EFTA00151407¶
Interest Only Period Adjustable Rate Rider Index - Rate Caps - Ten Year Interest Only Period)¶
[LIBOR]¶
This Adjustable Rate Rider is made this Fourteenth day of April, 2016 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the “Security Instrument”) of the same date given by the undersigned (“Borrower”) to secure Borrower’s Adjustable Rate Note (the “Note”) to¶
(“Lender”) of the same date and covering the property described in the Security Instrument and located at:¶
NEW YORK, NY 10065-7007 (Property Address)¶
THE NOTE PROVIDES FOR A CHANGE IN BORROWER’S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE AMOUNT BORROWER’S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE BORROWER MUST PAY.¶
Additional Covenants. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows:¶
A. Adjustable Rate and Monthly Payment Changes. The Note provides for an initial fixed interest rate of 2.250 %. The Note also provides for a change in the initial fixed rate to an adjustable interest rate, as follows:¶
- Adjustable Interest Rate and Monthly Payment Changes.
(A) Change Dates. The initial fixed interest rate I will pay will change to an adjustable interest rate on the first day of May, 2019 , and the adjustable interest rate I will pay may change on that day every 12th month thereafter. The date on which my initial fixed interest rate changes to an adjustable interest rate, and each date on which my adjustable interest rate could change, is called a “Change Date.”¶
(B) The Index. Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The “Index” is the average of interbank offered rates for one-year U.S. dollar-denominated deposits in the London market (“LIBOR”), as published in The Wall Street Journal.¶
001124280960 Interest Only Period Adjustable Rate Rider-Multistate Bankers Systems™ VMP®¶
Citibank 3.2.101.06 V5¶
VMP658R (1511).00¶
Wolters Kluwer Financial Services © 2013¶
Page 1 of 4¶
EFTA00151408¶
The most recent Index figure available as of the date 45 days before each Change Date is called the “Current Index.”¶
If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice.¶
(C) Calculation of Changes. Before each Change Date, the Note Holder will calculate my new interest rate by adding Two & 25/100 percentage points ( 2.250 %) to the Current Index. The Note Holder will then round the result of this addition to the one-eighth of one percentage point ( 0.125 %). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest rate until the next Change Date.¶
The Note Holder will then determine the amount of my monthly payment. For payment adjustments occurring before the First Principal and Interest Payment Due Date, the amount of my monthly payment will be sufficient to repay all accrued interest each month on the unpaid principal balance at the new interest rate. If I make a voluntary payment of principal before the First Principal and Interest Payment Due Date, my payment amount for subsequent payments will be reduced to the amount necessary to repay all accrued interest on the reduced principal balance at the current interest rate. For payment adjustments occurring on or after the first Principal and Interest Payment Due Date, the amount of my monthly payment will be sufficient to repay unpaid principal and interest that I am expected to owe in full on the Maturity Date at the current interest rate in substantially equal payments.¶
| (D) Limits on Interest Rate Changes.The interest rate I am required to pay at the first Change Date will not be greater than4.250% or less than2.250%。Thereafter, my adjustable interest rate will never be increased or decreased on any single Change Date by more thantwopercentage points from the rate of interest I have been paying for the preceding12months.My interest rate will never be greater than8.250% or less than2.250%。 |
(E) Effective Date of Changes. My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again.¶
(F) Notice of Changes. Before the effective date of any change in my interest rate and/or monthly payment, the Note Holder will deliver or mail to me a notice of such change. The notice will include information required by law to be given to me and also the title and telephone number of a person who will answer any question I may have regarding the notice.¶
Citibank 3.2.101.06 V5¶
001124280960 Interest Only Period Adjustable Rate Rider-Multistate Bankers Systems™ VMP®¶
VMP658R (1511).00¶
Wolters Kluwer Financial Services © 2013¶
Page 2 of 4¶
EFTA00151409¶
(G) Date of First Principal and Interest Payment. The date of my first payment consisting of both principal and interest on this Note (the “First Principal and Interest Payment Due Date”) shall be June 1,2026 as reflected in Section 3(A) of the Note.¶
By signing below, Borrower accepts and agrees to the terms and covenants contained in this Interest Only Period Adjustable Rate Rider.¶
Borrower¶
[Sign Original Only]¶
001124280960 Interest Only Period Adjustable Rate Rider-Multistate Bankers Systems™ VMP ®¶
Citibank 3.2.101.06 V5¶
VMP658R (1511).00¶
Wolters Kluwer Financial Services © 2013¶
Page 3 of 4¶
EFTA00151410¶
Borrower (continued)¶
$$\Box $$ Refer to the attached Signature Addendum for additional parties and signatures.¶
001124280960 Interest Only Period Adjustable Rate Rider-Multistate Bankers Systems™ VMP ®¶
Citibank 3.2.101.06 V5¶
VMP658R (1511).00¶
Page 4 of 4¶
Wolters Kluwer Financial Services © 2013¶
EFTA00151411¶