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Home My WebLink About0711 ~ TABLE RATE RIDER ADJUS c~.~e~ wk u.w~ THIS ADJL'STABLE RATE RIDER is madt this . 19 t 1~ day of ,l~~nu~ir)~ .~9 y(~ . and is incorporatod into and shall be dernied to amend and supplement the Mortgage, Deed of Trust or Serurity De~d (the "Socurity Instrumrnt") of the same date ~~ven by the undersigncd (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to F'ust Fcderal Savings and Loan ~ Association of the Palm Beaches (the '`Lendtr") of thc same date and oovering the propMy described in the Security Instrument and Iceated at: 21(10 ~u. ll~~t~an Orive. Unit 2353 Furt Pierce. FL :3-~4?1~t [Property Addras] THE NOTE CONTAINS PROVISIONS ALLOWIN~3 FOR CHAN~ES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXtMUM RATE THE 80RROWER MUST PAY. ADDI7'IONAL COYENANTS. !n addition to the covenants and agreements made in the Security Instrument, Borrower and Lendtr further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8. 50U ek. The Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTERFST RATE AND MONTHLY PAYMENT CHANGFS (A) C6ange Dates The interat rate I will pay may change on the first day of F e b r u a r t~ , 19 y 1, and on that day every 12 th month thereafter. Each date on which my interest rate coul~ change is called a"Chang~ Date." (B) The ledex Seginning with the first Change Date, my interest rate will be bastd on an lndex. The "Index" is the weekly average yicid on United States Treasury securities adjustcd to a constant maturity of 1 yearls), as made available by the Foderal Reserve Board. The most re- cent Ir~dez figure available as of the date 45 days before each Change Date is called the "Clirrent Indac." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable infonnation. The Note Nolder wil! give me notice of this choice. (C) Cakulation ot Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding 2. 7~(? percentage points ( 2. 7 ri(~ qe) co th~ Current index. The Note Holder will then round the sesult of this addition to the nearat onetighth (0.125~,'.). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interat rate until the neut Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am exQected to owe at the Change Date in fuU on the maturity date at my new interest rate in substantiaily oqual payments. The result of this calculation will be the new amount of my monthly payment. (D) Limlts oo Interest Rate Changes The rate of interest t am required to pay shall never be increased or decreased on any single Change Date by more than ? one percentage point (1.0%)Q two percentage points (2.0%) (Chtek only onr box) from the rate of interest I have been paying for the preceding 12 months. My interat rate also shall never be greater than 13 .:>UU 'h• I' (E) Effective Date ot C6'nga ! My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first i monthly payment date after the Change Date until the amount of my monthly payment changes again. j (E~ Notke of C6anges ; The Note Holder will deliver or mail to me a notice oF any changes in my interest rate and the amount of my monthly payment before the ! effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a person who will answer any question [ may have regarding the notice. I B. TRANSFER OF THE PROPERTY OR A BENEFiC1AL INTERFST IN BORROWER i llniform Covenant 17 of the Security Instrument is amended to read as follows: ~ Transfer of tbe Pmpert~ or ~ BeneCicial [nterest in Borrower. If all or any part of the Property or any interest in it is sold or transferred ~ (or if a benefcial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not ~ be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exacise this op- tion if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan ~ were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption ~ and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. ~ To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. ~ Lender may also require the transferee tu sign an assumption agretment that is acceptable to Lender and that obligates the transferee to keep ~ aU the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to bS obligated under the Note and q this Security Instrument unless Lender releases Borrower in writing. ~ If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Secur~ty Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SiGNING BELOw, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. ` n , / ~ s ~ _ ~ , ~ ..r~ . ti.,..%-Et.~,. ~ ~l~,~« ~ .~r.C ~->-P... . (Seal) ` ~ -sorro.rcr ~V 1 1 ] ] :ial .I . `~(4•.ig~lE' 1' ~ ' ~ ' • / ~ ~ ~lS~- L ~ ~ ............(Seal) , G 10[• i R M. Me:lg~ter -BorTOwer i eo~~674 PACE ?11 MULTISTATE AOJUSTABLE RATE RIDER-ARM 5-1, ARM 5-2-Single Family-F~nnh Mae Unliam Instrument Form 3111 1f85 t Ysar - 3 Ysar - 5 Yur Troasury Index ~ a.~.~, ~z`,~-. T~ ` ' ~ ~~~,w_`~uY.,.:z;.~-s' x~~~~ ~..K:v,.~ ,~~_Y, -