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<br /> ` ' � � '�F�A MULTIST�L'I'E ADJUS"�ABLE RATE RIDF.I� . ,`
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<br /> , - - �- � T� - ____.- -- ..._ _ _ _ .� _
<br /> � , TfIIS ADJUSTASLE ttATE RIDER is made this; � 15t t'f ` � day o�
<br /> Aprf 1, i992 . aod is idcorpor+ted inro and st�ali be da7i�ed w amend and suppkatatt
<br /> — , t6e Mortg�ge; Dad af'tivst a Sauiity Deed {"Se�uary_(nstnuqent:� uf the sam� da�e givm by the undersiBaed; �
<br /> ("Barower")to secvre Baruwa3 Note t"Kote")to • < . .._
<br /> COLUlIBIlS FEDERAL SAVINGS eN�iC � .
<br /> . t_ .
<br /> {the"L�ndti')of the satne date�d-covcring the pcopeTty descn'bed'm tht Security Instrumene and located ar
<br /> 30d EAS! 21*�T STREET
<br /> _ ` 6RA[� ISLMD,=,l� .688411 ' - - -
<br /> _ eP�apccey aaeras) "
<br /> � �� . - �•�:' -�:-r.r.:��'�.:;� �.,�.,--. � � ,�'';,,� . . — .
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<br /> - �`: . , .:,� NOrI'B CONTAINS PRO«SIO�,S.��ALLOI�iG F�lt. CllANG�S''-.II�f T� _ ..:
<br /> ;.• • :';•�: -
<br /> ' I�'�1FlESFST�R3i'E AND THE MO��.Y. PAYMEN'�: �'HE'.1�IOTE I�1MITg '�HE � ` , -
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<br />- : :�[Q�'ti"f•'T�:.�ORROVNER'S INTF�T RATE CAN CHAN6�AT AN1F 01�{4 TIME:- .
<br /> = '°�;�.����' ' A�.*y"!?'�HE MAX�G".1�R:1�THE BORROWER MC��T PAY. - �� . . - _
<br /> :�. . . . �. : � � ., __
<br /> ADDTf'IONAL COVENANTS. In addition ta the covenants and agreements made in the Security Instrumen� _ _
<br /> �"`� Homowet and Lender furthcr covenant and agree as follows: •
<br /> INTEREST RATE A[VD MONTHLY PAYMENT CHANtlFS —
<br />.. ' � � , S!',.'.il�i
<br /> • IA) Change pate `_-
<br /> '��_�.=. ._
<br /> Thc intcrest ratc may rhangc c�n thc fint day oi Ju I Y 1. 1993 .rnd that day aF cach succceding year. �:--�-•��;,;;;.
<br /> � . "Change Date"mcan9��rh date on which thc intcrcrt�atc coutd rhanga �_.
<br /> � • _ ���-
<br /> ' �� 18/ The Indtx � ��;,�=��.
<br /> ' Beginning with the Grst Changc Datc.ihc intcrc�t ratE��ill hc dased an an Index. '7ndex"means the weckly average �.=�--=- .
<br /> yield on United States'IYeasury SecuritiaY adjusted to a constant matutity of one year.as made available by tt�e Federal �'� ?:�>±�-`�-
<br /> t` Resetve Boacd. "Cument(ndex'means the most recent Index figure availabte 3Q days befare the Chang,e Date. If the Index '.��%;��--
<br /> � (as defined above)is no tonger available.Lcndcr will use as a new lndex Any indcx prescribed by the Secretary. As used In ����Y��
<br /> this Rider."Ssxrctary"means the Secretary of Housing and Urban Development or his ar her desjgnee. l,ender will give
<br /> � Bonower notice of the�ew tndcx. �
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<br /> `_��,��„�.;—
<br /> (C) CakuWtion oflaterest Rate Changes '�' .•�:•;-�..
<br /> Before each Change Date.Lender wiU calculate a new interest ratc by adding a margin of �-'�;=�'�"`-=
<br /> ,. ,�.r =__
<br /> �. , percentage � '' " ���-"-•"-
<br /> �-; Two � -
<br /> polnts( 2�pppp ��o) to thc cumnt Index and raunding thc tium to thc nearest anc-cighth of one percentage point
<br /> • ,J.' (0.125%). Subject to the limlts stuted in Paragraph(U)af this Ridcr,thi�r�undccl amount will be the new intcrest ratc until � ,' .
<br /> • � thc ncat Changc Datc. �
<br /> {; �:"'�,
<br />- - _- --- - iD) Limits on Interest Rate Changes - - -- - - - __ .... _
<br /> The interest ratc wil!nevet�increasc ur dccrcase by more tfiaa onc perrcnt�gc poim t 1.(1�70�on any yingle Change Date. , .
<br /> ' Thc intcresi ratc will ncver be more ihan fivc perccntagc p��ints lS.1�/r)higher ur lowcr than thc initial intcrest ratc. •
<br /> - � , .
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<br /> �'. (�) Cakulatbn of Y�yment Change ! .
<br /> •• `.;�: li Ihc interest ratc rhanges on a Changr O�atr.Lcnd��r will cal�ulatc the:�mount��P manthly paymrnt nf principai and t• :
<br /> �} interesl which would be necessary ta repay Ihe unpaid prinripal h:�l�nce io full at the maturity d;�te ut ihe new intarest rate 't : .
<br /> . . _ ';:�Y.
<br /> _ �y�, ., . through substanlialJy ryu:d p.rymcrny. In making yucfi calculuticm,LcnQcr will usc thr unpaid princapal balancc which wuuld � • �;
<br /> � �,��..-�: bc owed on thc Change D�tc if thrrc had bccn n��d�Paull in paymcm nn ihc 1Yntc.redurrd by the umuunt uf:uiy prepaymcnt!► � � ,
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<br /> � �� tn principal. The result uf lhis calculatinn will lx the;amount of tho ttcw monthly payment vf principal.ind interext. I ,. �
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<br /> ' -:;;, . . .` (t� Notke ot Changes t
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<br /> �� �;a.:,;.b,;, •,r�,. Lender will give nntice to Bonower of any ch�nge in thc intcns�retc:,nd niunthly payment amaunt. The nntice must ; - - -
<br /> ,.••, �.;�r�'��,-,L. �•;s-= - be given at least 25 days befote the new monthly pnyment nmuunt is duc,�nd must sct fo»h(i)thr date of the notice. ' ..
<br /> �;:�;.�?1;�':'�`�' (il)the Ch2ngc Uate, (iii)the otd inte�st ratc.(iv)the new iaterest ratc.(v)thc new mnnthty payment amnunl.tvi)the ;: ,
<br /> 'I ��;�.�.��}':���-��'�'� Current (a�.w and the date it was pub�[sl►ed.(viil�he mc�had df�atrulating the ch;u�ge in monchly pnymcnt amount.and -
<br /> �'" r�mf��';.t-��.�;,`' � • (vui}aQy othet info��a which may 6c rcyuired 6y taw ttom tirae to�imr. � ;::;;�,
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