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HomeMy WebLinkAboutDeed05 v,.., ,• . ------------ r ADJUSTABLE RATE LOAN RIDER ti ADDENDUM TO THE DEED OF TRUST FOR THE BENEFIT Of HOMESTEAD SAVINGS ASSOCIATION OF TEXAS , NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE ' INTEREST RATE. INCREASES IN THE INTEREST y, So long as Homestead Savings Association of Texas,its successors or assigns other than those � RATE WILL RESULT IN HIGHER PAYMENTS. hereinafter specified,is the owner and holder of the liens and indebtedness created or described herein,by 4 DECREASES IN THE INTEREST RATE WILL eason of this instrum rent or by reassignment to Homestead Savings Association of Texas a later date,the RESULT IN LOWER PAYMENTS. following special conditions and agreements shall apply to the liens described herein and shall take : precedence over the above preceding applicable paragraphs,as well as applicable paragraphs set out in the note of even date herewith;should such indebtedness and liens ever be sold,transferred,conveyed,or in any supplement manner assigned to the Federal Home loan Mortgage Corporationn,Federal National Mortgage Association This Rider is made On May 17, 1994, and iS incorporated into and shall be deemed to amend and or Government National Mortgage Association,the provisions under this paragraph and subparagraphs No. the Mortgage, Deed 0t Trust, or Deed l0 Secure Debt (the 'Security Instruments of the same date given by the 27a thru 27c shall become null and void and all preceding paragraphs of the Deed of Trust shall continue in full undersigned (the "Borrower' to secure Borrowers Note to HOMESTEADdescribedSnVINGS the Security TEXAS le force and effect until the said indebtedness and any renewals thereof have been paid in full. 'Lender') of the same date (the "Note' and Coveting the property 27.(a). DIVESTURE OF TITLE:Notwithstanding the provisions of paragraph 17 of the Deed of Trust,which 1) 600 Old Jersey STreet, College Station, Brazos County,Texas shall not be applicable,it shall constitute a default for which this Deed of Trust may be enforced if there shall be Instrument,Borrower and Lender agreements made In the Security a divestiture from Borrower,voluntarily or by operation of law,of title to all or any part of the Property.And Modifications: In addition to the covenants and ag Lender shall not be required to release Borrower from the obligations of the Note and Deed of Trust in the further Covenant and agree as follows: the event of an assumption. ! A. INTEREST RATE AND MONTHLY PAYMENT CHANGES: or of Paragraph 19 of the Deed of The Note has an'Initial Interest Rate t date of the monthevery rate may�irty-six (e3d6) months at decreased on 27.(b). OPTIONAL REINSTATEMENT: Notwithstanding the provisions151 day of the month beginning on July es in an interest rate index Called the"Index'. The Index is Trust,the right of reinstatement subsequent to acceleration by the Lender of the sum secured by this Deed of Changes in the interest rate are gavemed by Chang Trust shall be at the option of the Lender, the: 27.(c). RECEIPT OF INTEREST:In no event shall interest on the Hole be computed nor shall the Borrower (Check one to indicate Index.) be obligated to pay interes t at a rate in excess of the maximum legal rate.The loan evidenced by the note has (1)A_ 'National Average Contract Interest Rate for Major Lenders on the Purchase of Previously Occupied been made on the assumption that all scheduled payments will be made when due,and in the event of Homes' accelerated maturity from any cause,or in the event of the collection of any late charges,any interest paid on (2) account of this loan in excess of the maximum lawful rate shall be refunded or considered for all purposes as (II more than one box is checked, or it no box is checked, and Lender and Borrower do not otherwise agree in payment on principal. writing, the first Index named will apply.) or by any successor to the publisher, the Note Holder 19 94 It the Index ceases to be made available by the publisher, EXECUTED this may h day of will set the Note interest rate by using a comparable index. Changes in the interest rate on each Change Date; it no (Check one to indicate whether there is any maximum limit on box is checked there*11 be no maximum limit on changes.) in the interest rate at any Change Date (t) There is no maximum limit on changesmore than two(2)percentage points at any Change Date. p� (2) X The interest rate cannot be changed by ku BELL w, vit The maximum interest rate variation over the life of the loan is 5.00 percentage points over a peoJdetinmathetNote. It the interest rate changes, the amount of Borrowers monthly payments will Chang payments. Increases in the interest rate will result in higher p ROTHY A. D E ayments. Decreases in to interest rate will result in lower B. LOAN CHARGES a law which It could be that the loan secured by the Security thern Dan Instrument collected or lo be collected m connection loan nh charges the Darr THE STATE OF TEXAS and that law is interpreted so that the interest such loan charge shall be reduced by the amount would exceed permitted limits. It this is the case, then: (a) any sums already collected from Borrower which exceeded COUNTY OF BitAzos necessary to reduce the charge to the permitted limits;and @) Y owed RIISSRt 1 W. DUKE and wife, permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing toprincipal BEFORE ME,the undersigned authority,on this day personally appeared under the Note or by making a direct payment to Borrower. nnRorttY A DUKE known to me to be the person(s)whose name(s)is/are subscribed to the foregoing instrument,and acknowledged to me that Lhe Y_executed the same for the purposes and consideration C. PRIOR LIENS therein expressed. If Lender determines that all or any part of the sums secured by this Security Instrument are subject to a lien which send orrower a notice fying orrower tly May 19 94 has priority over this Security Instrument, Paragraph P ar rmay 4 of tBe Security Instrumenttlor shallapr'omptly secure an�ageemerri GIVEN UNDER MY HAND AND SEAL OF OFFICE this of act with regard to that lien as provided i g in a form satisfactory to Lender subordinating that lien to this Security Instrument. D. TRANSFER OF THE PROPERTY subject to Paragraph 17 of the Security Instrumnent, Lender may require: I(;'ctJ C.ASeCAn OLL' It there is a transfer of the Property J FC (1) an increase in the current Note interestrate,a (2) an increase in(or removal of)the limit on the amount of any one N PUBLIC IN AND I OR ) a change in the Base Index figure,or all of these,as a condition of Lender's ) �yCunm ;w�9trcsC10497 BRAZOS COUNTY,TEXAS interest rate Change(If tare is a limit,a (3) t waiving the option to accelerate provided in Paragraph 17. "SA46 { By signing this,Borrower agrees to all of the above. i RUSSELL W.DU • II I ROTHY A.DU _ vo 10�,�307 VOL 2� �.`aGE 306 .r