Laserfiche WebLink
20.0311923 <br />Loan No.: DEN000528 <br />ADJUSTABLE RATE RIDER <br />(LIBOR 6 -Month Index - Rate Caps) <br />THIS ADJUSTABLE RATE RIDER is made this 26th day of August, 2003 , <br />and is 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 (the "Borrower ") to <br />secure Borrower's Adjustable Rate Note (the "Note ") to BNC MORTGAGE, INC., A DELAWARE <br />CORPORATION (the "Lender ") of the same date and covering the property described in the <br />Security Instrument and located at: <br />716 SOUTH BLAINE STREET, GRAND ISLAND, NE 68803 <br />[Property Address] <br />THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE <br />INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE <br />AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME <br />AND THE MAXIMUM RATE THE BORROWER MUST PAY. <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 />INTEREST RATE AND MONTHLY PAYMENT CHANGES <br />The Note provides for an initial interest rate of 7.250 %. The Note provides for changes in <br />the interest rate and the monthly payments, as follows: <br />"4. INTEREST RATE AND MONTHLY PAYMENT CHANGES <br />(A) Change Dates <br />The interest rate I will pay may change on the first day of September, 2005 , and on that <br />day every 6th month thereafter. Each date on which my interest rate could change is called a <br />"Change Date." <br />(B) The Index <br />Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is <br />the average of interbank offered rates for 6 -month U.S. dollar - denominated deposits in the London market <br />based on quotations of major banks, as published in the "Money Rates" section of The Wall Street Journal. <br />The most recent Index figure available as of the date 45 days before each Change Date is called the <br />"Current Index." <br />If the Index is no longer available, the Note Holder will choose a new index which is based upon <br />comparable information. The Note Holder will give me notice of this choice. <br />ADJUSTABLE RATE RIDER -LIBOR 6 MONTH INDEX - Single Family- Rev. 10/95 <br />Page I of 2 <br />Borrower Initials v <br />