|
�._ V . ;�� .,.�. -
<br /> __ � t�` ...�.. v . . . •
<br /> '� �219341 FN�1Fi-311B-1
<br /> ADJUSTABLE RATE RIDER 83"'�
<br /> .
<br /> , t1 vYU Tre,�.ory tade�c-R.a.c.p.-Fi�r�ea R.ttl co.v.niM ap�ou�
<br /> THIS ADJUSTABLE RATE R1DER ii mule thi� Z3RD day of �U1.Y . �9 93 ��i�
<br /> � incorpor�ted in�o �nd sh�ll be deomed to�mend�nd�upplement the MortgaQe.Desd of 7Yust or Securlty DeeJ
<br /> . (cho"Securlty In�trument'�)of the�ame date givcn by thc undereiQned(the"Borrower")to�ecuro Borrower's
<br /> Adjurtable Rata Note(the"Nate")to NORWEST MORTGApE, INC., A M�NNESOTA
<br /> -�-�---- CC�F'L�RATION (the"Lender")of the nnme date end caverin�the property daiccribed M
<br /> Ibe Security lns�rumentand Ix�ted at: .
<br /> —s � 4162 NDRBEMAN AVENUE @RAND I8l.AND� IV� 68803
<br /> [Property Address]
<br /> �:- THB NOTE CONTItIN3 PROVISIONS ALLAWINGi FOR CHANOES!N TH�INTEREST RATE
<br /> AND TIIE�AONTHLY PAYMEI�IT.TH8 NO'fE LIMITB•THE AlIAOUNT TH� BORROW�R'S
<br /> 11DJU9TABLE IN7EREST RA7'E CAN CHANQE AT ANY ONE TIYE AND THE IIAAXIMU�A
<br />_,,;;: RATE THE BORROWEFi MUBT PAV. 7'HE NOTE AL80 CONTAiNB THE
<br /> ----- OPTIO�i TO COt�Y�RT TNE ADJU8TA8LE RATB TO A�IXED RATE.
<br />- � � ADDITIONAL COY�NANTS.In nddition to th�rovenunts and agreementsmade in thc 5ecurity Instrumcnt,
<br />`�;';�� Borrower u�d Lender furcher covenant and agree as foliowe:
<br /> "�� ��4y, 'A.ADJUSTABLE RATE AND MONTHLY PAYMENT CHANG�S �
<br />.`i ���'''" The Note providea foc:u�initial intereat rate of $.Q7:5 �•The Note provides the changes in the adjustable
<br /> Interest rate and the mnnt�ly ppyments.as followa:
<br /> 4.ADJUSTABLE INTE�QST�RA,�'E AND MONTHLY PAYIV�ENT CHANGES
<br /> " (A)Change Dates
<br />=�:� The adjustubl�int,sreat rat�c f wit� pay may change on the firFt day of AU�U8T .i 9 94 . �
<br />- � and on that day every 12th month��greafter.Bach date on which�my adjustable interest race could change is ,
<br />'a`' culled a•'Chonge 4ot�." � "
<br />;;ti.; iB)Th�t Iwfe�'
<br />:•:;�i. �� Beginniog with the first Chnng��Dut�,my udjustable interect rute will be based on an Index.The"Index" is
<br />�• the weekly averAge yisld an Uni[ed States Treasury sccurities Adjusted to a constant maturity of 1 year,as made
<br />:;'�, uvAilable by the Feda�al Reserve Board.The moat recent Index�gure avAilable as of the date 45 days befare each
<br /> Changa Dota iscaltad tha •'Currcnc Ind�x."
<br /> :=���•�• If the ind�x is no longer avallable.tha Not� Huldar�wil[ choosc a new index that is based upon cumparable
<br /> "` informution.The Note Hulder will give me nntice of thia choice.
<br /> ., (C)CAIculAtion ofC6aQges
<br /> - " ' Before ench Change Dut�. tha Not� Holder wit!culauiute my newinterest rate by ndding Z.T.�iO
<br /> .� �: '"' percentage points12.7s0 �)to th�Current Indux. Tha N�xe Holdcr will then round the result of this nddition
<br /> � °``x�c to the neureat one-eighth of onQ percent�ge point�0.125�,>.Subject to the limits stated in Section At D)bebw.this
<br />.,�:�� . .y"..... '
<br /> , ���^M�, rounded omount will be my new intarest rate untit tha nuxt Chonge Date.
