88105043 - Laserfiche WebLink

Browse

ADJUSTABLE RATE RIDER 88-105043 < THIS o\DJUSTADLE RATIJ RIDER i. mod. thl. ~ doy of September . 19~. and is incorporated into and shall b~ dC'CTttctl to amend and supplement the Mortgagc, Deed of Trust. or Security Deed (the USccurhy Instrument") ofthe same date liven by the underllaned (lhe "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") 10 HOME FEDERAL SAVINGS" LOAN ASSOCIATION OF GRAND ISLAND. NEBRASKA (th. "Lend.r") 01 the .ome date ond covering 'h. propcny described in the Security Instrument and located al: 2012 W. Koenig. Grand Island. Nebraska 68801 (ProperlY Address) TIlls nole t'onlalna provulolUl aUo"lnl for cbangf:ll In my Interal nle and my monlhly paymUlJ. nls nole ablo IImlb tbe amount my Inlemt nle caD chaDlle at anyone time lod also the minimum aDd tb~ mulmam rale I roml ply. ADDITIONAL COVENANTS. (0 addition 10 the covenants and agreements made in the Security Instrument, Borrower and Lender furthercovcnant and agree as follows: A. INTEIlFST RATE AND MONTHLY PAYMEfI; CHANGES The Note provides for an initial interest rate of .5 OJD. Seelion 4 of the Notc provides for changes in the interest rate and the monthly paymen15, as follows: 4. INTEREST RA TE AND MONTHL Y PA YMENT CHANGES (A) CIwlg.o.... The interest rate I will pay may change on the first day of October , 19 ~. and on that day every twelve months thereafler. Each dale on which my interest rate could change i.~ called n "Change Date. " CD) n.l_ Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly average yield on United States Treasury securities adjusted to n constant maturity of 1 year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date is Called the "Current Index, to If the Index is 0'0 longer available, the Note Holder will choose n new index which i5 based upon comparable information. The Note Holder will give me notice of this choice. (c) CalcuJadoaof Chona" t & h 1 f 8eforecach Change Dale, the Note Holder will calculate my new intcrc.'it rale by adding WQ one a percentage points ( 2.5 0Ja) to the Current Index and rounding 10 the nCJIrcst 1/81h of 1%, subject to the limits stated in Section 4(0) below. This rounded amount will be my Dew intercst rate until the next Change Date. The Note Holder wiJIthen determine the amounl of the monthly paymenl Ihal would he surricient 10 rtpay in full the principal) am expected to owe on that Change Date in substantially equal payments by the maturity date al my new Interest rate. The result of this calculation will be the ncw amount of my monthly payment. (D) Umlll on lalerallble ChaoKeI The interest rate I am required to pay at (he first Change Date will not be grCJIter than 1 O. 5 0J0 or less Ihon 7 00 lIlo. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more Ihan (::> n' from the rate of interest I have heen paying for the preceding tweI\l1: months. The minimum inlerest rate on Ihis loan will never be Jess than 7 0 lIlo and the maximum interest rale will ne\ler be greater than 1 3 5 1Il0. (E) EffectIve DIlle of CbaoKtI My new interest rate wUl bccome cffecti\le on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment dale atler thc Change Date untU the amount of my monLhly payment changes again. (F) Nulla! of CbaoKEI The Note Holder wlll mail or deliver to me a notice bcfore each Change Date. Thc notice willadvlsc me of: (i) the new interest role on my loan as of the Change Date; (ll) lhe amount ofmy monthly payment following the Change Date; (Iii) any addllional matters which Ihe Note Holder is required to disclose; and (iv) the ad;1rcss of the BSsociation you could conlact regarding any questions ahout the adjustment notice. B. CHARGES; LIENS Unifonn CO\lcnant 4 of the Security Instrument is amendcd to read as follows: <t. CbUla; Ueu. Borrower shal! pay all laxes, aSse5smenls, and other charges, fines, and impositions attributablc 10 the ProperlY which may attain a priority over this Security Instrument, and leasehold payments of ground rcnts, if any, in the manncr provided under paragraph 2 hereM or, if nol paid in such manncr, by Borrower making paymcnt. when due, directly to the payee Ihereof. Borrowcrshall promptly furnish lender all notices of amounts due under this paragraph, Bnd in the event Borrowcr shall make payment directly. Borrower shall promplly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any licn which has priority ovcr this Security Instrument; however. Borrower shall not be required 10 discharge any such lien so long as Borrower: (a) shall agree in writing 10 Ihe payment of the oblIgation secured by such Oen in the manner acceptable to Lendcrj (b) shall in good faith contest such lien by, or defend agaJnst enforcement of such lien in. lepI proceedings which in the opinion of Lender operate to prevent the enforcement of the Iicn or forfeiture of the Property or any pan tbercoC; or (c) shall secure from the holder of such lien an agrccment in a form satisfaclory 10 Lender subordinating such lien 10 this Sccwity Instrument. If Lender determines lhal aU or any part of the Property is subjecl to a lien which may altain a priority ovcr this Security Inslrumenl, Lender shall give Borrower a notice identifying such lien. Borrower shall satisfy such lien or (like one or more of the actions set forth above within tcndays of the giving of Ihe nolice. C. NOTICE Uniform Covenant 14 of IhcSerority InSlrumenl is amended to read as follows: 14. Nodm. Exccpl for any notice requirl"d under applicabte law 10 be gi\'en in another manner, (al an)' notic~ 10 Borrower provided lor in lhi~ Securil)' lrutrumenl shall be- !liven by dtli\lmng iI or by mllilin& il by finl chus mail 10 Borrower al (Iu: Propc'ny t\ddr~s or lit MICh OIlier nddfC'~~ IUo Borrower may daianalc by nOl1ce 10 Lender as provided herein, and lbl IIny notlCl: 10 Lender ~hall he gil/en by fiut da!O~ Dlatl ttl L~l1dcl" addrCSJ slaled herrin or 10 such olher addrcss at lender may dcsignale b)' nulice 10 Borrower in pnnid~d herein. Any notke- pnmdnJ 1m III llll~ Security Instrumcnl shall be dccmetlto have: been given to llonowe:r or Le:nd~r when gl\'C'n in Ihe' mannC'r deslgnulcd henin