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Home My WebLink About0938 ADJUSTABLE RATE RIDER l.oan Number : 701774 ( 1 Yair 71'eas~r~ indei - Rate Caps) ~ TEIIS ADJUS'TABLE RATE RIDER is made this 19th day of January ,19 90 , and is incoiporated into and shall be deemed to amend and s~rppkment the Mortgage, Deed of T~ust or Security Deed (the "Securiry lnswment") of the same date givea by the ~mdeYSigocd (tbe "Bomower") to secuie Bozrower's Adjustabk Rate Note (the "Note") SUN BANK/SOUTH FLORIDA, NATIONAL pSSOCIATION (the "Lender") of the same date and covering me property described in the Secvrity Instnunent and located at: 3120 N. AlA Unit 7 E, Fort Pierce, F2orida 34949 IP~PefN Addnssl THE NOTE CONTAINS PROVISION$ ALLOWlNO FOR CHANQES iN THE INTERE$T RATE AND THE MONTHLY PAYMENT. THE NOTE UMITSTHE AMOUNT THE BORROWER'$ MITEREST RATE CAN CHAN~E AT ANY ONE TIME AND THE MAXlIMUM RATE THE BORROWER MUST PAY. Annmortni. CovsN~t~n's. In addition to the coveaants and agTeements made in the Seauity Instrumen, Boimwer azxl Lender fuctber covenant and agtee as follows: A. INTERF.ST RATE AND MONTHLY PAYMENT CHANGES ' 'It~e Note provides for an uritial inteiest rate of 8. 500 Note provides for changes in the interest rate and the monthly payments, as follows: 0. INTEREST RATE AND MONTHLY PAYMENT CHANCES (A) Change Dates 'Ibe interest rate I will pay may change on the first day of February ,19 91 , and on that day every 12t h month thereafter. Each date oa w6ich my inteiest ~ate caild c~iange is called a"C6ange Date." (B)'Ibe Index Beginning with the fiist C'hange Date, my interest rate will be based on an Index. Tbe "Index" is the weekly average yield on United States Tceasury securities adjusted to a constant maturity of i year(s), as made available by 1he Federal Reserve Board. The most recent Iadex figure available a4 of the date 45 days before each Q~ange Date is called the "Current Indea." If the Index is no longer availabie, the Note Holder will choose a new index wtrich is based upon comparable infom~ation. ~ 'It~e Note Holder will give me notice of this choice. - (C~ Calculation of Changea Th e I n i t i a 1 I nd e x i s: 7. 820% Before each Chaage Date, the Nae Holder will calciilaee my new interest rate by adding ` Two and Three Quarters percentage points ( 2. 750 96) to the CLtrent Indea. The Note Holder will thea rouad tbe iesult of this addition to the cearest one~ig6th of ooe peroentage point (0.125%). Subject to t6e limits ~I stated in Section 4(D) below, this rounded aznount will be my new intenest rate until the next Change Date. ~ 'Ibe Note Holder will then detennine tLe amount of the monthly payment that wonld be sufficied to repay the unpaid ~ ; principal t6at I am expected to owe at the L'hange Date in full on the matuaty date at my new i~erest rate in substantially ec{ual ' payments. The result of this calculation will be the cew amount of my montWy payment. ~ i ~ ` ,i f (D) Umits on Interest Rate Changes 'Ibe intec~est rate I am required to pay at t6e fust Cfiange Date will not be gceater tban 1~. 5~~ 96 or less than ` 6. 500 'Ibereafter, my interest rate will never be increased or decrea.sed on any single Ct~ange Date by more than ; ~ two percentage points (2.096) from the race of intecest I bave been paying for the preceding TW e 1 ve months. ' s My interest rate will oever be greater tt~an 14. 500 ~ € (E) Efiedive Date of C6anges ; f ~ ; My aew interest rate will become effective on eac6 Cbange Date. I will pay the amount of my new monthly payment ~ begianing oa the first monthly payment date after the Change Date until the aznount of my monthly paymeat c6anges again. ~ ~ Notice of Chaogea ~ 'Rie Note Holder will deliver or mail to me a notice of aoy changes in my interest rate and the amount of my mor~thly payment 5 ~ before tbe effect:vp y:.~ ~f any change. 'Ihe notice will include information requiied by law to be given me and aLso the title ~ and telephone number of a person wlw will aoswer any question I may have regazding the notice. , ~ B. TRANSFER OF THE PRQPERTY OR A BENEFICIAL INTERF,ST IN BORROWER ~ Ueuform Covenant 17 of the Sewriry InsWment is amended to read as follows: ` "Iranst'er of the Property or a Benefictial Interest in Borrower. If all ar aay part of the Property or any inte~+est in it is sold or traasfe~d (or if a beneScial i~erest in Borrower is sold or traasfemed a~d Borrower is not a natural person) without s Lender's prior written coc~sent, Lender may, at its e~gtion, requue immediace payment in fWl of all sums secured by this Security Inswment. However, this option shatl not be eaercised by Lender if exercise is prohibited by federal law as of the date of this SecuntY L~wmem• L.endei also sball not exencise this option if: (a) Bocrower causes to be submitted to Leoder infom~atioa required by L.ender to evaluate the inte~ transferee as if a cea loan wete being made to the transferee; and (b) Lender ~ ceasonably detemiines that L.ender's stcurity will not be impaiied by t~e loan assumption and that the risic of a breach of any k covenant or agreement in this Security Inttrumeat is acceptable to Lender. J ~ To the eatent pennitted by applicable law, Lender may charge a reasonabk fee as a condition to Lender's consent to the ~ loan assumption. Lender may also requine the traosferee to sign an a4swnption agreement that is acceQtable to Lender and ~hat ~ obligates the transferee to keep all the pmmises and agreements made in the No6e and in this Seciu~ity Iastiumen~ Barrower continue to be obligated under the Note and this Security Instrument unless I.eoder releases Borrower in writing. ~ i MULTiSTATE ADJU8TABLE RATE RIDER-ARM 2- Single-Famiy . Fwx~ M~IFnd~ M~c lMlfwm k~strunNnt Form 3111 a~ ~ FNYAOWA Ps~ 1 0! 2 b~2 RIdK ~ ao~~ 674 PACE 33$ ~ ° ~ fr~, ~ ~ -