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Home My WebLink About2704 f` . . ' , : . c ADJUSTABLE R.ATE ftIDER . 23372681 (INTEREST RATE LIMITS) THIti ADJI?S7'ABLE NATE RIDER is made this18TA ~ay ~f January 1990 and is incorporated into ar.d shall be deemed to amend and supplement the Mortgage, Deed of'IYust, or Security Deed, (the "Security Instrument") of the same date givPn by the undersigned (the "Borrorwer") to secure Borrower's Ac~justabte Rate Note (the "Note") to HARBOR FEDERAL SAVihGS AND LOAN AS.SOCIATION (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 213 NORTA 37TH STREET, FORT PIERCE, FL 34947 ( I'roperty Address ) ' The Note contalns provisions allowing for changes in the interest rate. If the interest rate increases, the Bo~rower's monthly payments will be higher. If the interest rate decreases, the Borrower's monthly payments wii! be lower. ADDITIONAL COVENAN7'S. In addition to the covenant and agreements made in the Security ~ , Instrument, Borrower and Lender further covenant and agree as follows: ~ A. INTEItEST RATE AND MONTHLY PAYMENT CHANGES ~ The Note provides for an initiai interest rate of 8.125 Section 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: 4. IN7'EREST RATE AND MONTHLY PAYMENT CHANGFS (A) Change Dates The interest rate I will pay may change on the first davof February ,19 91 , and on that day ~ of the month every T~L~ months thereafter. Each date on which my interest rate could change is called a ~ "Change Date". ' (B) 'lbe Index Beginning with the first Change Date, my interest rate will be based on an "Index". 'It~e Index is the weekly average yieid on United States 'IYeasury securities adjusted to a constant maturity of ONE years, as made available by the Federal Reserve Board. 'R~e most recent Index figure available as of 45 days before each Change Date is cailed the "Current Index". If the Index is no longer available, the Note Holder will choose a new Index which isbased upon comparable information. 'R~e Note Holder will give me notice of its choice. ' (C) Calcnlatlon of Changes Before each Change Date, the Note Holder wili calculate my new interest rate by adding TWO AND 750/1000 percentage points ( 2• 750 'h~) to the Current Index. 'R~e Note Hotder will then round the result of this j 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 montlypayment 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 equal payments. The result of thi.s calculation plus any required monthly escrow for taxes ~ and insurance will be the new amount of my monthly pay~rnent. (D) Ilmits on Interest Rate C'hanges ~ 'l~e rate of interest 1 am required to pay shall ne~~er be increased or decreased on any single Change Date by ` more than Two percentage points ( 2.000 from ihe rate of interest I have been paying for the preceeding TwELVE months. My interest rate also shall ne~~er incrcase more than Six percenta~e points ( 6.000 from the interest rate E established in Paragraph A of this instrument. My interest rate shall ne~er decrease below the interst rate estab- ~ lished in i'aragraph A of this instrument. . ~ (E} Effectiv~e IDate of Changee r ~ My new interest rate will become effecti~~e on each Change Date. I will pay the amount of my new manthty ~ payment beginning on the first monthly payment date after the Change Date until the a;nount of my monthly payment changes again. (F) Notice of Changee The Note Holder will mail or deli~•er to me a notice before each Change Date. The notice w~ll advise me of: (i) the new interest rate on my loan as of the Change Date: - (ii) the amount of my monthly payment following the Change Date; (iu) Any additional matters which the I~'ote Holder is required to disclose; and (iv) the title and telephone number of a person who will answer any question I may have regarding the notice. ~ IN WITNESS WHEBEOF,Borrower has ezecuted this ADJUSTABLE RATE Bider. f , A / ~ ~ '90 JJW 25 P 2 :1 ~ ~~1~ 10 214 9 5 6~%~y,_ ~LLI1~M ADDERLEY Filf D AhC RE!:UF;~'` DOUGLpS O~XO~i • ~ Sl. LUCI_ CG~JNTY~ i• 19ILDRBD C ADDERLBY : ; ' C•9ign 4~`i9inal Only) ~ 3 °p674 2704 ~ ` BOOK PAGE 1.N +~4AMI~NC . z. - - - . - ~ -