Laserfiche WebLink
V <br /> � 20000029 � <br /> FIXED/ADJUSTABLE RATE RIDER <br /> (LIBOR Index-Rate Caps) <br /> THIS FIXED/ADJUSTABLE RATE RIDER is made on this 29th day of December , <br /> 1999 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of <br /> Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned(the "Bonower") to <br /> secure Borrower's Fixed/Adjustable Rate Note(the "Note")to : LONG BEACH MORTGAGE COMPANY <br /> (the"Lender")of the same date and covering the property described in the Security Instrument and located at: <br /> 3415 GREGORY AVE. <br /> GRAND ISLAND,NE 68801 <br /> [Properry Address] <br /> THE NOTE PROVIDES FOR A CHANGE IN THE BORROWER'S FIXED INTEREST <br /> RATE AND TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE <br /> AMOUNT THE BORROWER'S ADJUSTABLE RATE CAN CHANGE AT ANY ONE <br /> TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. <br /> ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, <br /> Borrower and Lender further covenant and agree as follows: <br /> A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES <br /> The Note provides for an initial fixed interest rate of 9.990 %. The Note also provides for <br /> a change in the initial fixed rate to an adjustable interest rate, as follows: <br /> 1. ADNSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES <br /> (a) Change Dates <br /> The initial fixed interest rate will change to an adjustable interest rate on the first day of January , <br /> 2002 , and on the first day of the month every 6th month thereafter. Each date on which the adjustable <br /> interest rate could change is called a "Change Date." <br /> (b) The Index <br /> Beginning with the first Change Date, the interest rate will be based on an Index. The "Index" is the average <br /> of the London interbank offered rates for six month dollaz deposits in the London mazket based on quotations at <br /> five major banks ("LIBOR"), as set forth in the "Money Rates" section of The Wall Street Journal, or if the <br /> Money Rates section ceases to be published or becomes unavailable for any reason, then as set forth in a <br /> compazable publication selected by the Lender. The most recent Index figure available as of the date 45 days <br /> before each Change Date is called the "Cunent Index." <br /> (c) Calculation of Changes <br /> Before each Change Date, the Lender will calculate my new interest rate by adding Six and One <br /> Half percentage point(s) ( 6.500 %)to the <br /> Cunent Index. The Lender will then round the result of this addition to the nearest one-eighth of one percentage <br /> point(0.125%). Subject to the limits stated in Section 1(d) on the following page, this rounded amount will be the <br /> new interest rate until the next Change Date. <br /> Fxed/Adjustable Rate Rider-Libor <br /> Page 1 of 3 <br /> -1956016�s5io1 ELECTRONIC LASER FORMS,INC. - (8001327-0545 <br /> TM <br /> Loan No. 8675431-30784 <br /> 26RID1/19560161(02R3/99) <br />. ; <br />