The URL can be used to link to this page

Home My WebLink About2230 ~ ~ . ADJUSTABLE RATE RIDER 23380122 ~INTERES'T RATE LIMITS) TH(`+ ADJ('~'TAtiLE RA"I'~: RIDER is made thi~QTH oay of ~anuary 1990 and is incorporated into aad shall be deemed to amend and supplement the Atortgage, Deed of'fl-ust, or Security Deed, (the °Security Instrument") o[ the same date given by the undersigned (the "Borrorwer") to secure E3orrower's Ac~justable Rate Note (the "h'ote") to HARBOR FEDERALSAVINGSAND LOAN AS.tiOCIAT[ON (the "Lender") of the same date and covering the property described in the Security Instrument and located at: SAN SEBASTIAN AVENUE, PORT ST LUCIE, FL. ~ i7cyperty Ac]drr~.ti ) The Note contains provisions allowing for changes in the interest rate. If the interest rate increases~ th~ Borrowe~'s monthly payments will be higher. If the interest rate decreases, the Borrower's monthly paymenta will be lowe~. ADDITIONAL COVENAiV7'~i. In addition to the co~~enant and agreements made in the Security instrument, Borrower and l,ender further co~~enant and agree as follows: A. 1NTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 1Q .37 5 Section 4 of the Note pro~~des for changes in the interest raie and the monthly payments, as follaws: 4. INTEREST RATE AND MONTHGY YAl'MEN"C CHANGES (A) Change Dates The interest rate I will pay mav change on the firs[ dayof 1'ebruary ,19 91 M^a ~.^.'.!:~i of the month every T~L~ months thereafter. Each date on which my interest rate could change is called a "Change Date". (B) 'l~e Index Eie~,inning with the first Chan~e Date, my interest rate will be based on an "Index". The Index is the weekly average yield on United States 'IYeasury securities adjusted to a constant maturity of ~HE years, as made available by the Federal Reserve Board. 71~e most recent Index figure available as o[ 45 days before each Change Date is called the "Current Index". ~ If the Index is no longer available, the ~vbte Holder will choose a new index which is based upon comparable information. 'Ihe Note Holder w~ll gi~~e me notice of i~s choice. , (C) CalcWadon of Changes I Before each Change Date, the Note Holder will calc~late my new interest rate by adding Two AND 750/1000 ~ percentage points ( 2• 750 to the Current Index. "I1~e Note Holder wifl then round the result of this ; addition to the nearest one-eighth of one percentage point (0.1'25%). Subject to the limits stated in Section 9(D) ; below, this rounded amount will be my new interest rate until the next ChanRe Date. f The Note Holder will then determine the amount of the montly payment that would be suff`icient 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 rate in substantially equal payments. The result of this calculation plus any required monthly escrow for taxes e and insurance will be the new amount of my monthty payment. (D) limits on Interest Rate Changes : 'i~e rate ~f interest 1 am required to pay ~ha11 never be increa~ed or decreased on any single Change Date by i more than ~O percentage paints ( 2.~00 from the rate of in[erest I ha~~e ~ been pa~~ng for the preceeding TwELVE monihs. My interest rate also shali nevec increase more ~ than SIX percentage points ( 6.000 's,1 from the interest cate ~ established in F'araRraph A of this instrument. My interest rate shall ne~~er decrease below the interst rate estab- ~ lished in f'ara~raph A of this instrument. ~ (E) Effective Date of Changea My new interest rate will become effecti~~e on each Change Qate. [ will pay the amount of my new monthly P payment beginning on the first monthiy payment date after the Change Date until the amount of my monthly e payment changes again. ~ (F) Notice of Changes ~ The Note Holder w~itl mail or deii~•er to me a notice before each Change Date. The notice will advise me of: : (i) the new interest rate on my ioan as of ihe Change Date: ( ii ) the amount of my monthly payment fo[lowing the Change L~ate; ( iii ) Any additional matters which the Note Holder is required to disclose; and (i~•) the title and telephone number of a person who will answer any question I may have regarding the nat ice. IN WITYESS WHEREOF,Borrower ha8 executed this ADJUSTABLE BATE Rider. ~t ' `:~i,~'` - ~ '90 FEB -1 A 8 :4~ ,;,ti.,~;~~~~~„~ ~ ~ ~~c~ ` , NUTMEG CQF ~ ` B°"~"~ ~ iozzss~ - ~ Fl~.c G :Z!tit' : . ~ DQ U G L : ~ i; H ~ , . ALB~.RT . = e°"`""l~ S1. LJ~,~_ ?.~hT r , . ~Z (seal) ALBERT J . ~R~v?-; ~p : ' eo?+~.r r,; : 4?'~nal Oni~J~ fi }i7 Q ~ '~~ri/f~~~,~,~ , L1~I ~'`~tA.MTrNC ~ao~ 675 PAGE223~ . - ~ ~ ~~~~k