HomeMy WebLinkAbout2161 .aDJL'ST~BLE RaTE R[DER
~ I le~r Trea~ur~ index-~Rate Caps--Fixed Rate Cumersiun Optiun ~
THIS :~DJLST:~BLE RATE RIDER is m3de this ..29.th.. day of ....ZANUARY i~ 9~..... .~nd u '
incorpuratrd into and ~hall tx d~emCd io amend and supplement the ~lorteage. Deed oi Trust or ~ecurit~ Deed t~h~ ~
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"Se~unt~ instrument ) ~1 Int i:llllC a3te 1LIYtf1 i~1C UIi~JC(~iLtiicu ~~~~c uvtf0:'•~i ~ i0 i~.LCC S:;f7:,ttz~ i:~t3jU~.:...~t j
Rate ~ote tthe "`ute") to..SUN..BANK/.~~~SU~t£..CQAS.~....NAT~QHAi...ASSSJ.~~F~.'~ZQN
1 the "Lender" 1 of the ssme date and cuvering the prupert} describ~d in
che Securit~ Instrument and I~x,ited .st: i
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.............XXXX BCIWIE..STREET.~...FORT...S~~..LU~IE.r...~L.P.~.~?~.....34.`~$3................................................................. ~
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THE N07E CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INT~REST RATE ~
AND THE MON7HLY PAYMENT. THE NOTE IIMITS THE AMOUNT THE BORROWER'S
ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM
RATE THE BORR~1NtH MtJ51 F'AY. 11'1t IVU
i
t ALjt! V VI~I I%ati~i~ i ric iiri iv'ri i v"a:ii:i-
VERT THE ADJUSTABLE RATE TO A FIXED RATE.
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.~UI)ITIO~>L CO~ E~a~ fti. In addiuon to the covensnts and agreements made ~n the Securit}~ Instrument, Borro~~er
snd Lender further covenant and agree as tollows: `3
~DJC'STABLE R:~TE .~~iD ~10tiTHLY PAY`lE`T CHANGES ;
The vote provides for an initial interest rate of ..9.'.5~....... The \ote provides for changes in the ad~wtable ~
interest rate and the munthly pa~ments, as fullows:
-t. ~DJI.'STaBLE ItiTEREST RaTE .-~VD `tONTHLY P.~Y~tE~T CH~rGES ~
~
1 a 1 Change Dates ~
FEBRUARY 91 ~
Tne adjustable interest rate 1 ~~'III ~1:1~' (il'1~~ rhange on the tirst day ot i 9.......... ,~nd on ~
that dav e~er~~ I'_th munth therealter. Each date on which my adjustable interest rate could change is called a"Chan~e
Date."
I B ! The Index ~
Beginnin¢ with the tirst Chanee Date, my adjustable interest rate ~vill be based on an Index. The "Index" is [he
~ceekly~ average ~~ieid on l:nited States Treasury securities adjusted to a constant maturity uf I~ear. ~s made ~vailable b~
the Federal Reserve Board. The most recent Index tigure available as uf the date ~i5 days before each Change Date i~
calted the "Current lndex."
If the Index is no lun¢er svailable. the ~iote Holder will choose 1 new index which is based upon comparable -
inlormatiun. The ~iute Halder will give me notice of this choice.
~ C i Calculation of Chan~es
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Belore each Cha ate. the ~Jote Holder will calculate my new~ interest rate by addin ~o and Three Quarters
percentage points (.._~:5~_...:~ ) to the Current Inder_ The `ote Holder will then round the result uf this addition ~o
i the nearest one-eiehth ot one percentage point (0.1?5 Subject to the limits stated in Sectiun ~t1 DI belu~~. ch~.
rounded amount will be m~ ne~~ interest rate until the next Change Date. :
; The vote Nulder will then determine the smuunt uf the munthly payment that ~~ould be ~ut~icient co rep:i~ the
~ unpaid principal that I am expected tu owe at the Change Date in lull on the maturit}~ dste at m} new interest rate in
~ubstantially equal payments. The resutt ~t this calculatiun wiil be the new amuunt of my monthl~ p~~ment.
~ ~ D 1 Limits on Interest Rate Changes
~ 11.50
; The~nt~e6est rate ( am re uired to ay at the hrst Chan e Date will not be reater than ~ or le,s than
9 P" 8 ~
Thereafter, m~~ sdjustable interest rate will never be increased ur decreased on an~ ~in¢le Change
j Date by more than two percentage points (?A". ) from the rate uf interest 1 have been pa~~in¢ for the preceding I'_
' munths. ~ty interest rate µill never be greater tha~ ....15...5D...... which is called the "~laximum Rate".
F
' ~ E i ERectire Date of Changes
~ ~1~ new interest rate will E~ecome et'fective on e~ch Change Date. I~~ill pay the amount of my new monthl~ pa~ment
~ be~inn~ng un the tirst monthly pa~ment date after the Change Date untii the amount ut mv munthl} pa~ment chang~.
~ ,?gain.
~ ~ F ? \otice of Changes
~
The tiote Holder u•ill deii~~er ur mail tu me a nutice uf snv changes in m~ adju~tabie interest rate snd the ~m~unt .~f
~ m~ monthly payment befure the etTecti~•e date of ~ny ch~nge. The notice uilf include information reyuired bp I~« t~~ bc
given me and al,o the title and telephune number uf u person ~vho will snsw~er any yue~tian I ma~ have regardinti th~
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~ notice.
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~ B. FIXED I\TEREST R.aTE OPTIO`
The ~iote provides fur the: Burruwrr'~ ~~ptiun to cun~ert from an adiustable interest rate ~~ith ~ntere.r ~,<<~ ~~n;,!, r,, ,
!:`:C.~i I(:t~J~C5t r:ll~, ~O!!O:~i:
5. FIXED tNTEREST RATE COti~~ERS[ON OPTION
1 A i Option to Comert to Fixed Rate
I have a Cunversion O~tion th~t I can exercise unless I sm in delault or this Sectiun will not permit me tu du ~u.
The "Conversion Option" is my cption to cunvert the interest rate I am required to pay by this tiute from an ~d~u,t~ble
rate with interest rate limits to the fixed rate calculated under Section 5( B) below.
The conversion can only take placc on a date( s) specified by the tiote Hulder during the periud beginning un the tirst
~ Change Date and ending un the tifth ~hange Date. Each date un which my adjustable interest rate can cunvert to the ne~~
~
~ tixed rate is called the "Conversion Date."
` IF I want to exercise the Cunversivn Uptiun, I must first meet certain co~ditions. Those conditions ~re that: 1 i) I
; must g+ve the tiute Holder notice that I w~nt to do so: ( ii) on the Cunversiun Date, I must not be in default under the
Vute ur the Security Instrument; 1 iii ) by a date ~pecified by the Vote Hulder, I must pay the Note Huider a cumersiun
MULTISTATE ADJUSTABIE RATE R1DER-ARM PLAN 57-~r ,~e Famrr-Fa~uas Ml~ Unifam I~strument Form 3118 12 87
EOGK675 ~~~E2161
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