|
<br />88-- 104232
<br />
<br />1st August 88
<br />THIS ADJUSTABLE RATE RIDER is made this day of ,19_,
<br />and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security
<br />Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate NOle (the "Nole") 10 !:!Q!!g
<br />FEDERAL SAVINGS" LOAN ASSOCIATION OF GRAND ISLAND, NEBRASKA (Ih: "Lender") of the same date and covering the
<br />property described in the Security Instrument and located at:
<br />
<br />1033 South Vine. Grand Island, Nebraska
<br />
<br />ADJUSTABLE-RATE RIDER
<br />
<br />(1 Year Treasury Index-Rate Caps)
<br />
<br />(Property Address)
<br />
<br />This note contains provisions aIlowlDg ror cbaDl"" ID my IDte...., rate aDd my mODthly
<br />paymeDts. Thi. Dote 111.0 IImlb tbe amouDt my Interest rate caD cbaage at aay oae lime aad
<br />also the minimum aad Ibe maximum rate I must pay.
<br />
<br />ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender
<br />further covenant and agree as follows:
<br />
<br />A. lNTEREST RATE AND MONTHLY PAYME~T~HANGES
<br />The Note provides for an initial interesl rate of . "70, Section 4 of the Note provides for changes in the interest rale and the
<br />monthly payments, as follows:
<br />
<br />4. INTEREST RA TE AND MONTHL Y PA YMENT CHANGES
<br />
<br />(AI ChaDge Dales 89
<br />The interest rate I will pay may change on the Iirsl day of August ,19 _, and on thaI day every
<br />twel ve months Ihereafter. Each dale on which my inleres' rale could change is called a "Change Date."
<br />
<br />(H) The Index
<br />Beginning wilh the Iirsl Change Dale, my mteresl ra'e will be based on an Index, The "Index" is Ihe weekly average yield on United Stales
<br />Treasury securities adjusted 10 a consUlnt malUrity of 1 year, as made available by ,he Federal Reserve Board. The most recenl Index figure
<br />available as of the dale4S days before each Change Date is called the "Currenllndex."
<br />If Ihe Index is no longer available, Ihe NOle Holder will chOOse a new index which i, based upon comparable information. The NOlc
<br />Holder will give me notice of Ihis choice.
<br />
<br />Ie) CakulatlnD or Changes
<br />Before each Change Date, the Note Holder will calculale my new interesl rale by adding two and one/half percentage
<br />points ( 2 _ 5 "70) to the Current Index and rounding 10 the nearest 1/81h of 1"10, subject 10 Ihe limits stated in Section 4(0) below.
<br />This rounded amount will be my new inlerest rale unlil the nexl Change Dale.
<br />The NOIe Holder will then determine Ihe amount of the monthly payment lhal would be sufficienl 10 repay in full Ihe principal I am
<br />expecled 10 owe on lhal Change Dale in substantially equal paymenl5 by lhe malurity date al my new interesl rate, The resull of this calculation
<br />will be Ihe new amount of my monthly payment.
<br />
<br />(D) UmJII OR In_I Rate Cbanlles
<br />The interest rale I am required to pay al ,he Iirst Change Date will nOl be greater than 1 3 S .... or less than
<br />7.0 070. Thereafter, my interest rate "ill never be increased or decreased on any single Change Date b~' more lhan two percent
<br />( 2'1.) from the rate of m'erestl have been paying for Ihe preceding twelve months. The minimum inleresl rale on Ihis loan will never be
<br />less than 7.0 _ 0)0 and ,he maximum interesl rate will neVer be greater than 1 3.5 070.
<br />
<br />lEI Erredln Date or Cbanlles
<br />My new interesl rale will become effective on each Change Dale, I will pay the amouOl of my new monthly pa)'rrleOl beginning on the fi"t
<br />monthly payment date afler Ihe Change Date until the amount of my monthly paymenl changes again.
