HomeMy WebLinkAbout0554 ADJU~TABLE RATE RIDEYt 21/1091 PSL
(1 Yur lodet - Pcriudic and Lfe Imercst Rsu Gps)
THIS ADIUSTAEILE RA7E R1DER ic m~de thii 19T~'Y °r DECEMBER , 19 gg ,
u~d ~s ~ncorponted ioto sod shali be dume0 to amend and wpplemcot ihe Mortgage, Deed ol Truu or Security Deed (~he "Secunty
lu~uurntnt") of the ame date given by the unde~sigarA (tbe "IIoreuwef') w secur~t Borrowere Adjustable Rue Nou (the "Nae") to
GDV FYNANCIAL CORPORATION, A FLORIDA CORPORATION
(she "Leadrr') of U?e ume d+u and covenng tAe pmpeny defcnbed in tAe Secunly ln?uumeni and Iceated at:
1009 S.W. GASTADOR AVENUE, PORT ST. LUCIE, FL 34953
(~'OP~Y Addncs)
~rtiis NOTE CONTAINS PROVISIONS ALLOWllVG FOR CHANGES 1N THE
INTEREST RATE AND THE MUNTHLY PAYMENT.
AddlUoaal Covenants. In sddiuau to tAe covenams aaC sgeert?ems mufe in the Secunty Inswment, IIorrower and Lender turther
covrnan[ and agree u follawe:
A. INTEREST RATE AND MONTIiLY PAYMENT CHANGES.
7t~e Nae provides tor an initial Intereu Rste of 11 . 0 0'b. 71~e Note providu for changee in ~he ialrrcu nu and ~he monthlY ~Yments,
u follows:
a. 1RTERFS'I' RATE AND bloNCHLY PAYA~M' CHArGFS; BoRROVVER'S RICtiT TO L1MIT PAY:?iF.~T
(w) Cnange Dates
"R?e inurcsi nte I will pay may change on the firu day of JANUARY • 19 91, aod on th~t e•.•ery 12th
nbnth thereafur. Each date oa wfiich my intenst rue could change is called a"C7unge Date".
(8) T6e Inde: ~
Deginnieg with the first Q~ange Date, my intetea nte wili be bated on an Indac. 7t?e "ladex" ic the wtekly ~vrnge yield on Unitcd
Sutes Treasury uaritiec adjusted to a constant rtutunly of 1 year, as maGe availaDle by ihe Fodera! Reurve IIoard 71x most rocent Index
fiburr available u of the date d5 days beforc each Quage Aate is ulled ihe "Qirrent lndei'.
lf the tndex is no tonger avalable, ihe Note liolder will choose a oew indea which ic bued upon comNnble information. 7T~e hae
! idder will gire me notice of tl~ss c8oice.
(C~ CalculaUan o( Cdaaees
Deforc each Ctunge Date, Ux Nate Holder wiU calculue my atw inte~eri rate by adding 3. 2 5 percentage
points ( 3. 2'rJ ~b) to 1he Curtent lOdea. The Nate Holder will thw round the result of this addiUOn lo the nearcu one-eighth of one
pcrccntage point (0.125'X,). "Iliic rounded artaunt will De my uew iatereu rste umil the aext Ch~nge Due.
However, my interest nte ihall never be iacreased a decruseA on aay ungle changed date by mor_ ihan 2. 0 0
percentage points ( 2.~ 86) from 1he rate of interat I had been payin8 immediately ptiot to the change date, and my nte o[ interest shall
never incrcass or dxrease Dy more thaa 0~ petcenuge poiou ((~~~j fmm the lnitial intercu Rate over ihe trrm of the
~lute.
The Note Holder will Iheo deten[une the a[~wt oC the moothly paymeat lhal watld be suffic?cnt to rep~y the unpaid pnncipal ~hat i
am expected w owe at 1he Change Daee iu fuli oo the mau?nty date u my new inteteu cue in subsuntiitly equal payments. ~ho result of th~s
~ ~ calcula4on will be the new amount of my moathlY WY~~-
I~ B. TRANSFER OF THE PROPERTY OR A BENEFiCIAL INTEREST IN BORRO~VER.
~
~ L'n~form Covenant l7 of the Seeunty lnswment ic amended w read at followe:
~ Transier of the Property or a Benelidd lnte~est in i3orruwer. If all or any Qan of the Property or any intere~t in it is sotd or
~ tranafrrted (or if a beneficial ioterect in Bortowu is eold or tnnstertsd and Bortower is not a natunl persoo) withuut Ixnder's prior wriuen
consent, Leader rtuy, u its option, rrquire imrrxdiatc payment ia full of a11 wmt eaured by Utis Secvrity tncwment. However, thic option
[ ~hall na be exert~ud by L.ender if exoreiee ic prohibited by fodenl law as of the date of this Security lnstrumenl. Lender alw sh~ll nol exereise
tfus option if: (a) Sortowu causes w bt wbmitted w Lender intatnatioo rcquircd Dy Lender w evaluate the intended tnnsferce aa if a new laan
~ were being made lo the innstera; sud (b) L.sndet reasona~ly deccmunes ihat l.eodert security will oot De impairod by Ihe Iwn auwnption and
;
~ i}ut ~hs ri~r of a bruch o[ an7 covensot or agreement io this Secu~ty Incwmcd is acceptable to Lxndcr.
~ To the eztent pemuuod by applicaDle law, Lender auy chuge a eeaapaable [ee ae a o~adition to L.cader'e conssm to the {wn
as~umptioa Lender may alco rcqu~rc the vansferee to siga an acsumptioo agreemeat that ie accepuble to Lendet and that obligates tht
~
E trans.eree to kap ali ihe promiuc aad agramentt made in the Nae and io ~his Saunty Inswment Dortower will coatinue to be abligated
undKr the Note and thic Security lacwmem ualeu Lender rduuc Dotrower in wriung.
~ If l.endu eser~~ses the uptioo to r~quire ir?unediate payment in fuU, Lender eFiall give IIorrower ru,tice of uccltntion. ire nuticr
s
~ y':all pruvide a penod of not leu than 30 daye from t}x dale the ootice is delivercd or rtuiled within which ihe IIurtower mwt p~y ~1~ ~wns
~ xcur~d by this Suuriry inswmeru. If I3orrower fails to Qay thcce sums pnor w the expir.~on of ihis period, Lendrr rtuy invol:c any rcmaiic~
~ ~xrm~itcd Dy this Secunty laswtr,ent wsthout further ncxice ot dem:nd un Botrowet.
~ BY SIGt~ING BtiLOW, IIortower accepts aod agrees W the temu and covenaWs conVinrd in this Adjusubte R~te k~dcr.
t
~ W~sness the hand(e) aad eeal(t) of tMe uadersigned
~
, t~~ ` "
'
l
~ ~ ~ L%~f
~t~i~
~ ~
ROBERT MCCULLOUGH -g«~~? Mari2 Dennis McCulloug -~of~oW«
csE~a cswi>
-s«rowar -Bortov+er
€ (Sign O~igi~a! OnIYI
i
~ ~tUL'CI~TATE ADJliSi'A[iLE RATE RIDER • 1 Year Treasury Indei - Singlc f~mily - BNtitA/FHLMC Unlfurm Instrument
~
i5402~? 6r84 PR
Boa~ 674 554
- - - - ~ ; ~ _ , a ~ ; ~
_ -~s~t~~~~~'.~~~-~'~`~ a`~~-.~`Y~e.~`S»-~`-~,~~~ ° .