83003521 - Laserfiche WebLink

Browse

83-00352 0824246-2 ADJUSTABLE RATE RIDER THIS AW'JSUBI.E RATE RII.ER is made this 10~ day of June 1983 , aM. is incoq>>rated into an:i shall be deered to amend and s . anent t.'1e .l>brtgage, l):ed of Trust, or reed. to Sec:ureEebt (the "Security Instn:li'letit")of too same date given by too llI.'ldersigned <the "Borrower") to secure Bo~--s M~t.able P.iYiJJl!lntrote toO;mnerc.ial Fedenu. Savings am !.Dan Association (the "'lerider") of the s.ane date (the"~te") .am.covet':I.ngthe prOperty described in the Security Inst:runen.t an:iloeated ..at: ntENOTE CONTAINS 1'>R.OVI$1:0NS ALLOWING FOR CHANGES IN THE IN'i.'ERESTRATE EVERY 5 YEARS. IF THE INTEREST RATE 1 NCREASES , THE BORROWER--S MONTHLY PAYMENTS \H1..L BE HIGHER. IF THE INTEREST RATE DECREASES, TR:E BORROWER"'S !10~"THLY PAYM&NTS WILL BE LOWER. AJl)!Tl(Rl\L GO'VE..~. In addition to the covenants ..anrlagreanents made. in. t:he Security Inst:r\:lnElnt. Borrower and Lender. r'urtoor CO\{enant aodagre:e as follows: A. I~rnREST RATE AND MOl't'1'HLY PAYMENT CHANGES U2 tbtle provides for an initial interest rate on J. 375.%. Sectiol'l 4 of the .'lbteprov:i.de for changes in the interest t'll.te and the OOl'lthly lE~ts, as fo1:I.~: .. 4. INTEREST lllATE AND MONTHLY PAYMENT CHANGES (A) Cl'lal1B~e I),u:es The rate of interest ! will pay my C:~ 00 the . first day of .A.ug.wiLl ~ ... and. on thl1 t day every 60th llX:rnch ttereafter. F.3Ch date on loti:ich my rate of mterest coU1d is called a ""llvmge [:ate." l~) The hIdex Bi2g:i.m.i.ngwJlth the first (hange Ihte, fJTj interest rate will be based on aoIndex.The "Index"is the ~kly 1NE!rIag:e yield on United States 1':rea.c;Ut""! securities ad.:lusted to a coost.ant maturity of 5 }'!MrS, .as made awLllable by the Federal Reserve floanI. 'U1e most recently available IOO.ex figure as of the datla 45 '}''lys imot'le each ~ lhte 1.9 cal.l.OOthe "CUrrent Iooex." tf the md4rx is 00 lo~ avai.lable, the ~tel:blder will cOOose a ne..... i.ndex Wrl.ch is based upxl '~:ulplU'l:Ible in.iotlillilltion. The l'bte Iblder ..."1U gi.ve me ootice of this ch:>ice. (C) Calc\~la ti,)l'l of Changes ~!lfore ~h wte, the ~te fblder will c.:llculat.e my !:Il\lW tate of interest by ~ 1.900 p~reentl. lXlints %) to the Current index, 1"le sun will be my !:Il\lW interest rate until tile next. a~ IBtf.!. The 1'Ob:~ Holider'ilIill then detennine tiE d'.IJ.)Wt of the lIOlthly tli}'llIt!nt that w:>uld be sufficient to t"lepty the IJnplid. 1pM.."lCil>>l baJ..im:::e of :ny loan ,l'll ti."xpected to ,~oo tbe a~ wte in full 00 the I:Iin,urlt~l date ilt my r'lt."W rilte ot illter'~t Lr: Sl.1b$tantiaU:t f.'qual payments. The result of this c.:w..~l~ion ..ul. be the l'lt."W omnnt of my llUlLhly paymelt. II) EHe(:tiv~ Date of l113l1ges ~, lleW l-atJe of int~t Will ~ ..declive on each Q~ 1:ate. 1 will pg.y the oow I'.m)Wt of lllr,r lIttlehly lB:~nl~ each lOOOth begillniq; 00 the first t:lOl1thly ;:n)'lIlt!t1t date after the Olangel:Bte mill the <melDe. i:.lt ll'IY. tlo\th.ly pa~\t dW'lgeS ~Un. Sotic~' of ~e !'blder ""'_11 or deliver to mea not-ice of .arty changes in the alOOUnt of my !lX:Illt.1'lJ.y ~l}'llll!!nt before tIll! effective date of any c.~e. TIle mtice will ioc~ude In.foI'lllaticn required by law t(> be gJlven me ard alsD the Litle and telejXJooe n.utlbr;;r of a ~rson ..ho will answer any question I may n.ave ~!,lU'di11g thtli cmkt;!." B,. CHA.RGE:$: LIENS Lbuor:m CoV8\ant 41 of :the Security Inst:ruDent is ili:lleOOed to read as follows: 4. ~.FS; tn:.~S. Bo:~r shall ply all tax.es, ~, ani other charges, fines and :f.mtx>sitiDns attrihul;;able ,tel tl~ Pl::operty IHhich llI!i)7 attain a priodty over this Security Instnment, and leaserold ~ or gx'O\ln;i rents, if any, in the::aatl'1ler prwida:l I.Il:xier taragraph 2 hereof or: , if rot paid in S\lCh 1DallOer. by lBorrolotleI' :naki.'1gplyment, ~ due, directl;' to the plyee thereof.EorrO\o1er shall ~J' fllt'tlish to Leader all rotices of amJIJIlt.s au;!; unier this paragraFh, arrlin the event Borrower shall lli. paya~lt d.irectly. Borru..er shall pnmptly furnish to l...en::l.er receipts evidencing such p!l~ 6orroWli~ shill pranptly disc.harge. any 1.ien 10hich has priority ove.r the Security L1Sttunent pl."OV1ded, that ~r shall rot be required. to dis::harge any su::.h 1.ien so lcqs as OO~; (a) shall ~r;ree il"l. ...nti.'l:l~ to ere pa~t of the ohli;g,atilXl :secured. by such lien in a :mnoer acceptable to Uime.r; (b) shall in li\'OOd faith contest: suc~ lien Qr defe.rx:i against eniorca:nent of $lJCh lien in, ll~. ~i 'lI~....ttich in theop1n.i.oo of Lenier ()pt;;rat.e to prevent the enforcanent of the lien or :fl:~t:ure of tbe .~t"1 or any part. t.~.f; or (c) shall :sec\,lI.'efran the ixiliier of soc.'; lien an ~l.t.m a. f<)'l:llil sa.tis:facto1;1 to lexler suhordL.1ating such l.ien to this Se:..'I.l:rity !l.1St:!:'t..1.noent. Ai: ..~ or of the 18 subject to a lial wc...>J. may shall tlOt.ic.esu::h Lien. mre of ""..:tit.roS set .t;"rt.'1 tetl