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200309405
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200309405
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Last modified
10/16/2011 2:56:57 AM
Creation date
10/21/2005 7:22:39 PM
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DEEDS
Inst Number
200309405
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200309405 <br />LOW DOWN PAYMENT MORTGAGE ARM RIDER <br />TO SECURITY INSTRUMENT <br />THIS LOW DOWN PAYMENT MORTGAGE ARM RIDER TO SECURITY <br />INSTRUMENT is made this 21st day of July , 2003 , and is <br />incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or <br />Security Deed (the "Security Instrument ") of the same date given by the undersigned <br />( "Borrower ") to secure Borrower's Note to PHH Mortgage Services <br />"Lender" covering the Property described in the Security Instrument and located at: <br />103 NORTH HOUSTON GRAND ISLAND, NE 68803 <br />[Property Address] <br />ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the <br />Security Instrument, Borrower and Lender further covenant and agree as follows: <br />A. LOW DOWN PAYMENT MORTGAGE RATE REDUCTION <br />The Note provides for the reduction in Borrower's interest rate as follows: <br />1. LOW DOWN PAYMENT MORTGAGE RATE REDUCTION <br />Borrower has agreed to pay the rate of interest set forth in Section 2 of the <br />Note (the "Note Rate ") until the full amount of principal has been paid. <br />Note Holder agrees to decrease the Note Rate and the amount added to the <br />Current Index to determine the new Note Rate as set forth in Section 4(C) <br />of the Note (the "Margin ") by 0 -66 percentage point(s) (the "Reduction <br />Amount ") on the earlier of (a) the First Cancellation Date or the Second <br />Cancellation Date, provided that the conditions described in LA. or I.B. <br />below, as applicable, are satisfied; or (b) the Termination Date, provided <br />that Borrower's monthly payments are current at that time. <br />A. First Cancellation Date <br />The "First Cancellation Date" is defined as the date that is the first <br />monthly payment due date after Note holder has verified that <br />Borrower has satisfied all of the following requirements: (1) <br />Borrower must request cancellation in writing; (2) the mortgage <br />balance: (a) is first scheduled to reach 80% of the original property <br />value; or (b) actually reaches 80% of the original property value; (3) <br />Borrower has demonstrated a Good Payment History (as described <br />below); and (4) the then - current value of the property is at least <br />equal to the original property value. (For purposes of calculating <br />original property value hereunder, Borrower's loan -to -value ratio at <br />origination is _95.00__%. In addition, the then - current <br />MULTISTATE LOW DOWN PAYMENT MORTGAGE ARM RIDER TO SECURITY INSTRUMENT - Single Family - Fannie Mae UNIFO INSTRUMENT <br />For 5/01 Page I of 3 <br />0647100(052201).01 <br />1 <br />33N <br />1 <br />�' a <br />
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