<br />
<br />IF) Notice or Chanll""
<br />The NOle Holder will lOwl or deliver to me a nOlice before each Change Dale, The notice will advise me of:
<br />(il the new inter!:>t rale on my loan as of Ihe Change Dale;
<br />(ii) the amount of my monthly payment following Ihe Change Dale;
<br />(iii) any addilional mailers which Ihe Note Holder is required 10 disclose; and
<br />(iv) the address of th~ association you could conUlCl regarding any questiol\! about the adjustmeD! notice,
<br />
<br />B. CHARGES; LIENS
<br />Uniform Covenanl-4 of Ihe Securit), Instrument" amended 10 read as follows:
<br />
<br />4, Charles: UeDl. Borrower shall pay alllaxes, 3S,e,\Sments, and other charges. lines, and impositions allribulable 10 lhe Properly which ma~'
<br />alwn a priorily Over this Security Inslrument, and leasehold payments of ground rents, if any. in the manner pro\'ided under raragraph 2 hereof
<br />or, if nol paid in such manner, by Borrower making paY'rrlenl, when due, directly 10 the payee Ihereof. Borrower shllll pr<>mptly furnish lender
<br />1111 notices of amounts due under ,hi, paragraph. and In the evenl Borrower shall make payment directly, Borrower ,hall promptly' furnish to
<br />Lender rc:ceipls evidencmg such payment;. Borrower shall promptly discharge any lien which has priority Over this Security Instrument.
<br />however, Borrower shall nOI be required 10 discharge any such lien so long as Borrower: (a, shall agree in "'riling to Ihe paymenl of lhe
<br />obligation secured by such lien in the manner acceptable 10 Lender; (h) shall in good failh COOlesl such lien by'. or defend against enforcemeOl 01
<br />such lien in, legal proceedings which in the opinion of Lender operate 10 preveOllhe enforcemeOl of Ihe lien or forfeilure of Ihe Property' or am
<br />part thereof; or (c) ,hall ,ecure from the holder of such lien an agreemenl in a form satisfactory 10 Lender ,ubordinabng ,uch hen to th..
<br />Securily Instrument.
<br />If Lender determine, Ihat all or any part of Ihe Property" 'Ub)ecl 10 a lien which may all am a "riorit)' Over thi, Security Instrument.
<br />Lenda ,hlll1,iv'e Borrower a nOlice identifying such hen. Borrower ,hall "'ti,fy ,uch hen or 'ake one or more of Ihe achons 'el forth abt"'e
<br />within len day' of Ihe giv'ing of lhe nmice,
<br />
<br />('. NlfIln:
<br />Uniform Cov~nanl 1.1 nllhr Securit)' In~lrumt'nr I" amcndcd 10 read 11" rolJu,,'\
<br />
<br />14~ Not,"" E'C'('JlI fnr an" 11otll:r ft"qUlrctJ under appllcahlr 10'" 10 hr ltl\'t'n 10 another manne'l, tal Rrl\ fh)ll~'1(' It' Utlf1P\q-r rfl" h.:1eJ lilT In Itll'"
<br />Sr-l.ll'l1~ JO\lrumC'nl ",hall tl(' IZI\-'~" hy dell\-'C'rl111l II "f h~' mSlhnlillt hv fint (.'18"~ mOlllo Ilnno""rr AI flU' P'('I'1('r1\ "l1drN\- 1'1 111 ~lIl h I\lhrl .1dd't.~~
<br />i1..\ Itr.'rrCF\\'rr mil\' dCII,lllualr h~ nOrH.'l" 10 (.f.onder in pl(1\lcil'd IItH"HI. Bnd (h) an\ Ilolh.-r II' I ("l1lh~1 ,-hnll he ~t\ ('Il I'\- fn'! ~ Itl\-' mall 1.' I (,l',lt-l.'
<br />addreu IIIAled ht:'"rt'"ln (If 1u I;u...h olhl"f addre... I'" I ~'lldC'r 1T13\ d(,,"I~nnl(" "\ n(llllT In UnTr",,'..., R' P'C!' Il1("d hrl(,11I o\'H Ihl{ld:- 1"11\ J~kd I", TIl '111'
<br />Yc-urn\' Insuumcnl ..hall tlC' dttrnf'd Iu hfl"'C' hC'C'fl ~I\rrl In HmTI1"'C'1 tlr I {"nde'? ..h("11 ~l\f'fllfl lhr I11IUII""' dl.......II.IlIC"1.1 hrlCIJl
<br />
|