200005275 - Laserfiche WebLink

Browse

200005275 ADJUSTABLE RATE RIDER (1 Year Treasury Index -Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 23rd day of June 2000, and is incorporated into and shall be deemed to amend and supplement the Deed of Trust (the "Security Instrument ") of the same date given by the undersigned (the "Borrower ") to secure Borrower's Adjustable Rate Note (the "Note ") to Bremer Bank, N.A., (the "Lender ") of the same date and covering the property described in the Security Instrument and located at 214 North Piper Street, Grand Island, Nebraska 68803, and legally described as: Lots Ten (10) Warren Subdivision in the City of Grand Island, Hall County, Nebraska. THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE 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. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8.65 %. The Note provides for changes in the interest rate and the monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the 1St day of August 2001, and on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date." (B) Other Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the rate on the one year treasury note plus 2.550 percentage points. The rate will be adjusted by taking the one year treasury note plus 2.550 percentage. If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (C) 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. NOTICE: Under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law. Whenever increases occur in the interest rate, Lender, at its option, may do one or more of the following: (a) increase Borrower's payments to ensure Borrower's loan will pay off by its original final maturity date, (b) increase Borrower's payments to cover accruing interest, (c) increase the number of Borrower's payments, and (d) continue Borrower's payments at the same amount and increase Borrower's final payment.