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Home My WebLink About1874 . ~ ' ~'90 JAN 24 P 2:1 ~ ~ ADJUSTABLE RATE RIDER 1021~ a.3 8N (1 l~ba~ Tbasury Index - Rate Caps) F ~ ~ E~: f~ ~ 1"~ . (?OUGt t ~,XGN C+ S1 LU::, ..i~:;h1••. THIS ADJUSTABLE RATE RIDER is macie th~s 17th day a Janudry, 1990and ~s ~ncorporated ~nto and shall be deemed to amend and supplement tt~e Mortgage. Deed of Trust or Secur~ty Deed (the "Secunty Instrument") of the same date giver~ by the undersigned (the "Borrower") to secure Borrower's Adjustabie R3te Note (the "Note") to BARI~4.'IT AAI1C OE' ST. ~ L,LJCIE COi]NI'Y (the "Lender") of the same aate and covenng the property described in the Sec,unty Instrument and located at: 3150 N. AlA LTNIT 7-D , FT. PIII2CE, , Florida 34949 (Property Address] The Note contains provisfons allowing tor chanyes in ths interest rate and the monthty payment. The Note Iimits the amount the Borrower's interest rate can change at eny one tin~e and the maximum rate the Bor- rower must pay. Additional Covenants. In add~tion to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. Interost Rate and Monthiy Payment Changes 9~ 500 The Note pro,rides for an inst~al interest rate ot The Note provides (or changes ~n the ~nterest rate and the monthly payments, as follows: 4. Interest Rate and Monthly Payment Changes (A) Change Dates The interest rate 1 wil! pay may change on the first day af ~RLIARY 19 95 and on that day every 12th month thereafter. Each date on which my interest rate could change +s called a"Change Date" (B) The Index Begmning with the first Change Date, my ~n,erest rate wiil be based on an Index. The "index" ~s the weekty average yieid on Urnted States Treasury secunties adjusted to a canstant ma?~rity of one year, as made ava~lable by the Federai Resenre Board. The most recent Index figure avalable as of the date 45 days betore each Change Date is called the "Current Index" - If the Index is no longer available, the Note Holder wiA choose a new index which is based upon comparable ~nformation. The Note Holder will give me notice of this choice. (C) Calculation ot Changes ~ ~ Before each Change Date, the~ ~Holder will calculate my new interest rate by add+ng percentage points ( ~ ~/o) to the Current Index. The Note Holder will then round the result d th~s addition ro the nearest o~e-eighth of one percentage p~int {0.125%). Subject to the limits stated in Section 4~D) be~ow, lhis round- ed amount ~nnll be my ~ew ~nterest rate until the next Change Date. The No;e Holder w~li then determ~ne the amount of the monthly payment that would be suff~cient to repay the unpaid pnncipal that I am expected to owe at the Change Date in fuil on the maturity date at my new interest rate ~n substantiaily equal payments. The result of this calculat~on will be the new amount of my month~y payment. (D) Limits on Interest Rete Changes 11. 500 The interest r~ I~ reqwred to pay at the f~rst Change Date wii! not be greater than % or less than Thereafter, my ~nterest rate will never be increased or decreased on any single Change Date by more than two percentage points (2.0% E o e rate of interest I have been paying for the preced~ng 52 months. My in!eres? I' rate w+ll never be greater than ~'o. ~ (E) Effective Date of Changes ~ My new interest rate w~ll become effect~ve on each Change Date. I w~li pay the amount of my new monthiy payment beg~nning ~ on the f~rsi monthly payment date after the Change Date unt~l the amount of my monthly payment changes again. € Notice of Changes The Note Holder will deliver or ma~l ;o me a not~ce o! any changes in my interest rate and the amount of my monthly payment , before the effective date of any change The notice wifl ~nclude ~nformation required by law to be g~ven me and also the title and ~ tele hone number of a erson who will answer ar p p y question I may have regarding the notice. s B. Transfer of the Property or a Beneficial interest in Borrower Uniform Covenant 17 uf the Security Instrument ~s amended to read as follows: ; Transfer of the Property of a Beneficial Interest in Borrower. If ali or any part of the Property or any irterest in it is soid ~ or transferred (or if benefic+al interest in Borrower is sold or transferred and Borra~ver is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fuil of all sums secured by this SecuriSy Ins:rument. However, ~ ~ this option shall not be exercised by Lender if exercise is prohibited by federal law as ot the date of this Security Instrument. Lender ' also shal! not exerc~se this opt~on if: (a) Borrower causes to be submitted to L,ender ~nformation required by Lender to evaluate the ~ intended transferee as if a new loan were being made to the transferee: and (b) Lender reasonabiy determines that Lender's security ~ w~il not be ~mpaired by the loan assumpiion and that the risk of a breach oi any covenant or agreement in this Security Instrument ~ is acceptable to Lender. ~ ~ To the extent perm~tted by applicable law Lender may charge a reasonabie tee as a cond~tion to Lender's consent to the loan ~ assump;ion. Lendsr may aiso require the transferee to sign a~ assumpt~on agreement that is acceptable ro Lender and that obl~gates the transferee to keep all the promises and agreements made ~n the Note and in th~s Security Instrument. Borrower w~ll continue to be obligated under the Note and this Security Instrument uNess Lender releases Borrower in writing. If ;_ender exerc~ses the option to require immediate payment in full. Lerder shali g~ve Sorrower notice of acceleraUon. The notice E sha!! provide a period of not less than 30 da~rs irom the date the notice is delivereo or mailed w~thin which 8orrower must pay a~l sums secured by this Security Instrument. If Borrower fa~is to pay these sums prior to the expiration oi this period, Lender may invoke ~ any remedies perm~tted by this Security Instrument without further notice or demand on Borrower. ~ SY SIGNING BELOW, Borrower accepts and agrees to the terms and nants ta~n this Adjustable Rat er. ~ . ~ / B~BARA A. •R (Seal~ ~ (Seai) ~ (Borrr~wer) J. R(~I~A (Borrower) ~ ~ (Seal) _ (Seaq ~ € (Borrower) (Borrawer) MULTISTATE AOJUSTABLE RATE RIDER - ARM S-2 - Smg!e Farr~ly - FannN MM/Fnddl~ Mlae Untblm InsirumMt Fwm 3111 3/a6 a a a s e~ e a w Prsv+ous een~orK `-e obsolsb e0r'~ A ~y e'~j~ ~054~3 0289' (~6~O1PC ~ r~~ ~ ~ r~~ ~ - - - - _ _ - - ~ - n _