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ADJUS'T'ABLE RATE RIDER S=107039
<br />(1 Year Tuns" lndex —Rate Craps)
<br />THIS ADJUSTABLE RATE RIDER is made this ...M.. day of .......paeentber 1990,....., and is
<br />incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust or Security Deed (the
<br />"Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable
<br />Rate Note (the "Note ") to.... ............ ...............................
<br />...................................... ............................... (the "Lender-) of the same data and covering the property described in
<br />the Security Instrument and located at:
<br />1.1..��et �l..l}�Y.RANRs... GroAd..1 §19n6 ... um bnom—. 4RM ................................................. ...............................
<br />(Property Addmsl
<br />THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE
<br />AND THE MONTHLY- PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S
<br />INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOW
<br />ROWER MUST PAY.
<br />ADOtTIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower
<br />and Lender further covenant and agree as follows:
<br />A. INTEREST RATE AND :MONTHLY PAYMENT CHANGES
<br />The Note provides for an initial interest rate of .... .50.....%. The Note provides for changes in the interest rate and the
<br />monthly payments, as (ollows: '
<br />4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
<br />( A) Change Dates -
<br />The interest rate I will pay may change on the first day of ... JAnuaryr ............................ 1992,...., and on that day
<br />every 12th month thereafter. EAch date on which my interest rate could change is called a "Change Date."
<br />(B) The Index
<br />Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the v.cekly
<br />average yield on United States Treasury sec- maities adjusted to a constant maturity of 1 year. as made available by the
<br />Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is called
<br />the "Current ludex. "••
<br />If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable
<br />information. The Note Holder will give me notice of this choice.
<br />(C) Calculation of Changes
<br />Before each Change Date. the Note Holder will calculate my new interest rate by adding .....TVQ...A9.4 .W.A._.
<br />„Half,,,,,,,,,,,,,,,,,,,,,,,, percentage points ( ....... LAQ. %) to the Cut rent Index. The Note Holder will then round the
<br />result of this addition to the nearest one - eighth of one percentage point (0.125%). Subject to the limits stated in Section
<br />4(D) below. this rounded amount will be my new interest rate until the next Change Date.
<br />The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the
<br />unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in
<br />substantially equal payments. The result of this calculation will be the new amount of my monthly payment.
<br />1 D) Limits on Interest Rate Changes
<br />The interest rate I am required to pay at the first Change Date will not be greater than 1,5Q .................% or less than
<br />... Q .............. %, Thereafter. my interest rate will never be increased or decreased on a nysingle Change Date by more
<br />thanone percentage points (Y. 02) from the rate of interest I have been paying for the preceding twelve months. My
<br />interest rate will never be greater than ......1,3..50... %.
<br />(E) Effective Date of Changes
<br />iwy new interest rate will become clTcctive on each Change Date. I will pay the amount of my new monthly payment
<br />beginning on the first monthly payment date after the Change Datc until list amount of my monthly payment changes
<br />again.
<br />(F) Notice of Changes
<br />The Note Holder will deliver or mail to me a notice of any changes in my interese rate and the amount of m, monthly
<br />payment before the effective date of any change. The notice will include information req uiret;: by law to be given me and
<br />also the title and telephone number of a person who will amwcr any question I (nay have regarding the notice.
<br />B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
<br />Uniform Covenant 17 of *c Security Instrument is amended to read as follows:
<br />Transfer of the Properil or a Beneficial Interesl in Borrower. If all or any part of the Property or any interest in it is
<br />sold or transferred (or if a beneficial interest in Borrower 6 sold or transferred and Borrower is not a natural person)
<br />without Lender's prior written consent. Ler.der may, at Its option, require immediate payment in full of all sums secured
<br />by this Security Instrument. However, this cption shall not to exercised by I -ender if exercise is prohibited by federal law
<br />_a• .� :. c -. t.. 1 . nde .. I. .1..11 nc, 'hi. „.:n„ ,r• la) Sc to be
<br />US VI 111E u'diG v. ..�.a .���uiit� ....... ..... ... ..,v., .,,..v ..,.r.... -.. .... ,......� ...... :: �....... ... ,,.. .. v..... t. �......� .�
<br />submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made
<br />to the transferee: and (b) Lender reasonably determines that Lender's security will not be impaired by the loan
<br />assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to
<br />Lender.
<br />'sThe Index figure avaiiabt;e as of the date erne initial interest rate was determined Cur this loan was ...... %, 58 .
<br />Borrower's lnl,tials i1 *'_ ) Co— borrower's snitlals C L y
<br />MULTISTATE ADJUSTABLE RATE RIDER —ARM 51I- Single Famit,
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