88104497 - Laserfiche WebLink

Browse

88~ 104497 ADJUSTABLE RATE RIDER (I Ye.. Tr"'9ry Index-Rate Caps) THIS ADJUSTABLE RATE RIDER is made this ...U!;)},. day or ._....Ay.g!!!?L.uouo.................. 19 ..~!!.... and is incorporated into and shall be deemcd to amend and supplement the Mortgage, Deed or Trust or Security Deed (the "Security Instrument") or the same date giyen by tbe undersigned (the "Borrower") to secure Borrower's Adjustahle Rate Note (the "N ote") to _..N!l);y'~!?~... )!.'i!!}."'.Ji!~l1*.'i!~~.'i!,...J:!i!l;J9.!}"'J..A..'?!;!l-'Je.U!lg_................._............._.._.._..... ..........................................................uo................. (the "Lender") or the same date and coyering the property described in the Security Instrument and located at: .................?QILS.QJ.l.t.h...no.I'...S.1;.r.~.I'.t....G.,i)..\1g...);!'iJ.,,!}.<:l_1...~~!?_"!'ik'i!...fi.?.!H).L...........uo.......................m...........uo.. (Property Address I THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR. ROWER MUST PAY. ADDITIONAL CO\'E""''''lTS. In addition to the covenants and agreements made in the Security Jnstrument. Borrower and Lender further covenant and agree: as rollows: A. INTEREST RATE AND ~ONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of ...a.,.Q.Q......%. The Note provides rOf changes in the interest ralc and the monlhly payments. as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES ( A I Change Dates The intercst rate I will pay may change on lhe firsl day or .....?!i'!'.~~m!!~.L....u.............. 19..~_?m. and on that day eyery I ;th monlh thereafter. Each dale on which my' interest rale could change is called a -Change Dale." (B) The Index Beginning with Ihe first Changc Date. my inlerCSI rale will be based on an Inde.. The -Inde.- is Ihe wcekly avc:rage yield on United States Treasury securities adjusted tll a constant maturity of I year. as made available by the Federal Reserve Board. The most recentlnde. figure ayailable as or the date 45 days berore each Change Date IS called the "Currenl Index. ..... If the Inde. is no longer available. the NOlc Holdcr will choosc a new indc. whIch is based upon comparable informui"n. Thc NOlc Holder will glye mc nOllce or this choice. I C) Calculation or Changes Before each Change Dale. the Note Holdcr will calculale my new inlcrest rale by adding .......'J:w.Q..ilmLQmL. ................Half........... percentage points (.......2...5.Q.%) to Ihe Current Inde.. The Note Holder will then round Ihe result or this addition to the nearesl one-cighth or one percemage pomt (0.125%). Subject 10 the limits stated in Section 4(D) below. this rounded amount will be my new interest ratc uf1lil the next Change: Dale. The Note Holder will then dctermine the: amount or the: monthly payment that woui.:t be sufficient to repay the: 9npaid principal thaI I am c.nccled 10 owe at the Change Dale 10 rull on Ihe malurity dale.. my ne",. interest rate In substantially' equal p,y'ments Thc result of thIS calculation ""ll be the ncw amount or my monthly payment. ( 0 I Limits on Inleres. Ra.e Changes The imercsl rale I am requircd 10 pay allhe first Change Date w,lI not be grealer than .....U!...Q!!..u ...... or less than ..".......~.,,9.O'......%. Thereafter. m)' interest ralc will ncvcr be increased or decreased on any single Change Dale by morc than two percentage points (2.0% 1 rrom thc rale or interest I have becn pa}'ing ror the preceding Iwelye months. \ly interest rate will neyer be greatcr than.. ...1.3..o.Q...%. ( E I EIf""tlte Dale of Chlnges My new interest rate will become effective on each Change Date. I will pay the amount of m)' new monthly pa)ment beginnmg on Ihe first monthly paymenl dale arter the Changc Dale until the amounl of my monthly payment changes again. (Fl NOli.. or Changes The Note Holder will deliver or mail to me a nOlice of any changes in my interest rate and the amount of m)' monthly paymcnl before the effective date: or 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 w1ll answer any question I may have regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Unirorm Covenant 17 nr the Security Inslrument is amended to read as follows: Transfer of 1M Properly or a ~nr6ci.llnlf'rltSt in Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if i1 beneficial interest in Borrower is sold or lransferred and Borrower is not a natural person) without Lender.s prior written consent. Lender may. at its option. require immediate payment in full of all sums secured by this Security Instrument. Howevcr. this option shall not be cJ;ercised by Lender if exercise is prohibited by federal Jaw as of the datc of this Security Instrument. Lender also shall not excrcise this option if: (a) Borrower causes to be submittcd to Lender informati~n required by Lender (a evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines Ihat Lenders security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. UThe Index figure available as of the dale the initial inlCrC~1 rail: \\'3!o. dClcrmincd for lhis loan was .....7.,).1:....... 0;"0. MULnSTATE ADJUSTABLE RATE RIDER-ARM S.2-Slr,:;le l-,tr'llly-Fanni. M.. Freddie Mac Un.form In5trumenl Form 311 13 85 NC 12260 LND (J.87-U06j