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<br />HE.RECORDED 88- 104532
<br />
<br />ADJUST ABLE RATE RIDER
<br />(I Year Treasury Index-RJlle Caps-Fixed Rate Conversion Opllonl
<br />
<br />88-
<br />
<br />104449
<br />
<br />THIS ADJUSTABLE RATE RIDER is made this 12t;' day of August ,
<br />19E11 BB, and is incorporated imo and shall be deemed to amend and supplement the Mortgage, Deed of Trust
<br />or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") [0 secure
<br />Borrower's Adjustable Rale Note (the "Note") 10 Central Mortgage Corporation
<br />(the "Lender"l of the
<br />same date and covering Ihe property described in Ihe Security Instrument and located at:
<br />
<br />4222 Lariat Court, Grand Island, NE 68803
<br />IProperly ^ddre!i~1
<br />
<br />THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE
<br />AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S
<br />ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM
<br />RATE THE BORROWER MUST PAY. THE NOTE ALSO CONTAINS THE OPTION TO CONVERT
<br />THE ADJUSTABLE RATE TO A FIXED RATE.
<br />
<br />ADDITIONAL COV":NANTS. In addition 10 the L:u\'cnal1l'l and agrccmcllI\ madc in the Security 1J151rUrnenl,
<br />Borrower and Lender further CO\'~lIanl and agree a~ folio",,;
<br />
<br />A. ADJUSTABLE RATE AND MONTlII.Y PA\'MENT CliANGES
<br />The Note provides for an initial Ime'e't rale of 6.75
<br />in Ihe adjuslable imerest rale and the mOllthly paymems. as follow"
<br />
<br />4. ADJUSTABU: INn:Rt~o;T RAn: ANIl MONTlII,Y PA\.MENT l"IfANGt:S
<br />
<br />0.. The NOle provides for challges
<br />
<br />I A I Chanle Dat..
<br />The adjustable interest rate I will pal' may challge 011 Ihe fi"t day of September
<br />1'1 89 . and on Ihat day every 121h momh Ihereafler. Each dale on which m) adju"able inle'l"S1 rate could change
<br />.. called a "Chanse Date,"
<br />
<br />(BI The Inde.
<br />Beginning with Ihe first Change DalC', m)' adju'lablc intcrl"!\1 rale will he ha'ted IUl all IlIde" The "Index" h the
<br />weekly u\'crage yield on United SlaIC\ Treasury "CCUrlUCS itdju,lcd. In a lTUI'tallt malUl itl uf I )'ear, a~ made 3\"ailable
<br />by the Federal Rese..e 80a,d. The mOM 'ecent Inde, figu,c ,,'ailab!. '" or Ihe dalc ~~ day' before eilch Change Date
<br />i, called the "Current Inde,,"
<br />If Ihc Index is- no lonser available, Ihe NOIr: Holdcl ",'IIII.:llUo..e 61 nt.'\\ lllde:' ",hid. 10" ha,e:d upun comparable
<br />information, The Note Holdct will give mC' hOlke of 1111.. dIUlL'L'
<br />
<br />(CI Calcullllo. of Cbanlh
<br />Before each Chanse Date, the Note Holder will calculale m) lie" IIl1elc'l ralc b) adcing Two and Seventy-
<br />five hundredths percentage ""inl' I 2. 7~ ~'I 10 Ihe Current lnd...
<br />The NOI<: Holder willlhen ,ound the re.ult of this addition 10 .he lIea'e" one-eighth of one percentase point (O_12S%I,
<br />Subjecl to lhe Iimi" "aled in Seclioll ~IDI below, th.. rounded amoulI. \\111 be m) lIew interest rale until the neXI
<br />Change Dale.
<br />The No.e Holder "'ill then delermille Ihe amOU1I1 or .he n1OI\1hl) pa)lIlel\1 Ihal would be ,ufficienllo repay lhe
<br />unpaid principallhal I am ..pecled 10 owe a. Ihe Chanse Dale an rull on Ihe malur;IY dale al my new imere.. ralc
<br />in .ub.tantially equal payment.. The ,e.ult of this calculatioll ..ill he the lie" amoul\1 of my mOllthly payment.