<br /> ;` ;�x�:.-z;". . ,�;: The Note Hnlda�wil! then determinc thQ amount a"'tha monthly payment that would be sufficient to repay
<br /> _ ,,,�,.,,�..,.:.,.�:.•„�,,, the unpaid principal thut I am exp�cted to owe at the Chnnge Dute in full on�he Maturity Date at my new interest
<br /> ' '""_'"„""' "" F`� rate in substantially equul paymunts.Th�re�sult of this calaulution w•ill be the new amount of my monthly pay-
<br />,. .94'� "r::_ �•.
<br />-�.. �tt c':;=.�::,;'' ment.
<br /> .�,1{'��J�a{�t�y�•
<br /> (D)Llmita on Interest Rate Chanp�es
<br /> The interesi rate I am required �o puy at the fir�t ChunFc Dute will not be greuter than 6.B7� `k or less
<br /> ��`.� .�w'.-.�::� tha�•975 ''k. ThaRat'tcr,my udjust�l�int�sre�+�rstc will nrvcr be increused or decreased on uny single Change Date
<br /> ^ "��: ",• by mare thanTWO percentuge poim�s!GZ• NJ from[he rate of interest I huve 6een paying for the preceding 12 monlhs.
<br />��. "�:���. _, My interest rate will never be gRU�ur thiil0 r k�75 �, which is culled the"Maximum Ratc." _
<br /> •=� ;� . . (El Efiectivc Datc of Ct�nges
<br /> - , ..��-�••� My new inlerest rate will become eft�c�ive ��n eACh Chunge Dutc. I will puy the umount of my new monthly
<br />° ���;::;. � � � payment beginning on ihc first mnnthly puyment date ufter the Chs�nge Dut� until the nmount of my monthly
<br />- rs'� _: paYmentcha►ngess�guin.
<br />;,`;.t=' ' .' ..' lF)Notice of Ctwnpes =
<br /> _ :`^ ,t�:�:.� _ The Note Holdor will d�liver or mi�il t��me u notirr of any chungcs in my udjustable interest rAte nnd the -
<br /> • ��� � amount of my monthly paymem befure che cffective date �f'un} rhange. Thc notice will include information �
<br /> �;�;:��;. �..�.� ..' required by I�w t��be �tiven me und ulyo thu titte und tel�phone numinr of u per.on who will anawer uny question
<br /> ;,;•. -
<br /> ;: tic''t;:y�;`::�'• ' . 1 may huve r+egordi ng the n�tice. _
<br /> "�.. 'O^'F•).��r���.�•�:.'4 _'
<br />'�.��' Lj y��`� B.FIXFA I NTEItF.ST RATE UP7'ION r
<br /> .ti r_r .
<br />-`���'' �'•�=��"'4"`�`'•t`: The Nate providas far tho Borrower's aptiun to canvert from nn udjustable interest rate with interest rute _
<br />-,:�_� 1� '"' '°' �'• limits to n fixed inten;st mte.as follow,: -
<br />-'-$.- - !�:` '.,,t S.FIXED INTEREST RATE CONVERSION OP7'iON _
<br />,���: �,}h� -
<br /> � �+ .., . (A1 Optianw Canvert to F'ixed Rpte -
<br /> ..,:I,:. ;. -
<br />��:�b .
<br /> -- __ �-_=::-�`"_ _ I huve�Conversiop Option thut 1 run exerrise unle�� 1 am in d�fuult or thi+Sertion 5�A1 u i11 not prrmit
<br /> _ _»�__�_�:,,,
<br /> ��<<<:.,�yM.�� me to do so. The "Conversion Option" is my optinn m convert the intcrrst rutc I um reyuired to pay by this Notc
<br /> _�=�x�;_�,�_;:�ti- from un udjutituMe rate with interest rate limits ro the fixed rate culculuted uncler Section SIBI belaw.
<br /> ��__•:-- ;:
<br /> _Ss���:�„�:��_' The conversion cnn only tuke place on u Jutcls►specified by the Note Holder during thc period beginning nn �
<br /> - ; •�; ? � ,�' the first Chnnge DAte and ending on the fifth Chunge Date. Each Jute�m which my udjustuble interest rute can
<br />:`- � ' ` conven to the new fixed mte is culled the"Conversion Date."
<br /> '�.` e
<br /> �'m--- {fi IM�TqTATlCOIiVEI1TIdQAWU9TA8L8NATEHDER-ARNW.ANS/-S�npNF�may-tYNrT���wrylnd�t•F�nN�IAMUr+NOrminttru�tFpm�lfll/K
<br /> -- �6G3!',Xs:!
<br />- - NMFL 106i9A90 ��.�ae i�•r:r+�r u
<br /> . ..
<br /> .��- -•
<br />
|