88105947 - Laserfiche WebLink

Browse

ADJUSTABLE RATE RIDER (I Year Treusury Index.Ratc C"ps) 88- 105947 THIS ADJUSTABLE RATE RIDER b madethi, ~dayor November ,19~. and is incorporated into and shall be deemed 10 amend and supplement the Mortgage, Deed Dr Trust, Dr Security Deed (the "Security Instrument'") of the same date given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Nole (the UNote") to HOME FEDERAL SAVINGS. LOAN ASSOCIATION OF GRAND ISLAND. NEBRASKA (the "Leoder") of the same da'e aDd coyerlog the property described in the Security Instrument and located at: 1909 Spring Road. Grand Island. NE 68803 (PrOperlY Address) Tbb Dole contalDS pnnr1sloll!l lOomoa for chaDKU In my Internt nlc and my moalbl)' ")'IDeals. Tbl! Dote allo Ilmlls the Imounl my Interest rale CJlD cblnle I' 10Y one lime Bod also !be minimum Rod tbe maxlmum rate I musl p.,. ADDITIONAL COVENANTS. In addition 10 the covenants and agrei:mcnts made In the Securily Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONmLY PAYMENT CHANGES The Note provides for an initial interest rate or A 7S %. Section 4 of the Note provides for changes in the interest rate and the monthlypaymenls. as follows: 4. INTEREST RA TE AND MONTHL Y PA YMENT CHANGES (AI Chup Da,es The interest rale I will pay may change on the first day of D=rQmh-=r , 19~, and on that day every 12 months thereafter, Each date on which my interest ralc could change IS called a "Change Date." (8) ne Index Beginning with the first Change: Date. my interest rate will be based on an Index. The "Index" is the: weekly averagc'yield on United States Treasury securities adjusted to R constant maturity of I year. as made available by the Federal Reserve: Board. The most rco:nt Index figure available lU ofthc: dale 45 days before each Change Date 15 called the "CulTl:nt Index." If the Index is no longer available. the Note: Holder will choose a new index which Is based upon comparable information. The: Note: Holder will Bive me nolice of this choice. (C) CalculatioD of ChaDlelI Before each Change Dale:. the Note Holder will calculate my new imerest rate by adding two & one-hal f percentage points I 2 5 llJo) to the Current Index and rounding to the nearest 1I8th of lillo, subject to the limits staled In Section 4(0) below. This rounded amount will be my new interest rate until the next Change Date. The Note Holder will then detennine the amount of the monthly payment that would be surnclent to repay In full the prlnclpall am eJlpcctcd to owe on that Change Dale in substantially equal payments by the maturity date at my new interest rate. The result of lhI. calculation will be the new amount of my monthly payment. (Ill Umlll 00.0_1 Rat. Cbu... The interest rate I am required 10 pay at the first Change Date will nOI be greater than 10.75 II1t or less than '? .9 %. Thereafter, my Inlc:rCSI rate will rlC\Ier be increased ordc:creased on any single Change Dale: by more than two oercent ----{.2~from the rate of in teres I I have been paying for the preceding twelve monlhs. The minimum Interesl rale on Ihis Joan will never be less than 7.0 IIlI and the maximum Interest rate will never be greater than 1,. 7E; Illo. (E) Effectlye Date of ChaD.a My new inlerest rate will become errective on each Change Date. I will pay the amount of my new monlhly payment beginnin. on the first monthly payment date after Ihe Change Date untillhe amount of my monthly payment changes again. (F) Notlc:e of ChaDlet The Nole Holder will mail or deliver to me a notice before each Change Dale. The notice will advise me of: (I) the ncw interest rate on my loan as of the Change Date; (il) Ihe amount of my monthly paymenl following the Change Date; (ill) any additional mailers which the Note Holder is required to disclose; and (Iv) Ihe address of the association you could contact regarding any questions about the adjustment notice. B. CHARGES; UENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: 4. CbarpI; Ueos. Borrower shall pay all taXes, assessments, and other charges, fines, and impositions Bttributable to the Propc:ny which may aualn a priority over this Security loslrUmc:nt, and leasehold payments of ground rents, if any, in the manner provided under pa.ragreph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof, Borrower shall promptly furniJh Lender all nOli~ of amounts due under this paragraph, and in the event Borrower shall make paymenL dIrectly, Borrower shall promptly furnish fo Lender receipts evidencinR such paymenlS. Borrower shall promptly discharge any lien which has priority over thb Security lnstrument; however. Borrower shall not be required to dillcharae any such lien so long as Borrower: (a) shall aaree in writing to the payment of the obligation secured by such lien In lhc manner acceptable to Lender: (b) shall in good faith contest such lien by, or defend against enforcement C?f such lien in, legal proceedings which in the opinion of Lender operate to prevent the enforcement of the lien or forfeiture of the Property or any pari thereof; or (c) shaD secure from the holder of such lien an agreement in a form satisfactory to Lender subordinating such lien to this Security Instrument. If Lender ddcrmines that all or any pari of the Property Is subject to a lien which may attain a priority over this Security Instrument. Lender shall give Borrower It notice identifying such lien. Borrower shall satisfy such lien or lake one or more of the actions set forth above within ten day! of the givina of the notice. C. NonCE Uo!form Covc:nantl. of the Security Instrument Is amended (e read as follows: ... Nodm. Except for any notiCC' required under applicable law to be given in another manner, (a) any notice 10 Borrower provided for in Ihis Security Iftluumcnt .hall be aiven by delivering it or by mailing It by nnl clau mail to Borrower at the Property Address or al such olher addre~~ u Borrower may deslanate by notice 10 Lender as provided herein, and (b) any nOlice to Lrnder shall be liven by first class mail 10 l.ender'~ addreu 51aLcd herein or 10 such olher address as Lender may desi,nllte by notice 10 Borrower as provided herein. Any notice pro\lided for in Ihi\ Security lnstrummt shall be dcemtd to have been aiven to Borrower or lender when gi\lcn in Ihe manner aesignDIt'd herein