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<br /> ADJUSTABLE RATE RID��9�O�e3��ssosa-�-2o
<br /> THIS AQJUSTABLE RATE NIDER ls tn�da thl9 21 St �y pf November ,._1.g.�2.and
<br /> is incorpornted into ancl shaH be daemed to amend and supplomant the Mortya�e, Oeed of T�ust o�Securiry Oeed ('Mort4afle"), al
<br /> � ev� date herewilh, qMen by the u�detsiy�ted('Mortaso►'I to aacur�Matya�o►'s Adjustabl�Rate Note ("Note'), oi even data
<br /> herEwith, to FIRST FEDERAL SAVIMQS AND I.QAN ASSOCIATION OF LtNCOIN (•Monye►gee'), covering the premises
<br /> describod (n the Mart�ys and locatad at
<br /> arand Islanr! braska 68801
<br /> Notwithstandt�y enythinq to the contrary sat torth in the Mort��e, Mat�a�w��d Mat�Qee hereby eqree tv lha toltowing:
<br /> t. Under the Nots, the inftial atat�d IntK�st nU o1�,�� �nd On� tourth per centum ( Q+�Q `N+)
<br /> � per�nnum�"Inftf�l interest Rate') on th�unpaW prkicipal b�Mnc�b subject to chan�e. aa hereM�fter described. When the Interest
<br /> roite chmye�, the equal monthy hstalkne�te of principal and Interuat aiso wIN he adjuated,as hereinarier provided, so thet each
<br /> � Inst�Nment wi�be in an amount necaa�ry to iuMy artwRize the unpaW p►incipal balance o1 the Note,at the naw adJusted Interest
<br /> ' �te, over the rcmaininp term o!ths Not�.
<br /> ; 2. T;9 rst adjustment to the iniarast rata�t any adjustment i� requ�red)wit!ba etltctivo 0o tha Rrst dsy o!�eceml,��r
<br /> __ (which date wiq not be tess than hreNe mo�ths nor moro than eiyhtee� montha trom ihe due date oi the first
<br /> • Inst�liment qayment under the Note),�nd thereaher each adJustment to the intxsst rate wi�be m�de ettactive on that day o1 each
<br /> succeed;a�g yaer dudnq the term of the mortyage ('Chanfla Date').
<br /> 3. Each adjustment to the I�taest rate will be made based upon the toNowtng nnethod ot employing the weekly average yield on
<br /> Unfted States Treasury Securities adJusted to a constant maturity of one year ('Index'; the tndex is puEfished in the Fede�al
<br /> Reserve Bulletin a�d made avaii�ble by the United State�T�eusury Depanment in Statistical Release H.15(519)). As ot each Change
<br /> Oate, it will be detertnined whether or noi an interest rete edjustment must be made,and the amou�t of the new adjusted inte�est rate.
<br /> +1 a�y, as toflows:
<br /> (a) The amount o1 the Index will be detertnined, using ihe most recentty available flgure,th�rty (30) days betore the Change Oate
<br /> � ('Current Index').
<br /> (b) 275.0 percenta9e points; 2•750 96; the 'Margin')will be edded to the Cunent
<br /> Index and the sum oi this addition wUl be rounded to the oe�rest o�eeighth oi one percentage point (0.12546�. The rounded
<br /> sum, oi the Margin plus the CuRent Index.wUl be caUed the'Calcutated Interest Rate' to�eacfi Chan�e Date. � -
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<br /> (c) The Calcuiated Interest Rate wHl be compared to the interest rate being eamed Immediatety ptior to the cuRent Change , .
<br /> Date (such interest rate being called the 'Existing Interest Rate'). Then,the new adjusted interest rate, B any, will be detertnined :�
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<br /> as follows:
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<br /> � (q 11 the Caicut�ted in2erest Rete is the same as tha Existing Intereat Rale,the inierest rate wiU not change. _—
<br /> pi) If the diflerence between the Calculated Interest Rate and the ExlsU�g Interest Rate is les�than or equal � ��
<br /> to one percentage point,the new edjusted interest rata wiU be equal to the Catcutated Interest Rate(subJect to
<br /> the maximum altowable chanQe uve�the term ot the MoRgaga of five percentage points, in either direction,irom the
<br /> Initial Interest Rate, herein caNed 'S96 Cap').
<br /> (i(i) fl the Calculated Interest Fiate exceeds ihe ExlsUng Interest Rate by more than one percentage point,the naw
<br /> adjusted interest rate wiM be equal to oree percentage point higher than the Exlsting G�terest Rate (aubject to the 596 Cap).
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<br /> � (iv) N the Catcutated Interest Rate is less than the Existing Interest Rate by more t��an one percentege point.the rtew
<br /> adjusted interest rate will be equal to one percentage point less than the Existing Interest Rate(subJect to the 596 Cap).
<br /> � (d) Notwithstanding anything contained In this Adjustabte Rete Rider, ln nm event witl any new adjusted interest rate be
<br /> , more than Tive percentage (596) points higher or lower than the Initial interest Rate. If any increase or decrease in the ��
<br /> Existing Interest Rate would cause the new adJusted inferest rate to exceed the 596 Cap, the new adjusted interesl rate ���
<br /> wili be limited 10 flve percentage (596)points higher or lower,whicheve�is applicabie,than the IniC�al Inierest Rate. ' ;�:�
<br /> (e) Mortgagee will peAortri the functions required under Subparagraphs 3(a), (b) and (cj to determine the amount o!the new `
<br /> adJusted rate, if any. My such new adJusted interest rate wili become ettective an the Change Date and thereafter will be .'���� °.,
<br /> deemed to be the Existiny Interest Rate. The new ExisC�ng Interest Rate will remain i� eflect until ihe�ext Chartge � ,
<br /> Oate on which the interest rate is adJusted.
<br /> (Q If the Ind� ls no longer available,Mortyagee wiN be required to use any i�dex prescribed by the OepaRment oi
<br /> . .Housing and Urben Development. Mortya9ee wiN notify MoRgayor tn wrfting of any such substitute index (giving ap�ecessary
<br /> , infcrmatioss tor MoRgagtu tg vbtain such Index)enQ a![er the dete o1 SuCh notice the substitute index will ba deemed to be Ihe
<br /> , irt�ex hereunder.
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<br /> � 4. (a) It the Exlsling trtierest Rate changes on any Change Date, MoRgasee wiU recalculate the monthry instaltment payments
<br /> o}principal and interest to determine the amount which would be necesscry to re�pay in full, on the maturity date,the unpaid
<br /> principat balance (which unpeld principal b�lance wiq be deemed to be the amount due on such Change Date essuming there has
<br /> . been rio defaufl in any payment on the Note but that all prepayments an the Note have been taken into account), at the new Exlsting
<br /> . Interesi 4�ate, in equal monthfy payments. At teast 25 days before the date on which a monthly payment et the new lavel is due.
<br /> MoRgayee will give Martgaflor written notice ('Adjustment NoUce')of any change in the ExisUng Interest Rete and oi the
<br /> • revised amount o!the monthry lnstallmen! payments of principal and inte�est, calculated as provlded above. Each AdJustment NoUce ---- -
<br /> will se!toRh ()the date tha Adjustment NoUce is ylven, (ii) the Chanye Date, (liQ the current interest rate, (iv)the new Existing f �
<br /> Interest Rate as adjusted on the Chanye Oate.(v) the amount of the adJusted monthly instaltment payments, calculated as provided �
<br /> above. (vl)the Curcent Index and the dete it was published, (vii) the method of catculating the adjustment to the monthly inslallment �
<br /> payments, and (viii) any other information which may be requlred by law trom time to time. •
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