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Home My WebLink About2304 . ~ . . ADJUSTABLE RATE RlDER ~ (1 Year Treasury ledex-Rate Caps) 1'HIS ADIUSTABLE RA"fE RlDER is madc this 15th day of ~an~Y , 19 90 , and is - incorporated into and shall be ~eemcd to amend and supplemcnt the Mortgage, Deed of Trust or Sccurity Decd (tht "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to SUN B~1MC/MIAMI, NATIONAL ASSOCIATION • (the "Lendcr") of the same date and cuvering the propcrty described in the Security Instrument and locatcd at: 8800 South Ocean Drive, Unit 1409, Jensen 8each, Florida 34957 ~ Prupcrty Addrts~ ~ THE NOTE CONTAINS PROVISIONS ALLOWIkG FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE t~lOTE UMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE 80R- ROWER MUST PAY. AUDITIONAL CUVENANTS, In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. IN7'EREST RATE AND MONTNLY PAYMENT CHANGES The Note provides for an initial interest rate of 9. 375 ~7,. The Note provides for changes in the interest rate and the monthly payments. as follows: 4. INTEREST RATE AND MONTNLY PAYMENT CHANGES ( A ) Change Dates The interest rat~ 1 will pay may change on the first day of Februa~ty lst , ~q 95 , and on that day every ! 2th month thereafter. Each date on which my interest rate could change is called a"Change Date." ( B ) T6e [ndex 8cginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on linited States Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board. The most recent Index figure availabte as of the date 45 days before each Changc Date is called the "Current Index." If the Index is no longer available, 1he Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. ( C ) Calculation oi C7wnges Before each Change Date, the Note Holder wil! calculate my new interest rale by adding 275 percentage points ( 2.75 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%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly paymcnt that would be sufficie~t to repay thc ~ unpaid principal that 1 am expected to owe at the Change Date in full on the maturity date at my new interest rate in j substantially equal payments. The result of this calculation will be the new amount of my monthly payment. i ~ (D1 Limits on lnterest Rate Cbaages f j The interest rate 1 am required to pay at the first Change Date will not be greater than 11. 375 96 or less than i 7. 375 Thereafter, my interest rate will nevec be incrcased or decreased on any single Change Date by more than two percentage points (2.0`~) from the rate of interest I have been paying for the preceding twelve months. My F interest rate will never be greater than 15.375 R6. ~ ( E) ERectire Date ot C6anges ~ My new interest rate will become efTective on each Change Date. 1 will pay the amount of my new monthly payment ~ beginning on the first monthly payment date after the Change Date un~il tht amount of my monthly payment changes ~ again. ~ ( F) Notice of Cl~nges ~ 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 before the efTective date of any_change. The nolice will includG 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. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant I T of the Stcurity Instrumcnt is amended to read as follows: ~ Tnosfer oi tbe Property or a Beneficiai interest ia Borrower. If all or any part,of the Propcrty or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transRrred and Bnrrower is not a natural person) without Lender's prior written consent, Lender may, at its option, roq?~ire immediate payment in full of all sums secured ~ by this Security Instrument. However, this option shall not be exetciscd by Lendcr if exercise is prohibited by federal law ; as of the date of this Security Instrumcnt. Lender also shall not cxercise this option if: (a) Borrower causes to tx ~ submitted to Lender information required by Lender to evaluate the intended transferte as if a new loan were 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 covenant or agreement in this Security Instrument is acceptable to ~ Lender. "x F ~ ~ ~ ~ MIJLTRSTATE AOJUSTABLE RATE ROER-AAM 5-2--Su~1e Farrwy-faia~N Ma/Fnddie Wc U~WOna h~n~ Fo~n 3111 3/83 eoa~ 674 PACE2304 ~rc ~ ;,-'~-,~r ~.;~s r ~ ~,~'x ~ r r ~'~n3 ~ , . ~ m~"~`.__~ ~'~"~~~'~,~~~tis~~~c~3"~~~~