HomeMy WebLinkAbout0668 . . ~ ~
;
ADJUSTABLE RATE RIDER ~
(1 Yea~ Trtawry Index-Rate Csps) ,
THIS ADJUSTAt3LE RATE RIDER is made this .....7..... day of ........Matich 1985......, and is
incurporatcd into and shall be deemcd to amend and supplement the Mortgage. Decd of Trust or Sccurity Deed (the
"Sccurity Instrument") of the same date given by the undersigned (the "Borrower") to sr:ure Borrower's Adjustable
" Rate Nute (the "Note") to...EIRST..DlAT1ANAL..I3ANK..AND~..TbtUST..CO~I~ANYfST_...LUGIE..COIJNTY
(the "Lender") of the same date and covering the property described in
the Sccurity Instrument and located at:
................2.1.~~...Aay.sho.x~..H~xd.......P.Ax.k..S.k~..~.u~~.~.,...F.~o.x:t~.a.......~~~t ~2.........................................................
~Propeny Address)
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE
ANO THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S
INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR-
ROWER MUST PAY.
A11111T1U!VA1. C()~~t:N 1Nl~ti. In addition to th~ covenants and agreements made in the Security instrument, Borrower
and Lender further covenant and agree as follows:
A. INTEREST RATE AND !1r10NTH1.Y PAYMENT CNANGES
The Note provides for an initial interest rate of ....9~,.Z5..•••96• The Note provides for changes in the interest rate and thc
monthly paymen~s, as follows:
4. INTEREST RATE AND h10NTH1.Y PAYMENT CHANCES
( A ) ChanRe Dates
The interest rate I will pay may change on the first day of .........Ianuax.y...l 19.$1....., and on that day
every 12th month thercafter Each date on which my interest rate could change is called a"Change Date."
' ( B ) Thr Index
Beginning w•ith the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly
average yield on Unitcd States Treasury securities adjusted to a constant maturity of 1 ycar, as made available by the
Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Da1e is called
the "Current Index."
If the Index is no longer available, the Note Holder wil) choose a new index which is based upon comparable
information. The Note Holder will give me notice of this choice.
( C ? Calculation ot Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding ........2..9.Q
percentage points (._..2...~U....%) to the Current Index. The Note Holder will then round the
result of tl~is addition to the nearest one-eighth of one percentage point (0_ I 25`~). Subject to the limits stated in Section
4(D) beluw, this roundcd amount will be my new interest rate until the next Change Date.
Thc Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the
f unpaid principal that I am expected to owe at the Change Date in tull on the maturity date at my new interest rate in
substantially equal payments. The result of this calculation will be the new amount of my monthly payment.
; ( D) l.imits on Interest Rate Changes
~ The interest ratc I am required to pay at the first Change Date will not be greater than .._..~~.~7.5...........`~ or less than
; ......J...~S............7~. Thereaftcr, my interest rate wil) never be increased or decreased on any single Change Date by more
; than two percentage points ( 2.0~ ) from the rate of interest I have been paying for the preceding twelve months. My
~ intcrest rate will ncvcr bc grcatcr than .....1.4...7.5....`90.
( E 1 EBecti~e Uate of Chan~es
` My new interest rate will become efTective on each Change Date. I will pay the amount of my new monthly pay~ment
~ bcginning on the first monthly payment datc aftcr the Change Date until the amount of my monthly paymcnt changes -
~ again.
1 F 1 Notice of Chan~es
Thc Notc Holder will dclivcr or muil to mc a notice of any changes in my int~rest rate and the amount of my monthly
~ pa~ ment beforc thc clTcctive date of any change. The notice will include information required by law to be given me and
~ alw thc tittc ~nd tclcphunc numbcr of a person who will answer any question 1 may have regarding the notice.
~ B. TRANSFER OF TNE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER '
Uniform Covcnant 17 of the Sccurity Instrumcnt is amended to rea~ as follows:
Transfer of the Property or a Beneficial Interest in 8orrower. If all or any part of the Property or any inlerest in it is
~ suld or transfcrrcd (ur if a bcnclicial intcrest in Borrower is sold or transferred and Borrower is not a nawral person)
w•ithout Lcndcr's prior written conscnt, lendcr may, at its option, rcquire immediate payment in full of all sums securcd
b~ thi~ Securit}~ Instrument. F~owever, this uption shall not be exercised by Lender if exercise is prohibited by federal law
ci. of thc datc of this Sccurit}• Instrumcnt. Lcnder also shall not exercise ?his option if: (a) Borrowcr causes to be
,ubmitted to l.cnder informatiun rcyuircd by Lcnder to evaluate the intended transferee as if a new loan were being made
to thc transferec: and (b) Lcndcr rcasonably determinc. tfiat Lender's security will not be impaircd by the loan
assumptiun and th~t the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to
Lcndcr.
i
~
~
e
;
~ , ~o~K494 f~~~E 289
~ ~
! MULTISTATE ADJUSTABLE RATE RIDER-ARM S•2-S~nqie Farruly-Fannie Mae: Freddie Mac Unilorm Instrument Form 3111 3~ 85
' BOC!( U74 PAGE -
Y~ ~ :v ~-~h~ ,
~ -