|
;r:� _r ,-__� � ..
<br /> 7.m_y';,F- � -+1St . y..Ji£��.'� .��` ���'`(��K'_f�_-r�,Lt i:.1� �,� �._t;:t -atf'3,�ST�•! t . � �`�- ���17::"�v� , �
<br /> .. . - ,.c4�� ��.J X,�'� � S�f 1�( -� -+.!c 1} t�' �.i �.. . -,} • r ���� .�s - •t�
<br /> ..v}v;•. ' . ti.S,tod• •ti . , .. . :•
<br /> - .�jf'_i:eCl�.- . . " � „ - ..(,
<br /> 1` � � .
<br /> � �i
<br /> .. - ..."�*}_ ...�_.__ . . . _ . . .... . . . _. _ . ._ . ..-�d.��'
<br /> . ...��__ ... _ " '
<br /> . ��,j r'� �r•' �5•.:...:. . . . . . .. . . .. ..-. ...""'""..._ _ ....,._.__......_�.... — .
<br /> ._. _
<br /> `'�`.',''_Y.e�'. co,...� .... ._. . . . ....�.. .__ .._....._' " . ... .. .
<br /> ,. . _. - . LOV�888
<br /> � � � . . RE•Reooaa� � :
<br /> . �;
<br /> � � � ' �8-- iv9��1 �-
<br /> FI1�D/ADNSTA�LE RATE ItIIDEi3 ��
<br /> «Y��su.,�od�.����� 98— :�tc��so�
<br /> � � � ,
<br /> TM1S t't:K�'.D f ADaUSTABI.E RATE RiDER is madc t6is Sth day of M�av 1988 ,aad is
<br /> ' iaaorppratad intn and shaU be decmed to amend and supplement the Mortgage, Deed of Truat or Security Deed(the ;_
<br /> � 'Security 1nsSrumenC)af tbe sanae date givan by the undersigaed(the"�oaower")to secure Bonower's Fixed/Adjust-
<br /> .'-�,, �
<br /> .�, __
<br /> abla Rata Nqto(the"Note")to FIRRT UNIQN MQRLQA�E COR�?QRATION �
<br />_ ,�„�,.,s��� (tba"Landar"j of.td� same date end wveriug the property descrlbed in the Securiry Iastrwneat and located at: -
<br />' ' r �Qts w Hnc�c+s GRAND 18LAIND,�iB esso� _
<br /> ;# } (Property AOdress) ..
<br /> �, � T64�NOTE PR�UIDES FAR A CHANGE IN THE 9QREIOWER'S FIXED INTEREST R�►TE TO
<br /> , . �: qQV1 AD.,tUS'1'A�1.E INTEREST RATE.THE NOTE UMITS THE AMOUNT THE BORROWER'S
<br /> . � . `��� ATaJU�TABI.&I�iTi�R�ST RATE CAN CHANGEATANY ONE TIME ANO THE MAXIMUM
<br /> ,. i� �Al'E THE 60WROVJ�R MU.�T PAY.
<br /> .. . .: '.�;:
<br />. ,; `��;•:, . ' ADD�TIAN�1.COVENAN't�. In additioa to the cov�nants and agreements made iu tl:e Security Iasta�nno�4, -
<br />� �•%�'. Bamowar and�Lender fur�her coveaant and agree as folbws:
<br /> ' '�','�s;�'a��1' A.AsIDSQ1�1'�BLE R�h'lE�NU IDiONTHLY PAYMENTCHANGES
<br />_ ; `,'l,��ri+'�i,; , , '
<br /> .,,4l;j�''��j 7fha Nota provIc�vs for�n a�ival fi�oed interest rate of s.e26 %. The Note also provides for a change.it�tlie
<br /> .s+- . � itatlai fi�ed interest rate to an adjustable interest rate. as follows:
<br /> , „•�t;�yi . . �
<br /> 4.ADJUSTABLE I1�IFEREST RA'lE AND MONI'lQ.YPAYMENT CHANGES
<br /> � ' (A) Chaa�e Dntes
<br /> ����� The initial fuced interest rate I wW pay will change ro an adjustable interest rate oa the first day of June ,
<br /> . �•„`„` ,
<br />_ ��, 7008 , and t6e adjustable interest rate I will pay may change on that day every 1Zth month thereatter. Tha datc on _
<br />` _ ,_..�-��Y_______ �µsW�.�:..:.:at�;a .nrPrP�r rAre chanaes to an adiustable interest rate, and each date on wluch my adjustable iaterest
<br /> � rate could change,is called a`Chaa�e Date'.
<br />°r.. .. .
<br /> _.,. :�•_.,. (8) '17ie Index
<br />�.,:. �:F��-��, B�gwning with the first C6auge Date,my adjustable interest rate will be based on an Index.The°Inde�'is the wesk-
<br />_L.....,�pa., . .
