HomeMy WebLinkAbout0561 ~ ADJUSTABLE RATE RIDER 9/2659 psL
(1 Yur lndea - Pcdod~c and Life Imerest Rate Caps)
THIS AD] USTABLE RATE RIDER is m~ds tliis 5 THday of J ANU ARY , 19 9~ ,
and is inecxponted into and chall be deemed to amend and wpplemeot the Matgsge, DeeA of Trust or Sccurity Deed (Ue "Secunty
Inswmeat") of ~he ~ame dste given by the undeaignM (Ne "Borrower') to secwe Borrawere AdjutuDle Rate Nae (the "Nae") to
GDV FINANCIAL CORPORATION, A FLORIDA CORPORATION
(ihe "Lend~r~ of the eame date and covenng the ptuperty dtacribed in the Security Incttument ard locatcd at:
3006 SE WAKE ROAD, PORT ST. LUCIE, FL 34953
(Propeny Adurcss)
THIS NOTE CONTAINS PROVISIONS ALLOWIIVG FOR CHANGES IN THL
INTEREST RATE AND THE MONTHLY PAYNIENT.
Additloaal Covenants. In addition to 1he covonante and agrcemeptc made in ~he Security Inswment, Domower and Lxnder lunher
covenant and agrce u followc:
A. INTEREST RATE AND MONTNLY PAYMENT CHANGES.
'[T~e Nae providea fot sn lniwl letereu Rate of 10 g 7Te Note providu for cfungea in the intereu nte and the monthiy payments,
u [diowt:
4. 1NTERFST RATE AhD MOhTHLY PAYMEM' CHANGES; BORROWER'S RIGHT TO LIMIT PAY~fEhT
(A) Chanee Data
The intercst nte 1 will pay may change on the first day of F EB RU AR Y , 19 91 , and on Uiat day every 12th
month thercafur. Each date oa which my interest rate could change u caUed a"Qunge Dau".
(B)'ll~e Inde:
Beginning wiih tho first Q~ange Date, my intereat nte wili be based oa an Index. 'ibe "Index" ic the weekly average yield on Umted
Sutes Treasury sewritiea adjusted to a conctant maturity af 1 year, at rtude availa0le by ~he Federal Reurve IIoud. 'Ihe most rxent In1~x
figure availabte u of the date 4S days beforc esch Qunge Dale is caUed thc "Qirtent lndex".
If the lndex is no longcr available. the Note Holder will chaose a new iodex which is based upon companbie infortnaaoa lhe Nae
}lulder will give me notice of this claice.
Calculadoo of Cbanges
~ Before uch Clun Date, the Nae Holder wiU calculate m aew interest rate b addin 3 2 5
8~ Y y 8 • percenube
~ ~ints ( 3. 2 5 to the Climot lodex. 71~e Nate Hol+ier will thea rouod the rewlt of this additioo to the cearest one-eighth of one
pcrcentage point (0.125~). This munded amount wiU be my new imereu rate until 1he oext Ctuage D.ta
~ However, my inurcst rate ch~li never ~e ~ncrsaaed or decrcased on any aingle changed date by more Uun 2. 0 0
~ percenuge points ( 2.~ A%) from the rate of iatacu 1 had been paying immediately prior to ihe change date, aad my nte of intcreu shall
~ uevu increase or dxroase by moro than 6.~ 0 perc~uge points ( f) . B~16) feorrt the Initial Interest R~te over u~e tcrm of the
' Nae.
f "[lw Note Holder will Ihea dctertnioe the amount of the monthly payment that would be eufficient to rep~y the unpaid pnnc~p.l ihat 1
! am e~epatod to owe u ihe Qunge Qate in full oa the maturity d~te u my oew intercct rate ia su~cumially equal paymencs. 7he resuie of th~~
~ • calculaeion will be the new amount of my moathly paymem.
I
~ B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST 1N I30RROWEI2.
~ Uniform Cov~aant 17 of the Security Inswmeat is amended to «ad as fopowe:
I
! Tran~ier of the Property or a Bendldal Interat In Borruwer. If all or any p~rt of the Propeny or any interc~t in it is ~oid ur
~ tran~ferred (a if a beneficial intereu in Borrowu is ~old or transftrred and Borrower is not a mwnl penon) wuhout L,enler'~ pnor wnuen
~ consent, Leoder rtuy, ae its opuon, require imQrdiate paymeot ia full d all ame eecureA by thic Suurity Insuument. However, this opuon
f
' sha11 rta be exercised by Leoder if exe~ise is prohibited by fedenl law u of the dste o[ this Secwity Inutument Lender also shall not czercise
this option if: (a) Bortowet cwsee w be eubmitted w Leader iufomution rcquircd by Lender w evalwte the intended transferee as if a new loan
r were being made to the tnnaferce; and (b) Lender reuonaDly daertninea Wat l.eoders security vrill na be impaircd by the lo.n assumpt~on and
~ that the risk of a breach of any covenant or agratnent in tltis Security Incwment is aceepuble w LenBer.
? To ttw eztent pertniuod Dy applicable law, Lender may charge a ~easonable (ee ac a condition w Lenderc coosem to tRc loan
~ uwmpti~a Lender rtuy alao requ;re ihe transferee to eign an asuunption agreemeat that is acceptable to L,ender and th.l obligrtt~ the
~ transferte to tetp all the promiset and agreements made in ~he Nae and in ~his Sewrity Intuumen~ Dorrower will continue to be oblig~ted
~ under the Note and thi~ Security Inswment uNess Lender rdeacu Borrower in writiug.
E If Lender exercises the optioo to requirc immediate p~ymeot in full, Lender shall give Borrower notice of accelention. 'I1ie notice
? Shall provide a period of not less th~n 30 days from the d~te the naice is delivercd or mailed within which the IIorrower mu~t pay all sums
~ ucured by this Secvrity Incwmeat. If Bomowu fails to pay theee wms prior to the expintion of this puiod, Lendcr may iqvokt any rema]~cs
~ prrmitted by this Security Inswmcot without further aotiu or de?rund on Bortower.
~g BY S1GN[NG BELOW, Borrower accepte and agrees to the terrtu and covenants conuined in this Adjusuble Rue Rider.
f
Witness tho hand(e) and seal(c) of the undersigoed.
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~ 2- nL (sca?) L~~~~' ~l '~=~U _ , sca~j
FRE H. SPRU -B«rower MARTHA L. SPRUELL -Borrowcr
(Seal) (Swl)
~ -F3ortower
-E3orrower
~ /Sibn Originu! On/Yf
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a :11ULTISTATE ADJtiSi'ABLE RATE RIDER • 1 Yeu Trwsury Inda - Single Family - FNh1A/FHLMC Unlfurm Instrume~t
15402-67 6184 PR
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