HomeMy WebLinkAbout1862 ~ ~
ADJUSTABLE RATE RIDER
23377706
(INTEREST RATE LIMITS)
THiti ADJUSTAHLE RA'I'E.RIDER is made this23RD day of January 1990
and is incurporated into and shall be deemed to amend and supplement the Mortgage, Decd of 7Yust, or 5ecurity
Deed, (the "Security Instrument") of the same date given by the undersigned (the "Borrorwer") to secure
Borrower's Ac~justable Rate Note (the "Note") to HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION (the
"Lender') of the same date and cov~ering the property described in the Security Instrument and located at:
STARFLOWBR AVENUE, PORT ST LUCI$, FL. 34983
( Property Address )
The Not~e contain: provisions allowing tor changes in the inte~est rate. If the
intereat rate increases, the 8orrower's monthly payments will be higher. N the
interest rate decreases, the Borrower's monthly payments wili be lower.
ADDITIONAL COVENANTS. In addition to the covenant and agreements made in the Security
Instrument, Borrower and L.ender further cov~enant and agree as follows:
A. INTEREST BATE M'D MONTNLY PAYMENT CHANGES
The 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. INTEREST RATE AND MONTHL~ PAYMENT CHANGFS
(A) Change Dates
The interest rate I will pay may change on the first dayof February ,19 91 , and on that day
of the month every TwBLtiS months thereafter. Each date on which my interest rate could change is called a
"Change Date".
(B) ~e Indez
Beginning with the first Change Date, my interest rate will be based on an "Index".'Itie Index is the weekly
average yietd on United States 'lYeasury securities ac~justed to a constant maturity of OHE ,~ears, as made
available by the Federal Reserv~e Board. 'llie most recent Index figure avaitable as of 45 days before each Change
Date is called the "Current Index".
If the Index is no longer ava.ilable, the Note Holder will choose a new Index which isbased upon comparable
information. 'Itie Note Holder will give me notice of its choice.
(C) Calcalatlon of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding Two AND 750/1000
i percentage points ( 2.750 to the Current Index. 'Itie Note Holder will then raund the result of this
! addition to the nearest one-eighth of one pementage point (0.125~). Subject to the limits stated in Section 4(D)
~ below, this rounded amount will be my new interest rate until the next Change Date.
i 'Ilie Note Holder will then determine the amount of the montly payment that would be sufficient to repay the
; unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest
~ rate in substantially equal payments. The result of this calculation ptus any required monthly escrow for taxes
! and insurance will be the new amount of my monthly payment.
(D) I~mits on Interest Sate Changes
~ 'Ilie rate of interest I am required to payshall ne~~er be increased or decreased on anysingle Change Date by
~ more than ~p percentage points ( 2,000 °f~) from the rate of interest I have
been paying for the preceeding Ty~I,pg months. My int.erest rate also shall never incrcase moce
than SIX percentage points ( 6.000 from the interest rate
~ established in Paragraph A of this instrument. My interest rate shali never decrease belowthe interst rate estab-
~ lished in Paragraph A of this instrument.
~ (E) Effecdve Date of ((~?anges
Y My new interest rate will become effective 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) Notice of Changes
The Note Holder will mail or delii~er 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 Change Date:
(ii) the amount of my monthly payment following the Change Date;
(iu) Any additional matters which the Note Holder is required to disctose; and
. (iv) the title and telephone nuinber of a person who will answer any question I may have regarding the
noLice. t` ,;:,.~~•;~,:j.; T~Y. ~ ;
_ : ~~_t;,
r - i ~7.C:;~'s;jj:
~ IN WITNE.SS WHEREOF,Bornower has ex~cuted this LE BATE Rider. ~,%'~:~';':.:'y'°•:•,`,.~'s
` 102 : ~t
~ 1118 . ;R;~~:=:~~~.:-~:.r ~
` . t ;
~ '90 JAH 24 P 2 :08 ~ ~ =
~ SURF CONST UCTION INC. ~r":''v':`~-St}~:~ .4 `ri~~ y
~ ~~~tl~ 7\~ .i4' , ~•~'a"x~''~•~+i. s•~''f~~•'?.
~ '
OOUGLA:, ~IXON~~' : `
~ sl LUCj~_ r.n~±N~ . - :~•,.,~,,,u;:~.~°.,°~~.
~ ~s
C~l~
e~.,~..
CS'iyn originat only}
~ 6o~fi74 F,,~E1862 ~ ~~~N~
~
.
. _
~ _
_ ~._vy _ . _
~ _ .