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ADJUSTABLE RATE NOTE 88- 10G042 THIS NOTE CONTAINS PROVISIONS ALI.OWING FOR CHANGF.5 IN MV INTEREST RATE AND MV MONTIILV PAVMENTS. TillS NOTE ALSO LIMITS TilE AMOUNT MV INTEREST RATE CAN CIIANGE AT ANV ONE TIME AND ALSO TilE MINIMUM AND THE MAXIMUM RATE I MUST PAY. SeptentJer 9 88 ,19_ Grand Island CITY Nebraska STATE 2012 W. Koenig, Grand Island. Ne. and 710 W. Church. Albion. Ne. 68620 ProperlY Address 1. BORROWER'S PROMISE TO PAY In return for a loan that I have received, 1 promise to pay U. S. $, RlL r !:inn nn (this amounlls caUed "principal"), plus interest. to the order of the Lend". The Lender is HOME FEOERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND I understand that the Lender may transfer Ihis Nole. The Lender or anyone who takes this Nole by transfer and who is entitled to receive payments under this Note is called the "Nole Holder. II Z. INTEREST Interest will be charged on that part of principal which has nOI been paid beginning on the date I receive principal and continuing until the full amount of principal has been paid. 8 . 5 Bq;innins on the date] receive principal, I will pay mtcrcsl al a yearly rale of 070. The interest rate that I will pay will change in accordance with Section 4 of this Note. The imerest rate required by this Section and Section 4 of lhis Note is the rate I will pay both before and after any dcfauh described in Section 7{B) of this Not.:. 3. PAYMENTS (A) TIme aad Place of PaymeDl5 I will pay principal and inter~t by making payments every month. 1 will make my monthly payments on the f; r<::t day of each month beginning on Nnuember 19 ~. I will make these payments every month until I have paid all of Ihe principal and interesl and any other charges described below that I may owe under Ihis Note. My monthly payments will bc applied to imcrcst before principal. If on October 1 , . ?n1 R . I still owe amounts under this Note, I will pay Ihose amounts in full un that date, which is called the "maturity date." 1 will make my monlhly payments al or at a differeDl place if required by !.he Note Holder. (B) Amoaat or My Initial Monlbly Payments My initial monthly payments will be in the amollnl of U. S. S 649.73 . This amount may change to reflcct changes in the intercst rate that J must pay. The Note Holder will del ermine my monthly payment in accordance wilh Sectiun 4 of this Nole. 221 SOUTH LOCUST. P. O. BOX 1009. GRAND ISLAND, NE 68802 4. INTEREST RATE AND MONTHL\' PAYMENT CIIANGES (A) Cbllll" 0.... The intercst rate 1 will pay may change on the 1st day of October . 19~, and on that day every twel ve month!> thereafter. Each date on which my interest rate could change is called a "Change Date." (8) The I.d.. Beginning with the fint Change Date, my interest rate will be based on an "lnd=x." The Index is the weekly average yield on United States Treasury sc:curitics adjusted to a t'onslanl maturity of ~~ )'ear(s). as made available by the Federal Reserve Board. The most recent Index figure available as of 45 daY!l beforc each Change Date is called the "Cunem Index." If the Index is no longer available, the Notl: Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of its choice. (C) CakaJotio. or Cbooaes 2.5 Before each Change Date. the Note Holder will calculate my new imerest rate by adding two &:nnQ hRpfrcenlage points I 'la) to the Current Index, and rounding to the necuest 1/8th of one percent (O.125~o) subject 10 the limits staled in Section 4(0) bc:Iow. This rounded amount will be my ncw intercst rale until the nat Change Oak. The Note Holder will then determine the anlOunt of the monthly payment that would be sufficient to repay in fuUlhe principal I am eJlpcctcd to owe 011 the Change Date in substantially equal payments by (he malurity date at my new imerest rate. The result of this calculation will be the new amount of my monthly payment. (D) lJmIlI 00 I....... Hale Clio.... The intercst rate I am required to pay al the first Change Date will not be greater than 1 n t; % or less than ? . 00 OJ,. Thereaner. my intercst raie will never be increased or decreased on any single Change Date by more Ihan hln f1F1rr.F!nt (2.0) Crom the rate of interest I have been paying for the preceding lwelye months. The ~ingnum interest rate on Ihis loan will never he Icsstban 7.0 .,. and the maximum intetcSt rate will never be grealer than 1. _ora. lE) Effectl.. 0.1e 01 Clio.... My new intercst rate will become effeclive on each Change Date. I will pay thc amount of my new monthly payment beginning on lhe first month)y payment date: ancr the Change Date untillhe amount of my monthly pllyme:n1 changC!i again. IF) N.1Ice .r CbIIlI&es The Note Holder will mail or ddi\'ef to me a notice before each ('IulDNe Dale. The notice .....ill.uh+..e me of: (i) Ihe new intercst rate on my loan as of ahe Change Dale; (iI) the amount or my momhly payment (ollo.....ing Ihe Change (Jate; em) any addilional mlllleT!. which the Note Holder i!i required tn di~du!oe; and fi\') the: addrC'!is of aheBS!iocialion you could conlact reBlJn.ling any qU-e'~tll1n.. ab\mllhc ad,u"lm('nllllul~'l.