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Home My WebLink About0575 t ~ ADJUSTABLE RATE RIDER ~ 21/2973 PsL (1 Year lnda - Periodic and life Intcrrst Rate Crps) TFIIS ADJUSTABLE RATE RIDER is made this 19'j'RY ~ DECEMB ER , 19 89 , ~ and is incorponted into and sha11 ~e deemed to amend and wpplement Ux Matgage, Deed of Trusi or Security Deed (the '~Secunty lnstrument") of the same date pveo by ihe undsrsign~d (the "Bomower~ to secwe Borrower'e AdjustaDle Rue Note (the "Note") to GDV FINANCIAL CORPORATION, A FLORIDA CORPORATION (the "Lender") of the same date and covering the property describcd in the Security Instrumeot aod located at: 4464 N.W. ALBION AVENUE, PORT ST. LUCIE, E'L 34983 (Property Addreu) THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. AddlUonal Co~•enants. In addition to the covenants and agreements made in the Security Inswment, Bomowcr and Leuder further co~•enant and agree as follows: A. INTERFST RATE AND MONTHLY PAYMENT CHANGES. 7he Nae provides for an Initiai Intercst Rate of 9~ 0~b. 71~e Note provides for chinges in the intercst nte aad the monthl~ payments, is follows: i. I\'TERFS'I' [UTE A\D MO\THLY PAY~iE\T CHAKCFS; BORROR'ER'S RICHT TO LI~1IT PAYNE:~T (A) Change Dates "Ru intercu nte 1 will pay cruy change on the firu day of J~ ~Y , 19 91 and on that day er•ery 12th month thereafter. Each date on which my in[er~st nte could change is called a"C~ange Date". (B)'Il~e Inde: Beginning with the first Q~ange Date, my intercst nte ~+ill be based oo an Index. The "ladex" is the weokly average yield on United States Treasury secvrities adjusted to a cooslant maturity of 1 year, as made available by Ihe Fedenl Reserve Boud The most rrcent [ndex figure available as of the date 45 days befott each Change Date is called the "CLrrent Index". if thc Index is no longer available, the Note Holder wilt choose a new index which is based upoa tomponble information. The Nae }lolder will give me notice of this choict. (C7 Calculation of Changes ~ Beforc ach Ctunge Date, the Nae Hoider will calculate my new interest nte by adding 3~ 2 5 percenuge j pomts ( 3. 2 S 96) to the Current Index. 71~e Note Holder will then rouad the result of this addiaon to the nearest one-eighth of one , percentage poiM (0.1?S%). 'I~is rouaded amount will be my new intercst nte uotii the next CTunge Due. However, my interest nte shall never be increased or decrascd on any aingle changed due by morc than 2 0 0 percentage points ( 2.~~) from the nte of intereat I tud beeo paying immediately prior to ihe change date, and my nte of interest shall I'i never increase or dxrease by more ttun 6~ 0 g perceaUge points ( 6~~ from the Initial Intetest Rate over the term of the h`ote. 'Ihe Nae Holder will then detetmiae the amount of the rtwnthly payment that would be sufficieat to repay the unpaid principal that I am expecteel to owe at the C~sangt Date in full on the rtuwrity date u my new intercat nte in substantially equal payments. "Il~e result of this calculaUOn will be the new amount of my monthly paymeni. ~ ~ B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORRO~VER. ! ~ Unifortn Covenant 17 of the Security lnsuument is amendcd to read as follows: ! f Transier of the Property or a Benetidal Inte~est In Borrower. If all or any peri of the Propzrty or any iaterzst in it is sold or vansferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natual person) without Lender's prior w~ritten ~ cor,sent, Lender may, as its optioo, require irtunediate payment in full of all sums secured by this Security (nswment. Nowevzr, this option E shall not be exercised by Lender if eaercise is prohibited Dy feden; law as of the date of this Secutity InsUUment Lender also shall not ezercise this option if: (a) Borrower causes to be submitted to Lender inlomutioo required by Lender W evaluue the intended transferee as if a new loan ~ were being made to the transferoe; and (b) Leoder reasombly de[ermi~s thu Lendet's soatrity will not be impeired by the loan assumption and ~ [hat ihe risk of a breach of any covenant or agrament in this Security InsUUrtxnt is accepuble W L.ender. To the oztent permiuod by applicable law, Lender may chuge a reasomble fee as a condition to Lender's coasent to the loan ~ 3 assumption. Lender tnay also require the transftree to sign an assumption agrtement thu is acceptable to L.tnder and that obligates lhe i I transferee to kap all the promius and agreements made ie the Note aad in this Security tustrument Barower will continue to be obligated ~ under the Notc and tFas Security Instrumeat ualess l,ender rdeasea Bortower in writing. ~ If Lender exerzises lhe optioo to requirt imrtxdiate payment io full, I.ender shall gir•e Bortower notice of acceleration. The notice shall provi3e a period of not less th~o 30 days from the due the notice is detivered or mailed within which the Borrower must pay all sums ~ secured by this Secvnty Inswment. ]f Borrower fails to pay these sums prior to lhe expiratioa of this period, I.ender may invoke any remedies permitted by this Security Insuument withou[ funher ootice or demand on Borrower. ~ BY SIG\ItiG BELOW, Borrower accepls and agrees to lhe tertns aod covenants cont~ioed in this AdjusWble Rate Rider. `r \Vitness the hand{s) and uat(s} of the i:adersig~ed ~ / / ~ ~ / / [i (Seal) (Seal) B ERN I C E MON S EQ U E -Borrower -Borrower (Seal) (Seal) -Bortower -Borrower _ /Sign Originn! On1y] i i ~ ~iLZTISTATE ADJliSTABLE RATE RIDER • 1 Yeu Treasury Index - Siogle Family - Fti~tA/FHL~1C tinlform Instrument 15402-67 6,84 PR BOOK V7~ PACE 575 y s ~ ~c y - , ~ , ` ~