88105653 - Laserfiche WebLink

Browse

AD.JUST ABLE RATE RIDER (l Year Treasury Index.Rate Caps) 88- 105653 THIS AOIUSTABLE RATE RIDERI,mBdethls ~dByof October .19~. and ls Incorporated inlo and shall be deemed to amend and supplement the MortiBlC. Deed of Trust, or Security Deed (lhe "Security lJU.lrument") of the same Jalt liven by the undersigned (the "Borrower") to stalrc Borrower's Adjustable Rate Note (the UNotc") 10 HOME FEDERAL SAVINGS. LOAN ASSOCIATION OF GRAND ISLAND. NEBRASKA (lbe "Lender") of lbe same dBte Bod eovering lhe propeny dC5cribed In lhe Security Instrument and located at: 3618 Bronco Road. Grand Island. Nebraska (Propeny Address) TIl1J note eoatala proviliou aDoM.1 'or clwIlH In III)' lateral ntc aad my monthly p.JlMab. nls Dole lIbo lIm1u tbe amoant m,. Interal nle caD chaalC at any ODe time and also tbe mlaImum aad tbe mu.lmum rale J mUSI pay. ADOmONAL COVENANTS. In addition to the covenants and agreements made: In the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTIlLV PAYMENT CHANGES The Note provides for an initial interesl rale of ----.1l~ lIJo. Section 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: 4. lNTEREST RA TE AND MONTHL Y PA YMENT CHANGES (AI CIwlao Dates The interest rate J will pay may changcon the first dayof NnllF!mher ,19 ~,and on that day every tt '01"0 months thereafter. Each date on whleh my interest rale could change is called a "Change Date.11 (B) Dc lado: Beginning with the first Change Dale, my interest rate will be based on an Indelt. The "Index" is theweckly 8verqeyield on United States Treasury securities adjusted 10 a constant malurity of I year, as made available by the Federal Reserve Board. The most recent Index figure available as of the date4S days before each Change Date is called the "Current Index. II If the Index is no lODger available. the Notc Holder will choose a new index whleh is based upon comparable lnformation. The Nole Holder will give me notice of this choice. (q CokaJallo. of CIwl... Before each Change Datc. lhe Note Holder will calculate my new interest rate by adding three & one/ha] f percentage points ( ] .a lI7I) to the Current Index and rounding to the nearest 1/8th of lillo, subject to the Umits stated in Section 4(0) below. This rounded amDunt will be my new interest rate until the next Change Date. I11e Note Holder will then determine the amount of the monthly payment that would be sufficient to repay in full the principal I am expected to owe on that Change Date in substantially equal payments by the maturity date at my new interest rate. The result of this calculation will be the new amount oC my monthly payment. (0) UmllI OD lamal Rate ChaDlaI ~dnterest rate I am required 10 pay at the first Change Date will not be greater than 13.0 " or less than 1. 170. ThereaCter. my interest rate will never be increased or decreased on any single Chanae Dlte by more than two pe rcent (2 n) from the rate Df imCfesl1 have been paying fDr the preceding twelve months. The minimum Interest rite on thllloan win never be less lhan 10.0 '1t and the maximum Inlcrest rale will never be greater than 16.0 ... (El Effect1n Oalf of CbaDaa My new interest rate wiIl become errcctive on each Change Date:. I will pay the amount oC my new monthly payment beainnlna on the fint monthly paymflll date arter the Change Dale until the amount of my monthly payment chanacs IIlln. (F) Nolb of ClaaDles The NDte Holder will mail or deliver to me a notice: before each Change Date. The notice will advise me of: (i) the new interest rate Dn my loan as Df the Change Date: (U) the amount of my mDnthly payment following the Change Dale: (lii) any additionaJ matters which the Note Holder is required to disclDse; and (iv) the address oC the associatiDn you could contact regardins any questions about the adjustment notlce. B. CHARGES; UENS UniCorm Covenant 4 of the Security Instrument is amended to read as fonaws: ... Clwpsi lJeu. Borrower shall pay all taxes, assessments, and other charges, finC!, and impositions attributable to the Property whJch may auain a priority over this Security Instrument, and leasehold payments of pound rents, if any,in the manner provided under parqraph 2 hereof or. if not paid in rueh manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ,hall promptly furnish Lender all notices of amounts due under this paragraph, and In the event Borrower shaU make payment directly, Borrower shall promptly funllsb to Lender rrceipts evidencing such payments. Borrower shall promptly discharge any "en which has priority over this Security Instrument: hDwever. BoJ'TOWel' shall not be required to discharae any such lien so IDng as Borrower: (a) shall qree in writina to the payment of the obUption secured by such lien in the manner acceptable to Lender: (b) shall in good faith contest such lien by, or defend apJnst enforcanent Df such lien 1n,IepI proccedin&s which in the opinion of Lender operate to prevent the enforcement of the lien or forfdture of the Property or any part thereof; or (e) lhall secure from the holder of such lien an qrecment in a form satisfactory to Lender subordlnadlll 5uch lien to thJs Security Instrument. Jr Lmder dctcrmi.nc:s thai aU or any pan of the Property is subject tD . lien whldl may attain a priority over this Security Instrument, J...md,er shall aive Borrawc:r a notice identifying such lien. Borrower shall satisfy such lien Dr take one or more of the acllDm let forth above wilhin tal da)'l of the aivinl or the notice. C. NonCE Untronn Covenant 1" of the Security Instrument ls amended to read as follows: 1... Nadft. UI.TP1 ror an)' notice required under applicable law 10 be liven in another manner, (a) any nDtice ED Borrower provided for in this Security InJUumcnI ,hall be aiven by dellverins it or by mailina 11 by fint class. mail to Borrower It the Property Addresl or It IUch Dther Iddress as Borrower may desilflAte by notice ID Lender as provi<kd herein. and (b) any notice: 10 Lender s.hall be Jiven by fint cia" mall 10 Lender'~ addrcu statcd heteln Of 10 luch other .dwelI as Lender may desianate by notia lD BDrrower as provided hertin. Any notice prDvided fDr In this Security Instrument lhall be deemed 10 have been Ilvcn to BonDwer or Lender when jiven in the manner desi"natcd herein.