83003722 - Laserfiche WebLink

Browse

0059961-1 83- 0037~2 '!HIS AIllUSTAB1E RA:m RIIER is made this -1. 1 ;h... day of ,-----1Il.l.l! -l!lB L , and is incorporated into am shall he ~ to allE!Ild aa:i ~- ere ~; Deed. of 'lhJst, or.Deed.w Secure Debt (ere "SeeuI:1ty JnstnmeDt") of the __ date given by the IDiers1&oed (the. ~) t:.!). S<<:Ure Ilo=-r's Adjustable Pa}1lllllDt rote to CaIIIIercial Federal Savings aa:i lLlIIIl. "'-'rf..tflJP\ (the 'UDJer") of ere same date (the '1bte") aDd c.overJng the pt'OpI!rtydescr1bedintheSeeul:1ty,~, and loc.ated at: ADJUSTABLE RATE RIDER &.1t;"1 <:::hn"'!'l~ r.rRnA TQ1~nd) ~Phr~~~) THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE EVERY 5 YEA1l.S. IF THE INTEREST RATE INCREASES, THE RORROWER--S MONmLY PAYMENTS WILL BE HIGHER, IF THE INTEREST RATE DECREASES, THE RORROWEB,'S MONTHLY PAYMEl'ITS \oIILL BE LO\oIER. t\lllIT!!NU. C1:l\.'EN\NIS. In addition to the CCM!IlllIlts and agraments made in ere Sec:urit.y Inst:rl.lllellt, llorrol.er aa:l Leeder further COYelllII1t aa:l agree as follo.8: A. INTEREST RATE "'....n MON'rdLY PAYMENT CHANGES The lbte proYides for an :Initial inteI:'est rate of 11 . 37 31:. Section 4 of ere lbte provide for cbIIngea in ere interest rate aDd the 1IDl1thl Y p!lylIBIts, as fiiIICiiii": "4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates , The nu:e of interest r will pay my c~ on tl2 first: day of ~m~ 1 1988 , and on that day eveIY 60th lWIlth t.l'ereafter, Each date on ..trl.ch my rate of t clmV! is called a "0laDge !hte. " (B) The Index !ll!girnl.r1g with the first Olsnge !:lite, my interest: rate will be 00sed on an In:Iex. The "In:Iex" is the \oME!kly ~ yield on United States 1'reasury securities adjusted to a coostant lIIIlturity of 5 ~, as made available by the Federal ~ iloaJ:d. The llDit recentlyava1lable In:Iex figure as of ere date 45 days bef01:'e ii'Bch ~ Late is called the "Current Index." If the .f.OOeK is no ~ ava:i.L1ble. the t>bte !bL:ler will dnoee a new 1niex "*Uch is bIIsed upllD ~ infomatlon. The lbte fblder ...ill give me rotice of this clDice. (C) Calculation of Changes Before <ll1ch ~ !hte. the lbte fblder will calculate my ..- rate of l.nterest by ~ 1.900 ~t.age point5 ( 1. 900 I) to tl2 Current Irdex. The !lUll will be my new i...lterest rate untll ere lll!ltt ~ tBte. - The l'bte !blder will thi!n deterlll:ine the iD:U1l: of the !lD1thly pIl)lllll!!llt that 100Jld be sufficient to repay the unpa1d r,r..ocipal ba.Lance of rrrf 10lln ! all ~ted to ~ 00 the aw~ !hte in full ('l'I the aacurity date at my Pal rate of Interest !n >lJbsumti.ally equal pIl)~. The result of this cal.culatioo will be the ,_ aao..nt of rrrf !lOlthly pIl}'llll1l1t. CD) Effective Date of Changes lV t>I!!W rate of interest will boo:DIt effective em each Ovmge Late. I will f8Y the new 8llIOunt of my lUlthly f8)1l111l1l.t each l1Ulth ~ 00 the first::au:hly f8}'llll111t date after the ~ Late tntil the <DJWt of my !:Ulthly f8yu:elt cl-enges again. (E) Notice of Changes The l'bte !blder will :lllLi.1 or del.i\'CI" to me a notice of ;my changes in the amount of rrrf lIlOOthly pIl)\llll1t befote the effective date of ;my~. 'ib:! lXltice will include il1formtilXl required by Law to be givm :De Slld also tre title Slld telerrooe rlUllber of a ~son ..00 will answr any questioo I may have ~ the lDt.ice..' B. CllAaGtS; LIENS lkUfom ~t 4 of the Security h18trUlll!nt is ~ to read as fol.l.owl: 4, QWlG!S; l.J:ENS. Bor:rtllolat'shall pIlYaU taxes, ~, an:! other charges, fines and impositions attributable to the Property -..u.ch 18IIY attain a lX'iority over this Secul:i.ty Inst'CUllellt, an:! leasell:>ld ~ or gt'OUlIi rents, if my, in tbe .....-r provided UDder paragraph 2. rereof or, if rot paid in such _, by ~ lIIIIIdng !B)'IIBIt. lotlen due. directly to ere pIly.ee thereof. Borroo.er shall pc'OIIIptly tumiah to l.enier: aU ootic28 of <lI:IlDuntS due ur&ier this ~, and in the event Borrower !ll.u lIIIIIIe pIl)lllllS.'lt d1n!ctly, i!orrooer shall ;rcmptl;. furnish to laxier receipt.s arid~ such ~. ~ shall proIIpcl.y di.scbsJ:ge any lien ..nt.ch l'as pr'iority over tl2 Secul:i.ty Insmment pnwided, that ~ shall rot be required to di.scharge any su::h lien 90 lrog as BorT'Olom; (a) shall .. in wti.ting !D the pIl)lllll!!llt of the obli3atioo secured by such lien in a :mmer accept.abJ.e to Len:ler; (b) stall in good faith contest such lien by, or defen:i againat enforcEml!nt of sucll lien L"l, L1&a1 ~1... 10iUdl in ere opinia1 of Lender operate to pre\'eDt the enfOr<:8lllllt of the lien 0r fot::feitUl:e of the l'raperty or any pan thereof; or (c) shall secure frail the roJ.der of such lien an .-.e in a fotlII sa.t1sfactoty to lender ~rdinating such lien to this Secul:i.ty Instn.ment, !f lADler dete~ that aU or my part of too Property is subject to a lien ..tUch my attain a priority ~ SlIcurity lnIJtr\M8JI:, I.eaier shall sel1d Borrower !Dtice idlintifyilli! lllCh lien. llorTower sbaU satisfy such lien or tal;e one or !11m! of the actions set forth above within ten Jays of the gi~ of tUtU:e. C. !WTICt Illtr- ~ 14 of tl2 Set:t8:ity rn.tro.ot is ~ to read as io~: 14.~. l!IcepI; f<w Nl/f notice nlq1.lir<<1 Ulxier applk;..'hI.e law to be gi""", in amt!le.. nmnar, \..) ;lOY llIldoiI, to ~ prorided for In the SllcuI:ity lnst::I\_ shall be giY'<!tn by delivering it or by .u.tqa it by nut ~. all ~ to llo'l:'rl:MIr at t.'1e Property ,\ddreea cc at soch ~ M ~ .., ~tlt lly ~ to tJ!nder as ;>rov'ided llo':'ein. ;md (b) llI1Y ",'tke tr> Lender shall be !\tUu:rtAIU.t un Innn Y!,.A! 'tREASURY IN!)~:<: - ;-.:. ?"'i;..;nily ~,',) ,1.,\ '-~-Cl<.iifl~'d ,~ ~_1