Laserfiche WebLink
<br />200609362 <br /> <br />FIXED/ADJUSTABLE RATE RIDER <br />(LillOR Index - Rate Caps) <br /> <br />THIS FlXED/A,OJUSTAJ3LE RATE RIPER is made on lIDS 31st day of March <br />2005 , and is incorpor"tcd into an,I shall be del;-'Illcd IO aITIeJld and supplement the Mortgage, Deed of <br />Trust or Semrity Deed (the" Sel;1,lrity Instrument") of the ~ame dan: given. by the undersigned (the "Bonower") to <br />secure J3orrower's Fixed/Adjustable Rme Notc (me "Note") to : <br />LONG BEACH MORTGAGE COMPANY <br />(tl1e"Lendern) of the Sa1l1C date ;uui coverui.g the property dcs~ribedil11heSec.urity Instrull1ent and located at: <br /> <br />313 ~ 9TH STREET <br />GRAND ISLAND, Nt; 6$801 <br /> <br />[PropCrIj Address} <br /> <br />THE NOTE PROVIDES FOR A CHAN(,E IN THE BORROWER'S FIXED iNTEREST <br />RATE AND TO AN ADJUST A8LE INTERES1' RATE. THE NOTE LIMiTS THE <br />AMOUNT THE BORROW':;R'S ADJUSTABLE RATE CAN CHANGE AT ANY ONE <br />TIME AND THE MAXIMUM RATE iHE BORROWER MUST PAY. <br /> <br />ADDIT10NAL COVENANTS. In "ddi~ion ro the coyemID(S and agreements made in me Security Iustrument, <br />Borrower and Lender further covenant and agree as follows: <br /> <br />A. ADJUSTA,BLE RATE AND MONTHLY PAYMENT CHANGES <br />The No~r;:provideS for an initial fixed interest ran: of 10J300 %. The Note ;Usa provides for <br />a thange in the ini~ial fixed rate to au adjusmble lnterc:>t rate, as follows: <br /> <br />1. ADJVSTABLE INT;E:REST RATE AND MONTHLY PAY1Vl)LNT CHANGES <br />(a) Change nates <br />The initial frxed interest rate will change to an <ldjusrable intt'rest rate on the frrst day of April , <br />2007 ,and on the first day of the mond1 every 6rh month thereaneL Each date 011 which the adjustable <br />imerest rate COuld chang!,;' is called a "Change Date," <br /> <br />(0) The Index: <br />Beginning witb the first Charige Date, the interest ra~e will be based on an Indel>;, The "Index" is tho average <br />of we LOl1don interbank offenid rates for six month dollar deposits ill the London m;u~ke~ based on quotations at <br />five major banks ("LIBOR'\ &'.> set forth in the "Money Rates" section of The Wall S[rI1e~ Journal, or if the <br />Money Ra~~s geerion ceases to be publIshed or becomes unavailable for lilY reason, then as set forill in a <br />comparable publication self..'Cted by (be Lender. The wost reeem Index figure available as of the da~e 45 days <br />before each Change Date is called the "Current Index. II <br /> <br />(1,") Calculation of Changes <br />Befort each Change Date, the Lender will Calculate my new interest rare by adding Four an.d Ninety <br />Nine Hundredths percentage poim(s) (4.990 %) to the <br />Current Indu- The Lender will then round the result of this addition to the: nearest one-eighth of onC percentage <br />point (0.125 %). Subject to the limitS stated in Section 1 Cd) on the following page, rhis rounded arnount will be the <br />new interest rate ,meil the next Change Date. <br /> <br />Fixed/Adjustable Rate Ri(lsr - Llbor <br /> <br />.uh.19~6016 1$5101 <br />V{i TM <br /> <br />paG" 1 or 3 <br />ELECTRONIC: I-ASEH FORMS, INC_ - laooI3n'O~4~ <br /> <br />Loan No. 6412046~7879 <br /> <br />19~6CnBl (05103104) Fe <br /> <br />uf2-- <br /> <br />c. C. ~ <br />