<br />(01 L1mU. on Inlernl Rile Cbange.
<br />The intcrC!aI rale: I am required 10 pay allhe fir'l Change Dale \\111 nol be grcaler limn 8. 75 ~D
<br />or Ic~s.lhan 4.75 qo", Thcreafter, my adjU\HJhlc IOle:re..1 rmc will nc\e:r be inCrC3!\cd or dccrea!tcd
<br />on any single Clumgc Date b~ more than two pcrcen1.1ge pOln.... t~,()(f'D. homlhe rale of imcrC\1 I ha\'c: been paying
<br />fo, .hc preceding 12 months. M)' interesl rale will ne'er he grealc' Ihan 13.75 '!To. which.. called
<br />the "Maximum Rate".
<br />(EI EHecUvc Dale of Changes
<br />My new imerest rale will become crfeclh'c on cach Change Dalt.' I \\.111 pOJ~ I he ~rnouJll "I lilY Ill"" momhly paymenl
<br />beginning on Ihe Iir!!.l m(ll1lhly paymcl1I dalc ancr Ihl' Changt.' Dalt." unlllthe amounl of my mtllnhly paymenl ..:h.1I1gc..
<br />again,
<br />(F) Nollce of Chanlle.
<br />The NOle Holder will deliver or maillU me: a Iloli..:e 01 i.ln~ (han~l" 111 (In adllp,lahle iIllCrL"1 ralt- und Ihe amoUnl
<br />of my monthl~' paymenl before the elltx'li\c date of an~ l..'11iI1l!lt.', rIlt.' 11I1I1l..1.' \\lllllldlU.k 1111 l.lrrmu ion rt.'LJuired h~ la\\
<br />10 be gilt'cn me and also the title and telephone l1umbL'f 01 a pcr'tlfl \1. hn \\ III ;tn'o\\t.'1 an~ qUt."'1I01l I rnll~ honc rcganJin!!-
<br />the notice,
<br />B. FIXED INTERt:ST RAn: OPTION
<br />
<br />The NOle provides for the Borrowcr'\ oplion to cOllver! from all adju..lahlc Illlert."l ralc Wilh inlCfe'l rale limil"
<br />10 a fj"cd inlcresl rate, as follows:
<br />
<br />S. FIXED INTERFST RATE CONVt:RSION OPTION
<br />IAI Opllon to Convert 10 Filed Rale
<br />I ho\'c a Con\'crsion Option that I can exerci,e unless I am ill dcfauh Of Ihi.. Set:lioll ~(!\I nill Ihll permil me
<br />1'0 do 'i0, The "Conversion Option" is my option 10 convcrlthc interest nUe I am reqlllrcJ III p:i~ b\ Itll" ~lIlL' hom
<br />an adju~tablc ralt' with inlcrcsl rate limil~ 10 the Ihed nUl' calculated under "icctitlll ."IU) hl.'hm
<br />The conversion ..:an ani}' lo~e place un a da(ct~) ..pedlied by the NOll.' HoldL'f dUllll~ 11ll.' ['t.'Ill\d hL"glllllln~ L1H
<br />(he fir\l Change Dale and ending on the fifth ChHIICl' Dale. Eadl dme on "hil..'h rll~ aJlu...lahk 11I1""l''o\ I all.' \..an \..'I~I1\ l'r!
<br />10 Ih(' ncw fhed rate is called the "Cnn\.'cnil1n Dale,"
<br />
<br />MULTISTATE ADJUSTAIlE RATE AIDEA- ARM PLAN 57 -" SI..U',. r (1111,1~ F.nnle M.e Uniform Instrument
<br />.... USA ."111 ",MI' ...,t)R1{"....I~1 'I.J>....., _ 11 '.1'" fI\(oI) . ~,~ '
<br />
<br />I..u.. :I l1A l~ B I
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