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