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23378662
(INTEREST RA'I'~ LIMITS)
TN[ti AD,Ii'SI'ABLE RA"I'E RIUF.R Lti made thi.s 26TH day of January 1990
and is irtcorporated into and shall be deemed to amend and supplement the Murtgage, Ik>ed uf 71ru~t, or Security
Ik~ed, (the `Security lnstrument') of the same date giv~en by the undersigned (the "13orrun+~er") to srcure
Eiorr~w~er's Adjustable Rate tiote ( the "Note") to H.ARBOR FEDERAL SAVINGS AIv'U WAN AS.~(~IATlON ( the
"Lender") of the same date and ro~~ering the property described in the Security Instrumeni and !~x•ated at:
102Q S 8TA STREST, FORT PIERCE, PL 34950
( }'roprrt}• Addrrss ~
The Nole contains provisions allawin~ for chanyes in the interest rate. If the
interest rate increases, the Bo~rower's monthly psyme~ts wil! be higher. H the
interest rate decrcases, the Borrower's monthly payments wiil be iower.
AUDITIOtiAL CUVENAiv'7'ti. In addition to the co~~enant and agreements made in the S~c•urity
Instrument, Borrower and Lender further covenant and agree as follows:
A. INTEBEST gATE AND MONTHLY PAYMENT CHANGES
The Note provides for an initial interest rate of 8.125 ~ection 4 of the Note provides for changes
in the interest rate and ihe montt~iy payments, as follows:
4. Iiv"I'EREST RATE AIvU MONTHLI' PAl'MEh"I' CHANGES "
(A) Change Dates
The interest rate I will pay ma~• change on the first dayof February lg 91 , and on that day
t of the month every T~L~m~nths [hereafter. Each date on wtiich my enterest rate could change is called a
"Change Date".
'Ihe Index
Beginning with the t"irst Chan~e Uate, m~• interest rate will be based un an "lndex". The [ndex is the weekiy
average yield on United States 'IYeasury securities ac~justed to a constant maturity of oNE years, as made
available by the Federal Reserve E3oard. 'Il~e most recent Index figure availabie as of 45 days before each Change
Date is called the "Current Index".
If the Index is no longer availai~le, the Note Holder will chouse a new Index which isbased upon comparable
~ information. 'Ihe Note Holder wi[I give me notice of its choice.
(C) Calcutatlon of ChangeB
Before each Change Date, the Note Holder will calculate my new interest rate by adding TWQ AND 750/1000
percentage poinLS ( 2.750 to the Current lndex. 'ilie Note Holder will then round the result of this
addition to the nearest one-eighth of one percentage point {0.125°~.). St~bject to the limits stated in Section 4(D)
~ below, this rounded amount will bt~ my new• interest rate until the next ChanKe Date.
'I~e Note Holder will then determine the amount of the montly payment that would be suflicient to repay the
unpaid principal that I am expected to owe at the Ghange Uate 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
and insurance will be the new amount of my monthly paymeni.
(D) limits on Inte~at Bate Changes
~ 'Ihc~ rate of interest 1 am required to payshall nf~ver be increased or decre•a.5ed an anysingle Change Date by
mort~ than TF10 percentak~ points ( 2.000 from the rate of interest I have
~ been payin~ for tht• preceeding Ti+1EI.VE months. M~~ interest rate also shall ne~er increase more
~ than SIX pc~rcenta~e Ex~in[s ( 6.000 from the in[erest rate
established in I'aragraph A of thes instrument. Mv interest rate shall nP~~er decreasc~ below the interst rate estab-
l lished in F'ara~raph A of this instrument.
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€ (E} Effective Dste of Changes
E
My new interest rate will become effective on each Change Date. I wiU pay the amount of my new monthly
~ pavment beginning on the first monthly payment date after the Change Date unti! the amount of my monthly
~
payment changes again.
~ (F) Natice of ~hangee
~ The Iv`ote Holder will mait or deliver to me a notice before each Change Date. The not~ce will advise me of:
r
(i) the new interest rate on my loan a.5 of the Change Date:
( ii ) the amount of my monthiy payTnent following the Change I1ate;
1 iii ) Any additional matters which the Note Holder is required to disclose; and
the titte and telephone number of a~~erson who w~ill answer any questiun 1 may have regardin~ the
nntice.
IN WfTNEBS WHEREOF.Borrovrer hss execnted thle ADJUSTABLE BA'TE Bider.
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