HomeMy WebLinkAbout1817 ~ ADJUSTABLE RA7'E RIDER 1~/294~3 psL
(1 Yeat Js~euc - Pori~dic and L~fe IMerost Rste Gpy
TtiiS ADIUSTABLE RATE R1DER i~ msde this ('j'g day at JANUARY . t9 9~ ,
and is incorponted ioto and ~hall be decmed W amenA aud supplemeot ~he Martgage, Deed of Ttust ot Security Detd (thc "Setunty
InstrUment") of ~he same due given by ~e uode~signed (the "Bortower') to xcure Borrowcr's Adjustable Rue Nae (ihe "Nae') io
GDV FINANCIAL CORPORATION, A FLORIDA CORPORATION
(~he "Leodet') of the pme date and covering the ptoperty descnbod in the Secu~ty laurumeot aod locatcd at:
537 SW DAUPHIN AVENUE, PORT ST. LUCIE, FL 34953
ePropeny naareu~
THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES 1N THE
INTEREST RATE AND THE MONTHLY PAYMENT.
AddlUonal Covenants_ ln additiw to We coveuants aad agreements made in 1he Security Incuument, Bortuwer and L.eader funher
covenanl ~ad agrce aa follows:
A. INTFREST RATE AND MONTl~LY PAYMENT CHANCES.
1he Note providea for an Initial lnteteti Rste of 1~. 0~ 'Ibe Note ptovidet for chsnges i4 the intercst rate and the monUily paYments,
u follows:
4. INTERF~'P RATE AND MONTHLY PAYMENT CHAIYC~S; $ORROWER'S RIGHT TO L~MIT PAYhtE~
f
(A) Change Dates
1t~e intercst nte l will pay may ctunge oa the firu day of FEB RUARY . 19 91 , and oa th~t day evtry l2th
month thercatter. Each dale on which my interost rne could change is caUed s"Clunge Dak".
(B) TAe lnde=
Eieginning with ihe firrt Qunge Date, my interest nte wili be Dued oa an Inda. '[he "Indea~ It lI1E WCGrIY iVCI3gi ytiid OII UNICd
Sutes Trcasury eecuritiet adjusted to a awuant maturity of 1 year, u made available by the Federd Reurve Boud. "Ru moet recent ladex
tigure available as ot the date 45 days befote exh Qunge Date is cal~ed the "~Lrreat lndex'.
If Uu Indez is no longer avaiVble.lhe Note Ilolder wili chaose a new index which i~ based upon comparable iaformatioa 'Ilic Nae
I lolder will give me eotice o! this ctwice.
(C1 C~kutatlon ot Cha~ges
Befae ach CEunge Due, the Ncte Hoiderwitl ulculate my new iaterest rru by adding 3. 2 5 percentage
poinu ( 3. 2 5 S6) to the Curreot Iedox. ~e Nae Holder will then rawd tbe rcsult of lhic a4diuaa to the nearcu one-eighth of one
pcrecnuge point (0.125'.6)- 'Ihis raunded smount will be my new intereu rate ~ntil 1he aext Change Date.
However, my iasrou rate duil never be ixreaud or decreascd on any eiogte changod due by moro tlun z. 0 0
perceat~ge poinu ( 2. 0 0`~,) fcom Ihe r+te af interat 1 tud been payin8 immcdiately pior to the chaoge date, anA my nte of interest shall
nevu incrase or decreate by aare tLan g~ percentage pantt ~ y6) from tLe lnitial Interect R~te over the term of the
Nae.
'Ru Note Holder wili ~hen determinc the arnouqt of the monthly payment ihat would be wfficieat to npay the unpaid princip.l ihat !
am upated to owe at the Clunge Due in tull an the matuaty date at my new irdusu nte in wEwotiaUy equal paymcata. The result of this
- alculacion will be the new amauat of my mont6ty paymcat_
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER.
Un;form Covenant l7 of the Security lnswment it amended to tead u foUowe:
Transier of the Propert~ or a Beadldal Interest to Borr~wsr. If atl or any parc of the Property or any intere~t ia il is wtd or
transferred (ot if a beoeficial intueu in Bottowu ie edd or trtnstemd and Hotmwe? is not a naWnl persoo) wiUwut l.ender's pnur wnuen
coaaent, Leader rruy, u iu option, nquire imrtxdiatc paymem in full of all tums exvrcd by this Searity Insuumeat. Hawever, this optiun
shal! na be exercised by Lender if esercise u p~ohibited by faderal !aw as of the daue ot this Security Inswrtxo~ Lender also shall aot eaereise
this option if: (a) Borrowu causea w be wbmitted to [.ender iaformatioo rcquired by Ltoder w evaluate We inunded uanskree as if a new luan
were being made w the transfera; and (b) Lesder rr,acooa6ly determinea that I.endert searrity will not be impaired by ihe loan assumption and
that the risk of a breach of aay covensnt or agrart?ent in this Security Instrument is scceptible W Leoder.
To the extent pemiiuod by appliuble law, Lender may charge a reawaabk fee u a conditioa W Lende~'e eonsent to tha loaa
aswmptioa l.ender may alto rcquire the tnasferee to sign an assumptioa sgreert?eot that is acceptabte w Lender and that obligates Ne
transfrree w kcep all the promiaet and agreertxntt mads in the Nae and in thic Saurily lusuument Borrowcr will cbntiaue to be obligated
under the Note and this S~curity (nsuument uNus i.ender rduue ?orrower in writiag.
(f Lender exerciset the optioa to «quire irtuned'eau payment in tu!!. Lender ahall give Borrower notice of acceleration. 'I1ie nouce
~haH praride a period o( not leu than 30 days from the d.te tbe notice is delivercd or mailed within which the Borrower must pay al1 sums
secured by this Security Instrumeat. If F3omowu fails to pay thece cums prior w the expintioa of this period, Lender may invoke any remedies
permuted by this Security lnsuumem witf~out funher notice or dcrtund on Borrower.
BY SICNING SELOR', Borrower accept~ and agrcec W U?e terms and covensnts conuined in this AdjusuDle Rate Rider.
Witness the ha~(s) and eeal(c) of the uudarsigneb
~ • 1i..P ~ (Scal) 1
~ (Sral)
ERIC C. VEALE ~BOf~" STEVEN WATSON "~ORO'""
(Seat) (sa1)
-Barower -IIorrower
/Sign Origino! OnlYj
MULTISTATE ADJUSI'ABLE RATE RIDER • 1 Ytu Treuury Indea - Single Family - FNMA/FHLMC Uolturm instrumer~t
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