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Home My WebLink About1326 ~ r~ T • i\ 7 T T T A11J UJ l A~iLL~ KA K111L' K 1/2944 PsL (1 Year lndex - Penodic and life Inttres! Rate Caps) THIS ADIUSTABLE RA'IE RIDER is made this 1 ST~Ly of DECEi~ ER , 19 8 9 . and is ~ncorpontod into and shaU ~e dtsmed to amend aud suppkmcat the Mortgage, Decd of Trust ~r Se.urily Iked (the "Sacun~y [nstrum:nt") of the same date given by the undersigned (the "Bortower') to secuee Bortower's Adjusuble Rue Nae (the "Nae") to GDV FINANCIAL CORPORATION, A FLORIDA CORPORATION (tho "Lender') d the same date and covering the propeRy described ia the Security InsUument and located at: 3001 S.W. ANN ARBOR ROAD, PORT ST. LUCIE, FL 34983 (Property Address) THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN TEiE INTEREST RATE AND THE MONTHLY PAYMENT. Additional Covenants. ln addi~ion to the covenants and agreertxnts made in the Security InsUUment, Borrower and Lender f~rther covenant and agree aa follows: A. INTERFST RATE AND MONTHLY PAYMENT CHANCES. Ihe Nae provides fot an laiual Interest R~te of l e. 0~%• 71ie Note provides for changes in the interest nte and the monthly payments, as folfows: 4. INTERFS7' RATE AND :1~10\"THLY PAYMEh"C CHA~GFS; BORROR'ER'S RIGHT TO LIMR' PAYMEA'f (A) Change Date4 'Ihe interesl nte I will pay may change on the first day of JANUARY . 19 91. and on that day every 12th month therealter. Each date on which my interest rate could change is called a"Cl?ange Date". (B)Thelndex Beginning with the Tirst C~ange Date, my interest nte will be based on an Indea~. "Ihe "Indez" is the weeldy aveage yieid on United Sutes Treasury searities adjusted to a constant maturity of 1 year, as made available by the Fedenl Reserve Board 7T~e mosl recent lndex ftgure available as of the date 45 days beforc qch Cliange Date is called tht "Qzment Index". If the Indez is no longer availaDle, the Note fiolder will chwse a new index which is based upon companble infortnation. 'Ihe Note Eiolder will give me notice of Uus choice. (C~ CaiculaUon of Changes Before each Change Data, the Note Holder witl calculue my new intereat nte by adding 3~ 2 5 percentage ~ points ( 3~ 2 5 96) to the Current lndea. "I~e Note Holder will then round the rcsult of this additian to the nearcst onetighth of one ~ percentage point (Q.12596). "Ihis rounded amount will be my aew intertst nte until the next Change Daze. However; my iaterest nte ahail never be inccea~ed ar decrcaaed oo any aingle changed date by mare than 2 0 0 percentage points ( 2~ g~) from the rate of ioterest I had been paying itnmediatcly prior to the change date, and my nte d intereu shall never increase or decrease by moro than 0 percent~ge poiuts ( 6~~~) from the Initial Interest Rate over the term of the ~ Note. 7lu Note Hoider will then detertnine the amount of the moethly payment Uut would be sufficient to repay the unpaid principal that I am eapected to owe at the Ctunge Date in fult oa the rtuturity date at my new intenst nte in substantially equal payments. 71~e result of this ~ calculation w•il~ be ttse new amount of my monthly paymeni. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORRO~VER. ~ Uniform Covznant 17 of the Secwity Instrument is amended to rcad as follows: ~ Transfer of the Property or a Benelidal Interest in Borrower. If ali or any ptt of the Propzrty or any interest in it is sold or ~ transferred (or if a beneficial interest in Botmwu is sold or tnnsferred and Botrower is not a natutal person) without Lender's prior written ~ s consent, Lendzr may, as iu option, require irturediate payment in fuli of all sums secured by this Secvrity Inswment. However, this option ~ ' shaii not be exercised by L.enrfer if exercise is prohibited by fedenl law as of the date of this Security InsUUmenL Lender also shall not ezercise this option if: (a) Bomower causes to be submitted to Lender information require6 by L.ender to evaluate the iatended transferee as if a new loan ' were being made to the transferee; and (b) L.ender reasonably dctertnines thu Leader's security will not be impaired by tht loan assumption and i that the risk of a brcach of any co~~enant or agreertxot in this Security Inswment is acceptabie to Lender. ~ To the extent pemtiued by applicable law, L.ender may charge a reasomble fee as s conditioa to Lender'e coasent to the laan ~ ass~mption. [.ender may also require the transferes to sign an assumption agreement that is acceptable to l.ender and that obligates the transferee to kuep all the promises and agreemeots made in the Note and in this Sewrity InsUUmenL Borrower will continue to be obligated ~ under the Nae and this Securiry Inswment unleas Lenckr rdeases Borrower in writing. ~ ~ If l.ender eaercises the option to require imn~ediate payment in full, Leoder shall give Borrower notice of acceleretion. "Ihe notice shal: provide a period of not less than 30 days from the date the notice is ddivered or mailed within which the Bortower must pay all sums ~ sea:red by this Sewr.ty Inswment. If Borrower faiis to pay lhese sums p:ior to the expinUOn of this period, Leoder may invoke any remedies ~ ~+ermitted by this Security Inswmeet without funher notice or demand on Bortower. ~ BY SIG\[\G BELOW, Bortow~er accepts and agrees to the lerms and covea.nts conuined ia this AdjusUble Rate RiCer. g Wftness the hand(s) ~nd seaf(s) of the undersigned. (Seal) C e~ (Seal) VINCENZO RICOTTA -a~W" ANNA RICOTTA -Borrower (Seal) _ (Sul) ~ -Borrow'er -Borrcwa ~ ` (Sign U~igina! OnlyJ ~ ? ~ ~ E1C1.TlSTATE ADJCSTABLE RATE RiDF.R • 1 Year Treasury Indez - tingle Family - F~~tA,rFHLMC I:nlfortn Instrument ~ 154~2-b7 6'84 PR 60UK p fi75 PAGE1~26 ~ _ - ~ ~ ~ ~ = ~x~~..Y~~~-~;:~~Y~r~