202109513 - Laserfiche WebLink

Browse

gr -RECORDED 20210951; LOAN #: 002073816 FIXED/ADJUSTABLE RATE RIDER (30 -day Average SOFR Index (As Published by the Federal Reserve Bank of New York) — Rate Caps) THIS FIXED/ADJUSTABLE RATE RIDER is made this 1st day of November, 2021, and is incorporated into and will be deemed to amend and supplement the Mortgage, Mortgage Deed, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Fixed/Adjustable Rate Note (the "Note") to First National Bank of Omaha, a National Banking Association (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 2015 Stagecoach Rd, Grand Island, NE 68801. THE NOTE CONTAINS PROVISIONS ALLOWING FOR A CHANGE IN BORROWER'S FIXED INTEREST RATE TO AN ADJUSTABLE INTEREST RATE.THE NOTE LIMITS THE AMOUNT THE BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MINIMUM AND MAXIMUM RATES THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the representations, warranties, covenants and agreements made in the Security Instrument, Borrower and Lender further cov- enant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for monthly payments of principal and interest ("Monthly Payment") and an initial fixed interest rate of 2.875 %. The Note also provides for a change in the initial fixed interest rate to an adjustable interest rate, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The initial fixed interest rate I will pay will change to an adjustable interest rate on the 1st day of December, 2031, and the adjustable interest rate I will pay may change on the 1st day of the month every 6th month thereafter. Each date on which my adjustable interest rate could change is called a "Change Date." (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index that is calculated and provided to the general public by an administrator (the "Administrator"). The "Index" is a benchmark, known as the 30 -day Average SOFR index. The Index is currently published by the Federal Reserve Bank of New York. The most recent Index value available as of the date 45 days before each Change Date is called the "Current Index," provided that if the Current Index is less than zero, then the Current Index will be deemed to be zero for purposes of calculating my interest rate. If the Index is no longer available, it will be replaced in accordance with Section 4(G) below. MULTISTATE FIXED/ADJUSTABLE RATE RIDER — 30 -day Average SOFR — Single Family Fannie Mae/Freddie Mac Uniform Instrument Form 3142 04/20 Ellie Mae, Inc. Page 1 of 4 F3142RDU 0420 F3142RLU (CLS)