200506599 - Laserfiche WebLink

Browse

200506599 ADJUSTABLE RATE RIDER (LIBOR Six -Month Index (As Published in The Wall Street Journal) -Rate Caps) 2 YEAR RATE LOCK THIS ADJUSTABLE RATE RIDER is made this 15th day of July, 2005 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 Adjustable Rate Note (the "Note ") to New Century Mortgage Corporation ( "Lender ") of the same date and covering the property described in the Security Instrument and located at: 4134 DRIFTWOOD DR, Grand Island, NE 68803 - (Property Address) THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE MAXIMUM RATE 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: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 7.425 %. The Note provides for changes in the interest rate and monthly payments as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of August, 2007 and on the same day of every 6th month thereafter. Each date on which my interest rate could change is called an "Interest Rate Change Date." (B) The Index Beginning with the first Interest Rate Change Date, my interest rate will be based on an Index plus a margin. The "Index" is the average of interbank offered rates for six month dollar deposits in the London market ( "LIBOR "), as published in The Wall Street Journal "Money Rates" Table. The most recent Index figure available as of the first business day of the month immediately preceding the month in which the Change Date occurs 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. NCMC 2/28 Six Month LIBOR Adjustable Rate Rider RE-409 (111803) Page 1 of 1002777132