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ADJUSTABLE AATE RIDER I I Year TrftIlII'Y l-.In-Rate Caps) 88-104082 THIS ADJUSTABLE RATE RIDER is made this ] 5th day of July . 19 88 ,and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower" I to secure Borrower's Adjustable Rate Note (the "Note") to The Equitable Building and Loan Association, 113-115 North Locust Street, Grand Is land, Nebraska, (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 2410 Overland Trails Circle, Grand Island, Nebraska, (Properly Addr...) THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTElEST RATE AND THE MONTHLY PAYMENT. TIE NOTE UMITS'THE AMOUNT THE BORROWER'S INTEfII!ST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE B0R- ROWER MUST PAY. 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 CHANGES The Note provides for an initial interest rate of 8.0 %. The Note provides for changes in the interest rale and the monthly payments, as follows: ... INTEREST RATE AND MONTHLY PAYMENT CHANGES (AI CIIuIe Dates as ev idenced by The interest rate I will pay may change _:tbIItiIftIl.)ulIl( r h e No r e . llllxxxXolAlMklftH:f:U "",lflbIJ.__~ Each date on which my interest rate could change is called a "Change Date," (8) ne We. llqinning with the first Change Date. my interest rate will be based on an Indel, The "Indel" is the weekly average yidd on United States Treasury securities adjusted to a constant maturity of I year, as made available by the Federal Reserve Board, The most recent Inde~ figure available as of the date 45 days before each Change Date is called the "Current Index," If the Inde~ 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. IC) Calclll8tio11 of CJIu&eI Before each Change Date, the Note Holder will c:alculate my new interest rate by adding two percentage points ( 2 .0 %) to the Current Index. The Note Holder will then round the reault of this addition to the nearat one-eighth of one percentage point (0.125%), Subject to the limits stated in Section 4(0) below, this rounded amount will be my new interest rate untiltbe next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid princ:ipalthat 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 tbe new amount of my monthly payment. (D) IJIIib _ latereat Rate CIIupI The interClit rate I am require!! to pay at the first Change Date will not be greater than 9 .0 % or leu than 9 .0 %, Thereafter. my interest Pote will never be increased or decreased on any single Change Date by more than one percentage point (1.0%) from the rate of interest I have been paying for the prcc:eding twelve months, My intereat rate will never be greater than 14 .0 %, (E) FJl'ectift Date of ~ My new interest rate will become effective on each Change Date, I will pay the amount of my new monthly payment beainnina on the first monthly payment date after the Change Date until the amount of my monthly payment chanles apin. (F) NeIice of 0aII&Ill The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly paymellt before the effcc:live date of any change. The notice will include information required by law to be given me and allo the title and telepbone number of a person who will answer any question I may have regardinl the notice. .. TIlANSFER OF TIlE PROPERTY OR A BENEFlO.u. INTEREST IN BORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: Truafw of die PnJtperty or. 8cMIdaI1.aereat II Bomnrer. If all or any part of the Property or any intereat in it is IOId or tralllfcrred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural penon) without Lender's prior written co,,"nt, Lender may, at its option, require immediate payment in full of aU sums secured by tbia Security Instrument. However, this option sball not be exercised by Lender if exercise is prohibited by federal law .. 01 the date of tbia Security Instrument. Lender also shall not exercise this option if: (a) Borrower causa to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were beina made to tbe tralllferee; and (b I Lender reuonably determines that Lender's security will not be impaired by the loan _mption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. ...1111111 AD.lUITIoIU M1I___ &-1-Sngle Famdy-F..... ....1"... - lIIIIlorWl '"*-tIt ~ 3101 3/111 '_X.1 lO f~.... !.AI r.,... l""C"I t\_.... "_""'" h. "-......., ,....-........ . ..... ..........'Y'" '.100.'......'