or mail to me a notice of any rhanges ia my interesi rate and the amount of my monthly paymern befoce the effective date of any change. '!be notice wil! include infomiation tequiied by law to be given n~e aud also the title ~ and telephone number of a person who will aaswer any question I may have regarding tbe notice. i B. TRANSFER QF THE PRUPERTY OR A BENE~FICIAL INTERES`I' IN BORROWER ~ ~ Uniform Covenant 17 of t6e Security Instn~ment is amended to read as follows: g 'I~anater of the Prnperty or a BeneC~cial Intcrest in Burrawer. If all ar any part of the Property or any interest in it is sold or transferned (or if a becreficial iuterest in Borrower is sold or traa5feired anci Bofrower is nol a natural persoa) wi~hout Lender's prior written conseat, Lender may, at its option. require immediate payment in tull of all stuns secured by this Securiry Instrumeot. However, this option shall not be e~cercesed by Lender if eaercise is protribited by fed~eral law as of tbe date of this Security Inswment. Lender also shall not exencise this option if: (a) Bortower causes to be submitted to Leod~er infocmation • required by I,eoder to evaluate tbe inteoded transferee as if a new loan were being made to the traasferee; and (h) Lender reasonably determines that Lender's security will not be impaiied by the loan assumption aod tfiat the risk of a breach of any covenant or a~eement in this Security Iastr~ment is acoeptable to Lende~ : To the e~ctent pemutted by applicable law, Lee~r may c6arge a reasonable fee as a condition to L,ender's coose~t to the ~ ioan assumption. Leader may also requiie the transferee to sign an assumption age+~nent that is acceptable to Lencier and that ~ ~ obligates the transferee to keep all the promises and agieements made ~n the Not$ and in this Security Iastniment. Bornower wilt~ ~ continue to be obligated under the Not~ aad this Security Inswment unless Lender releases Bormwer in writirog. •<<, , MUL7tSTATE ADJUS7ABLE RATE RfDER-ARM 5- 2• Single-Famiiy • P~xtM 11N/ft~ddN Wc Unlform kafrt~rn~i Fonn 3111 3/86 ~ -tt;'- FNMA004A Pp~ 1 of 2 S~2 RW~r ~~~K 674 ~f 23? ~~:~-~~a~ - ~ ~