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HomeMy WebLinkAbout2406 ~ . . . r,' ~ t•: . ~ ADJUSTABLE RATE RID~ER (i Yenr TreASUry ladex-R~te Caps) THlS ADJUSTABLE RATE R1DER is made this 19th day of JANllARY , 19 90 , and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note ~the "Note") to RIVERSIDE NATIONAL BANK OF FLORIDA (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 4767 ARCADIA AVENUE, FORT PIERCE, FL. 34946 AND 4645 N. US #I1, FORT PIERCE, FL. 34946 [Propcrty Address) THE NOTE CONTAINS PROViSIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- ROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGFS The Note provides for an initial interest rate of 12 . 00 The Note provides for changes in the interest rate and the monthly payments, as follows: 4. 1NTERFST RATE AND MONTHLY PAYMENT CHANGES (A) C6stnge Dates The interest rate I will pay may change on the first day of FEBRUARY 1 , 19 91 , and on that day every 12th month thereafter. Each date on which my interest rate could change is called a"Change Date." (B) The Index Beginning with the ~rst Change Date, my interest rate wiil be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 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 "Cunent Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Cslculation of C6anges Before each Change Date, the Note Holder will calculate my new interest rate by adding FOUR AND TWENTY T'WO ; ONE HUNDREDTHS percentage points ( 4• 22 to the Current Index. The Note Holder will then round i the result of this addition to the neazest one-eighth of one percentage point (0.125%). Subject to the limits stated j in Section 4(D) betow, 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 payment that would be sufficient to repay j 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 will be the new amount of my monthly payment. ~ (B}-~i+n~t.tee~te~+e~t-I~~~c-Ebaages ~ ~eintrr+astnttt~~am-req~d-te-paY-at'`-~~hai~e-fleEe-wi}l-not-~e~greREer~l~r-----------~le~~t#~- ~ --------09e-~'~erenfter,~g~M~erest-r~te~riH~~crbe-ettereesec#~er~eereased~ra~}+-si~gle-C~a~ge-~ete~y- ~ ~marthairtwvperoenlegepeitttr~frt~nt~~e-ratec>f'-inEeresf~ha~-bee~pa~iRg€or~~epreeed'tRg-~e~#+s.-~y- , ~inttrestrak~-aevYr-brsreaterthair--------------Wo-: 1,~' (E) Effective Date of C6s~nges T- C~''` ~ 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 monthiy payment date after the Change Date until the amount of my monthly pay ~ ment changes again. (F) Notice of CbAnges The Note Holder wiil deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by !aw to be given me and also the title and telephone number of a person who will answer any question I may have regarding ¢ the notice. B. TRANSFER OF THE PROPERTY UR A BENEFICIAL INTEREST IN BOItROWER ~ Uniform Covenant 17 of the Security Instrument is amended to read as follows: ' Traasfer of the Property or a Bene~cisd Interest in Sorrower. tf all or any part of the Property or any interest ~ in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural ~ F person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of ~ all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is ~ prohibited by federal law as of the date of this Security Inserument. Lender also shall not exercise this option if: ~ (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee 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 Securi- ty Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's con- sent to the toan assumption. Lender may also require the transferee to sign an assumption agreement that is accept- able to Lender and that obligates the transferee to keep ali the promises and agreements made in the Note and in t this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless ~ Lencler releases Borrower in writing. ~ ~ MULTISTATE ADJUSTABIE RATE RIpER-ARM 5-2-Single famiFy-F~nnM Ma~lFnddb M~c Unitotm instnr»~nt Form 311 i 3~$5 ~ ~822A !seoB~ VMP MOATGAGE FORMS • 13131293-8100 • 1809)621-729t ~ ~ ~ ~ ~ F' ~e.. , ~ ~~u , - ~~a~ - ~ ~ sz~