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Home My WebLink About2960 ~ ~8503 '90 ~ ~B -2 R11 :O 1 1023094 ~?I j , i ~ L ~ j ; ~ • _ : - ADJUSTABLE pATE R1DER ~~l~~: ~ ' ` ; k (1 Y~ear Thea~ury Index - Rate Caps) c~ THIS ADJUSTABLE RATE RIDER !s ma~ie th~s 30th day o! J~~~ ~ 1990 and ~s corporated ~nto and shall be deemed to amend and suppiement the Mortgage, Deed of irust or Secunty Deed (the "Secunty Instrum2nt") of the same date given by the unders~gned (the "Borrower") to secure Borrower's Ad~ustabte Rate Note (the "Note") to g~RNE'I'~' BAI~C pF ST, I~.ICIE C~OLINI'Y (the "Lendar") ot the same date and covenng the property descr~bed in the S2CUnty Instrumer[ and located a!. 214 S E V~'RADA AV~.NUE . PQRT SP LIICIF. , Florida 34952 ` - < [Pr~perty Address] The Note contains provisions allowing for changes in the interest rate and the monthly payment. 7he Note limits the amount the Borrower's inter~est rate can change at any one tima and the maximum rate the Bor- , rower muat pay. ~ Additional Covenants. In add~t~on to the covenants and agreements made ~n the Secunty Instrument. Borrower and Lender further covznant and agree as foliows: A. Interest Rate and Monthly Payment Changes 9. 500 ~ The Note provides for an in;tial interest rate of _°ic The Note prov~des for changes m the ~nterest rate and the month~y payments, as foliows: 4. Interest Rate and Monthly Paym~nt Changes (A) Change Dates ~RU~ g 5 , The ~nterest rate I w~ll pay may change on the f~rst day of . 19 , ~ and on that day every 12th month thereafter. Each date on wh~ch my ~nterest rate could change ~s called a"Change Date" (B) The Index Beginning with the f~rst Change Date. my interest rate w~ll be based on an Index. The "+ndex" ~s tne weekly average y~eld on United States Treasury secunties ad~usted tc~ a constant matunty of one year, as made ava~Iable by the Federa! Reserve Board. The most recent !ndex figure ava~lable as ot the date 45 days befcre each Change Date is catied the "Current Index" if tr~e index is no longer ava~lable, the Note Holder wdl choose a new ~ndex wh~ch ~s based upon comparable ~nformat~on. The Note Holder will give me nobce of th~s cho~ce. (C) Calculation of Changes ~ Before each Change Dat ~ Note Holde! w~li calcu~ate my ne~,rr :nte~est rate by addmg pe;centage points ( to the Current tndex. The Note Hol~er w~ll then round the result of this addition to the nearest one-eighth of one peresntage po~nt (0.125%) Sub~ect to the I~m~ts stated ~n Section 4(~) below, this round- ed amount will be my new interest rate unt~l the next Change Date. The Note Nolder wiit then determme the amount of the monthly payment that would ae suf~~c~ent to repay the unpaid pnncipal that I am expected to owe at the Change Date ~n full on the maturity date at my new ~nterest rate ~n substantiaily equai payments. . The result of this calculation will be ?he new amaunt of my monthly payment j (D) Limits on Interest Rate Changes ; The interesi rate I am requ~red to pay a' the f~rst Change Date w~li rot be greate~ than 11. 500 a/o or ~ less than _ 50Q Thereafter. my ~nterest rate w~il never be ~ncreased or decreased on any single Change Qate ; by more than two percentage poirts (2.0°,%) from th~ rate of ~nterest I have been pay~ng for the preceding 12 months. My interest ~ raie w~ll never be greater than 14. 500 ` (E) Eifective Date ot Changes ~ My n~nr interest rate wiil become effect~ve on each Change Date. I w~ll pay the amount of ~ny new monthiy payment beginn~ng t ~ on the first monthiy payment date after ,he Change Date until the amount of my monthly payment changes aga~n. ~ Note of Changes The Note Holder w~li del;ver or maii to me a noUCe of any changes in my ~nterest rate ar,d the amount of my monthly payment ~ ~,efore the effective date of any change. The notice will ~nclude ~nformat~on reqwred by law Eo be g~ven me and also the t~tle and ~ telephone number of a person who w~ll answer any question 1 may have regard~ng the notice. ~ B. Transfer of the Property or a 8eneficial Interest in Borrower ~ Uniform Covenant 17 ofi the Sacurity Instrument is amended to read as follows Transier of the Property of a Beneiicial Interest in B~rrower. If all or any part of the Froperty of any +nterest in it ~s sold or transferred (or if beneficial interest ~n Borrower is sold or transferred ard Borrrnrrer is not a ~atural person) without Lender's prior ~ written consent, Lender may, at its option, require ~mmed~aie paymen! ~n full of all sums secureci by th~s Security Instrument. However, this option sha!I not be exerclsed by Lendsr rf exerc~se ~s proh,bited by federal taw as of the date of this Security Instrument. L~ender ? also shall not exerc~se this opt~on rf: ;a) Borrower causes to be submitted to Lender ~nfarmation reauired by Lender to evaluate !he ~ ~ntended transferee as if a new ioan were be~ng made to the transferee: and (b) l.ender reasonably determ~nes that Lender's secunty r tivill net be impaired by the loan assumpt~on and that the nsk oi a breach o! any cove~ant or agreeme~t +n th~s Security Instrument ~ ~s ar.ceptable to Lender. ~ To the extent perm~tted by app!~cab!e law, ~e; ~der may charge a reasonable fee as a condR~on to Lender's corsent to the loan ' assumpt~on. Ler,der may aiso requ~re the trans'eree to sign an ass~mpUon agreement that ~s acceatabie to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Security Ir,strument. Br~rrower wdl canUnue tc~ be cbhgated under the Note and ?h~s Secunty Instrument unless Lender releases Borrower ~n wriUng. If Lender exerc~ses the opUOn to requ~re immediate payment ~n f~li, Ler~der shalf g~ve B~rrower notice of acce~erai~on The notice sra~l prov~de a penod of not less than 30 days from the date the not,ce ~s dehvered or ma;led with~n which Borrower must pay ail sums secured by th~s Secur~ty Instrument. If Borrower fa4s to pay'hese sums prior to the expirat~on of this perioo, L2nder may invoke ~ any remedies permitted by ti~is Secunty Instrument without further not~ce or demand on Borrower. ~$Y SIGNINu~EI~W, Borr~v~er accepts and agrees to the terms and covenants conta~n in this Adjustable Ra;e Rider. ~ ~ / ~ i ~ _ ~ ~ L iI. ~(,C-.C L~ (Seai) ' u-C (Seai) " ~ . (Borrower) ~ R. CARI~tK`CI (eo~ro•h-er) INA D. C:ARI,LK.~CI ~ ' _ _ jSeai) (Seal) ~ i8orrpwert iBorrower) eooK 675 PacE29s0 MULTISTATE ADJUSTABLE RATE RIDER - ARhA 5-2 - ~~.g e Fa~•'v - Fannle Ma~/Freddk Mac UnYform Instrument Form 3111 3/35 2 3 a 5 6~ B 9!0 C'~1 p~e:.a,s eas,or.s are o0sdete ~G54T3 Rev ~eP B6 1~6t0)~C _ 1 ,v__~~