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Home My WebLink About1849 ~ a~ ' ~ ~ ADJUSTABLF RATE RIDER 23379645 ~ (INTEBEST RATE LIMI1'S) ? ~ THIti ADJUS'TAf3LE RATE RIDER is made this23T~ day of January 1990 ~ and is incorporated into and shall be deemed to ame:,d and supplement the Mortgage, Deed of'[lrust, or Security ; Deed, (the "Security lnstrument") of the sam ~ date given by the undersigned (the "Borrorwer") to secure ' Borrower's Acijustable Rate Note (the "Note") to HARBOR FEDERAL SAVINGS AW I.OAN ASSOCIATION (the ' "Lender") of the same date and covering the prolierty described in the Security Instrument and located at: i STARFISH AVFNUE, PORT ST LUCIE, FL. 34983 ~ ~ ( Property Add ress ) ~ , The Note contains provisions ailowing for changes in t~e interest rste. If the ~ Interest rate increases, the Bor~ower's monthly payments will be higher. H the ~ interest rate decreases, the Borrowe~'s monthly payments will be lowe~. ADDITIONAL COVENANTS. In addition to the covenant and agreements made in ihe Security Instrument, Borrower and Lender further co~~enant and agree as follows: A. 1N'I'EREST BATE AND MONTHLY PAYMENT CHANGES 'I~e Note provides for an initial interest rate of 8.125 Section 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTERFST RATE AND MONTHLY PAYMENT CHAr;GES (A) Change Dstes The interest rate I will pay may change on the first dayof gebruary ,19 91 , and on that day of the month every T~L~ months thereafter. Each date on which my interest rate could change is called a "Change Date". (B) The Indez Beginning with the first Change Date, my interest rate will be based on an "Index". 'Rie lndex is the weekly average yield on United States Tceasury securities adjusted to a constant maturity of ONE years, as made available by the Federal Reserv~ Board. The most recent Index figure available as of 45 days before each Change Date is catled the "Current Index". lf the Index is no longer available, the Note Holder will choose a new Index which is based upon comparable information. 'I~e Note Holder will give me notice of its choice. (C) Calcalation of Changes i Before each Change Date, the Note Holder will calculate my new interest rate by adding T~tO AND 750/1000 I percentalge points ( 2• 750 to the Current lndex. 'R~e Note Nolder will then round the result of this r addition to the nearest one-eighth otone percentage point (0.125~6). Subject to the Gmits stated in Section 4(D) ~ below, this rounded amount will be my new interest rate until the next C'hange Date. ~ 'Ilie Note Nolder will then determine the amount of the montly payment that would be sufficient to repay the i unpaid principal that I am expected to owe at the Change Date in futl on the maturity date at my new interest ~ rate in substantially equal payments. The result of this calculation plus any required monthly escrow for taxes ` and insurance will be the new amount of my monthly payment. ~ (D) limits on Interest Rate Changes The rate of interest I am required to pay shall never be increased or decreased on any single Change Date by more than Two percentage points ( 2.000 from the rate of interest I have been paying for the preceeding TtaELVE months. My interest rate also shall nev~er increase more than SIX percentage points ( 6.000 from the interest rate ~ established ih Paragraph A of this instrument. My interest rate shall never decrease below the interst rate estab- ~ lished in E'aragraph A of this instrument. ~ (E) EBecdve Dste of Changee ~ My new interest rate will become effecti~~e on each Change Date. I will pay the amount of my new monthly ~ payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. ~ (F) Nodce ot Changes , ~ The Note Hotder will mail or deliver to me a notice before each Change Date. The notice will advise me of: (i) the new interest rate on my loan as of the ~'hange Date: (ii) the amount of my monthly payment foltowing the Change Date; (iu) Any additional matters which the IVote Holder is required to disclose; and (iv) the title and telephone number ot a person who will answer any question I may have regarding the notice. F IN WITNESS WHEBEOF~Borrower has x ABLE BATE $i~@f'- , , . ^ f,: ~ 1021 ~ 13 " . -~F. r ~ `90 JAN 24 P2:01 .s=~~ ~ ~C~;J_ ~ 8~ URF CONST CTION, INC. 1. :,~:~,:/)r`o.. ~.v~;+~'~_. ~ n~ILEi.~ Hht; i',t~.C~.l' ' ---'.._':~•~~f?~EqtJ ~ !J ~ U~~. t, J~ ~ N i. ~ .'i,~ j/ c, ~ -Bor?.we? i . E S1. LUt:±~ .:ti J!!} Y, (Seal) -6o.+woe. (~igre Original Onlyl ~ -K; g~oK 674 Pac~~.849 LN +~4AMI~NC i ~p, y ]e~ ~si°- 6 .v'S'~d'~~ µ~~ir5i1~~-~ `~'i~~'~'-i~`l " r..-- ~L~"rtf~ti~