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AnJUSTAULE ItATE IUOElt ~4Ltl:J'IU -'- "~"Vl\vc.u 87-107268 87- 106068 r TillS ADJUSTABI.E RATE RIDER is made this 16 TH day of OCTQaF.:R , 19 &7 ,and is incorporated into and shall be deemed 10 amend and supplement the Mortgage, Deed of Trust or Deed to Seeure Debt (the "Seeurity Instrument") of the same dale given by the undersigned (Ihe "Borrower") 10 seeure Borrower's Adjustable Rate Note 10 ---------.------ ______~_____._ ___CITlCORP-.MORroAGE,--INC,. __ ___ _____ _____________ - (the "Lender") of the same date (the "Note") and covering Ihe property described in the Security Instrument and loeated at: ____________ ___1812_BAHBARA-AVENUE. __GRAND-ISIAND,---NE-6...8llil3------ (l'IHWU<1 Y 1\IH)KLSSI THE NOTE CONTAINS P.ROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE. IF THE IN- TEREST RATE INCREASES, THE BORROWER'S MONTHLY PAYMENTS WILL BE HIGHER. IF THE IN- TEREST RATE DECREASES, THE BORROWER'S MONTHLY PAYMENTS WILL BE LOWER. 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 CHAN(;ES The Note provides for an initial interest rate of ___ 8. 2~ 1Jf0. Section 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: . 4. INTEREST RATE AND MONTHLY I)AYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the firsl day of ___NOVEMBER-, 19~, and on that day every 12 thereafter. Each date on which my interest rate c(1I11d change is called a "Change Date:' th month Q My interest rate also shall never be greater than 14.325 It/o. (0) The Index Beginning with the l'irst Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year(s), as made available by the Federal Reserve Board. The most recent Index l'igure available as of the date 45 days before each Change Date is called the "Current Index:' If the Index is no longer available, the Note Holder will choose a new index which is based npon comparable information. The Note Holder will give me notice of this choice. (C) Caleulation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding THREE AND 325/1000 u percentage points (3.325 0/0) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.1250;/0). This rounded amount will be my new interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal balance of my loan I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal p;tyments. The result of the calculation is called the "Full Payment Amount", and it will be the new amount of my monthly payment, subject to subsection (D) below. (D) limits on Interest Rate Changes My interest rate is subject to the following limits if the appropriate box is checked: ~ The rate of interest I am required to pay shall never be increased or decreased on any single Interest Change Date by more than 2.00 0/0 from the rate of interest I have been paying for the preceding 12 -. months. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date ur.tilthe amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the title ami telephone number of a person who will answer any question I may have regarding the notice. O. TRANSFt:R OJ- THE PROPERTY OR A BENEI'ICIAl INTEREST IN RORROWER ,...........--- Uniform Covenant 17 of the Security Instrument is amended to read as follows: L Transfer of the Properl)' or a Beneficial Interest in Borrower. If all or any part of the Properly or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior wriuen consent, Lender may. at its option. require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exereise is prohibited by federal law as of the date of this Security Instrument. Lender also shal! not exereise this option if: (a) Horrower causes to be submitted to Lemler information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that Ihe risk of a breach of any covenalll or agreement in this Security Instrument is acceptable 10 Lender. f h- 'tn...;N W0 f, "!'t, ."i\" ~