HomeMy WebLinkAbout1526 AbJUS~'AgL~ RA~'E R1bER
11 1elr tre~sury Index-k~tt C~ps--fixcd Itafe Coarenion Optio~il
TNIS ADJUSTABLE ftATE RID~ft is made this ...12~:~? day o( ........J~?~n.' 19 .90..., and is
inzorporat~d into and sfiall be deemcd io amend and supplement the ~lortgage. Deed at Trusi or Security Decd ( the
"Security Instrument") of the same date given by tfie undusigned (tfie "Borrowe~") to saure Bo~rower's Adjustable
Rate Note (the "Note") to ................~..~A..'ZES/.~~~k~P1~I1~..GQAS~,..N~G~,o??a~:..Association..........................
(the "Lendu") o[ the same date and covering ~he ptoperty deuribed in
the Security Instrument and located at:
1550 SE N. Blackwell Drive~ Yort St. Lucie, Florida 34952
~ p?w~+«~. ,~ad~n~ 1
THE Not~ coNtAtN3 ppoVISIONS AILoWINc3 ~oq cNANGE3 IN THE INYEAEST RATE
AN~ THE MoNri#t.Y PAYMENT. 'CH~ NOTE LI~HItT3 TNE AMOUN? THE bObRO1NER'S
Ao,tusYA~l~ MttE~51 aAt~ cAN cHANoE AT ANr oN~ TtME AND tH~ MAxiMUM '
hATE TIiE tlOpROWEA MU3T PAY. THE NOTE AL3o CONTAIN3 THE OpTtON TO CoN-
V~RT tNE ADJUSTABLE IiAtE TO A~IXED HATE.
AbnttloN:~1. Co~ E~~vts. f n addition to the covenants and agrccments made in tht Security i nstrument, 8orrower
and Lender further covanant and ag~ee as [ollows:
A. ~lD1USTd8LE ltAT~ ANb htONT1tLY !'AYf~iENT CNANCES
The Note provides !or an initial interest rate of .....9.,.5Q....'~. the No1e provides for changes in the adjustable
interest rate a~d the monthly payments, as fotlows:
d. AbJUSTagLE INt~t~~St ltAt~ dNb 1110NtNLV P,~Vti1ENT CNANCES
t ~ 1 ch~h~e tiite3
The adjustable interest rate 1 wi1{ pay may cfiange on the first day oi A~St 19., 91 and on
that day evay 12th month thereafter. ~ach date on which my adjustable interest raie could change is called a"Change
Date."
( g 1?he tndex ( the current index rate is 7. 75 ) ~
Begi~ning with the first Change Da~e, my adjustable interest rate wil{ bt bascd on an index. The "index" is the
µeekly average yietd on United States T~tasu~y securilics adjusted to a constant rrraturity of I y~~ar, 3s made avaiiabie by
the federai Reserve Board. the most recent Index figure avaitable as of the date 4S days befare each Chang~ Date is
called the "Current Index."
If the Index is no longer dvailable, the Note Nolder witl choose a new index which ix b~sed upon comparable j
in(ormation. The Note Nold~r will give me holice of this choice.
1 C 1 C,Iculatlon ot Ch~n~es
Before each Change Uate, the Note Nolder will calculate my new interest rate by adding ~~5
~ perccntage points (.......2.,.7.~..~) ta the Current Index. The ~lote Holder will then round the resull of this addition to
the nearest one-ei~hth of one percentage point (0.125`.'(0). Subject to Ihe limits stated in Section d(D) below, this
; rounded amount wil! be my new interest rate untii !he next Change Oate.
The Note Nolder wil) then determine the amount of the monthly payment that would be sufficient to repay Ihe
! unpaid ~+rincipal that ( am 2xpected to owe ai the Change Date in ful! on the maturity date at my new interest rate in
i substaniially eqUa) payments. The result of this calculation will be the new amount of my monthly pay~ment.
~ ( b1 ~.1mtls oh Intctest Itit~ Cl~fh~~s
The interest rate I am required to pay at the 6rst Change bate wil) not be greater than .....11.. 50..... or less than
; 5~.........~. Thereafter, my adjustable interest rate witl never be increased or decreased on any single Cfiange
' Date by more than two percentage poinls (2.0`k) from 1he rate of interest 1 have been paying tor the preceding 12
~ months. My interest rate vvi1) never 4x greater ihan ...15.50,.,..,~, w~~ch is called the "~laximum Rate".
~ t ~1 ~Recti~e bat~ ot Clringes
My new interesl rale wil) become eRective on e~ch Change Date. I~~ill pay the amount of my new monthly payment
~ beginning on tfie first monthly ~ayment date aRer tfie Change Date until ihe amount of my monthly payment changes
~ again.
~ ~ F) Notke oi Chlnae3
The Note Hotder wil) dclive~ or mai) to me a notice of any changes in my adjustable interest rate and the amount of
~ my month{y payment beFo~e tfie efiective date o~ any change. The notice will include information requircd by law to be
~ gi~en me and also the tit{e and telepfione number of a person who will answer any question t may have regarding the
~ notice.
g. ~~xEn ttvtE~Es~t aAT~ b~tlorv
The Note p~nvides for the go.rower's option to convert Irom an adjustablc interut rate with inttrest rate limits to a
fixed interest rate, as fo11ov1rS:
S. ElXED INT~kESt ItAt~ CONV~A510N OPt10N
( A 1 Option fo Cohrcr! !o Fixtd R~te
1 have a Conversion Option tfiat i can exercise unless I am in default or this Stction 5( A) will not permit me to do so.
~ ~ The "Conversian Option' is my option to convert Ihe interest rate 1 am requircd to pay by this Note from an adjustable
~ - ~ate with interest rate limits to the fixcd rate calculated under Section S($) below.
~ ' The conversion can only take place on a date(s) specified by the Note Nolder during the period beginning on the first
~ ~
~ Change Date and endin6 on the fifth Change Date. Each date on which my adjestable interest tale can converl to the new
~ ~ fixed rate is called tha "Conversion Oate." .
; (f 1 want to exercise the Conversion Option, ! must First mcet certain conditions. Thou conditions are that: (i) I
must give the Note Nolder notice that I want to do sn: (ii) on the Convetsivn Date, l rnust not be in default under the
Note or the Security Instrument: ( iii ) by a date specified by the Note Nolder. 1 must pay the Note Holdtr e conversion
irtULTI3tAtE ADJUStA9lE qAtE RlD~~-A{~lul bUN S~-Sr+¢e farr,~y-~~r~i l~i UnHam !~ilr~nr.ir+! Farm 3116 12 8t
tY=e ~ ^
~ v~~~:z ~
_