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Home My WebLink About2535 - 27FR'1~ ~ ~ ADJUSTABLE RA7E RIDER 1 {t Y~ear Treasury Index - Rate Caps) ~ ~ T!-~IS ADJUSTABLE RATE RIDER ~s made ?h~s 25th day of _~~],.q~ , and ~s corporated ~nto and ~ shail be deemed !o amend and suppiement the Mortgage, Deed oi Trust or Secunty Deed (:he ' Secunry instrument") of the same date gwen by the unders~gned (the "Borro~tier") to secure Borrower's Ad~ustabie Rate Note (the "Note"') to - ~ AARI~TF~I' BAI~iC OF ~'I' LUCIE C'QiJNI'Y (the 'Lender") ~f the same date and covermg the property descr~bed m the SeCUnty Instrum°nt ard located at ~ 3120 . I I [Property Address] ~ i ~ The Note contains provisions ailowing for changes in the interest rete and the monthly payment. The Note ~ Iimits the amount the Borrower's interest rate can change at any one time and the maximum rate the Bor- ~ rower must pay. i Additionai Covenants. In add~hon to the covenar±s and agreemen,s made ~n the Secunty Instrument. Borrower and Lender ~ further covenant and agree as follows: ~ A. Interest Rate and Monthly Payment Cha~ges ~ The Note prov~des for an ~n~Ual ~nterest rate of 9' S0~ The Note prov;des for changes ~n the ~ ~nterest rate and the monthly payments, as tollo~n5: ~ 4. Interest Rate and Monthly Payment Changes (A) Change Dates ~ The interest rate I wit! ~ay may change on the f~rst day of ~RUARY 19 9 5 ~ and on that day every 12th month thereaf?er. Each da?e on v~~h~ch my mterest rate could change ~s calied a"Change Date." ; (B) The Index ~ Beginrnng w~th the first Change Date. my interest rate w~ll be based on an index. The "~ndex" ~s the weekiy average y~eid on Un~ted States Treasury secunt~es adjusted to a constant matur~ty of one year, as made ava~laC!e by the Federal Reserve Board. The most recent Index f~gure ava~laole as oi the date 45 days beiore each Charge Date ~s called the "Current index" ; if the Index ~s no longer ava;table. !he Note h'alder w~il choose a new ~ndex wh~ch ~s based upon comparable ~nformaUon. The Note Holder w~ii g~ve rne noUce of th;s chc~ce. (C) Calcutation of Changes ~ Be!ore each Change Date, the Note Hcid2r w~l! calcutate my ne~v ~nterest rate by addmg ~~F'F'-~.TARTF~S percentage po~nts ( 2'~ S~ to ihe Current Index. The Nete Na'der w+11 then round the result of th~s add~t~on io the nearest one-e!ghth of one percentage point (0.125~'0}. Sub~ect to the hm~ts s!ated ~n Sect~on 4(D) below, th~s !ound- ed amount will be my ne~v interest rate unt~i the next Change D2te. The Note Holder w~l! then determ:ne the amount ot the moniMy payment that wouid be suff~c~e~i to repay the unpaid principal that I am expected to owe a! the Change Date m full on ~he matur~ty date at my new ~nterest rate ~n subs?ant~ally equai payments. The resuit of this caiculat~on w~ll be the nev~,~ amou~t o! my monthfy payme^?. (D) Limits on Interest Rate Changes ' The ~nterest rate i am requ~red to pay at tne f~rst Change Date w~tl no; be greater than 11. 500 % or i less than 500 Thereafter. my ~nterest rate w~ll never b2 mcreased or decreased on ar,y s~rgle Change Date ~ by more than two percentage aoints (2.O~o)'ro~~ ~he rate ot ~nterest I have been paying for the p~eced~ng 12 months. My ~nterest ; rate wdl never be greater ttian 14. 