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<br /> �_�r�_�_r....��,:�i ��1�� t� FtrPIR-31 Y8-j ,` -
<br /> .----�— �22�799 -
<br /> . ADJUSTA�LE RATE�RIDER
<br /> (1 Year'i�ara�y ladeac-RAte C�p�-Fixed R�te Conv�nbn Opeio�l
<br /> • TH1S ADIU5TABLE RATE RlDBR is mAde t6is bTH day of A110U8T . 19 93 ,and Is ' .
<br /> incorpo�atad into and ehall ba dccmed�a Amend and supplcment thn Martgage. Decd of Tiruat or Securlty Deed
<br /> (tbe'•S�curity lastrumant")nF the cama dute given by the undorsianad(thp "13qrrower")to securc 8orrowor'�
<br /> -- �-.-�---____�--�---�
<br /> AdjqFioble Rata Noto(tha"Nqte")to NORWEBT MORTOAOE� IN�.� . 1� M1PNrE80TA
<br /> CQRPOFtAT I�i (the "Lender"1 oi the beme datc�und,cp�!or�n�tho property dcacribe n �--•-
<br /> +� the Securicy InAtrumant ond laaated ar.
<br /> 712 W�BT lOTH ST ORAND I9LAND� M� 68601
<br />__ _-- -� — ' [Propr�tyAJd�e�s] °
<br /> TH&NOT�CONTAINB PROYISIONS ALLOWING FOR CHANQES IN TN�IIAT�F.t�ST RATE
<br /> AND�THE MONTHLY PAYM�NT.THE NOTE LI�AITS THIE 14MOfJNT TH�80RRQWER'S
<br /> ADJUSTA�LE INT�R�ST RATE CAN CHANQE AT ANY ON�TIM�ANO THL NAXIIAU�O
<br /> ---�'"-'a°"�' RA7E TH� BORROWER MUST PAY. THE NO?E A4�8Q�CONTAINB THE
<br /> - =-'"� OPTIOM TO CONVERT THE A�IUSTABLE RATE TO A FIXEO RA1Tl�. .
<br /> -�h�
<br /> � � A DDIT[ONAL COVENANTS.1 n udditinn to the covenr�nts and agreemanta mada•in�tha Security lnstrument.
<br /> ���'�� : '^'R',�°:�..�.� �'"'. Borrowerand Ixnder furcher covenunt und agree ea followa:
<br />_ ' .:., :�:..:�:;,rs.�....W,,.°.,
<br /> �:�� A�.ADJUSTABLE ItATE AND MONTHLY PAYME.'VT CHANGES
<br />�'�.r ' �� �i:;',�;r�,!..•.�..�.:F
<br /> : ,, ''j,�;�,,��,���•;x:��„ The Note provides for an initial interest rate of 3.730`'�o,The Note provid�s thN chan�es in the udjustable
<br /> ��:> �n �`'r r��t''��• ; intareat rata and tba monthiy paymentc,a�follows:
<br />� � Y�!`{ .�'4 j�rx���Y"<rr1,��,`"p
<br /> ' .`.''i.,.�r,;`. ' - 4.:AUJUSTAB4�INTESESTRATEANDMONTHLYPAYME'WTCHANOF.S
<br /> . �� •: : ,::�..:. ,..
<br /> tiq.,rs:;:.:;,.�'�; .,. . . (AlChaaqcDatQe
<br /> " '�`°'`;'��'''''' ' Tha nd,jq�table intaraet rate 1 wil l pay mny change on.the first duy nf 6�PT�MBER . 19 94 —
<br /> ..;.a i,s��:,�;s,' . �,� _
<br />_ ;� •• • , �c��`�,. and on•thaGday�every 12th month thereafter. Ench ducB on�wbiuh my Adjustnble interest rAte could chunge is _
<br /> _ .,�:t•�= ---"��:�;:.:��-�':.��.--'-v_ c�lled a "GFlnnaa Dnte...
