|
z" _ -�`.i'�r:• .. � . . . N .� ;__ ._.. a. ..��.r�:,, i. . t. . � .�� _y'Fl`�rsi�.,.. -
<br /> � ' �.3���{� •`�, - W.1'�.. � ��� i'��'„- ��...
<br /> f . . � Q ` � . , .� � �.�_�. --
<br /> r .' ,. • • ��I�li7lAN/�I�A��� . Y•�i?j�:_..—
<br /> . � -. - — —#�1�-�Sae�r LMs--�Mt C�/�--�Is�i�-��w�riM�O�f,i�n� . . .�--._ _�_-�
<br /> - � ' , .��1Y:�r.R�r._u}y6!!--
<br /> r _ . _ _. . _ _ U,_ - -
<br /> . THIS ADJUSTABL6 YtA'1'B R1DSIt l�m�ds 1hi�� 12TH day ot 1'IAY' � �i9 9� .ai�� -
<br /> �iaobcpoated fato aad�11 be daemed to amend and suppkmeat tbe Mortgo�e.Deed of 7fru:t or Seaurity Dwd
<br /> (�be"Secwity Intr�went•')of tbe�ame dito IYCq by the uadani��(tbe••Barro�er")w Ncura 6ar��ti
<br /> �dju�abk Ra�a Noce(we ••tvoce")�q NORi1�ST t10RTGAGE� INC. � A MxNNESOTA
<br /> � CORPORATION (the'•Leader'•)of the��me date aad covaria�tNe p�operty de�crib�l i�
<br /> tue Security Ia�trument md located�t: °�
<br /> 2814 HR�NTii00D BOUI.BVARO GRAND I8LAND, NB b8801
<br /> (Propeny Ad4rec�)
<br /> THB NOT�CONTAMrB PROVISIONB ALlOMIINO FOR CHAN�ES IN TH!INTERBST RATE
<br /> AND TNE MONTHLV PAY�AENT.THE N�TE LIWTB THE AMOUNT THB 80RROWlR'S
<br /> ----- ADJU8TA6LE INTERkBT RAT�GAN G�1lUMQE AT AlilY C�NH TIMF AND 7'11� IIAAI(ItAtlM
<br /> RATE THE BORROWER MUST PAY. THE NOTE ALSO CONTAtMA TH@
<br /> OPTfON TO CONVBRT TIiH ADJI�STA9LB RATB TO A FIXED RATE. .
<br /> - � ADDITIONAL COVENANTS.In�ddition to tAe covenaM&aed a�reemeqts m�de ia Rhe Security Iostrumeat, . �
<br />_ _ __--------� Bonca�er aad�.ead¢r further cm�e�t aac!agree as fallows: ' ".
<br /> . . , , , ��
<br /> - A.ADJUSTABI.E ItATE AND MONTHLY PAYMENT CMANGES �
<br />- - The Note provides for an IalUal interost cate of 5.000 96.The Note provide�tde clwages in t6e�djustable .' .
<br /> iatenest�ate and the monthly paymonts.ae follows: , �
<br /> �_ 4.ADJUSTABLE INTBREST RATE AND MONTHLY PAYMENT�HAN(iE8
<br /> - (A)C4�nge Dates �
<br /> - The adjust�ble Interest rate i will pay may change on the firat day of JUNE .19 94 ,
<br /> __ _ and on that dey cvery 12th month tbereafter. Each date on which my adjustable interest rate could chenge is '
<br /> -° called a"Chae�ge Date." �
<br /> _� (B)The Iadex �
<br />-� • Beginning with Ihe�rst Chunge Date.my adjustable interest rate will be based on an Index.The•'Index"Is
<br /> - _ the weekly average yletd on United States Trensury securities adjusted to a constant maturity of 1 yeAr,as made •
<br /> --"�� 1:� available by t8e Federal Reserve Board.The most recent Index figure available as of the date 45 days before each
<br />'-�""� ' Change Dste isaalled the"Current Index."
<br /> `��" lf the i�dex is na longer avuilable, the Note Holder will choose a new index that is based upon comparable
<br /> . '� informatfon.The Note Holder will give me notice of Ihis chuicr. °
<br />�. .� {C)Calculation oi Chaages
<br /> Before ench Chan e Dnte, the Note Holder will culculate my new interest rate by ndding 2•750
<br /> y�'< percentage points� 2.�50 �Xr�to the Current Index. The Note Holder will then round the result of this addition
<br />'�::'r t�the nearest one-eighth of one percentuge point(0.125�r►.Subject to thc limits stated in Section 4(D)bebw.this
<br /> _ rounded amount will be my new interest rute until the next Change Date.
