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Home My WebLink About2228 ~ RATE~ RIDER ~ ADJUSTABLE a.~~ w~ THIS ADJUSTABLE RATE RIDER is made chis ,~gth day of January • 19 90 .~d'u incorpora?od inco and shall be damod to amend and supplement the Mortgage. Dad of Tnut or Security De~d (the "Security lnstrumtnt") of the same date ~iven by the undersigned (the "Borcower") to socurc Borrower's Adjustabk Rat~ Note (the "Note") to F'vst Foderal Savings and l.oan Association of the Palm Beaches (the '`Lender") of the same date and oovcring the property de.ccribod in the Sccurity Instrumrnt and located ~ at: ~ XXX Fore~ost Drive Purt St. Lucie, FL 34953 ~ ~Propeny Addrasj ~ t THE NOTE CONTAINS PROVISIONS ALLOWINGt FOR CHAN(iES IN THE INTEREST RATE AND ; THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST ~ RATE CAN CHAN(iE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST ~ PAY. ~ ~ ADD~i'IONAL COVENANTS. In addition to the covenants and agrcements made in the Security Instrument. Borrower and Lender further r covenant and agree az fotlows: ~ A. INTERFST RATE AND MONTHLY PAYMENT CHANGFS ~ The Note provides [or an initial interest rate of 8. 500 g~• The Note pro~~da for changes in the intaest rate and the monthty paymrnts. ~ as follows: ~ 4. INTERFST RATE AND MONTHLY PAYMENT CHANGFS ~ 3 (A) C6aa=e Dates ~ The interat ratc I will pay may change on the first day of August > 19 91 •~d on that day every 12 th month thereafter. Each date on which my interest rate could change is called a"Change Date." ~ (B) T6e Indea ~ Beginning with the first Change Date, my interest rate will be baud on an Indea. The "Index" is the wakly avera~ge yield on Unitod ~ Scates Treasury sccurities adjusted to a constant maturity of 1 year(s). as made available by the Foderal Reserve Board. The most re- ~ cent Index figure available as of the date 45 days beforc each Change Date is callod the "Clircent Index." ~ If the Index is no longer available, the Note Hoider will choose a new ind~x which is basod upon compazable information. The Note ; Holder will give me notice of this choice. ' (C) Calcnlatioe ot C6aoaa ~ Before each Change Date, the Note Holder wiil calculate my new interest rate by adding 2, ~5p percentage points ( 2, ~50 ; co the C~rrent Indeac. The Note Holder wiU then round the result of this addition to the nearest one-ctighth (0.125qi). Subject to the limits ? a scated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Hoider will then daermine the amount of the monthly paymrnt 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 oqual payments. The resuk of this ~ calculation will be the new amount of my monthty payment. i j (D) Limlts oa letcrcst R'te C6anges ~ , The rate of interest I am required to pay shall never be increased or decreased on any single Change Date by more than ? one percentage point (I.Oqi)~ two percentagt points (2.0%) (Ch~ek only one box) from the rate of interest I have been paying for the proceding 12 ; months. My interest rate also shall never be greater than 14 . 50U ~ i (E) Eftectfve Date of Chaeges ~ g pay the amount of my new monthly payment beginning on the first ~ My new interest rate will become effective on each Chan e Date. 1 wiU ~ monthly payment date after the Change Date until the amount of my monthly payment changa again. ~ Notice of C6anges ; _ The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment beforc the ~ effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a ~ ~ person who will answer any question 1 may have regarding the notice. t B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTERFS7' IN BOItROWER ~ ~'niform Covenant i'I of the Security Instrument is amended to read as follows: ~ Transter ot the Property or n Benttkial Interest In Borrow~er. If all or any part of the Property or any interest in it is sold or transferred (or if a beneticial interat in Borrower is sold or transferrtd and Borrower is not a natural person) without Lendet's prior written consent, ~ Lender may, at its option, require immediate payment in full of all sums secured by this Security Inurument. However, this option shall not ~ be ezercised by Lender if exercise is prohibited by federal law as of the date of this Security lnstr.unent. Lenda also shall not exercise this op- ~ tion if: (a) Borrower causes to be submittcd to Lender information required by Lender to evaluatt the intendal transferee as if a new loan ~ uere being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covcnant or agreement in this Security Instrumcnt is acceptable to Lender. ~ To the extent permitted by applicable law, Lender may charge a reasonable fce as a condition to Lender's consent to the loan assumption. ; I.ender may also require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to kcep ; ~ all the promises and agreements made in the Note and in this Security Inswment. Borrower will continue to be obGgated under the Note and ! ~ chis Security lnstrument unless Lender releases Borrower in writing. ' If Lender exercises the o tion to r uire immediate ~ p eq payment in full, Lender shal! give Borrower notice of acceitration. The notice shall ~ provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums securcd by ~his Security Instrument. lf Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security [nstrument w~thout further notice or demand on Borrower. BY SIGNING BELOw, Borrower accepts and agrees to the terms and covenants contained in this Adjustab:e Rate Rider. ~ , . ?~!~e~_ ~ . . . . . . . . . . . . . (Seal) ~ Bruce A. Tho~as -~T~~'~* ~ 1 ~ ~ . ~1, ...7:!~~,~::a~ ~ ~ Ma~J2 "'o~as -~o..tr . . B~oK 6?4 P~E2228 r MULTISTATE ADJUSTABL~ RATE RIDER-ARM 5-1, ARM 5~2-Single Family-FannN Mas Unltorm Instnim~nt Fom~ 3111 1/85 ~ 1 Year - 3 Ysar - S Year Troawry Index ~ ~i. _ _ . . . ; " _ ' _ - ' 32<a 5yr ~.,_~`~`~~~"'~~~iC~-~~'¢ ~_"~r~ ~ r ~