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Home My WebLink About1029 • ~ ~ AI3JUSTABLE RATE BiDEft 23378324 (INTEREST RATE LIMITS) THIti ADJUS'TAf3LE RA"['E R1DER is made thi36TH day of January 1990 a~id is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of'lYust, or Security Deed, (the "Security Instrument") of the same date given by the undersigned (the "Borrorwer") to secure Borrower's Ac~justable Rate Wote (thc ":~bte") to tlARE30R FEDERA[.SA~'INGSAND LGAIv AS.tit~CIATION (the "Lender") of the same date and coa•ering the property described in the Security lnstrument and locat~d at: 3191 DANIELS STR~ET, FORT PIERCE, FL. 34982 (i'roperty Addressl The Note contains ptovisions allowing for changes in the interest rate. H the interest rate increases~ the 8o~rowe~'s monthly payments wfll be higher. tf the interest ~ate decreases, the Borrower's monthly payments will be lower. ADDITIONAL CO~'ENANTS. In addition to the co~~enant and agreemenis made in the Security instrument, Borrower and Lender further covenant and agree as follow~s: A, IrI'TEREST BATE AND MONTHi.Y PAYMENT CHANGES The Note provides for an initial interest rate of 8•~ 25 Section 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: 4, INTERES'T RA1'E A1VD MONTNLI' PAYMENT CHANGFrS ~A) Change Dates The interest rate 1 will pay may change on the first day of February ,19 91 , and on that day of the month every TwELVE months thereafter. Each date on which my interest rate could change is calted a "Change Date". (B) 'Il~e Index Beginning with the f?rst Change Date, m;~ 6:s«r~si T~i~ wII~ bf' bc~5e~ UII ~il "Index". Tne Index is the weekly average yield on United States 1Yeasury securities adjusted to a constant maturity of ~NE years, as made available by the Federal Reserve Board. 'Ihe most recent Index figure avaitabte as of 45 dayrs before each Change Date is called the "Current Index". If the Index is no longer availabie, the Note Holder will choose a new Index which is based upon comparable information. 'lY~e Note Holder will gi4~e me notice of its choice. (C) Calcalatlon of Changes ~ Before each Change Date, the Note Hotder will calculate my new interest rate by adding TWO AND ~50/1000 I percentage points ( 2• 750 to the Current Index. 'Ilie Note Holder will then round the result of this ~ addition to the nearest ane-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D) I below, this rounded amount will be my new interest rate until the next Change llate. 'I1~e Note Holder will then determine the amount of the montly payment that woutd 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 i rate in substantially equat payments. The result of thi5 calculation plus any required monthly escrow for taxes i and insurance will be the new amount of my monthly payment. (D) limits on Interest Rate Changes r 'Il~e rate of interest I am required to pay shall ne~~erbe increased o~ decrea_sed on anysingle Change Date by ° more than TW~ percentage points ( 2.000 from the rate of interest I have been paying for the preceeding ~`wELVE months. My interest rate also shall never incrcase more ` ~ ~ than SIX percentage points ( 6.000 from the interest rate ~ established in 1'aragraph A of this instrument. biy interest rate shali ne~~er decrease below the interst rate estab- ~ tished ir. f'aragraph A of this instrument. ~ (E) E~ecdve Date of C3ianges My new interest rate wili become effective on each Ci~ange Date. 1 wiU pay the amount of my new monthly ~ payment beginning on the first monthly payment date after the Change Date until the amount of my monthly ~ payment changes again_ (F) Notice of Changes € 1fie Note Ho{der w~il1 mail or deliver to me a notice before each Change Date. The notice wil) advise me of: ~ (i) the new interest rate on my loan as of the Change Date: ' (ii) the amount of my monthly ~ayment follawing the Change Date; (iii) Any additional matters which the Note Holder is required to disclose; and (ivj the titfe and telephone number of a person who will answer any question I may have regarding the notice. IN WITAtESS WHEREOF,Borrower hss executed this ADJUSTABLE RATE Blder. '9q ,1AN 30 A9:42 ~ ~ 1~~ z,L 9 O ~ ROBERTO RIVAS ~ ~ F~~tL~ AN~ - - (Se+ial) ~ ~OUGI S C ? X h - l_~.~i~~~ ~ ~1~%N REB J RIVAS ~ ~ {Seal) (9i.grc Ori9ina[ Only) BOGK 675 r~A~E1029 ~ x~M~-N~ ~ - ~,~;'~:x`'~