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HomeMy WebLinkAbout1856 'y0 JAN 24 P 2 :06 ADJUSTABLE AATE RIDER 10 21116 ~ N ~ (1 V~ar Theaaury Index - Rate Caps) t I~t ~ Hir ~~.E t' r• ROUGt.AS "~fX~,k ; S1 LU~:~~ ..tl'JN:1 THIS ADJUSTABLE RATE RIDER is made this 19th day of Janudry 1990 , and is corporated into and shall be deemed to amend and suppleme~t the Mortgage, Deed of Trust or Secunty Deed (the "Secunty InstrumenY') of the same date given by the unders~gned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to BARNEl'P BAI~R ST. L~3CIE C~OLII~TI'Y (the "Lender") of the same date and covering the property descnbed in the Secunty tnstrument and located at: 411 S_W_ LOLZIST CwE , P~r ST. Lt)CIE ~ Florida 34986 [Property AddressJ The Note contalns provisions allowing to~ changes in the interost rate and the monthly payment. The Note Iimits the amount the Borrower's intemst rats can change at any one time and the maxlmum rate the Bor- rower must pay. Additional Covenants. In add~tion to the covenants and agreements made in the Security Instrumeni, Borrower and Lender further covenant and agree as follows: A. Interest Rate and Monthly Payment Changes g.500 The Note provides tor an in~tiai interest rate of The Note provides for changes in the interest rate and the monthly payments, as follows: 4. interest Rate and Monthiy Payment Changes (A) Change Dates The interest rate I will pay may change on the first day of ~R~ 19 95 and on that day every 12th month thereafter. Each date on which my interest rate could change is caI?ed a"Change Date." (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "index" is the weekty average yield on United States Treasury securities adjusted to a constant maturity M o~e year, as made ava~lable by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before e~+ch ~hange Date is calfed the "Current Index" If the Index is no longer ava~lable, the Note Holder will choose a new index which ~s based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculatlon of Changes ~ ~ ,~~~~S Before each Change Date: the Note Hoider will calculate my new interes? rate by add~ng percentage points ( 2•750 °'o) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Sub~ect to the limits stated fn Section 4(D} below, this round- ed amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be suff~cient to repay the unpaid prncipat that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substaniially equal payments. Tne result of this calculation wi~l be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 11.500 o,i~ or I less than 7.500 q~, Thereafter, my interest rate will never be increased or decreased on any single Change Date E ~ by more than two percentage points (2.0~/0) from the rate of interest I have been paying for ihe preceding 12 months. My interest y rate will never be greater than 14.500 0~. Effectlve Date of Changes ~ My new ~nterest rate will become etfective 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 aga~n. ~ Note of Changes ~ The Note Holder will deliver or mail to me a not~ce of any changes in my interest rate and the amount af my monthty payment ~ before the effecUve date of any change. The not~ce w~ll include iniormat~on required by law to be given me and also the t~tle and ! telephone number of a person who will answer any question I may have regarding the notice. ~ B. Ttansfer of the Property or a Beneflcfal Interest in Borrower ~ Uniform Covenant 17 of the Security Instrument Is amended to read as follaws: ~ TFansfer of the Property of a Beneficia) Interest in Borrower. If all or any part of the Property ot any interest in it is sold or tran~erred (or if benefiicial ~nterest in Borrower is sold or transferred and Borrawer is not a natural person) vrthout Lender's prior ~ written consent, Lender may, at its option, require immed~ate payment in full of all sums secured by this Security Instrument. However, ~ this option shall not be exercised by lentJer if exercise is prohibited by federal law as of the date of this Security Instrument. Lender ~ also shal! not exercise this oFt~on if: (a) Borrower causes to be submitted to Lender iniormation required by Lender to evaluate the ~ ~ntended transferee as if a new loan were be~ng made to the transferee: and (b) Lender reasonably determ~nes that lender's secur~ty ~ w~ll not be impaired by the loan assurr~ption and that the risk of a breach of any covenant or agreement in this Security Instrument ~ is accepiable to Lendec . ~ To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the ioan assumption. Lender may also require the transferee to sign an assump!ion agreement that is acceptable to Lender and that obligaies the transferee to keep ali ths promises and ag~eements made in the Note and in this Security Instrument. Borrower wi11 continue to be obligateri under ihe Note ancl th~s Security Insirument unless Lender releasss Borrower m writing. If Lender exerc~ses the option to require ~rr~msdiate payrnent in full, Lender shal g~ve Borrow~er not+ce of acceleration. The notice shall provide a pericd oi ~ot less than 30 days from the date the notice is delivered or malied within wh~ch Borrawer must pay all sums secured by this Security fnstrument. If 8orrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrum2nt without further notice or demand on Borrower. ; BY NING BELOW. B rr r accepts nd agrees io the terms and covenants contained in this Adjustable Rate Rider. f ~ ~ ~Gsr-«~~ LC~~PC ~ ~ _ (Seal) 4 K (Seal) ~'ST J. (Borrower) YN M: {eorrower) ~ ~ ~ (Seal) (Sea1) f f Borro~n~r) (Borrower) aoax 674 P~F18~ MUITlSTATE ADJUSTABLE RATE RIDER - ARM 5-2 - S^g!e F;m,y - y~nls MadFnddit Mse UnMorm Instrurt~t Form 31/1 3/~5 2 3~ 5 6 7 g 9 tG CW Ap (NC~nOUi 2dti0~' a/B OCriObl4 ~054T3 Rt+ Sep 86 (t6t0yPC F ~ . ~ . - _ . 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