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88- 101024 ADJUSTABLE RATE RIDER (3 yenr Index--With Interest Rate Cap) 88- IDO I q~ I THIS ADJUSTABLE RATE RIDER is made this 21st day of De:enber , 1987 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of 'rrust or Security Deed ("the Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower I s Adjustable Rate Note (the "Note") to Western state Bw1k (the "Lender" ) of the same date Insrrument and located at: 1700 S; H?...rdson, Grand Island, NE 68"!{)l the property described--Tri- the Se-curi ty and covering .~:JI 'l(f/l (Property Address) THE fiVl'E CCNl'AINS PROVISICES ALL<:MING FOR CHANGES IN THE INTEREST RATE AND THE MCNl'HLY PAYMI!Nr. IF THE INTERF.S'.I' RATE~, THE BCJ1RCMER'S flDfi'HLY PAYMIHrS WILL BE BIGlER. IF THE IN'1'F.RFS.r RATE DECREASES, THE BORROWER'S l>tJNTHLy PAYMBN'l'S WILL BE LOWER Addi tional Covenants. In addi bon to the covenants and agreements made in the Security Instrument Borrower and Lender further covenant and agree as follows: A. Ii'U.~'"T RAT"l:: AND rnum.y Plili""-iFlir CSANGE3 The Note provides for an initial interest rate of 9.250 %. ~he Note provides for changes in the interest rate and the monthly payments, as follows: 4. IN'l'ERFS.r RATE AND l'Ufl'8LY PAYMmT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of J~ , lS~ and on that day every th month thereafter. Each date on which my interest rate could change is called a "Change Date". (B) The Index Beginning with the first Change Date, my interest rate will be based on an index. The "Index" is the Weighted Average Cost of Funds to FSLIC Insured Savings and Loan Associations in Federal Loan Bank Board Bank District 11, as made available by the 11th District Federal Home Loan Bank Board. The most recent Index figure 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 upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding 1\.x) & Fifty Hurx:lredths percentage points (2.50 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%) . This rounded amount will be the preliminary interest rate. The Note Holder will then adjust the preliminary rate so that the change in the interest rate on any Change Date will not be more than 2.0 percentage points. Provided, howev(~r, the interest rate will not be increased to more than 13.50 % or decreasea to less tnan 7.250 % during the period that I have the loan. My new interest rate will be the result of this adjustment, if any. The Note Holder is not required to increase the interest rate on any Change Date. If all or any part of a permitted increase is not taken on a Change Date, the Note Holder may take this increase at any subsequent Change Date, if permitted by the procedu~e described above. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the principal I am expected to owe at the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) 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 until the amount of my monthly payment changes again. (E) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and 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 and telephone nWlber of a person who will answer any question I may have regarding the notice. L L , i..-;~-' , . Fy}:,; -t~;:0 ~~~';;.': ~[4 .....'..I..'........~.i.~.~.,~..~t~ :~ . 1 J ~-~ I It-'': r~ ..J ...