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ADJUSTABL1E RATE RIDER 93-. (1 Year Treasury Index-Rate Caps) 1108!t8 0020026804 THIS ADJUSTABLE RATE RIDER is made this 6TH day of DECEMBER .19 93 ,and is incorporated intu and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Sec'Jnty Deed (the "Security Instrument") of th~ same date given by the undersigned (the "Borrcwer") tl) secure Borrower's Acjustable Rate Note (the "Note") to The Equitable Building and loan Association of Grand tsland,Mebraska, ~ Federal Savings Bank (the "Lender") of the same date and covering the property descr:bed in the Security Instrument and located at: 4161 REDWOOD COURT GRAND ISLAND, NEBRASKA 68803-3107 [property Address] THE NOTE CONT AII\.!S PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTIiL Y PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BaR. ReWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covt~nants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree :1., fellows: A. INTEREST RAn~ AND MONTHLY PAY:*.f.i"..T CHANGES The Note provides for an ir.itid! intere.st rate of 4. 750 0/0. The Note provides for changes in the interest rate and the monthly payments, as follow~: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of JANUARY ,19 95 ,and on that day every l2th momh thereafter. Each date on which my interest nue could change is called a "Change Date." (B) The Index Beginning with the first Change Dat~. my interest rate will be based on an Index. The "Index" is the wl~ekly average yield on United States Treasury securities adjusted to a constant maturity of I year, as made avail hie by the Federal Reserve Board. The most recent Index figure available as of the date 4S days before each Change Vate is called the "Current Index." If the Index is no longer available. the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of this choice. (0 Calculation of Changes Before each Change Date. the Note Holder will calculate my new interest rate by adding percentage points ( 2.000 0/0) to the Current Index. The Note Holder will then round the result of this addition 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 Dolte. The Note Holder will then determine the amOUn! of the monthly payment that would be sufficient to repay the unpaid principai that I am expected to owe at t.he Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. TWO (D) Limits on Interest Rate Changes -.ne interest ,ate I am required to pay at the first Change Date will not be greater than 6 . 750 % or less than <1 . 00 ulo. Thereafter, my. hUcrest rate will never be increased or decreased on any single Change Date by more than two percentage points (2.0%) from the rate of interest I have been paying for the preceding twelve months. My interest rate will never be greater than 9 . 7 50 %. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly pay- ment changes again. (F) Notice of Changes The Note Ho!der will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a person who will answer any question I may have regnrding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEI~F..sT IN BORROWER Uniform Covenant 17 of the Secllrity Instrument is amended to read as follows: Transfer of the Property or 81 Beneficial Interest In Borrower. If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and narrower is not a natural p~rson) without Lender's prior written COllsent. Lender may, at its option, require immediate payment In full of all sums secured by this Security Instrument. However, this option :lhall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Borrower c,'~!~~~ to be submitted to Lender inforl"!1ation required by Lend.:r to evaluate the intended transferee as if a new loan were being m:!dl~ to the transferee; and (b) Lender rl~asonably determines that Lender's security will not be impaired by the loan assumption anc:! that the risk of a breach of any co,.,(:nant or agreement in this Securi. ty Instrument is acceptable to Lender. . To the extent permitted by applicable law, Lender may charge u r(,asonable fe,,: as a condition to Lender's con. sent to the loan assumption. Lender may also require the transferee to ~;ign an assumption agreement that is accept. able to Lender and tha.t obligates the transferee to keep alllhe promis.es and agrl~ernents made in the Note and in this Security Instrument. Borrowtr will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. MUl liST ATE ADJUST ABl.E nA TI; RIDER.. ARM 5.2.- Si"(I" Fs",dy - Fan,.,l" M..iFr.ddl.. M8t: Uniform In.trument 0.,,- 822A (I-'.W)~I \/MP MOHT .,AGr i=OHt-..-1S.. f3'\:11:293.A~O{)" leOOl521 7:791 Form 31113/85