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(i Year Treasury Index —Rate 0tva )Fixed Rate Conversion Option) THIS ADJUSTAk E RAVE RIDER ismade this 31st slay of August 19 90 . and is incorporated into and shall be deemed to, amend and sup "t the Mortgage. Deed of Trust - or Security Deed (the "Security Instrument") of the saute date given by the undersl Ined. (the< "Borrower") to secure ' - - -- -- _ -->_ 11�itee __s�l�- tt�raliars_lrlw - -` -'mss i 'slit!�'��i► =.— �-- ___._.— _ ... , - - -- - - -- �:. �•` COLUMBUS FEDERAL SAVINGS BANK (tl* •'Lenden of the saute date and covering the property described in the Security Instrument and located at: 608 PWASANT RACE GRAND ISLAND. NE 68801 [Property Address) ` THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE SORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. THE NOTE ALSO CONTAINS THE OPTION TO CONVERT THE ADJUSTABLE `RbTE TO A FIXED RATE.. ! 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 interest rate of' 8.2500 S. The Note.provides for changes in the adjustable Interest rate and the monthly payments. as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES == -- - -- (A!! Chaste- Dates. - - - -- _ The adjustable interest rate I will pay may change on the first day of September l , 19 91 , and on that day every 12th month thereafter. Each date on which my adjustable interest rate could change Is called a "Change Mate." (B) The Index Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The "index" .is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board. 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 which 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 2.. 7500 percentage points ( 2.7500 tlir) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point A 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 the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes ` The interest rate 1 am, to pay at the first Change Date will not be greater than 9.7500 qa 6.750 or less than 9i.1Tkereafter. my adjusts 1 ntertst rate will never be increased or'decreased on any single Change Date by more than 00 percentage points (� ) from the rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than 12.7500 ... ? • 750() 9i, which is called the "Maximum Rate ". (E) Effective Date of Changes My new interest rate will become effective on each Change Date. l 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 The Note Holder will deliver or mail to the a notice of any changes in my adjustable interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to he givers me and also the title and telephone number of a person who will answer any quest ion i may have regartling the notice. U. FIXED INTEREST RATE OPTION -- — The Note- provides for the Rmrower'a onion in erinven from an adjustaW imeregi rate with interest rate limit; to .a fixed interest rate, as follows: 5. FIXED INTEREST RATE CONVERSION OPTION (A) Option to Convert to Fixed Rate I have a Conversion Option that 1 cft exercise unless 1 am in default or this Section S(A) will not permit site to do so. The "Conversion Option" is my- option to convert the interest rate I am required to pay by this Note from an adjustable rate with interest rate limits to the fixed rate calculated'under'5ection 5(11) below, The eonversiois can only take place on a date(s) specified by the Note Holder during the period begiiuling em the first Change Date and ending on the fifth Change Date. Each date on which my adjustable interest rate can convert - "_to. the new fixed rate is called the "Conversion Date. MULTISTATE At)JUSTA(3LE t7A7E RIDER —ARM PLAN 07 -- Singto Formty -Fannie Mao Uniform Instrument Form 3118 12/87 •$4�la +Rit�i VMPLUMCAM FlaWl s t113.733 RIM . rg; -q,.r Jr T241 IY