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Home My WebLink About1141 ~ ADJUSTABLE RATE RIDER ~ tt.~erea tt,k u.~u> TH1S ADJUSTABLE RATE RIDER is made this . 26t h day of January . 19 gp , and is incorporated into and shall be decmed to amrnd and supplement che Mortgage, Deed of Trust or Socurity Dood (tht "Socurity Instrumrnt") of the same date ^~ven by the undersigned (the "Borrower") to secure Borrower's Adjustable Ratt Note (thc "Note") to First Foderal Savingc and L~an Assaciation of the Palm Beaches (the "Lender") of the same date and covering the property describeai in the Socurity Instrument and locat~d at : 2490 Harbour Cove Drive Fort Pierce, FL 34949 ~Property AddressJ TF1E NOTE CONTAiNS PROVISIO?dS ALLOWINt3 FOR CHANOES IN THE INTEREST RATE ANO TNE MONTHLY PAYMENT. THE NOTE LIMITS THE AM~DUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME ANO THE MAXIMUM RATE THE BORROWER iNUST PAY. ADDfTtONAL COVENANTS. In addition to the covenants and agrcements made in the Security Instrument, Borrower and l.ender further covenant and agree as Collows: A. INTERFST RATE AND MONTHLY PAYMENT CNANGFS The Note provida for an initial interest rate of 8. 500 °l~. The Note pro~~ides for changes in the interest rate and the monthly payments, as follows: 4. tNTEREST RATE AND MONTHLY PAYMENT CHANGES (A) C6ange Dates The interat rate 1 will pay may change on the first day of February , ~9 91 , and on that day every 12 th month thereafter. Each date on which my interest rate could change is called a"Change Date." (B) The lodea Beginning with the first Change Date, my interat rate will be based on an Index. The "Index" is the wcekly average yield on United States Treazury• securities adjusted to a constant maturity of 1 year(s). as made available by the Federal Rescrve Board. The most re- cent lndex figure available as af the date 45 days before each Change Date is called the "C`urrent Index." If the Index is no longer available, the Note Holder will choose a new indez which is based upon comparable information. The Note Holder will give me notice of this choice. (C) Glculatioo of Chaages Before each Change Date, the Note Holder will calculate my new interat rate by adding 2, 750 percentage points ( 2, 750 ~ to the Current Index. The Note Holder will then round the resuit of this addition to the nearat onetighth (O.I254i). Subjxt to the limits ' stated in Section 4(D) below. thi~ rouuueu amount wiil ix my new interest rate until the next Change Date. The Nott Holder will then determine the amount of the monthly payment 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 oqual payments. The result of this ~alculation will be the new amount of my monthly payment. ~ tD) Limits on Interat Rate C6anges ! The rate of inre~est 1 am required to pay shail never be increased or decreased on any single Change Date by more than O one percentage i point (1.Oho) C}~ two percentage points (2A°lo) (Check onl}• one box) from ihe rate of interest 1 have been paying for the pra~eding 12 i rnonths. My interest rate also shall never be greater than 14 . 50U ~ (E) Effective Date of C6anges f s :viy new interest rate will become effective on each Change Date. [ will 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. ; (E~ Notke of Chsnges ~ The Note Holdcr will deliver or mail ro 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 w•ill include information required by law 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 TIiE PROPERTY OR A BENEFICUL IIYTERFS"f IIY BORROWER r ~ Uniform Covenant 17 of the Security Instrument is amended to read as foilows: ~ Tnnsfer of the Property or a Benefidal Intercst in Borro~rer. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrawer is sold or transferred and Borrower is not a naturaf 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 [nstrument. Lender also shall not exercise this op- ~ cion if: (a) Bonower causes to be submitted to Lender information roquired 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 Security Instr~ment is acc~ptable to Lender. ~ To the extent permitted by applicabie law, Lender may charge a reasonabie fce as a condition to Lender's consent to the loan assumption. ~ ! ender may also require the transferee to sign an assumption agrecment that is acceptable to Lender and that obligates the transferce to keep ~ all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and chis Security Instrument unless Lender releases Borrower in writing. ~ If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall ~rovide a period of not less than 30 days from the date the notice is deiivered or mailed within which Borrower must pay all sums secured by this Stcurity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOw, Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. ~ : ~ . . . . . . . . . . . cs~,~ ~ John Lukow -~O"'n ~ ? ~ ~ , ~~~-~,.lC ~G~G / ~ ° .......................~s~~ ; U R~~U 1141 Hanne Lukow -~O"° 60GK PAGE MULTISTATE ADJUSTABLE RATE RIDER-ARM 5•1, ARM{ 5-2-Si~gle Family-Fannk M~ Uniform Instrurtanf Form 3111 1185 1 Year - 3 Year - S Year Tnasury Index ~ . _ . _ _ " .r.~.;.~~ ._~:~z~~.=~. ~'s~fi~ _.ws.>~~.`~.5~~.~-:~~ -?=i.:~.e~