88106092 - Laserfiche WebLink

Browse

ADJUSTABLE RATE RIDER (I Year Treasury Indc:x-Ralc Cups) 88- 106092 THISADJUSTADLERATERIDERismade.hls 7th dayor November .19~_, and is incorporated inlo ond shall be deemed to amend and supplement the Mortgage. Deed or Trulil, Of. Security Deed (the "Security Instrument") urlhe same date given by the undersigned (the "Borrower") 10 secure Borrower's Adjustable Rare Note (the UNote") to!::!2M5 fEDERAL SAVINGS a LOAN ASSOCIATION OF GRAND ISLAND. NEBRASKA (.he "Lender") or .he same dale and coverlns Ihe property described in the Security Instrument and located at: BD4 Pleasant View Drive, Grand Island, Ne (ProperlY Address) This nole contains provlsloDl 811omol for changes In my Interesl rule Ind my monthly payments. This Dote also Umlts tbe amount my Interest rate can chinle at IIDY one time aDd also the minimum aDd lite maximum nte I must pay. 6BBD1 ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument. Borrower and Lender funher covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES 11:.e Note provides for an initial interest rate of 11 .5 0/0. Section 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: 4. I"'TEREST RA TE AND MONTHL Y PA YMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of December , 19 ~, and on that day every th'e'11'fii months thercaflef. Each date on which my interest rate could c~ange is called a "Change Date." (B) Thol.des Beginning with the first ChWlge Date. my interest rate will be based on an Index. The U[ndexu is the weekly aVerage yield on United States Treasury securities adjusted to a constant maturity of I year, as made available by the Federal Reserve Board. The most recent IndeJI. figure available as of the date 4S days before each Change Date is called the "Current Index." Jf the lodex is no longer available, the Note Holder will choose a new index which is based upon comparable infonnation. The Nott Holder will give me notice of this choice. (C) Calculation of ChangC! Before each Change Dale, the Note Holder will calculatc my new interest rate by adding three &: one/half percentage points ( ~ t; %) to the Current 1ndex and rounding to the nearest 1/8th of ] 0/0, subject 10 the limits stated in Section 4(0) below. This rounded amount will be my new interest rate until the nex1 Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay in full the principal 1 am expected to owe on that Change Date in substantially equal payments by the maturity date al my new interest ratc. The result of this calculation will be the new amount of my monthly payment. (D) limits on Interest Rate Changes The interest rale I am required to pay at the first Change Date will not be greater than 1 ~ C; 070 or Jcss than 9.5 OJo. Thereafter. my interest rale will never be increased or decreased on any single Change Datc by more than two percent ~ 7 n) from the rate of interest I have been paying for the preceding twelve months. The minimum interest rate on this loan will never be less than g. 0 OJo and the maximum interest rate will never be greater than 1 6.0 11'/0. (E) Effective Dllte of Ch.DI~ My new interest rale will become effective on each Change Dale. I will pay the amount Dr my new monthly payment beginning on the lirst monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Changes The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of: (i) the new interest rate on my loan as of the Change Date; (ii) the amount of my monthly payment following the Change Date; (iii) any additional matters which the Nole Holder is required to disclose; and (iv) the addrcss of the association you could contact regarding any questions about the adjustment notice. B. CHARGES: LIENS Uniform Co\'cnant4 of the Security Instrument is amended 10 read as follows: 4. Charges; lJeIIS. Borrower shall pay all taxes, assessments, and other charges, fines, and impositions attributable to the Property which may attain a priority over this Security Instrument, and leasehold payments of ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner~ by Borrower making payment. .when due, directly to the payee thereof. Borrower shall promptly furnish Lender all notices of amounts due under this paragraph. and in the ev~nt Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument; however, Borrower shall not be required to discharge any such lien so long as Borrower: (a) shall agree in writing to the payment of the obligation secured by such lien in the manner acceptable to Lender: (b) shall in good faith contest such lien by, or defend againsl enforcement of 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 pan thereof; or (e) shall secure from the holder of such lien an agreement in a form satisfaclory to Lender subordinating such lien to this Security Innrument. If 1...cnder de:tennil'.z:5 that all or any part of the Property is subject to a lien which mal' attain a priority over this Security Instrument. Lender shall give Borrower a notice: identifying such lien. Borrower shall satisfy such lien or take one or more of the actions set forth above within ten days of the giving of the notice:. C. NonCE Uniform Co\'enant 14 of the Security Instrument is amended (0 read as follows: .t. NDIil'IL Except for.:my nouce r.equired und~r applie!lbl! IlIw to be; Riv~ in another manner. (a) any nOlice to Borrower provided for in Ihi~ Security JmUUrnenl shall be gi1o'cn by dc:livmng it OT by mailing it by first dass mail 10 Borrower at the Property Address or at such other addrc:.~ IU Borrower may designate by notice to Lender w. provided herein, and (b) any notice 10 Lender \hall be gh'en by firsl c1a\5 mail to Lendl."r'~ addl.eu 5lalrd herein or 10 su~h olher addros as lrnder may designate b)" nOlicc to Borrower as provil1ed herein. An)' nutiC(" JuO\'ided for in thi!> Securi1Y Imlrumem shall be deeme-d lu havt' bttn Ii"en 10 Borrower or Lender when ~ivm in the manner de~ignated ht"rein