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<br />ADJUSTABLE RATE RIDER 89-:;; 10340
<br />1 t Year Treautn Index !tare l'apc)
<br />THIS ADJUSTABI.k RATE RIDFR is made chic 7th day of _ _ _ June 88
<br />and is incorporated into and shall be deemed to amend and supplement the Mortgage. Decd of Trust, or Security Decd (the " Sxurity
<br />Instrument ") of the same date given by the undersigned (the "Horrower ") to secure Borrower's Adjustable Rate Note (the "Note") to HOME
<br />ERAL SAVINGS A LJOAN ASSOCIATION OF GRAND ISLAND NEBRASKA (the "Linder ") of the same date and covering the
<br />property described in the Security instr ument and located at:
<br />1718 West Charles, Grand Island, Nebraska 88803
<br />• (Property Address)
<br />This note contains provisions auotvittg for changes in my Interest rate and. my monthly
<br />payments' Th)s note also limits the a®oaat my Interest rate can c ►sage at say one time and
<br />also the ataiataat Bad the maximum rate 1 must pay.
<br />ADDITIONAL COVENANTS. in addition to the covenants and agreements made in the Security Instrument, Borrower and Lender
<br />further covenant and agree as follows:
<br />A. INTEREST RATE AND MONTHLY PAYMENT CHANGES.
<br />The Note provides for an initial interest rate of 1-3-0 — _°•'a. Section 4 of the Note provides for changes in ttte interest_ rite and the
<br />monthly payments, as follows:
<br />4. INTEREST RATE.4 D Alo.VTHL)' PAYMENT CHANGE'S
<br />(A) Chaur Data
<br />The interest rate I will Pali 6n;:,y change on the First day of JUly , 19 _ QQ . , and on thar, d3,v every
<br />twtaj #a months efsreafter. Each date on which my interest rate could change is called a "Change Date."
<br />(s) The Index
<br />Beginning with the first Change Date, my interest rate will be based on am Index. The "index" is the *vekly average yield on United States
<br />Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board. The most recent Index figure
<br />available as of the date 4S days before each Change Date is called the "Current Index."
<br />If the Index is no lodger available. the Note Holder will.choose a new index which is based upon comparable information. The Note
<br />Holder will give me notice of this choice.
<br />(C) Crticalstim of Cfltages
<br />Before each Change Date, the Note Holder will calculate my new interest rate by adding Three and one /half percentage
<br />points ( 3. S Vii) to the Current Index and rounding to the nearest I /Sth of Mi...-subject to the limits stated in Section 4(D) below,
<br />This rounded amount will be my new interest rate until the next C'hanve Pate
<br />The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay in full the principal I am
<br />expected to owe on that (hrrt,oe )?2tt is substantially equal payments by the maturity daie at my new interest rate. -the result of this calculation
<br />will be the new amount of my monthly payment.
<br />(D) Unalts on interest Rate Changes
<br />The interest rate 1 am required to pay at the first Change Date will not be greater tha. l cj_❑ 010 or less than
<br />1 1.0 Ire. Thereafter, my interest rate will neter be increased ur decteawd on any single Change Date by more than two percent :
<br />(2-n) from the rate of interest I have Eteen paymg for the preceding twelte months. GThe5 inimum mterest rate on this loan will never be
<br />m
<br />less than 9.5 �!ta and the axis urn interest rate will neter be greater than _ a,•-
<br />(E) Effective Date of Cf32ages
<br />My new interest rate will become efftctiv -i on each Change [)ate. f w ul pa} the amount of my new tt uaJ :h ;:y. payment beginning on the first
<br />monthly paymerttdate after the Change Date rmi11 the amount of my ^tra, *,!;:'7 payment changes again.
<br />(F) Notlicrof Change
<br />T-fte Note Holder will mail or delis er to me a notice betcrreach Chan ,,:;e e Date. 1'F.t : k� :cce wilt ad ,ise me of:
<br />(i) the new interest rate on my loan as of the Citunge Date,
<br />(ii) the amount of my monthly pax>reat following the Change Date;
<br />(iii) any additional matters which the tote Holder is required to disclose; and
<br />(is) the address of the association you could contact regarding any questions :1? a;t the adjustment notice.
<br />IL CHARGES: LIENS
<br />Uniform Covenant4 of the Security Instrument is amended to read as follua :
<br />4. Chaises: Lim. Borrower shall pay all taxes, assessments, and other charges• fines, and impositions attributable to the Property which may
<br />attain a ptiority over this Security instrument, and feasehold payments of ground rents, if any, in the manner provided under paragraph 2 hereof
<br />or. if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish Lender
<br />all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to
<br />Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security instrument;
<br />however. Borrower shall not be required to discharge any such lien so long as Borrower: (a) shall agree in writing to the payment of the
<br />obligation secured by such lien to the manner acceptable to Lender; (b) shall in good faith contest such lien by, or defend against enforcement of
<br />such hen in. legal proceedings which in the opinion of Lender operate to present the enforcement of the lien or forfeiture of the Property or any
<br />part thereof; or (c) shall secure from the holder of such lien an agreement to a form satisfactory to I ender subordinating such lien to this
<br />Security Instrument.
<br />If Lender determines that all or any part of the Properry Is subject to a lien which may attain a priority mer this Security Instrument.
<br />Lender stall give Borrower a notice identifying s,rch hen Borrower shall satisfy such hen w take one or "lure of the actions set forth abote
<br />within ten days of the giving of the notice
<br />t . 41fifCfr;
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