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<br />I
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<br />ADJUSTABLE RATE RIDER
<br />
<br />(l Year Treasury Index-Rate Caps)
<br />
<br />88-101546
<br />
<br />THIS ADJUSTABLE RATE RIDER is made this 29th day of March ,19 88
<br />and is incorporated into and shall be deemed 10 amend and supplement the Mongage. Deed of Trust, or Security Deed (the "Sel:urity
<br />Instrumenl") of the same date given by Ihe undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") to HOME
<br />FEDERAL SAVINGS & lOAN ASSOCIATION OF GRAND ISLAND, NEBRASKA (the "lender") of the same date and covering the
<br />property described in the Security Inslrument and located at:
<br />
<br />640 Swan Lake, Grand Island. Nebraska
<br />
<br />(Property Address)
<br />
<br />This nolI' conlains provisions allowing for chl!nges in my inlerest rate Bnd my monthly
<br />pB)'menls, This note also limits Ihe amount my Interest rate can ('hange at :lny one time Hnd
<br />also tbe mirtlmum and the mnlmuffi rate I must pay,
<br />
<br />68801
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<br />ADDITIONAL COVENANTS, in addition 10 the covenants and agreements made in the Sl'\:urity Instrument, Borrower and lender
<br />funher covenalll and agree as follows:
<br />
<br />A, INTERFST RATE A~D MONTHLY PAYMENA CHANGES , . ""
<br />The Note provides for an lfi1lJal Interest rate of 070. Secllon 4 of the Note proVIdes for changes In the mterest rate and the
<br />l(lonthly payments, as follow\:
<br />
<br />4, INTEREST R,1 TE AND .\fONTlfL Y PA YMENT CHANGES
<br />(A) Change Ilates
<br />The inleresl rate I will pay may chango: on the first day of Apri 1 , 19 89 . and on that day every
<br />t!!!eL~_ mOl1lh~ Ihereafter, Each date on which my imeresl rate could change is called a "Change Date."
<br />
<br />(B) The Indn
<br />Beginning witl1lhe fim Change Dale. my imerest rate will be based on an Index. The "Index" is the weeki)' average )ield On Uniled States
<br />Treasury securities adjusted 10 a conSlam malurit)' of I year, as made available by the Federal Reserve Board. The most recent Index figure
<br />available as of the dale 45 days before each Change Dale is called the "Current Index,"
<br />If Ihe Index is no longer available, the NOll' Holder "ill choose a new index which is based upon comparable information, The Note
<br />Holder will give me nOlice of Ihis choice.
<br />
<br />(C) Calculation nf Changes
<br />Before each Change Date. Ihe NOll' Holder will calculate my new interest rate by adding two & one/hal f percentage
<br />points ( 2,5 "'0) 10 the Current Index and rounding 10 the nearesl1l8th of 1070, subject to the Iimils stated in Section 4(D) below,
<br />This rounded amount will be my new interest rale until the next Change Dale.
<br />The NOll' Holder will then determine the amount of the monthly payment that would be sufficient to repay in full the principal I am
<br />expccled 10 owe on that Change Dale in substantially equal pa)ments by Ihe maturity date al my new interest ratt'. The resull of Ihis calculation
<br />"ill be the new amount of my monthly pay:uel'L
<br />
<br />(0)
<br />The
<br />(2?3
<br />
<br />Limils on Interest Rate Changes
<br />inlerest rate I am required to pay at the first Change Datc will not be greater than 1 3. 5 0:0 or less than
<br />0(0. Thereafter, my interest rail' will never be increa5ed or d::creased on any single Change Date by more than two percent
<br />.from 1111' rate of interestl have been pa)ing for the preceding Iwelve months. The minimum inl.::rest rate on Ihis loan will never be
<br />"7. and the ma"imum interest rate will never be greater than 1 3,5 0;..
<br />
<br />less than
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<br />(E) Effeclh'l' Date or Cbanges
<br />My new interest rate "ill become effeclive on each Change Date, I ....ill pay Ihe amount of my new monthly payment beginning on the first
<br />monthl)' paymem date after Ihe Change Date until the amoum of my momhly pa)ment changes again,
<br />
<br />(F) 1'Iotiee of Changes
<br />The NOIe Holder ,,'ill mail or deliver to me a notice before each Change Date, The notice ....ill ad\i,e me of:
<br />(i) the new interesl raIl' on my loan as of the Change Date;
<br />(ii) the amount of my monthly pa)ment following Ihe Change Date;
<br />liii) any additional mailers which Ihe Note Holder is required 10 disclose; and
<br />(iv) Ihe address of the associalion you could conlacl regarding any questions about the adjustment notice.
<br />
<br />8, CHARGES; LIENS
<br />Uniform COVl~nant 4 of the Securil}' Instrument i~ amended to read cu fo"ow~:
<br />
<br />4. ChllrgfS: IJens, Borrower shall pay all ta.,es, assessments, and other charges, fin~. and imposilions attributable to Ihe Property which may
<br />altain a priorily over this Security Inslrument, and leasehold pa)'men15 of ground rents, if any, in the manner provided under paragraph 2 hereof
<br />or, if no! paid in such manne!, b)' Borrower making pa)"T1lent. when due, directly to the payee thereof. Borrower shall promptly furnish lender
<br />all notices of amounls due under this paragraph, and in the e\'ent Borrower shall make payment directly, Borrower shall promplly furnish to
<br />lender receipts evidencing such payments. Borro....er shall promptly discharge an)" lien .....hich has priority over this Security Instrument;
<br />however, Borro.....er shall not be required 10 discharge all)' such lien so long as Borrower: (a) shall agree in writing to the payment of the
<br />obligation secured by such lien ill the manner acceplable to lender; (b) shall in good faith contest such lien by, or defend againSI enforcement of
<br />such Hen in, legal proceedings which in the opinion of lender operale 10 prevent the enforcement of Ihe lien or forfeiture of the Property or any
<br />part thereof; or (c) shall Sl'\:ure from Ihe holder of such lien an agreement in a form satisfactory to lender subordinating such lien to Ihis
<br />Security Instrument,
<br />If lender delennines that all or any part of the Property is subjecl to a lien which may allain a priority Over Ihis Security Instrument,
<br />lender shall give Borrower a notice identif)ing such lien. Borrower shall satisfy such lien or take one or more of the actions set forth above
<br />wilhin len days of the giving of the nOlice,
<br />
<br />C. NOTICE
<br />Uniform Covenant 14 of Ihe Security Instrument is amended to read as follows;
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<br />14; Notlu, Except for any nolice required under applicable law 10 be given in another manner, (al an~' nolieI' 10 Bmro\\er provided fOl m 11m
<br />Security Im!rument shall be giv,...n by delivering it or by mailing it by fint class mail to Bonower at the Properly Addre~~ or at such other addre~'
<br />'" IImrower may d~ignare b)' nolice to Lender as provided herein, and (b) any notice to Lender shall be givell by fir~1 da~~ mati 10 l.ender",
<br />addren slaled herein or 10 \Udl other address as Lender may designate by nOllC(' to Borrower as pro\'ided h.-rem. Any 1I01,o;"e pf\1\'lded (or l!llh"
<br />Securi1i'Imtrtimefll \hall be deel1!l"'<110 have beell gl\'enlo Borrower or Lender wht'n gi\'en in Ih(' mann('r deSignated hen'llI
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