89100507 - Laserfiche WebLink

Browse

ADJUSTABLE RATE RIDER 89, 1U 0 5 U 7 (1 Year Treasury Index -Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 24 day of _,._ January _._ f9 89 and is Incorporated into and shall be deemed to amend and supplentent the Montage, Deed of Trust, or Security Deed (the "Security Instrument ") of the same date given by the undersigned (the "Borrower'q to secure Borrower's Adjustable Rate Note (the "Note ") to HOME FEDEMI. BA91404 A LOAN ASSWATION OF GRAND ISLAND NEBRASKA (the "Lender ") of the same date and covering the property described in the Security Instrument and located at: 114 East Bismark, Grand Island, Nebraska 68801 (Property Address) Tisla facie caatataa prsvisiw arNwhN far edtaagea In sly ialwast rate ad my rmothy Mytneab• This note a loo NW6 am anomat say Interest rate east chomp at any oft time awn atiiro the dnierae anal flee ■atslaaus reek 1 tnrt Fay. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INMEST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 12.0 %. Section 4 of the Note provides for changes in the Int est rate and the monthly payments, as follovis: 4. INTEREST RArEANZ) MONTHLY PA ymmvrcfIANGES (A) Linage Darts .. The inieresi r,ric IA. ®ay ss� cIranP on the first day of Rphru arc .19 99 , and oat tW day every twelve m=ft thm=fb r. Each date on which my interest rate could change is called a "Change Date." (a) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The " Index" is the weekly average yield on United sates Treasury securities adjusted to a wnatant maturity of I year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 4S days before each Change Date is called the "Current Index." - If the Index is no Iot±Rm available, the Note Holder will choose a new index which is based upon eormpuable information. The Note Holder will give me notice of NE s choice, i (C) Cakehtlon of Changes Before each Charge Date. the Now Holder will calculate my new interest rate by adding three & one/half Percentage points ( -- �.T —tub) ro the e^u:, r„t tt� .,..r �.... :..s r.. ir�t sstM.:.i 1 1QL� of ..1 .: } ----- a •.. . •.., ambit .;. to %sum- li.ula 5i: Wd in steii =47M ioeiawi: This rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay in full the principal T an expected to owe on that Change Date is substantially equal payments by the maturity date at my new interest rate. The result of this calculation will be the new amount of my monthly payment. (D) Units as totems Bale Cii"a The interest rate I am •. cegered to pay at the first Change Date will not be grater than 14.0 s➢, or less dtm 10.0 �. Thereafter, myieterest rate will never be increased or decreased on any single Change Date by more than - two gXr en t p (2- ()) from the rate of interest I have been paying for the preceding twelve months. The minimum interest rate on this loan will never be 9.00 less than and the r rafimum interest rate will never be grater than 16 Al (E) Effective We et Clsanges My new interest rate will become effective on each Change Date. I will pay the mount of my new monthly payment beginning on the first t111 monthly payment date after the Change Date until the amount of my monthly payment changes again. - (F) itfMce of Cbaagp ,+g„,: The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of: (i) the new interest rate on my loan as of the Change Date; ' (u) the amount of my monthly payment following the Change Date; (iix) any additional matters ,which the Note Holder is required to disclose; and 00 the address of the association you could contact regarding any questions about the adjustment notice. S. CHARGES; LIENS . Uniform Covenant 4 of the security Instrument is amended to read as follows: 4. f%1111nion btkrsa. Borrower shall pay all taxes, assessments, and other charges, fines, and impositions attributable to the Property which may atMina, pciorsty over this Security Instrument, and leasehold payments of ground recur, if any. in the manner provided under paragraph 2 hereof or, if sot paid in such manner. by Borrower making payment, when due, directly to t' he payee thereof. Borrower shall promptly furnish Lender 09 notices of amounts due under this paragraph, and Ina the event Borrower shall make payment directly, 3orrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hay priority over this Security Instrgntect; however, Borrower-shall not be requitro to discharge any such lien so long as Borrower: (ay shat& agree in writing to the payment of the, obligation secured by such lien in the manner acceptable to Lender; (b) shall in good faith contest such lien by, or defend against enforcement of such lien (n, kgal proceedir,p which in the opinion of l;.:ender operate to prevent the enforoeatert of the lien or forfeiture of the Property or atsy part thereof; .or (c) shall sxue from the holder of 'such lien an • agreement In a facer sa[Isfaocory to Lorelei subordinating such lien to L►sis t ` Security Instrument. If Lem&r determines that all or any part of the Property is subject to a lien which may attain a priority over this Security Instrument, Lender•shak' give Borrower a notice identifying mr i, lien. Borrower shall satisfy such lien or take one or more of the actions set forth above wv'thth ten days of the giving of the notice. ; C. NO ICE UniC:armCovenant 14 of the Security Instrument is amended to read as follows: 14. Notice. Except for any notice required under applicable taw to be given in another manner. (a) any notice to Borrower provided for in this Security Instrument shall be given by delivering it or by mailing it by first class mail to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by first class mail to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Security Instrument shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 1__