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~~~~c . . ~ • ADJUSTABLE RATE RIDER
_ ~ ~ (1 Year Treasury Index-Rate Caps)
I .
THIS ADJUSTABLE RATE RIDER is made ttiis 1~ day of ~t , 1990 , and is
incorporated into and sh~ll be~e~ c~ $ amend and supplement the Mortgage, Deed of Trust or ecurity Deed (the
"Security Instrument"~e~3a~~ grven by the undersigned (the `Borrower") to secure Borrow~er's Adjustable
Rate Note ([he "Note") to RIVERSZDE NATIONAL• BANK OF FLORIDA ev n da~e herewit
(the "Lender") of c~s~a~an~covering the proper~'y described
in the Security Instrument and located at:
2521 South Indian River Drive, Fort Pierce, Florida 34950
(Propeny Address]
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE
AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORAOWER'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 Se:urity Instrument,
Borrower and Lender further covenant and agree as follows:
A. 1NTEREST RATE AND MONTHLY PAYMENT CHANGFS
The Note provides for an initial interest rate of 10 . 50 The Note provides for changes in the interest ratc and the
monthly payments, as follows:
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(A) Change Dates
The interest rate I will pay may change on the Crst day of February , 19 91 , and on that day
every 12th month thereafcer. 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 will be based on an lndex. 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 available as of the date 45 days before each Change Date
is called the "Current 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) Calculation of Changes
Before each Change Date, the Note Holder wili calculate my new interest rate by adding
three ( 3) percentage points ( 3. 0 °Io) 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 unti! the next Change Date.
The Note Holder will then determine the amount of the monthly payment that would be suf~cient to repay
the unpaid principa! that 1 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 wiil be the new amount of my monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than 12 . 50 ~lo or less than
8. 50 Thereafter, my interest rate will never be increased or decreased on any single Change Date by
f more than tw~o percentage points (2.O~lo) from the rate of interest I have been paying for the preceding twelve months. My
~ interest rate will never be greater than 16. 50 Q~o.
~ (E) Effective Date of Changes
E My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly
~ payment beginning on the ~rst monthly payment date after the Change Date untit the amount of my monthly pay-
; ment changes again. '
~ (F) Notice of Changes
~ The Note Hotder will 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 law to
be given me and also the title and teleph~ne number of a person who will answer any question I may have regarding
the notice.
B. TRANS R OF TNE PROPERTY OR A BENEFICIA INTERFST IN BO WER
Uniform Cov ant 17 of the Security Instrument is amended read as fol s:
K: Transfer o he Property or a Bene~ciai Iaterest ip Borrowe If all any part of the Property or any interest
~ ~ in it is sold or tra ferred (or if a bene~cial interest in Borrower is or transferred and Borrower is not a natural
~ person) without Le er's pri~r written consent, Lender may, ~ s tion, require immediate payment in full of
~ all sums secured by t's Security Instrument. However, thi ption sh 1 not be exercised by Lender if exercise is 1.~i/Y
~ ~ prohibited by federal I as of the date of this Securit nstrument. Le er also shall not exercise this option if: ~/1. K n~
~ ~ (a) Borrower causes to b ubmitted to Lender info ation required by Le er to evaluate the intended transferee 'p
~
~ ~ as if a new loan were bein made to the trans e; and (b) Lender reasona y determines that Lender's security
will not be impaired by the io assumption that the risk of a breach of any venant or agreement in this Securi-
~ ~ ty Instrument is acceptable to ender.
~ ~ To the extent permitted by ' able law, Lender may charge a reasonabie fee s a condition to Lender's con-
~ sent to the loan assumption. Le may also require the transferee to sign an assump 'on agreement that is accept-
~ o able to Lender and that obli es th transferee to keep all the promises and agreemen made ir~ the Note and in
this Security Instrument. rrower wi continue to be obligated under the Note and ihis urity Instrument unless
~
Lender releases Borrower in writing.
~
~ ARUITfSTATE AOJUSTABLE RATE RIDER-ARM 5-2-5~ngle Famdy-Fan~ Ms~/Fr~ddi~ Msc Urwform Instrum~nt Fam 31/S 3f85
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