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Home My WebLink About2223 ~ ADJUSTA.BLE R.ATE RIDER 23380114 (INTEBEST RATE LIMITS) TNIti ADJI'~'TAI~LE RATE~: RIUER is made this~~TH day of January 1990 and is incorporated intc~ and shall be deemed to amend and supplement the Mortgage, Deed of'IYust, or Security Deed, (the :Security instrument') o( the same date gi~~en by the undersigned (the "Borrorwer") ta secure f~rrower's Adjustable ftate Note (the "Note") to HARBOR FEDERAL SAYINGS AND LOAN AS.~OCIATION (the "Lender") of the same date and co~~ering the property described in the Security Instrument and located at: SAN SEBASTIAN AVENIIE, PORT ST LUCIE, PL. ~ i~T(i~ii'i i~ Avui'ra~ j The Note contains provisions allowing for changes in the interest rate. If the interest rate increases. the ~orrower's monthiy payments wiii be hbgher. If the interest rate decreases, the Bor~ower's monthly payments will be lower. ADDITIONAL COVENANT.ti'. ln addition to the co~~enant and agreemen[s made in the Security Instrumeni, Borrower and Lender further co~enant and agree as follows: A. IN1'EREST RATE AND MONTNLY PAYMENT CHANGES ' The Note provides for an initial interest rate of 10 . 375 Section 4 of the Note pro~ldes for changes ~ in the interest rate and the monthly payments, as follows: 4. INTERES'T RATE AND MONTHLY PAYMEN"f CHANGES (A) Change Dates The interest rate I will pay may change on the first dayof February lg 91 , and on that day of the month every TWELV~ months thereafter. Each date on which my interest rate could change is calted a "Change Date". ~ (B) 11~e Index Beginning K1th the first Change Date, my interest rate will be based on an "Index". The Index is the weekly average yield on United States Treasury securities adjusted to a constant maturity of ONE years, as made available by the Federal Reserve Eioard. 't~e most recent Index figure a~~iiable as of 45 days before each Change Date is called the "Current index". If the Index is no longer available, the Note Hoider will choose a new Index which is based upon comparable information. 'I~e Note Holder will give me notice of its choice. (C) Calculation of Changes ; Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND 750/1000 ~ percentage points ( 2•~SO 'X~) to the Current Index. 'R~e Note Holder will then round the resuit of this i addition to the nearest one-eighth of one percentage point (0.1 `L5%). Subject to the limits stated in Section 4(D) 4 below, this rounded amount will be my new interest rate until the next Change [rate. ; The Note Holder will then determine the amount of the montly 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 F rate in subssantially equal payments. The result of this calculation plus any required monthly escrow for taxes s G and insurance will be the new amount of my monthly payment. (D) limits on Interest Rate Changes ~ 'ihe rate of intere~t 1 am required to payshall ne~~er be increa.tied ordecreased on anysingle Change Da[e by ~ more than 1'F10 ~rcentaKe points ( 2.000 'y.) from the rate of interest I ha~~e ~ been payin~ for the preceeding TWELVE rrzonths. My interest rate also shall never incrcase more than SIX percenta~;e points ( 6.000 's,) from the interest rate ~ ~ estabiished in F'ara~raph A of this instrument. My interest rate shall ne~~er decrease below the interst rate estab- , ~ lished in 1'aragraph A of this instrument. ~ (E) Effective Date of Changes My new interest rate ~vill become effective on each Change Date. I 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 monthl~~ payment changes again. fi (F) Notice of Changes ~ The Note Holder will mail or deliver to me a notice before each Change Date. The notice wiil advise me of: ` ( i) the new interest rate on my loan as of the Change Uate: (ii) the amount of my monthly payment following the Change Date; (iii) Any additional matters which the Note Holder is required to distlose; and (iv) the title and telephone number of a person who will answer any question I may have regarding the notice. IN WITNE~S WHEItEOF,Borrower has exezuted thie ADJL'STABLE RATE Rider. = : ~~1~ ~ '90 FE8 -1' A ~ ~3~~ - ~ ~j ~ ~ 4 2 z~ s a " NUTMEG CONSTRU Y ` ~ ° , f r?~EC: ~ ; ` ~OUu! e::~r~~j((h,~ . BY:~ T J (Seal) $1. LL'C1 :'1~_lN1Y ~i :~e ~.,..~R , - . - - ' ~ (Seal) T ~ • •Y _ ao.n,~,R ;~.r'~:.:~'eR~Q~;.;,; ~ ~s'ign or-igi~w.~ onty~ 1~ fl K / BOOK ~ • V PACE~j~j~IV ~ ~s.••.•• , 'r' ' ,iq~ . , • I.N ~4AMIrNC ' ''~~riis~ie,,,:'' _ _ ~ : -