<br /> :.`. �."`, . :1'` -- (B)The Index� =
<br /> ,��;, Baginning with the tirst ChanRe Date, my adjustable intarect rate will br bnsed on an Index. The"Index"is �^
<br /> .� . .,,�, ' . the weekly average yield on United States TreASUry��curitirr adjusted ta a constant maturity of 1 year,us made _
<br /> • • . , available by thB Federal Reserve Board.The most recenr index ti�u�e availuble ns of the date 45 days before ench =
<br /> � ' Chunge Dota iscalled the"Current lndex." —
<br />-• ., . If the indea is no longer availubla:,the Notr Holdrr will choose a new index that is based upon comparable
<br /> -��. ' , , , inforrnu[ion. The Not�Holder wil)give me notice of this choice. _
<br /> _ . ' ICI Cakulation of Changes
<br /> -- � ', � � Before euch Change Dute, the Note Hnlder will culculatc my newinterest rute by adding 2.750 `—`_-'
<br /> � _�.T-
<br /> �'�` .��� percentage points(2.750 �k)to the Current tndex. Thc Notc Holder will then round the result of this uddition
<br /> ��• . to the nearest one-eighth of one percenrrge point 111.135�'!.►.Subject to thr limits stated in Section 4(DI below,this �"'
<br />'; � .. . rounded umount will be my n�w intere+t rute untit d�e ncxt Ch:�ngc Dut�. _
<br /> ' ' The Note Holder�+�i!!then detcrrnine the Amount of�h�monthly puyment thut wou1J t�sufficient to repay =
<br /> � - the unpAid principnl that 1 am exprctad to owe at the Chunge Dutr in ful I on the Muturity DAte at my new interest —
<br />!,;��1�' . ,_ rute in substuntially eyuul puymrnts. The result of this culculutian will bc the new umount of my monthly pAy- �`�'�'`
<br /> • ment_ —
<br /> ' ' IDI Llmits on Interest RAte C hanRes
<br /> ' " � The interest r�te 1 um reyuircd to puy at thc fir.t Chan�r Dutc��•ill not he greuter thun 5.750 7 ar less �'°�"�-
<br /> ���• ���' � �, thani .750 �k. Thereuftcr,my udjuswble intcre.t rate will ne�rr be incmu,ed c►r ckcreu.ed on uny�ingle Chnnge Date
<br /> " �'� , .�,. " by more thanTWO percentugr poinusl �2.�/.1 from the rute��f intcre.t 1 hu�•e he�n puying for the preceding 12 months. -
<br /> � � ' , � . My interest rate will nevcr tx� grcuter than9.750 �/, whirh iti calleJ thr"Maximum Itate." --
<br />� � ����.�� lE1 Eifective Datc of Chanses
<br /> � . , • . My new interest rutr u�ill beromr et'trrti�r un�ach Chungr Date. I ��ill pay thr umount ��f my new monthly `"".:
<br /> _ � ' puyment beginning on the fir,t mnnthly puymrm datc ufter the Chan�e Dute until the amoun[ of my monthly --=
<br /> � ��:
<br /> .� ' pnyment changes u�eain. �j
<br />-�`. . ��. (F►Natkc of Chanscs
<br />• Thc Nnte HolJcr will Jcliver ur mail to mc a nuti��at'any �han��.in m} adjustablc intcr�+t rate and thc �T
<br /> ^.' � amount ol'my munthly paymcn� hef��rr thr cfl'rcti�c date of any changc. Thc noticr will inrludr information R
<br /> : i •
<br /> � ; , required by law t�i bc given oic and ul�u�hc title und tclrphunr numlxr uf u person who will untiwer any yuestion
<br /> • ' i ' ' •' , 1 may Bnve regarciing thr ncitirc.
<br /> , 1 .,
<br /> . . B.FI;�iED INTERE5T KATE UPTImN
<br /> L . s �� .. TIk Not� providc� f�r the eorr�wer'.optiun to romert from un udju,table interest rute•with interest rnte
<br /> � limi�s tn a fixed intere+t rutr,as fn0��w,: �_ _
<br />�.[, �-�'_
<br /> , 1 ' S.FULF:D INTERE'ST RATE('UN�'ERSION UI'TION
<br /> �..
<br /> .' ', " '" IA1 Optton to Com�ert to Fixed Ratc �� '
<br /> �ry-;,�r 1 nu��e u Com•enion Option thnt I cun cxercitie unlc�. 1 am in drt'uult��r thi�Src�ion S1A1 will nut prrmit �
<br /> � � me to dc�so. The "Con�•crsion Option" i. my option u► romrrt thr interesi rutc 1 am rryuired tu pay by this Note 1
<br />� ., s from an s�dju.table rute with interL�t ratc limits to the tixrJ ra�c calrul�trJ under Sc�tiem SI B►hek►a•. ;
<br /> � � �
<br /> _ � ° J ,,,v, The conversiun can cinly take place on u Juielyl ypecifieJ by the Notr Hc�lder Juring the period t+rginning on �
<br /> •. :�-" the firxt ChanFe Datc and enJing on the 1'ifth Changc Dutr. Earh Ja�e un w•hich my adju.tablr intcrc�t rutc ran �
<br /> t �� " � convert to the aew fixed rute is rulled the"Ccmversion Date."
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<br /> ,� MUITIBTATECONVBRTIBLBADJUBTABLBRATERI�EN-ARIIIPLAN57-S��qkFAnu�y -�Yw►TI�MUry'eW�t•F�nnl��IpUMfa�nln�trum�ntFam711�U�9
<br /> MMFL�0683A90 q��e,l,v.ry�a,� �
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