<br />�-�=-��Y�;�f;�.�" ly average yield oa U�ilced States Tireasury securities adjusted to a wnstant maturity of 1 year,as made availabla by
<br /> -,.-��-
<br /> ' " `3 ' Fedei�at Rese�ve Beasd'E'he most r�cent Index figuce available as of the date 4S days�efore each Change Date is
<br />=_:�:J,::�: .
<br /> r;:� ' � the"Cl�nent Inde�.
<br />'�'�;�_`}u� � If the Iade�is no tonger available,the Note IIolder will choose a aew index that is based upon wmparable informa-
<br />"=.�.;� tion.The Note Holder will give me notice of tlils choice.
<br />-.�:,,� .-.z� (� Calculaltoa ofC6anges
<br /> '"�,""'`'-° Before each Change Date,the Note Holder will cakulate my new interest rate by adding �wo and Three Fourtha
<br /> tl"�'�;:�,�, ce ints z.76o %) to the t..lureat Iadex. The Note Holder wiU then rouad the resnit of thit
<br /> -_-�-zx.�re�� 1� �� t
<br /> Y-y addition to the nearest one-eighth of one percentago point(0.125%). Subject to the limits stated iu Sedion 4(D)
<br />�`�""�'�'�� below�this rounded amount will be m�aew interest rato until Yhe next Change Date.
<br /> -'��-"n'�^:•�` The Note Holder will then deteemme the amount of the monthly payment that woutd, ba sufficient to repay:the
<br />'�" ' nnpaid principal that I am expected to owe at the Chaoge Dat�in full on the Maturity�ate at my aew inierest ra�te ia
<br /> r;°:";�.�� subatan�ially equal paymenta The resnit of tbis celcula6on wi11 be the new amount of my monihly payment.
<br />�_,�� (p) Idmtta on Intee+est Rate Cdanges
<br />�;'��;�� 'II'6e iaterest rate I am required to pay at the fust C6ange Date will not be greater than _�0.616 %or less
<br /> ==�� �^ x.76o %. Thereafter, my ad,justable interest rate wiil never be incroased or decreased
<br />-�� on any single Chaage Date by more.th�n two pe:centage points(ZO%)from the rate of interest I have been paying for
<br />�__=�z.� the pr e c e d i n g twe l ve(1 2)mon t b s.�My in ter e s t ra t e w i ll n ever be g reater than 10.826 °h'i, . .
<br />��� ' (E) ER'ecave Date ot Chaogea
<br />�� -��'�' My new interest rate will Decome effective on each Change Date.1 will pay the amouni of my aew montWy payr�nent
<br />�r:��.;,
<br /> _ ' ����'- beginning on the fir�t monthly payment date after the Change Date until the amount of my monthly payment changes.
<br /> ��.;:•ti•� ,
<br />_, . •:,c•:c�. �
<br /> . • t ��
<br /> �� (F� Nottce of C�eaages
<br />- �, The Note EIolder wiil deliver or mail to me a notia of the change in my initial fixed int�rest rate to en adjustable
<br /> ._•.�� interest rate aad of any changes in my adjustable interest rat�hefore the effecrive date of aay change.The nodce wiIl
<br /> .- _ include the amonut of my mctntl�iy payment, aay infocmadma teciuired by law to be given ma and aiso the telephome
<br /> . ��•''��`'... number of a person.who will answer any question I may l�ave regarding the nodce. .
<br /> � � � B.TRANSFEIt OF THE PROPERIY OR A B�NEFICIAL INTEREST IN BORROWER
<br />- •-3
<br /> ����"`�___�_ . .,�,�..��gnnanurc��c nv��st_ri7c�D iNTEIlEST RATE CHANGES TO AN ADJUSTAB�INTEREST
<br />_ _ _ ...,............._.,..�_—•-------- -
<br />- ' ' � ; � RATE 1JNDBR 79IE TEItMS STATED IN SECT[ONA ABOVE,IJIVQ�ORM COVENANT 17 OF'Y'HE SECU[tITY
<br /> ' * ? INSTRUMENT SHALL BE IN EFFECT AS FOLLOIYS:
<br /> . 'llrACSfer of the Properry or a BeadIcisl Iatt�e.st fn Bora�ower.If al1 or any part of the Property or any in-
<br /> terest in it is sold or transterred(or iF a beneficiel interest in Bonower is sold or transfened and Bonower is
<br />-� not a natural person)without Lender's prior written conaent,Lender may�at its nption,require immediate
<br /> � payment in fWl of all sums sec�ued by this Seeuriry Iustrument.However,this option shall not be exercised by
<br /> Lender if exercise is proW'bited by federal law ar nE the date of this Security Iastrument.
<br /> If Lender exercises this option,Lender shall give Borrower notice of acceleration.The notice shall provide �
<br /> __ ° ..-- `� u��T►ereTe c�YmiaaluSTABLE RATE RIDER»t YBAR TRFJISURY- $In81e Family--Fannt�Mes un►tam insaum�M�318�6BG
<br /> ,
<br /> 240098(Y6/Pk911�I�1 I��1 •� •°•� RH
<br /> � - - - - -
<br />
|