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Home My WebLink About2868 All.iiT.CTARi_F. RATF: RTTIFR ' - - - ~ - - - - - 23374653 (INTEREST RATE LIMITS) THIti ADJtJS'1'AHLE RATE: RIDER i.s made thi~6Tg day of January ' 1990 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of'Itust, or Security Deed, (the `Security Instrument") of the sa~ne date given by the undersigned (the "Borrorwer") to secure Borrower's rlc~justable Rate Note (the "Note") to HARBOR FEDERAL SAVIh'GS AND LOAN ASSOCIATION (the "Lender") of the same date and co~~ering the property described in the Security Instrument and locaied at: AARON LANE, PORT ST LUCIB, FL. 34952 ( E'roperty Address ) The Note contains p~ovisions aliowing for changes in the interest rate. If the interest rate inc~eases, the Borrower's monthly payments will be hlgher. If the interest ~ate decreases, the Borrower's monthiy payments will be lowe~. ADDITInNAt. ('nVF.NANT~ 1n a~idition t~ the co~n~!~t ar~ agr~tnPnis madr i~ L::s S: ~~rity Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST BATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8.625 Section 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Datee The interest rate I will pay may change on the first dayof February ,lg 91 , and on that day i of the month e~~ery T~L~ months thereafter. Each date on which my interest rate could change is called a ~ "Change Date". (B) The Index , Beginning with the first Change Date, my interest rate will be based on an "Index".'Rie Index is the weekly j average yield on United States 'I~-easury securities ac~justed to a constant maturity of ~N$ years, as made ! available by the Federal Reserve Board. 'lt~e most recent Index figure available as of 45 days before each Change Date is called the "Current Index". If the lndex is no longer availabie, the Note Holder will choose a new Index which is based upon comparable infoemation. The Note Holder will give me notice of its choice. (C) Calculatlon of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Z'HREE AND 250/1000 percentage points ( 3.250 to the Current Index. 'IT~e Note Hotder will then round the result of this ~ addition to the nearest one-eighth of one percentage point (0.125%), Subject to the limits stated in Section 4(D) ~ betow, this rounded amount will be my new interest rate until the next Change Date. 'llie Note Hoider 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 s rate in substantially equal payments. The result of this calculation plus any required monthly escrow for taxes ! and insu~•ance will be the new amount of m monthl y y payment. (D) IimitB on Interest Rate Ghanges ; 'Ihe rate of interest I am required to payshall ne~~er be increased or decreased on anysingle Change Date by F more than Two percentaRe points ( 2.000 from the rate of interest I have ~ been pay~ng for the preceeding TWELVB months. My interest rate also shall never increase more than SIX percentage points { 6.000 from the interest rate ~ established in Paragraph A of this instrument. i~fy interest rate shall nev~er decrease below the interst rate estab- ~ lished in E~ragraph A of this instrument. ~ ~ j ~ective i~te oi (,banges ' My new interest rate will 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 monthiy € payment changes again. ~ {F) Nodce of Changes ~ The Note Holder will mail or deliver to me a notice before each Change Date. 'Fhe notice will advise me of: (i) the new interest rate on my loan as of the Change Date: (ii) the amount of my monthly payment following the Change Date; (iu) Any additional matters which the Note Holder is required to disclose; and (iv) the title and telephone number of a person who will answer any question I may have regarding the reotice. IN WITPJESS WHEREOF,Bormwer hae execnted der. 1023048 - ~ ~o ~e -2 s~ ~ :5 ~ - t 6b $ A ~ FiLk~+ i;:; . ' f~OUGI Q ~ ~ : X ON ~ - ~~1~ ~riR ~Vi.;~• ' t''~NT'~. ~ ELiZ H MBRRILL ~(S~al) ea,~~ (9ign Orf9+.nal Only) ~°ooK ~75 envE2$6$ LN +~~AMI~NC - - - ~ ; ,.~x ,,,.,~x~ r;f~~- - , _