The URL can be used to link to this page

Home My WebLink About2204 6~~9bL ~ ADJUSTABLE RAT~ RIDER {1 Year Treasury Index - Rate Caps) TNIS ADJUSTF.BLE RATE RIDER is made th~s 23rd day of January, 1990, and is incorporated into and shall b2 desmed to amend and supplement the Mortgage. Deed of Trust or Security Deed (the "Security InstrumenY') of the same - date given by the undersigned (the "Borrower") to secure 8orrower's Adjustable Rate Note (the "Note') to BARNE.TP L~K OF ~T L.i1C'I'F C~(1i1[timv (the "Lender") of the same date and covering ihe propeRy desCribed in the Securiry Instrument and loCated at: ' XX?~ V - (Prcperty Address] - The Note contalns provislons ellowin~ tor chanyes In the Intsrost rete and the monthly paymsnt. Ths ~lota ' Iimlts the emount ths Borrower's Intsrost rete can chanye at any ons time and the maximum ate ths Bor- i rower must pay. ~ AdditlOnai Covsnants. (n addition to the covenants and agreements made in the Security Instrument, Borrower and Lender - further covenant and agree as follows: 3 A, tnterost Rate end Monthly Paymsnt Chsnges ~ The Noie provides tor an initial interest rate of 9.,,"~7 5 8/0. The Note prov~des for changes ~n the i ;nterest rate and the monthiy payments, as foliows: ` E 4. Interest Rate and Monthly Payment Chanyes (A) Chan~e Dates The interest rate I wili pay may change on the first day of ~aArrapv . 19 ~}.3--. 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 ~ Beg~nning with the first Change Dat~ my interest rate will be based on ar, Index. The "index" is the weekly average yietd on lin~ted ~ States Treasury securities adjusted to a constant maturity ot one year, as made available by the Federal Reserve Board. The most ~ recent Index figure avaitable as of the date 45 days before each Change Date is called the "Current Index" If the Index is no longer ava~lable, the Note Holder will choose a new index which is based upon comparable informatian. :z The Note Holder witl give me notice of this cho~ce. ~ ; (C) Calculatlon of Changes ~ Before each Change Date, the Note Hotder will ca~culate my new interest rate by adding ~ ~ percentage points ( SO °rb) io ihe Current Index. The Note Holder w~li then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Sub~ect to the 6mits stated in Section 4{D) belaw, this round- ~ ed amount will be my new interest rate until the next Change Date. The Noie Holder will then determine the amount of the mo~thly payment that would be sufficient to repay the unpaid principa~ that ! am expected to owe at the Change Date ir, full on the maturity date at my new interest rate in substantialiy equal payments. _ The result of this calculation wi~i be the new amount of my monthly payment. ~ (D) Limits on Interest Rate Changes ; The interest rate I am required to pay at the f~rst Change Date wiil not be greater than _ % or ? less than 'j.~'~~~ Thereafter, my interest raie ~vill never be increased or decreased on any si~gle ~ Change Date by more than two percentage points (2.0%) from the rate of interest I have been paying for the preceding 12 months. ; My interest rate wi?I never be greater than ~ (E) Efiective Date of Changes My ne~v interest rate will become effect~ve on each Chan~e Date. t w~ll pay the amount of my new manthfy payment beg,nn+ng on the first monthly payment date after the Change Date unti! the amount of my monthly payment changes again. Natice of Changes The Note Holder will deliver or ma~l to me a notice of any changes in my interest rate and the amount of my monthly payment bef~re the effective date of any change. The not~ce w~if include ~nformation required by !aw to be given me and also the title and ! telephone number of a person who wiil ansvrer any question 1 may have regarding the notice. ~ B. Transfe~ ot the Property or a Beneflcial lntereat in Borrower t Uniform Covenant 17 of the Security Instrument is amended to read as toilows: € ~ Transfer of the Property of a Beneffcia) Interest in Borrower. If all pr any part of the Property or any interes; in it is sold ~ or transferred (or if beneficial interest in Borrower is sold or transferred and 8orrawer is not a natural person) without Lender's prior ~ written consent, Lender may, at its option, require immediate payment in tull of ali sums secured by this Secu~ity instrument. However. ~ th~s option shall not be exercised by Lender if exercise ~s prohibited by federal law as of the date af th+s Security Instrument. Lender also shail not exerc~se this opiion if: (a} Borrower causes to be submitted to Lender +nformation required by Lender to evaluat~ the ~ intended transferee as if a new loan were being made to the transferee: and (b) Lender reasonably determines that ! ender's security ~ witl not be impaire~ by the loan assumption and that the r+sk of a breach of any covena~t or agreement in this Security Instrument ~ ~s acceptable to Lendec To the extent permitted by appl+cabte law. Lender may charge a reasonable fee as a condition to Lender's consent to the loan ~ assumpt~on. Lender may atso require the transferee to sign an assumption agreement that ~s acceptable io Lender and that ob?igates k the transferee to keep ail the prom~ses and agreements made in the Note and in th:s Security Instrument. Borrower wiH continue ~ to be obligated under the Note and this Secur,ty Instrument unless Lende~ releases Borrower in wrhng. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ . goox s74 PA~E22U~4 ADJUSUBLE FiATE RIDER - S~ng~e Fam,ty - ARM 3/1 11/85 ~ , . ~ ~ • , o ~ °•erws e2!*ns are oos~dete '04906 Re. 0289' r+6'~i) f'C i. ~ ,~~"~R~' ~~~'a ~ T 'S ~ ~ _ - ~ ~