<br />_ _ ,;.� The Note Holder will then determine the amount of the monthly pAyment that would be sufficient to repay
<br /> �'��' the unpaid principul thnt 1 um expected to owe at the Chnnge Date in full on the Maturity Dnte ut my new interest
<br /> �?`"^; w�, • � rute in substantially equul puyments. The result of thi�culculutian will be the new nmount of my monthly pay-
<br /> P:i.y -t:'�`'
<br />, �,'+� fI1E11I.
<br /> � `�' (D)Limits on Interest RAte Changes
<br />- �'��{ ""''• The inrerest rnte 1 nm required to pay at the first Changr Dnte will not be greuter�han 7•000 ry� �r less
<br />'' �.,:�,:.: than 3.0 0 0 q�.Thereufter,my udjustublc intercst rate will never be iix:rewed orJecreasedon any single Chonge Dute
<br /> ��.:.•.:�:t!�r by more thanTUO percentuge poinqsl(2�ry�l from the ratr of interest I hAVe t+een paying for the preceding 12 manths.
<br />—_ .= �„�..:..,,
<br /> � • ;�.,,. My interest rnte will never be greater thn�� •000 q�,Which is called the"Maximum Itate."
<br /> F` ,,��'�������� (E)ERective Date otChanges
<br /> '�z','"•"0�" � My new interest rute will become effective on euch Chunge Date. 1 will puy the umount of my new monthly
<br />_ .�•;. . .
<br /> : �. �'' puyment beginning on the first montt�ly payment dute•rtter the Chunge Date until the amoum of my monthly
<br /> ',;�:'.
<br /> :}�:,....':.�. payment chunges aguin.
<br /> •�.;.,;�,:. � a (FI Notke of Clwnges • �'
<br /> ���s"` ' � y The Note Holder will deliver or mAil io me a noticc of an �hun e+ in m ud'ustuble interest rute and the
<br /> ?':: Y ' F • � Y 1
<br /> ;:••-;•.:- . umount of my monthly payment before the effective datr of any change. The notice will include informntion �'
<br /> 'r�4•,��• , �� required by luw to be given me und also the title und telephone number of a person who will unswer nny question E
<br /> ' � �" ��,�+���" I muy have regardin�the notice. -
<br />-..: a��%t;l��•.-;,s:�:�'; —
<br />�.�.11� ' .fi ,,:,�.:,;y��i;;;r
<br /> � '" �•: B.FIXED INTERES7'RATE OPTION =
<br /> ,�' ' �'�� '`' The Note provides for the Borrower's option ta convert from un Adju��able interest rute with interest rute -
<br /> �'a° .' �`� .. .
<br /> - limits to n fixed interest r.�te,as folbws: °
<br /> --;�.-:;,,�,:��:�
<br /> �� ''•"� ��'�''-' ���:�t. 5.FIXED INTERFST RATECONVERSION OPTION !�
<br />� �''r���f:Y{.`� _
<br /> taq i. �n .::'7 (�10t1
<br /> ..r+.,��r�,,�,} (A) to Caovert to�ixed Rwte '
<br /> - �k,�.�y�
<br /> _ _ �ti. _�.,�:V,,`p��r,, I hnve a Cnnversion Option thut 1 can exerci,e unle�� I am in default or rhis Secti�in 5(A)will not permit
<br /> .-_ ` _ mc to do so. Thc"Com•crsion Option" is my i�ptinn tn com•en the intemst rate I •rm reyuired to pny hy thi. N�te '�
<br /> - � ;��' from nn ndjustuble rate wi�h interest rAte limits ta the fixed rate calculated under Section S�B►belrnv =
<br /> -�t�..l.:i��,'''j��..; c
<br /> — -�..r�s��.YLi•�t'„� �
<br /> ;_ '4-•'�"•� The conversion can only take pince on a dnte(ti)specified by the Nrne Holder during the peri�d beginning on
<br /> -��� ;�
<br />- the first Change Date and ending on the fifth Chunge Date. Each date on which my adjustable interest rate can �-.
<br /> �,, ;.; convert to the new fixed rate is cAlled the"Conver�ion Uute...
<br /> z f
<br /> �'' , _ "' MUL?IBTATECONVFHTIBLBADJUSTABLEpATERIDHR—ARMPLAN67—SwipleF�mdy-1YnrTnnurylnd�r•F�nn1�MwUNlormM�Irwn�ntFam�ll�tl�i �
<br /> , NMFLE0083A90 qr�erl�d:h�ur.i _
<br /> x..�:... . �.
<br /> ' is
<br />
|