500 0~~ ~ (E) Effective Date of Changes ~ My new int2rest rate w~U become effecnve on each Change Date I w~ll pay the amount ot my new month~y payment beg~nning ~ on ths f~rst monthiy payment date after the Change Date un?~~ the amoun; of my mon:hly payment changes again. ~ Note of Changes The Note Ho!der w~l! del~ver or ma~l to me a nct~:,e of any changes ~n my ~nterest rate and the amount ef my mo~thly payment r before the effect~ve date of any change The noUce w~fi mclude ir~format~on requ~r2d by lav~ to oe g~ven me and atso the t~tle ard E teiephone number ot a pe~son who wiil ansv~rer any ques!ion I may have rega!d~ng the nohce. ~ B. Transfer of the Property or a Beneficial Interest in Sorrower ~ Un~form Covenant 17 of the Secunty instrument is 2menaed ro read as follo~.vs Transfer of the Property of a Beneficiai Interest in Borrower. If all or any part of the Property of any ~n;erest in ~t ~s scid ~ or transferred (or if beneficial interest ~n Borrovrer ~s so~d or transferred and Borrower is not a natural person) w~thout Lendsr's prior F wntten consent. Lender may, at ~ts opUon, requ~re immed~ate paymert m full of all sums ~ecured by this Securty Ins!rument. HaNever, ~ this opiion shall not r~e exerciseci by Lender rf exerc~se ~s prohibrted by federai law as of the date of this Security Instrument. ~ender ' also shal! nct exerc~se th~s option rf. (a) Borrower causes to be subm~tted to Lender ~nfcrmation required by Lender to evaluate the ~ ~ntended transferee as rf a rew loan were be;ng made ?o the !ransferee: and (b) Lender reasonably determ~nes that Lender's secunty ~ w~lf not be ~mpaired by the loan assumpt~on and tnat the nsk of a breach of any covenan? or agrEement ~n this Security Instrument ~s acceptabfe to Ler~der. ~ To tnA extent perm~tted by appl~cable i~;: ~ender r-~ay charge a reasonab!e fee as a cond~tion to Lender's conse^t to the loan ` assumpt~on. Lender may also requ~re the transferee to s~gn an assumpt~on agreement tha~ ~s accep;able to ~ender and that ebhgates tne transferee ta keep ail the prcm~ses and a;rPements made m the Note ano in th~s Security Instrument. Berrower wd! ~ort~nue to be ob6gated under the Note and th~s Secunty lnstr~ment unless Lender releases Borrower ~n wnbng. I! Lender exercises the apUon ?o rec,wre !mmed~ate payment ~n ful!. ~erder shatl g~ve Borrower noUce of accelerauon. The notice shall prov~de a period of not less thar, 30 days irom the date the noUce ~s del~vered or maded w~th~n vrh~ch Borro;n~er must pay all sums seCUred by this Security Instrument. i( Borrower fa~is to pay these sums pnor to the exp~rat~on of th~s penod. Lender may invok~ any remed~es permitted by th~s Secu~ ~ty Irstrument w~thout further notice or demand on Borrower. s BY ELOiN, Borrower cepts and agrees ro the terms and covenants conta~ned ~n th~s Ad~ustabie Rate R~der ~ ~D~ ~ 2/Z/ - (Sea~; _ C~--tiw~ (Seal) Fr.E'.IV~ H C. RARR (Bo'ro~.tierJ CAROL J. B iBorro~tier) ~ ~ (Saa1 j (Seaq 'B°"~~~`, ~ R 675 PAGf 2535 BOOK h1ULTISTATE ADJUSTABIE RATE RIDER - AHM 5-2 - S-q ~ Fs~r - Fannie Mie/Froddk M~c Unitorm InatrumeM Form 3111 3l65 2 3< 5 6 i 5 9'~G (;~'J A:i p~e.~~ws rJ'~:t,ns are oOSaE.Ke ''v`rt73 Fev SeP 86 (t610:PC ~ ="-,sr~.~~t~~~ ':c,~s'~dY,~'.~_^~z' n-~~; .