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`'.144691 ADJUSTABLE RATE RIDER (1 Year Tr eryr Index-Rate Caps) 0020027090 Tit IS ADJUSTABLE RATE RIDER is made this 27TH day of MAY .19 94 , and is in:orporated 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 Adjustable Rate Note (the "Note") to Tht Epaitaaie (landing and Loan Association of Greed Island,Maeresks, A Fades 1 5avinis Sink (the "Lender") of the saute date and covering the property described in the Security Instrument and Ixated at: 2520 STUHR RD GRAND ISLAND, NEBRASKA 68801-8273 (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 MAXIMUM RATE THE BOR- ROWER 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: A. INTEREST RACE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 4. 7 5A %a. The Note provides for changes in the interest rate and the monthly payments, as follower 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate 1 will pay may change on the first day of JULY , 1995 , and on that day every 11th month thereaft-r. 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 weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year, as made available by the Federal Reserve Board. The most recent. Index figure available as of the date 45 days before each Change Date 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. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO percentage points ( 2.000 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 Date. The Note Hold-T will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the 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. (D) Lirnlits on Interest Rate Changes T'lue interest rule I am required to pay r.t the first Cl►ange Date will not be greater than 8.750 7e or less than 2 . 750 a/o. Thereafter, my interest 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 09 . ISO 17e. 0E) Effective Date of 4i n,.ttges My new interest rate will become effective on each Change Date. 1 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 attain. (F) Notice of Changes The Note tiolder 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 regarding the notice. B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant I7 or the Security Instrument Is amended to read as follows: Transfer of list Property or a 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 Its sold or transferred and Borrower Is not a natural person) without Lendet's prior written consent, Lender may, at its option, require Immedlalt; payment in full or all aunts secured by this Security Instrument. Ilowoer, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument, tender also shall not exercise this option if, (a) Borrower causr..t to be submitted to lender information required by Lender to evaluate the intended transferee as If a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Securi- ty Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's con- sent to the loan assumption. Lender may also require the transferee to sign an assumption agreement that is accept- able to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and In this Security Instrument. Borrower will continue to be obligated under the Note and this Socially Instrument unless Lender releases Borrower in writing. WAT1STATE ADJVSTAKE RA19 WER--ANA 04--5"0 FerMN-ForWo Mse//redit Maa UrWorm MrelrrrrrrarM ~ Farm 3111 3ro5 ~y •822A ts"f VMr 6Adll/l)A04 POW1 • 137512918100 - t6oosil•rjipl