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Home My WebLink About0789 • dld~5y AWUSTA9LE RATE RIDER (1 1Flea~ '(reasury Index - Rate Caps) THIS ADJUSTASLE RATE RIDER +s made th~s 16th day of January, 1990 , and ~s ~ncorporated ~nto and shall be deemed to amend and supplemeni the Mortgage. Deed of Trust or Secunty Deed (the "Secunty Instrument") of the ~ame ~ date g~ven by the unders~gned (the "Sorrower") to secure Borrower's Ad~ustable Rate Note (the "Note") to BARNETI' Bd1AK OF MARTIN OOUNI'Y, N.A. (the "Lender") of the same date and cover~ng the property descnbed ~n the Secunty Instrument and ~ocated at 2239 SEAGRASS DRIVE , PALM CIT'Y , Florida 34990 [Property AddressJ The Note contains provisions allowing for changes in the interest rate and the monthly paymant. The Nota Umits the amount 4he Borrower's Interest rate can change at any one time and the maximum rate the Bor- rower must pay. ~ Additionai Covenants. In add+t~o~ to the covenants and agreements made ,n the Security instrument. Borrower and Lender turther covenant and agree as foliows: A. Intenest Rate and Monthly Payment Changes g~~50 The Note provides for an ~rnt~al ~nierest rate of ~io The Note prov~des for changes in the interest rate and the monthly payments, as follows 4. inter~st Rate and Monthly Payment Changes (A) Change Dates 95 The interest rate I will pay may change on the first day of F~U~Y , 19 , and on that day every 12th month thereafter. Each date on wh~ch my ~nterest rate could change ~s called a"Change Date." (B) The Index Bey~r,r~ng w~th [he f~rst Change Date. my mterest rate utinil be based on an Index. The "index" is the weekly average yield on United States Treasury secunUes ad~usted to a constant maturity of one year. as made ava+lable by the Federal Reserve Board. The most recent Index hgure ava~lab!e as ot the date 45 days before each Change Date is called the "Current Index" If the Index ~s no longer ava~lable, the Note Holder w~ll choose a new ~ndex which ~s based upon comparable information. Tne Note Holder w~il g~ve me no0ce ot th~s choice. (C) Calculation of Changes ~ Before each Change Date, tbe,j~oie Holder will calcu!ate my new ~nterest rate by add~ng ~ ; percentage pomts ( s.uuU to the Current Index. The Note Ho~der will then round the resu~t of ' a th~s add~UOn ro the nearest one-e~ghth of one percentage point (0.125%;. Subject to the 6m~ts sta?ed m SecUOn 4(D) belav, this round- ed amount w~ll be my new ~nterest rate unt~l the next Change Date. + The Note Holder w~il then determine the amount of the monthly payment that would be suK~cient to repay !he unpaid prir~c~pal ~ that I am expected to owe at the Change Daie in fuii on the maturity date at my new ~nierest rate fn substant~ally equal payments. ~ The result ot this calculat~on w~il be the new amount of my monthly payment. ~ (D) Limits on Interest Rate Changes ' The ~nterest ~.~~~m requ!red to pay at the first Change Date w~ll not be greater than 11.750 o~b or ~ less thar, Thereafter, my ~nterest rate wili never be ~ncreased or decreased on any single Change Date ~ by more than two percen;age po~nts (2.0~'o fr the rate of interest I have been pay:ng for the preceding 12 months. My interest 1~.~~0 i rate w~li never be greater than ~ ~ (E) Effective Date of Changes i ` My new interest rate rwll become effect~ve on each Change Date I w~il pay the amount of my new monthly payment beginning ~ on the f~rst monthly payment date after tr~e C;~ange Date unt~l the amount of my monthly payment changes aga~n. ~ (F) Notice of Changes ~ ; ~ The Nete Holder w~ll dehver or ma!i to me a nohce of any changes ~n my ~nterest rate and the amount of my month!y payment ~ before the effect~ve date o} any change. The noUce w~f! include ~nformaUon requ~red by law to be g~ven me and also the tRle and ~ 5 E telephone number of a person who w~ll answer any question I may have regard~ng the not~ce. ~ B. Transfer of the Property or a Beneficiai Interest in Borrower ~ ~ Uniform Covenant 17 ot the Security Instru~eni ~s amended ?o read as follows. f ~ Transfer of the Property of a Beneficial Interest in Borrower. If all or any part of the Property or any in±erest in it is sold ~ ~ or transferred (or rf bene`~c~al mterest ~n Borrower is sold or transferred and Borra,n+er ~s not a natural person) withaut Lender's prior ~ ~ ~r~ntten consen!. Lender may. at its option, reqwre ~mmediate payment in full of al~ sums secured by this Security Instrument. H~we~ver, ; € th~s opUOn shall not be exerc~sed by Lender ~f exerc~se .s prohibited by federaf law as of ihe date of this Security instrument. Lender ? F a~so shali not exerc~se th~s opt~on ~t: (a) Borrowe~ causes to be sub;n~±ted to Le~der ~nformation reqwred by Lender to evaluate the ' ` mtended transferee as ~f a new loan were be~ng made to the transferee and (b) Lender reasonably ~etermines that Lender's security z v~~il not be ~mpaired by the loan assumpUOn and that the nsk of a breach of any covenant or agreement ~n th~s Security Ins2rument s ~s acceptable to Ler~der ' E To the extent perm:tted by appl;cab!e lativ. ~ender may charge a reasonable fee as a cond~t~on to Lender's consent to the loan 6 assumpt~on Lender may aiso requ!~e the transferee to s~gn an assumnbon agreement that ~s acceptable to Lender and that obl~gates , the transferee to keep all the prom,ses and agreements made in t~e Note and in this Security Instrument Borrower wiil conimue to be ob!~gated under the Note and th~s Secunty Instrument unless Lender reieases Borra~rer ~n wnt~ng. If Lender exerc~ses the opt,on to regu~re ~mmedia!e payment m full. Lender shall q~ve Borrovver noUCe of accelerat~on. Tne nct~ce ~ snalf prov~de a per~od of not less th~n 30 days trom the date the noUCe ~s dehvered or ma~ied w~thin wh~ch BQrrower must pay all sums secured by th,s Security I~strument If Borrower fa~ls ?o pay these sums pnor to the exp~ra,~on of this penod. Lenc~er may ~nvoke : arry remed~es perm~;ted by th~s Sec~r,ty irstrument wrthout further not~ce or demand on Borrrnver. BY SIGNING BELOW. Borro~Ner accepts and agrees ro the terms and covenants conta~ned ~n th~s Ad~ustable Rate Rider. ~ Y '~~-1 (Sea~; _ ~ ~E' ~`ti..`"'`-~ (Seai) ~ ' E. ~~UilJLN i ;Bnrroher, H E C. ~~DEN (Borro,ner) ~ _ (Seai) (Seal) e Idorro~ve~i O A (Borrower) 67~ P,,~E ?89 MULTISTATE ADJUSTABLE RATE RIDER - AHM 5-2 Fannie Mae/Froddie Mac Unitorm Inatrument Form 3111 3/65 ~ ~ a~+ s e' 6 9's Prevr~u5 2Gdqn5 a~B Ob5~7'At@ !p5a73 02@9' t~6'0~' ~ y~ v=~`~`,~", r a,. i; i.~`~ ~-s 3~.,. r~.`~'~.:-. ~ ~~~s~ .a~.r~~.3~- . "~~a~~%~~~, ~ ' -