99112183 - Laserfiche WebLink

Browse

. . � � 112183 Loan rto. 0089034599 ADJUSTABLE RATE RIDER (LIBOR 6 Month Li bor Index--Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 15th day of D2Cemb2t^ 1999 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note (the ^Note")to TMS Mortgage Inc. , dba The Money Store (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 503 W. Louise Street, Grand Island, NE 68801 [Property Address] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MINIMUM AND THE MAXIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: IN'I'EREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of $.$5� %. 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 ZSt day of J811U81'y, 20�4 and on the lSt day of every 6th month(s)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. The "Index" is the average of interbank offered rates for 6 Month Li bor U.S. dollar-denominated deposits in the London market based on quotations of major banks, as published by The Wall Street Journal. The most recent Index figure available as of the 20th day of the calendar month immediately preceding each Change Date is called the "Cunent Index." If the Index is no longer available, or is no longer published by The Wall Street Journal, the Note Holder will choose a new index or source of index that is based upon comparable information. T'he Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding$1X and 1/10 percentage points ( 6.100 %)to the Current Index. The Note Holder will then round the result of this addition up to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 4(D)below, this rounded amount will be my new interest rate until the next Change Date. MULTISTATE ADJUSTABLE RATE RIDER�ss�o� Original - Record M005R1 Page 1 of 2 I IIIIII IIII)IIIII IIIII IIIII(IIII IIIII IIIII IIIII IIIII IIIIIII IIIII IIII IIIII III IIII � 0089034599RRAJ