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Home My WebLink About2400 6~~~~~ ~ • ADJUSTABLE RATE RIDER (1 1Raar Tr+easury Index - Rate Caps) THIS ADJUSTABLE RATE R;DER ~s made th~S 26th day of ,anuary , 1990 a~d ~s corporated ~nto and sha~l be deemed to amend ard supplement the Mortgage, Deed of Trust or Secunty Deed (the "Secur~ty Instrument") of the same date g~ven by the unders~gned (the "Bonower") to secure Borrower's Ad~ustable Rate fvote (the "Note") to F~ARPIEIT~'\&C OF S!'. LIJCIF, ~L]NI'Y _ (the "~ender"~ of the same date and covenng ,he property descnbed ~n the Secunty Instrument and located at (130Ci-S) _ 3120 NOR`PH ~]g.LII~I7T PH2(` ~ FnRT PTF'RCF. . F1C1T'lc~a '~~QQG [Property AddressJ The Note contains provlsions ailowing for changes in the interest rate and the monthly payment. The Note limits the amount the Borrower's interest rete can change at any one time and the maximum rate the Bor- rower must pay. Additfonal CovBnents. In add~;~on to the covenan;s and ayreements made ~r the Secur~ty Instrument, Borrower and Lender further covenant and agree as follows: A. Interest Rate and Monthly Payment Changes The Note provides for an ~n:Ual interest rate uf 9' S0~ ~ o The Ncte prov~des for changes ~n the ~nterest rate and the mo~thly payments, as fo!lows 4. Interest Rete and Monthly Payment Changes (A) Change Dates The mterest rate I w~fl pay may change on the f~rst day of ~Rt»`Y ~g 95 and on that day every 12th month thereafter. Each date an whi;,h my interest rate coulo change ~s catied a"Change Date." The Index Beginn~ng wRh the first Change Date, my interest rate w~ll be based on an Index The "~ndex" is the weekly average y~eld on Urnted States Treasury secur,t~es ad~usted to a constant maturity of one year, as made ava~lab~e by the Federal Reserve Board. The mast recent I~dex figure avaiiable as of the date 45 days before each CI?ange Date ~s called the "Cu!rent Index:' If the lndex is no longer ava~labie. the No?e Holder will choose a new index which ~s based upon comparab!e information. 7he Note Ho!der ~~EI g;ve me not~ce ot th~s ch~,ce (C) Calculation oi Changes ' Before each Change Date, the No?e Hoider w~ll calculate my new ~n?erest rate by add~ng ~ti~ ~ T~~'~.~~~'~ ` 2.7 SO percentage points ( to the Current Index. The Note Holder w~ll then round the result of , th~s addrtion to the nearest one-e~ghth of one percentage point (0.125~'0). Sub~ect to the hm~ts stated m Se-cUon 4(D) below, this round- ed amount wii! be my new interest rate unUi the next Change Gate. ' The Note Holder w~il then determ~ne the amount of the mon?hly payment that would be suff~c~ent to repay the unpaid principai ~ that I am expected to owe at the Charge Date ~n full on the maturity date at my new inr.erest rate ~n substant;ally equal payments. ~ The result ~f th~s cal;,ulsUon will be t~e new amount of my monthly payment. 'i (D) Limits on Interest Rate Changes ~ The ~nterest rate I am required to pay a! ,ne f~rst Change Date w~li rot be greater tnan 11. 500 0~0 or ~ less than 7. 500 Thereafter, my mterest rate w~~l never be ~ncreased ~r decreased on any s~ngle Change Date ~ by more than two percentage po,nts (2.0°'0) from the rate of interes! I have been pay~ng for the preced~ng 12 mon?hs. My interest ~ rate will never be greater than 14. 500 ~ (E) Effective Date of Changes ~ My new interest rate w~ll b~ecame e~fecbve on each Change Date. I w!tl pay the amount of my new monthiy payment beg~nning i on the t+rst monthly paymert date after ihe Change Date unU! the amount at my monthly Fayment changes a~a~n. g Note of Changes The Note Holder will dehver or maii to me a net~ce of any changes in my ~nterest rate and the amount of my morthly payment Gefore the effect~ve date of any change. The nctice vf~ll ~nclude ~nfcrmat~on reqwred by law to be g~ven me and also the t~tle and ; telephone number of a person who w~ll ans~h~er any quesbcn t may have regard~~?g the not.ce ~ B. Transfer of the Property or a Beneficial Interest in Borrower ~ Urnform Covenant 17 of the Secun?y lnstrument is amended to ~ead as foliows. ' Transfe~ of the Pro rt ot a Beneflcial In4erest in Borrower. If ali or an E pe y y part of the Property af any mterest ~n ~t is soid ~ er transferred (or rf beneficial mterest in Borrower ~s sold or transferred and 8orrower is not a natural person) w~thout Lender's prior ~ wntten consent, Lender may, at ~ts opt~on, requ~re ~mmed~ate payment in fuil of ati sums secured by tnis Secunty Instrument. However, ~ tn~s opUor shail not be exerased by Lender rf exerc~se is prohib+ted by federal law as of the date of this Security instrument. Lender aiso shall not exerc~se t%~~s opUon rf(a) Borrower causes to be subm~tted to Lender ~nformation requ~red by Lender to evaluate the ~ ~ntended transferee as rf a new loan were be~ng made to the trarsferee a~ ~d {b) Lender reasonably determines that Lender's security ~ w~ll not be impa~red by the loan assumpt~on and ;hat tne nsk of a breach of any covenant or agreement m this Security instrument E ~s acceptabte to Lender ~ To the extent ~erm;tted by app'~cabie ia~v. Lender may charge a reasonable fee as a cond~Uo~ to Lender's consent to tha foan assumpt~on. Lender may also requ!re ?he !ra~~.s`eree to sign an assumption agreement that ~s acceptabie to ~ender and that ob!~gates the transferee to K°ep all t'ie promises and agreemen?s made m the Note and in this Secunty Instrument Berrower v~ilf conti~ue to be obl~gated under the Note and th~s Secunty Instrument unless Lender releases Borrrnver ~n wnUng. If Lender exerc~s2s the opt~on to require ~mmed~ate payment ~n full. Lender shall g~ve Borrow~r not~ce of accelerabon. The ncUce shall prov~de a period of not less than 30 days from the date the nat~ce ~s dehvered or ma~led w~thin wh~ch Borrower must pay all sum .ured by th~s Secur~?y Insirument. If Borrower fa~ls to pay these sums pr~or to the expiration of thi; penod, Lender may invoke a remedies perm~~?ed by th~s urty Instrument witnout further ncbce or demand on Borrower. BY SIGNING BELOW„ orra r accepts and agrees to the ?erms and covenants conta~ned in th+s Ad~ustable Rate R~der. ` _L~ ~ ~~(Seal) ~ < / •-~u_ aD -~1}~~~. (Seal} % LOWELI.. H. RtJF (sorro.rer) pLTISE R 'T~ (Borrower) a , ~ y _ (Sea!) _ (Seal) 4 (BOrrOrRr) (BprrOw@t) ` BoeK~675 F~,G~ 2400 MULTISTATE ADJUSTABLE RATE RIDER - ARM 5-2 S-.:'e Fa~r. y__ ynnfe Mae/Froddk IAac UnHorm Inshument Form 3111 3/d5 a S 5~ 5 9'0 CY` A', p~e.~~a.:s eJ~t~rh are obsae!e i05a73 Rev S~ep 86 (1610~C _ ~ ~-'.":`~~~'~s~ ~>''"~1'~~+'~'~a~w`-#-~ .