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<br /> � � � 91--- 1Q2859 ��..�., ._
<br /> � ADJUSTAOLL RATL IlIp�R
<br /> � °`.' (� Y�ar Tr�a�u�Y =nd�x-R�l� C�p�)
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<br /> �•�, �'' � TNxs AOJU�TAIL! RATL RiO�R is w�d� this 10TH d�y of ,nlY ,
<br /> 'q��r^,� -- . , 19� , �nd iA inaorporat�d into a�d ohall be d�emed to aa�nd and � - --�^-� --_- -�-
<br /> �� ;� °�.' suppls�ent ths Mortqaq�, O��d of Truat or Security Deed (th� Sacurity ���;.-- ---
<br /> • In4truasnt") oF the sa�e dat� given by tha underaiqned (th� "BorroWer") Lo
<br /> ,�iii� secure Borrower's 1ldjustabl� Aata Note (the "Not�") to TxE PRUDE11TI1L
<br /> : . -_-.�
<br /> � �� � •�• xeME Meg�,�c+►_ eertp�xY. xe_ (the '�Lendec") of the �aa�a ','', ,:;^!�,1��;-
<br /> �a�;
<br /> . ' •� date and coverinp the property described in the Security instirut�ent snd " ='��""°'----�"
<br /> ��-�- 'located •t: a71_6 BRBHTWOOD BLVD. . (iR118D ISLAttD�E 68801 __.-!-°������° °�
<br /> (Property Address) n_______�__._._.__._
<br /> THB NOTE CONTAINS PROVISIONS ALLOMINO FOR CMAq�ES IM TNB INTERBST — -'
<br /> 'v�` '• � � RATB AND TN6 MONTHLY PAYMENT. TNQ NOTQ LIMETS TliE IIMOIINT.THE �. -
<br /> � �� . 110RROMER'8 =NTlRaST RATE CAN CHANOQ AT ANY OME T=ME ANp THL NAX=MUM _._
<br /> )��'� , ' RATE THL �ORNOMER N!!8T PA1f. �:M:;'--�= ----
<br /> e ..... � .. �,� �e -�;�..
<br /> � . .
<br /> ADLITIONAL COV[NANTS. In eddition to the covenants and aqreements ,
<br /> ^. � � �ade in the Security Inr�trument, Borrover and Lender Eurthac covenant and f:...�.� Ti`"��
<br /> •• �.. aqree as Follova: �'---
<br /> • � •� � A. INTBREST RATE ANO IIONTFlLY PAYMENT CHIINOE3 ~.�--�=
<br /> 1 . .. '.,r:.i°;:-,�
<br /> � .� Tf�e �1ate provides for an initial interest rate of � • 500 $, :, . :.,�F:�°--
<br /> • "•�,�,..'. ��.,'`��` :.- --
<br /> Sert�on.9 �L i:he Note provi8es for chanqes in the inter�st rate and the � ��,,.:.�.
<br /> �'�``''� �aont7nAy paytients, as follows: y;��'y;�r;;;:��s
<br /> ';r.'v!'' . y'•;'
<br /> � ; :.'' 4. INTEREST RATE ANO MONTHLY PAYMlNT CHANO�S ;r, •�y
<br /> , 'C ;�4�� `�"�. [A) ch.ng� D.t�, ��'.�!.
<br /> .• "� ..� _
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<br /> �;,.� .;`,;t..���,;," . . ��rc,... y. -�,,�
<br /> � 1# ,nt-1�,� i� The interest r�te I will pay may ch�nge on the first day of � ;; ,;n " �
<br /> , ,., .
<br /> ��,� �i„" �. �`,�. . JUltB , 19 92 , and on that day every 12th month thereafter. Each , � _
<br /> � t �,s��;;s• •� � , _._.
<br /> • t'ryr���;t.� , da�e on which ay interest rate could change ie called a "Chaaag� Date." ' '
<br /> �.1: �, `�� ,Itt•�` , r},,;'. }t;� f�' Yr�-
<br /> ����'�. .t; �, �r. �4;•,
<br /> ,.•ti�. .=,� (B) Th� Ind�x ,�Sr{,���, 'N� �:.�,�
<br /> ' ,�• ' � ;.r;:y. ..,�r�:_..r��.�:
<br /> " '�`�.'"'' Begfnninq with the first Change Date, my iaa�erest rate will be ��,;:,� :':'�.�-;
<br /> • . ' .� � � based on an Ind�x. The "Index" is the weekly average yield on United '
<br /> � States Treasury securities adjusted to a cvnstant maturity of one year, as �'
<br /> made available by the E'ederal Reserve Board. The most rece�R Index figura f ==a°=�
<br /> available as of the daLe 45 days bafore each Change Da2e is called the � '�:�`�:':
<br /> "Current Index," t • •,'" _
<br /> If the Index is no longec available, the Note Holder Will choose a �
<br /> ���...,
<br /> •� r�ew indea which is base�l upon comparable information. The �t�ot� Holdar i •;�'q.,��;,,;.
<br /> . • ail�. give me notiee of •this choiee. t d;f�':�.,
<br /> :,�.:�•} :�,; . � . :��+�y�-
<br /> *`3��� (C) Cwiculation of Chan es
<br /> � ':;r}�._,�..;�:. g ' _
<br /> ;';�.;;:.�'.�, 'i', ,
<br /> s ' eefore each Chanqe Date, the Note Holder will calculate �y new � �
<br /> •:p{'i:'��.: .
<br /> ,�S,s��,, i.nterest rate by addinq Tun exn a�si�eee percentage points ( �_a�s �) Lo ,_�-._��
<br /> -. �i:.::...��. ..
<br /> '-{��' '� • the Current Index. The l�ote Holder will Lhen round the result of this '
<br /> ,.,,.�.,,• ,
<br /> � �•1�����. eddition up to the nearest one-eighth of one percentege point (0.l.25$).
<br /> �:; .;� Subject to the linits steted ia b�ection 4(D) below, this rounded amour�t
<br /> ' ��"�'�� will be my new interest rate ue��zl the next Change Date. ���
<br /> The Z:cste Holder Will then determine the amount of the monttaly �+
<br /> • ,,. payaient that would be se�fficient to repay the unpaid principal *..�aat : am ' '�� •'
<br /> ? :�,•�;,.. expected ta cue at Lhe Change �ate in full on the maturity date at ��r r.ew ••:;:�,�
<br /> `;:.:��'., interest rate in substantially equal payments. The result of this .
<br /> :.e`� ��` I calculatian will be the neW aAOUnt of my monthly payment. '.�.�
<br /> , IO) Li�its an Znt�r�st Rat� Chan9es
<br /> ' The interest rate i am re lired to pay at the fi t Change Date
<br /> : ± will not be greater than 8•5��$ or less than 4 •'��o $. Thereafter,
<br /> s 1 my interest rate vill never be increased or decreased on any sfngle Chanqe
<br /> __. .. .
<br /> flaf� hv �nr� fhan tun n�rr�n�an� nnin►e /� A41 frnw� fh� ra►� nf �nf�s+�eM T
<br /> --- .. . ---' -� •---' '•'-•• -"- r-'-_••--v' c--"-- •---�� "'-- -"- '--- -- ."----�- � .
<br /> • . have been peyinq for the preceding twelve months. :ly interest rate will
<br /> r►evar be greater than 12.500 $,
<br /> 1 of 2
<br /> " Rid�� ARM-1 (32/a6)
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