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Home My WebLink About0582 ~~DJUSTA~3LE RATE RYDE~R 14~"2949 PsL (1 Year Index - Penodic and life Imcrest Rate Caps) THIS AD1L'STABLE RATE RIDER ~s made this 15`I'Hay of DECEMB ER , 19 8 9 . and is incorponted imo and shali be dumed to amend and wpplement the Moctgage, DeeA of Trust or Secunty Dred (the "Secunty Inswmeni') of tht samc due given by lhe undenigned (the "Borrower') to ucurc Borrower'~ AdjuuaDle Rate Nou (the "Nae") to GDV FINANCIAL CORPORATION~, A FLORIDA CORPORATION (the. "Lender7 of the same date and covering the property describod io the Secunry lnawment and located at: - 102 S.W. ANDOVER CIRCLE-, PORT ST. LUCIE, FL 34983 (Propeny Address) THIS NOTE CONTAINS PROVISIOI\S ALLOWING FOR CHANGES 1N THE INTEREST RATE AND THE MONTHLY PAYMENT. AddiUonal Co~~enants. la additioa to the covenants and sgreements made in the Security lasuurtxnt, Bortower and Lender further ~ covenant and agree as tollows: A. INTEREST RATE AND hiONTHLY PAYMENT CHANGES. ~ "Ihc Nae pro~ides for an Initial Intereat Rate d 0 0 56. 'Rx Note provides for changes in the intercst nte and ihe monthfy payrtw-nts, as follows: 4. I:~TERFST RATE A1p ~t0\Ttfl.Y PAY~1EtiT CHANGFS; BORROWER'S RIGHT TO LI~iIT PAY:~lE~T (A) Change Dates 'Ihe intercst nte I will pay may change on the first day of JANUARY . 19 91, and on that day every 12th month thereafler. Fach date on Nfiich my intecest rate cou{d change is called a"Q~ange Date". (B) The Inde: Beginning with the tust Change Date, my interest nte wil! be based on an Index. 'Ihe "Index' is the weekly:~•erage yield on United Sutes Treasury securities adjusted to a consunt matttrity d 1 yur, as made available by the Fedenl Reserve Board "(t~e most recent lndex figum available as of the date 45 days before each C~ange Date is ullyd the "Q?rrem Index". 1f the Index is no longet available, the Note Holder aill choose a new index which is bucd upon companble information. The Nae Holder will give me notice of this choice. (C7 Calculadon ot CAanges Befae ach C~ange Date, ihe Nae Holder will ulailate my new inurcat nte by adding 3. 2~j percentage points ( 3. 2~j 'b) to the Cumnt Index. 71x Note Holder will then raund the tesult of this addition to the nearest one-eighth of one i percentage point (O.11S%)- 'Ihis rounded amount will be my new intaest nte until the next Change Daze. However, my intetest nte shall never be iocrtased or decteased oa any single chang~d date by more ttun 2~~ QJ 'i perrentage points ( 2~ 0~) from the rue of intueai I had been paying immediately priar W the change date, and my nte of irttercst shall never iacrease or darease by more ttun g 0 perceatage poinis ( 6~ 0 d) from the lnitiai Interest Rate over the term of the i !vo[e. ~ "Ihe Note Holder wili then determine the amount d the manthly payment that would be sufficient to repay ihe unpaid principal that 1 ~ am ~xpected to owe at the Ctunge Date in full oo the maturity date a! my ncw iotercst nte in subsuntially equal paymenis. "Ihe result of this ~ calculalion will be the ntw amount of my monthly payment. E A. TRANSFFR OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORRO~VER. ! ~ Ur.ifo*m Covenant 17 of the Securit}• InsUUment is amended to read as [ollows: ~ Transfer of the Propertc or a Benelidal Interest in Borrower. If ail or any Part oi the Propcrty or any interest in it is sold or ~ tran:fcrred (or if a beneficial interest in Borrou~er is sold or tnnsferred and Borrower is not a natunl person) without L.ender's pnor w~ritten :,onseni, Lender may, as its option, require immediate payment in full of all sums securcd by this Secvrity Insuument. However, this option ~ shall not be exer~cised by L.ender if ezerciu is prohibited by falenl law as of the date of this Securiry Insirument. Lender also shall not ecercise ~ this option if: (a) Borrower causes to be submitted to Lender infomution rcquired Dy L.eoder to evaluate the intended tnnsferee as if a new iaan were being made to the tnnsferoe; and (b) Lender roasooably detertnines thu Leoder'e sbcurity will not be impaired by the Iwn assumption and ~ that the risk of a hreach of any covenant or agrcement in this Security Inutument is acceptable to Lender. ~ To ihe exteot pertniutd by applicable law, Lender rtuy chuge a reasonable tet as a coodition to l.ender'e consent to the loan ~ assumption. L,ender may also req~ire lhe transferce to sign an assumption agreemeot 1hu is acceptable to Lender and that obligales the ! transfcree to kcep all the promises and agreemeots made ia the Note and ia this Security Insuument. Basow•er wi11 continue to De obligated t ~ under the Note and this Secunty laswrtxnt uNeas Lender rcleasta Borrower in writing. f ~ If I.ender exenises the opeion to re~uire imnxdiate payment ie fuil, L.ender shall give Bortow~er notice of xceleration. 'ihe notice ~ shall provide a penod of not less than 30 days from the date the notice is delivered or mailed w~ithin which the Borrower must pay all sums ~ secared h~ this Secunty Instniment. If Borrower fails to pay these sums prior to the expintio~ of this period, I,ender may invoke any remedies ~ permitted by this Security Instrument w~thout turther notice or demaad on Borro+ver. ~ ~ Bl' SiG\t\G BELOR', Borr+ower xcepts aod agrees to the terms aod covenants ca~ained in this Adjustable Rate Rider. E ? ~ltitncts the hand(s) and seal(s) of the undersi ed. ~ - ( 7 ~ „ . / ~ < ~ ~ ~ L~ ? (Seal) \.--cY~ I) SAVERIO ELETTO -BOf`"~" LILLA CALOGERA ELETTO "Borrower (Seal) (Seal) - - - - - -Borrower -Borrawer ~ /Sign Origina! Only/ t ~ z ~ \il'I,TISTATE AUJCSI'ABI.F, RATF, RIDF,R • 1 l'ear Treasury index - Smgle Family - F\~U/F}11.~iC Cnitortn Instrument ~ 15f}!)2-F7 ~i~R4 FR ~~K 674 P~~E 582 ~ _ ~ ~ - ~ ~ ~ „~,S ~ ° y:. -.a.~-z-,~- ""~,~~~~--~k°~r'~