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Home My WebLink About2917 . ; ~ . ~ . ~ . ' s ~ ~ ADJUSTABLE RATE RIDER ~ (1 Year Treasur~~ Index - Rate Caps - Fixed Rate Conversion Option) ~ ~ ~ i j THIS AD1lJST'ABLE RATE R1DER is made this 26th ~a~, JANUARY ~g 90 , and is inrorporated ~ inta and shall be deemed to amend and supplement the MortRage, Deed of Trust or Security Deed (the "Security Instru- ment") of the same date given by the undersigned (the "Borrovver") to secure Borrower's Adjustab~e Rate Note (the "Note") to RIVERSIDE NATIONAL BANK OF FLORIDA ~ Ithe "Lender") of the same date and covering the property described in the Security Instrument and I~xated at: ANN ARBOR ROAD, POR'T ST. LUCIE, FLORIDA 34953 (Ptvperty Addms) THE NOTE CONTAINS PROVISIONS AL~OWlNG FOR CHANGES IN THE INTEREST RATE s AND THE MONTHIY PAYMENT. THE NOTE IIMITS THE AMOUNT THE BORRO'rIVER'S ; ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM i RATE THE 84RROWER MUST PAY. THE NOTE ALSO CONTAINS THE OPTION TO CON- ° VERT THE ADJUSTABLE RATE TO A FIXED RATE. :~!?D!TlQ4i~L ~(?l~e.~~~-is. In addition to t~c crn•cnar~;s a~d agr~m~~.s ~i~avC iii i~3~ SiC~~ii~' 2iiSti~ii'iCiiT. ~J~i„W'Zi aiiu Lender further covenant and agree as follows: A. ADJUSTABI.E RATE AND MONTHI.Y P.AYhiENT CHAhGFS t The Note provides for an initial interest rate of 8, 875 ~k . The Note pro~~ides for changes in the adjustable interest rate and the monthly payments, as follows: ; 4. ADJUSTABLE INTEREST RATE AND 1110NTNLY PAYMENT CHANGFS (A) Change Dates ` ~ The adjustable interest rate I will pay may change on the first day of FE$RUARY , 19 91 , and on that day every 12th month thereafter. E:ich date on which my adj~stable interest rate could change is called a"Change Date." ' (B) The Index ~ Beginning with the fint Change Date, m~~ adjustable interest rate w•il! be based on an lndex. The "Index" is the i weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year, as made available ~ { by the Federal Reserve Baard. The most recent Index figure availabte as of the date 45 days before each Change Date is called the "Current Index" ~ - If the Index is no longer availabfe, the Note Holder will choose a new index which is based upon comparable infor- I mation. The Note Holder will give me notice of this choice. ~ (C) Calculation of Changes ! Before each Change Date, the Note Holder will calculate my new interest rate b~~ adding THREE percentage f points ( 3.00 to the Current Index. The Note Hoider will than round the result of this addition to k E the nearest one-eighth of one percentage point (0.125 Subject to the limits stated in Section 4(D) below, this round- ~ ed amount will be m~• new interest rate until the n~xt Change Date. The Note Holder will then d~termine the amount of the monthly payment that w~ould be sufficient to repay the ! unpaid principal that I am expected to pwe at the Change Uate in fuil on the maturity date at my new interest rate ~ in substantially equal payments. The result of this calculation witl be the new• amount of my monthly payment. ` (D) I.imits on Interest Rate Changes E ~fhe interest rate I am required to pay at the first Change Date will not be greater than 10.875 q~, or less ~ ! than 6. 875 9. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than TWO percentage points ( 2. 00 `k ) from the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater tha~ 14.875 q, which is called the "Maximum Rate." (E) Effective Date of Changes E My new interest rate will become effective on each Change Date. 1 will pay the amount of my new monthly pay- `s ment beginning on the first monthly pa~~ment date after the Change Date until the amount of my monthly payment ~ changes again. ~ (F') h'otice of Changes ' The Note Holder will deliver ~~r mail to me a notice ot anv chanees in mv adiustable interect rate anri the amnnnr ; of my monthly payment before the zffective date of any change. The notice will include information required by law ' to be given me and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. FIXED INTERFSI' RATE OPTION ~ The Note provides for the Borrower's option to convert from an adjustable interest rate with interest rate limits = to a fixed interest rate, as follows: 5. FIXED INT~REST RATE COhVERSIO?~' OPTIOti (A) Option to Convert to Fixed Rate I have a Conversion Option which I can exercise unless I am in default or this Section 5(A) will not permit me to do so. The "Conversion Option" is my option to convert the interest rate [ am required to pay by this Note from an adjustable rate with interest rate limits to the fixed rate calculated under Section 5(B) below. The conversion can ~nly take place on a date(s) specified by ihe Note Holder during the period beginning on the first Change Date and ending on the fifth Change Date. Each date on which my adjustable interest rate can ~onvert io ine new fixed rate is calied the ~~Conversion uate.' ; MULTISTATE CONVERTI~LE ADJUSTABLE RATE RI~ER - S+ngie Family - F~sd~ie !rlac Unitorm Instrurtwnt Fomt 3130 1/8A " Form 4819 ieeo,~ _ . : _ ~_N !I. ~ FlJ . :l, _ . 74.t 1 f f` ~ BOGK6 ~5 FAGE~9~7 f f t _ , p - P~z,., a ~ -=r.~~