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ADJ~'~~~!.:~ln~~~a~IDER 88- 106939 THJSADJUSTABLE RATERIDBR Is made lhl. ~dayof nF;l,cAmhp,r .19--6....6...-. and is Incorporaled Into and .hall be deemed to amend and supplemenl the Mortgage, Deed of Trult. or Security Deed (the "Security Instrument") of the same dale alven by lhe undenlaned (the "Borrower") 10 secure Dorrower's Adjustable Rale Notc (the "Nole") '0 tlQME FEDERAL SAVINGS' LOAN ASSOCIATION D~ GRAND ISLAND. NEBRASKA (the "Lender") of the .ame d... and covering the property described in the Security lrulrumcnl and located at: 3239 West 2nd, Grand Island, NE 68803 (property Address) TbII Dote cDatal. proylllODl aUowIal ror cbanaa In my laWait ralt! aDd my moadal, pI,meatJ. This Doll! aIIo Umlts tbe .mount my Interest rale CUI cbanlc at aay one tlme lad alia I"e mbdmom aad the mulmam rate I mast pay. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as rolJaws: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 1 0 %. Section 4 of the Note provides for changes in the interest rate and the monthly payments, IlS follows: 4. INTEREST RA TE AND MONTHLY PA YMENT CHANGES CA) Clwlaeo.leI The interest rate I will pay may change on the first day of .T::Inl1t=l ry .19~, and on thatdayevcry 1 ., months theren(ter. Each date on which ray interest rate could change is called a "Change Date. t, (81 The lad.. Beginning with the first Change Dale, my interest rate win be bllSed on an Indcx. The "Indcx" is the weekly average yield on United States Treasury securities adjWled to a constant maturity of I year, as made available by the Federal Reserve Board. The most rec:cnt Index figure available as of the date 45 days before each Change Date is called the "Current 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 give me notice of this choice. (C) CalculatiOD of Clwtps Beforccach Change Date, the Note Holder will ca1cu1atemy new interest rate by adding Thrpp & nnp--Ht=ll f perccntqe pointst J 5 %) to the Current Index and rounding to the nearest I/8th of 1%. subject to the limits stated in Section4(D) below. This rounded amount will be my new interest rate until the next Change Date. The Note HoJder will then determine the amount of the monthly payment that would be sufficient to repay in fun the principall am expected to owe on that Change Date in substantially equal payments by the maturity date at my new interest rate. The resuJt of this calculation will be the new amount of my month)y payment. (I)) Umlb OD 1a1erelt Rale CbanIfS The interest rate [ am required to pay at the first Change Date will not be greater than , ~ 'II or less than Q 'fo.~Illl__~~~xxxxxxx xxxliRnl~NlRcloo<ooleJiIlllCo<"""'........_b<anIIllIdIs. The minimum ial<1'<St .... oa this loaa will never be less than Q llJ. and the maximum interest rate will never be greater than 1 fi "". (E) EIledivc: Dak of CbaDps My new interest rate will become effective on each Change Date. I wiU pay the amount of my new month)y payment bqinning on the first monthly payment date after the Change Date until the amount of my monthly payment changes 1Bain. (F) Nollm of Chaqel The Note Holder win 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; [ri) the amount of my month)y payment following the Change Date; (ill) any additional matters which the Note Holder is required. to disclose; and (iv) the address of the association you r;ould contact resarding any questions about the adjustment notioc. B. CHARGES; UENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: ... CIaarp:s; IJeDI. Borrower shall pay all taxes. assc:ssmcnts. and other charges, fines, and impositions attributable to the Property which may attain a priority over this Security InstT11mCnt.. and leasehold payments of ground rents, if any, in the manner provided under parasraph 2 hereof or, if not paid in such manner. by Borrower making payment.. when due. directIy to the payee thereof. Borrower shaD promptly furnish Lender aD notices of amounts due under this panlII'Bph, and in the event Borrower shall make pa)'D1CIlt dircctJy, Borrower shall promptly furnish to Lender rec:cipts evidencing such payments.. Borrower shall promptly discharge any lien which has priority over this Security Instrument; however. Borrower shall not be required to discharse 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 conlest such Ucn by, ordefcnd against enfon::emcnt of such lien in,lcplproceedings which in the opinion of Lender operate to prevent the enforcement of the lien or forfeiture of the Property or any part tbc:rcof; or (c) shall secure from the holder of such lien an agreement in a form satisfactory to Lender subordinating such lien to this Security InstJumcnL If Lender determines that all or any pan of the Property is subject to a lien which may attain a priority over this Security Instrument, l..cndc:r shaI1 Jive Borrowc:r a notice identifying such tien. Borrower shall satisfy 5uch lien or take one or more of the actions set forth abovc within leD days. of the siring ofthenotice. C. NOTICE Uniform Covenanl 14 of the Security Insuumcnt is amended to read as follaw5: 1.. NoticL Exoept for any notice requiml under appUcable law to be given in another manner, (a) any notice to Borrower provided for in this Security Jnsttument shall be given by deliveriDl it or by mailina il by firsl class maillo Borrower at the Property Address Of at such other address u Borrower may dc:si&nal~ by notio: to Lender IU proridc:d hrrcin, &nd (b) any notict to LC1ldrr $hall be given by finl J;lass mail to Lcnder'~ adclrc:ss stated herein or to such other address as Lender may dc:silnale by notice 10 Borrower as provided herein. Any notice provided for in thi" Sec:urity lnstrumcnl .haIl be deemed to have been given 10 Borrower or Lender when gi"'cn in the manner dcsianated herein.