202303848 - Laserfiche WebLink

Browse

202303848 LOAN #: 002330976 ADJUSTABLE RATE RIDER (30 -day Average SOFR Index (As Published by the Federal Reserve Bank of New York) — Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 28th day of July, 2023, and is incorporated into and amends and supplements 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 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: 4143 Vermont Ave, Grand Island, NE 68803. THE. NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. 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, cov- enants, and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for monthly payments of interest and a portion of the principal ("Monthly Payment") and an initial interest rate of 6.625 %. The Note provides for changes in the interest rate and the Monthly Payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the 1st day of August, 2038, and on the 1st day of the month every 6th month thereafter. Each date on which my 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 ADJUSTABLE RATE RIDER — 30 -day Average SOFR — Single Family Fannie Mae/Freddie Mac Uniform Instrument Form 3141 07/2021 ICE Mortgage Technology, Inc. Page 1 of 4 F3141v21RDU 0322 F3141RLU (CLS)