HomeMy WebLinkAbout2153 .-~DJL'ST.aBLE RaTE RIDER
~ I lear Tre~surv Index-Rate C~ps-Fixed Rate Comersion Option ~
TNIS :~DJI.ST:\BLE R.-~TE RIDER u made this ....3.Q~hda~ ot .....~ANU~RX l9 .9.0...., and i,
inrorporated into and sh~ll be deemed to amend and ~upplement the ~torteage. Deed uf Trust or Securitv Deed 1 the
"Secunt~ Instrument") ol the ~ume date given by the undersigned (the "BorroK~r") to se~ure Borro~~er's -~djustabl~
Rste ~ote i the "~ute" ) to..........~t?..N...$ANK/..~k~ASUR~...GQA~'~.....NA,T.~Q~IA~,..,ASSOCI~ITIS~N
I the "Lender" 1 ot the ~ame datz and cu~~ering the property described ~n
the Securit~ Instrument ~nd lo~ated .~t:
XXXX FLEETWOOD LANE, FORT PIERCE, FLORIDA 34982
(Pr~,~rt~ \dJrc~.j
THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE
AND THE MONTkLY PAYMENT. THE NOTE LiMITS THE AMOUNT THE BORROWER'S
ADJUSTABLE INTEREST NATE CAN CHANGE AT ANY ONE TiME AND THE MAXIMUM
RATE TNE BORROWER MUST PAY. THE NQTE ALSO CONTAINS THE OPTION TO CON-
VERT THE ADJUSTABLE RATE TO A FIXED RATE.
.-1UUITIU\ ~L CO~ E\ 1\"fti. In addition to the covenants and agreements madr in the Security Instrument, Borru~~er
and Lender lurthe~ co~~enant and a~ree as lolluws:
aDJC'ST:IBLE R.-~TE .~rD `tONTHLY P.~Y~tE\T CH.aNGES
The Vute provides for an initial interest rate oi~ .....9' 5~.... The \ute pro~•ides for changes in the sdju;tablr
interest rate and the monthly pa}ments, as follows:
.-~DJI.~ST,~BLE ItiTEREST R.-~TE .aVD ~10NTHL1' P.~Y~IEVT CNANGES
1:~ 1 Change Dates
Ti~e adjustable interest r~te I~~~ill pa~• ma~• change on the hrst dap of .....AU~UST l9..91... ~nd ~n
that day even• I?th month thereatter. Each date on which my adjustable interest rate cou~d change is called a"Change
Date."
i B 1 The Index
Beginning with the first Ch~nge Date, m~~ adjustable interest rate ~vil! be based on an Index. The "Index" is the
«eekly sveraee ~~ie[d on l; nited States Treasurv securities adjusted to a constant mawrity of I}ear. ;~s made a~~ailable b~
the Federal Reserve Board. The must recent Index tigure available as ot the date ~35 da}s before each Change Date is
called the "Current Index."
if the tndex~ is no longer available, the ~lote Halder will choase a new index which is based upon comparable
information. The ~Iote Holder will eive me notice of this choice.
i C) Calculation of Changes
'I~ao and Three Quarters
' Betbre each Chan¢e Date, the ~ote Holder will calculate my neN~ interest r~te b~~ ~dding
~ percentage points (......2...7.5... to che Current lndex. The ~iute Holder ~+ill then round the result of this addition w
~ the nearest one-eighth ot one percentage point ( 0. i?5`: Subject to the limits stated in Section -l1 D) befu~~. ~hi.
~ rounded amount «ill be m} new intere~t rate until the next Chanee Date.
I The ~iote Holder will then determine the amount of the munthl~ pa}~ment that Nuuld be sutficient tu rcpa~ ;he
~ unpaid principal that I am expected tu owe at the Change Date in I~ull on the m~turit~~ date at m} ne~~ interest ra~e in
~ ,ubst~ntially equal payments. The result ut this calculatiun will be the new amount uf my monthl~ pay~ment.
~ -
" i D I Limits on Interest Rate Chan~;es
~
~ The interest rate 1 sm reyuired tu pay at the tirst Change Date will not be greater than ......11..5A.........'% or le;s than
~
..........7._~G........ Thereafter, my adjustable interest rate will never be increased ur decreased on an} single Chan~e
~ Date bv more than tµu percentaee points (?.0°) trom the rate ot interest I have been pa}ine fur the precedine 1'
~ rnunths. ~ty interest rate will never be greater than ..1.~_SII.......%. ~~hich is cailed the "`laximum Rate".
~ i E? EfTectire Date of Changes
, ~t~ new interest rate will become e:fTective un each Chanee Date. I~+ill pay the amuunt uf mr new m~~nthl~ ~a~ m~nt
~ beginning un the first munthly pa~ment date after the Change Date until the amo..r.t uf my munthl~~ pa}ment ~h.!n,~~~
~ :~gain.
~ ~ F i Votice of Changes
~
` The tiute Hoider will defi~~er or m~il t~ me a notice ~f any changcs in ms adjustable interest rat~ and the amuunt ,~t
~ mv rnonthly payment befure the elTecti~e date uf an~• change. The notice wil! include inFormation reyuired by la~+ tu h~
~ gi~~en me ;~nd al~o the title and telrpnune number ul~ person who wifl ansaer any yuestiun I ma} h~~~e regardi:ig th~
~ nutice.
~ B. F(~C~D I~TEREST R:~TE OQTIOti
~
The tic~te provides fur the Burru~~er'. ~~p~iun to cumcrt frum an adiu~table ~ntere,t rat~ w~th in~erest r:~r~• i~n;~e. r,~ ~
h~e.~', ir.tcrc5t r~te. t;~lluu~~:
5. FI~CED INTEREST RATF. COti~"ERSION OPTIO,t
1~ ~ Option to Conrert to Fixed Rate
I have a Cunversion Option that I can exercise unless I am in detault or this Section A) will not perrfiit me tu do ~o.
~he "Conversion Optior." is my uption to convert the interest rate I sm required to pay by this Note from an sdjus[able
rate with interest rate limits to the tixed rate calculated under Section B) below. ~
w The conversion can onir take placc un a date( s) specihed by the Note Hulder during the periud beginnin¢ un the tirst
~ Change Date.and ending on the tilth Change Date. Each date on which my adjustable interest rate can cunvert to the ne~v
~ tixed rate is cafled the "Conversiun Date." ;
; If I want to exercise the Cunversiun Uption, 1 must hrst meet certain cunditions. Thuse conditions are that: ~ i) I i
? must give the Vote Holder notice that I want to do so; ( ii) un the Cunversiun Date, 1 must not be in default u~der the +
r tiote or tne Security Instrumcnt; 1 iii 1 by a date spec~fied by the 'Vote Hofder, 1 must pay the Note Huider a convcrsiun ~
MUlT1STATE AOJUSTABLE RAT~ RlDER-ASiM PLAN 57-;~r,~ F 3,T~ty-FannN Mae Unitorm InsUument Form 3118 12 87
" 6~5 P~~E 2153
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