HomeMy WebLinkAbout1824 ADJUSTABLE RATE RID~R 14/2833 PsL
(1 Yar Index - Periodic and Life Intcrett Rite Gps)
THIS ADJUSTABLE RA7E RIDER is made thi~ 11 TH a,y d J ANU ARY , 19 9 0 .
and is incorporated into and shall be deemed to amend and applement the Mottgaga, Deed o! Tn?st or Securiry Dced (the "Security
Instnuneet") of We ume date given by the uadersigned (the "Bomower~ ?o secure Barowe~t AdjustaDle Rue h'ote (the "Nae") to
GDV FINANCIAL CORPORATION~ A FLORIDA CORPORATION
(the "Lmder') of the same date and covering ihe property de~cribed in the Saurity InsUUmeot aod located at:
2175 S. E. HEATHWOOD CIRCLE, PORT ST. LUCIE, FL 34952
(~P~Y Addreu)
THIS NOTE CONTAIlVS PROVISIONS ALLOWIlVG FOR CHANGES IN THE
INTEREST RATE AND THE MONTHLY PAYMENT.
Addltlonal Covmants_ In add~Goo to the covenants and agreements made in the Security Inswmene, Bomower and I.ender fuNxr
covenant and agroe aa follo~ws:
A. INTEREST RATE AND MONTNI.Y PAYMENT CHANGES.
"I2ee Note provides for an Initial 3neerost Rue of 9~ 0~ ~iir. The Note providea for changes in the interost nte and the monthly Paymenis,
u fdlows:
4. lIv"CEREST RATE AND MOrTHLY PAY:4iENT CHANGES; BORROWER'S RIGHT TO LIMTT PAY.'NEhT
(A) Change Dates
'llie interest nte I will pay may change on the first day of F EB RU ARY .19 91 , and on chat day every 12th
month therea(ter. ~ach date on which my interest rate could change is caAed a"Change Daee".
(B) The Index
Beginniag wilh the firsl Q?ange Date, my interc~ nte will De based oa an lndeat. The "Index" ia the weekly avenge yieid on United
States Treasury secvrities adjusted to a consunt maturity of 1 year, as made availaDle by the Federal Reserve Boud The mast rocent [ndex
figure available as of the date 45 days befete each Chaage Date is ulled the "(,ltmnt Index'.
lf the Index is ao longer available, the Note Holder will choose a new indez wfiich is baud upon companbte infomutioa. The Nde
Nolder will give me notice of this choice.
GlculaUon of Changes
Befae each Change Date, the Note Holder wilt ulcufste my oew inureat nte by adding 3. 2 5 percentage
points ( 3. 2~J ~b) to the Cutrent Index. "R~e Nde Holder will thea round the reault ot this addition to the nurest ont-eighth of oae
percentage point (0.12551'0). 7t~is roundod amouat will be my new iaterest nte u~il the next Clunge Date.
However, my intereu rau shall never be inereased or decreased aa any single changed date by more than 2.~ B
percentage points ( 2.~ B%) from the nte of intaeat I had been payin8 immediately prior W the change date, and my rate of interest shaii
oever increase or decteaae by more U?an 6. 0 0 p~~v8~ Pp~ ~ 6. 0~') from the Initial Iatercst Rate over tht term of the
Nae.
'Ihe Note Hotder will then determine tLe amount of ihe monthly payaxnt that wautd be sufficient to rcpay the uapaid principal that I
am expocted to owe at the Change Due in full on the rt~d?rity Qate at my nea ioteteac nte in aubataniially equal payments. 'Ihe result of ihis
alculation will be the new amount of my monthly payment.
B. TRANSFER OF THE PROPERTY OR A BENEF'ICIAL INTEREST IN BORROWER.
Uniform Covenant 17 of the Security InsWment is amended w read as follows:
I'i Transier ot the Property or a Benetldal Interest in Borrower. If all or aay part of the Property or any intercri in it is sold or
~ transferred (or if a beceficial interest ia Bonawu is sold or ttansfemed a~d Borrowet is not a natunl persoo) without Lender's prior written
~ consent, Lender may, as i~c optioa, tequire immediate pzYment in fu11 of all suma secured by this Stwrity InsUumenl. However, this option
~ shalt noe be ezereised by l.ender if exerciae is pro6ibited by fedenl iaw as of ihe date of this Suvrity Inswrt?en~ Lender also shall not exercise
~ tlus option it: (a) Borrowu causes to bs abmitted to [,eader intarmation required by Lender w evaluate the intended traasferee u if a new loan
wcr~ being made to the tnnsferce; snd (b) Leoder reasonably ddertnioes lhu Lender'~ sxurity will nol be impairod by the loan aswmption and
thst the risk of a breach of any covenant or agrcement in this Security Inswrtxnt is acuptaMe to LeaBer.
To the eatent pertnitted by applicable law, Leoder may chuge a reasonabk fet as a oondition W L.endc~s content to the loan
assvmption. l.ender may also require the transferee to sign an assumption agreement that is acceptable to Leader and that obligates the
eransferee to keep ail the promises u?d agreetnents made in the Note and ia this Sawrity Insirument Borrower will oonGnue to De obligated
under the Note and this Security Insuumeat uNeas Lender roleaaes Borrower in writiag.
If Lender execciscs the option to rcquire imrrxdiste paymom in fuil, L.ender shall give Borrower noiice o[ acceleration. 71u notice
shall provide a period of not less than 30 days trom the date the nolice is defivered or mailed within which the Bortower must pay ail sums
secured by this Security Ir.sirument. If Borrower fails to p~y thcse sums prior to the eapinaon of this period, Lender may invoke any remedies
permieted by this Security Inswment without funher notice or demand on Borra~wer.
~ BY SICNI\G BELOW, Bortuwer sccepes and agrees to the terms and covenants contiined in this Adjastable Rue Rider.
~ Witness the hand(s) and seal(s) of the undersignrA.
~
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~ K EN N ETH B ERG ER -Sorrower L AU RA G. B ERG ER -Bortower
~
tseal)
-Borrawer -Borrower
(SigR O~iginal OnlyJ
NULTISTATE ADJL'STABLE RATE RIDER • 1 Year Treasury In4ex - Siogle Farr:ily - F"~~tA/F'HL~fC Lniform Instrument
15402-67 6r84 PR
BooK 674 PACE ~5~4
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