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99 11 � � 34 ORIGINAL ADJUSTABLE RATE RIDER LOAN NUMBER: 3263514 321-200910-7 390187594 875 7296 THIS ADJUSTABLE RATE RIDER is made this 15TH day of OCTOBER, 1999 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed("Security Instrument")of the same date given by the undersigned ("Borrower") to secure Borrower's Note ("Note") to CENDANT MORTGAGE CORPORATION DBA PHH MORTGAGE SERVICES(the "Lender")of the same date and covering the property described in the Security Instrument and located at: 2511 WEST LOUISE STREET GRAND ISLAND NE 68803 [Pioperty Addressl THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHI,Y PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIVIUM RATE THE BORROWERMUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: INTEREST RATE AND MONTHLY PAYMEN'T CHANGES (A) Change Date The interest rate may change on the first day of JANUARY 2001, and on that day of each succeeding year. "Change Date" means each date on which the interest rate could change. (B) The Index Beginning with the first Change Date, the interest rate will be based on an Index. "Index" means the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board. "Current Index" means the most recent Index figure available 30 days before the Change Date. If the Index (as defined above) is no longer available, Lender will use as a new Index any index prescribed by the Secretary of Housing and Urban Development or his or her designee. Lender will give Borrower notice of the new Index. (C) Calculation of Interest Rate Changes Before each Change Date, Lender will calculate a new interest rate by adding a margin of 2.75000 percentage points (2.75000)to the Current Index and rounding the sum to the nearest one-eighth of one percentage point(0.125%). Subject to the limits stated in Paragraph (D)below, this rounded amount will be the new interest rate until the next Change Date. (D) Limits on Interest Rate Changes The interest rate will never increase or decrease by more than one percentage point (1.0%) on any single Change Date. The interest rate wiii never be more than five percentage points (5.0%) higher or lower than the initial interest rate stated in the Note. (E) Calculation of Payment Change If the interest rate changes on a Change Date, Lender will calculate the amount of monthly payment of principal and interest which would be necessary to repay the unpaid principal balance in full at the maturity date at the new interest rate through substantially equal payments. In making such calculation, Lender will use the unpaid principal balance which would be owed on the Change Date if there had been no default in payment on the Note, reduced by the amount of any prepayments to principal. The result of this calculafion will be the amount of the new monthly payment of principal and interest. (F� Notice of Changes Lender will give notice to Borrower of any change in the interest rate and monthly payment amount. The notice must be given at least 25 days before the new monthly payment amount is due,and must set forth(i)the date of the notice, (ii) the Change Date, (iii) the old interest rate, (iv)the new interest rate, (v) the new monthly payment amount, (vi)the Current Index and the date it was published, (vii)the method of calculating the change in monthly payment amount, and (viii) any other information which may be required by law from time to time. FHA ADJUSTABLE RATE RIDER PROGRAM 961 3526A Rev. 1/93 (R070) �. , + �_