88104633 - Laserfiche WebLink

Browse

'1 RE.RECORDED 88- 104632 ADJUSTABLE RATE RIDER 88-104163,,, ~ ""ill" t\: (I Year Treasuf)' Index-Rale Caps-Fixed Rale Con.erslon OpUonl 'b'" 'b\ THIS ADJUSTABLE RATE RIDER is made this 29th dayof -tmp;ot.." July ciii-, ~ ut.l..r 19 88 , and is incorporaled illtO and shall be deemed to amend and supplemem the MOrlgage, Deed of Trust or SecurilY Deed (Ihe "Securily Instrument") of Ihe same dale gi.en by the undersigned (the "Borrower") to seCure Borrower's Adjustable Rille Note (I he "Note") to Central Mortgage Corporation (the "Lellder") of the same date and covering the property described in the Security Instrument and located at: 4355 Cambridge, Grand Island, Nebraska 68803 (Property Addrc!.s] THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BORROWER MUST PAY. THE NOTE ALSO CONTAINS THE OPTION TO CONVERT THE ADJUSTABLE RATE TO A FIXED RATE. ADDITIONA.L COVENANTS. In addition to the covenants and agreements made in the Security InSlrumcnt~ Borrower and Lender further covenant and agree as follows: A. AD.JUSTABLE RATE AND MONTHLY PAYMENT CHANGES The NOle provides for an initial imeresl rate of 7.75 ill the adjustable imerest rule and the monthly payments. as follows: 4. ADJUSTABLE INTEREST RATE AND MONTHLl' PA\'Mt:NT CIIANGt:S %. The Note providc5 for changes IAI Chaale Daln The adjuslahle intereSl rate I will pay may change on thc first day of Augus t . 19 89, and on that day every 12th month thereafler. Each date on which my adjustable interest rate could change is called a "Change Date." IBI Th. Ind.. Beginning with the first Change DalC'. my adju!tlablc interest ralc will be ba:o.cd un an hide" The "'nde," i~ lhe weekly overage yield on United Stale!!. Treasury ~ecuritie!J adju~lcd III a cUfI!'llant maturity of I year, 1I!r1 made a\'uilablc by Ihe Fcdtrlll Reserve Board. The mO!il recent Index figure avuilable: u!\ of lhe dOle.a:'i day' hl-fore each Chunge Dale i!l called the ltCurrcnt Index'" If the Index i~ no longer available. (he NOlC Holder "'ill I,:hoo,e it nc\\ inde, \\'llIl,:h 1\ ha"lcu upon ,:olnpurahk' information. The Nou: Holder will give me notice uf lhi\ ~hOIl':L', (CI CaI""I..loD or Cbaaln Before each Change Dale,lhe Note Holder will calculate my new illleres. rate by adding two and seventy- five hundredths percentage POillt. ( 2.75 %) to the Currellt Inde,. The Note Holder will.hen round the re.ull oflhis addilion 10 the nearesl one-cighlh of Olle percentage point (O.12S%). Subjec'lo Ihe limi.. stated in Sec1ioll 4(0) below, .his rounded amount will be my new illlerest rale ulllillhe ne't Change Dale. The NOle Holder willlhen determine the amoulll of the mOlllhly payment thaI would he sufficielll 10 repay the unpaid principal thaI I am e,pected '0 owe at the Challge Date in full on the maturity date al my lleW interest rate in substantially equal paymenlS. The result of this calculatioll will he the new amOUlll of my monthly payment. (Dl Limits oa lalem. 1bI1. Chaal" The interest rate I am rl"Quirc.-d to pay llllhe first Change Dale will nol be grealer Ihan 9.75 q'.j, or less than S.7S %. Thereafter. my adju\tablc interest rate \\ill nc\<cr he increased or decreased on any single Change Date by more than two percenlage points 1:!.Oo/D) from Ihe rate of interest I have been paying for the preceding 12 month!!.. My interc'il rale will never be gremcr Ihan 13 - 75 %. which i!ol L:alled the "Maximum Ratc", (EI Erf<<U.e DI.. or ChanK" My new interest rate will becomc effectivc on C'ad1 Change Dale, I \..'ilI pay the amounl of my ncYt momhh' payment beginning on the first monthly paymcm dall: after Ihc Clmngc Dale umillhe amoum of my monlhly paymenl changes again. (F) Notice or ChanK" The NOle Holder will deliver or mnillO me a nOlke of any ..:hange~ in my adjuMablc imcrc...t rate and the amounl of my monthly payment before the dfeclh'c date of a"~ ..:hangc. Tilt.' nul i..:c VI ill indudc information ft.'4uircd by law 10 be given me and also the title and telephone numrll:r of a pcr"oll \\ 110 \\ III alh\' l'f i.Hl~ 4Ul....1 ion I 11I01~ h.." l' r-l'gar-Jillg Ihe nOlice. B. fiXED INTEREST RATE OPTION The Note provides for lhe Borrower.s option to convert from an adjustable interc\t rate wilh intcrcsl raIe Iimils to a filled interest rate, as follows: 5. nXED INTEKF.sT RATE CONVERSION OPTION IAI Option In Coa..rt 10 Fixed Rale I haVE: a Conversion Option that J can exercise unless I am in default or thi\ SC';lioll 5(1\1 \\ill nol permit TIll' to do so. The "Conversion Option" is my oplion to convert the int.:rc'l rule I am requirl-d III P"'~ \1) lhi\ NOll' from an adjustable rale with interest ralC limit!! 10 Ihe fixed rme cakulaled under SC":lion 5(14) hclll\\ The con\'crsion can onlv lale place on a dale(~~ \pcdfied b\' the Note I-Iolder during Ihe 1ll"lh1d hcglJ1ll1l1g 111\ the nnt Change Dale nnd ending on lhe fiflh Change Datl,,-, Each d.all; l,)n which m~ adjw.tuhh: Inll'll,'q I all' (;lll \,:~lll\ \.'1' 10 the new fi"nJ rate i'.io called the '.ConvcT!.ion Dalc. ,. MUlTIITATE ADJUSTABLE RATE RIDER-. ARM PlAN 51- Slngln r "....,,1.. Fannie M... Uniform 'nstrum.nf 4C?... 84SA 1"'/ ...."M;)R'G.....I'nIlLl... "1]"'11""'. 11'.-', ~1l"t1 :1' lH ,:Z R 1