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L <br />�7- 1UU55U <br />ADJUSTABLE RATE RIDER <br />i I Year Treasury Index --Rate Caps i <br />THIS ADJUSTABLF. RATE. R113FR is madc this 30.th.... day of ......... �al?.uary ................. .. .1 07.... and i. <br />incorporated into and shall he deemed to amend and supplement tEte Mortgage. Deed of Trust or Securitu Deed (the <br />"Security Instrument ") of the same date given by the undersigned ( the "Borrower") to secure Borrower Adjustable <br />Rate Note (the "Note­) to ........ Farmer.s..State..B.ank... and.- T.rust..Company. ... of.... Superior... ... .. .. <br />........... ....................I.......... ..I........... .. _. — ( the "Lender ") of the ;ante date and covering the property described in <br />the Security Instrument and located at: <br />4344 Heavenly Drive, Grand Island, NE 68803 <br />...................................................... ............................... ............................... ....I.......................... <br />I MoN'l, <br />THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE <br />AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S <br />INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- <br />ROWER MUST PAY. <br />Am)1 rIo%,U. COyt:\ y \2s. In addition to the covenants and agreements made in the Security Instrument, Borrower <br />and Lender further covenant and agree as follows: <br />A. INTEREST RATE AND NIONTHLY P:1Y MENT CHANGES <br />The Note provides for an initia;t interest rate of ...7,, 750.... ;. 'rile Note provides for chances in the interest rate and the <br />monthly payments. as G)Ilows: <br />4. INTEREST RATE: AND YIONTHI.I' PAYNIE:N "I' ClIANGES <br />t A t Change Dates <br />The interest rate I will pay may change on the first day oil _...... ...Apri.i......_ ............... 11.88.._ and on that day <br />every 12th month thereafter Fach ditto on which mw interest rate could chance is called a "Change Date." <br />(B I The Index <br />Beginning with the first Change Date. my interest rate will be based on in Index. The "Index" is the %cckh <br />average yield on United States Trcasurw securities adjusted to a constant maturity of I -\car, iN made avail able by the <br />Federal Reserve Board. The most recent Index fieure available as of the date 4,; dacs before each Change Date is called <br />the "Current Index." <br />If the Index is no longer available- the Note Holder \will choose a nevw index which is based upon comparable <br />information. The Note Holder will give me notice of this choice. <br />(C) Calculation of Changes <br />Before each Change Date. the Note Holder will calculate my new interest rate b} adding - _three.._......... _ <br />........... percentage points ( ........ 3 -.0. <br />_`: ) to the Current Index. The \otc Holder will then round the <br />result of this addition to the nearest one- eighth of one percentage point (0.1'_ `% I. Subject to the limits stated in Section <br />4(D) below, this rounded amount will be my new interest rate until the next Change Date. <br />The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the <br />unpaid principal that I am expected to owe at the Change Date in full on the maturity date at my new interest rate in <br />substantially equal payments. The result of this calculation will be the new amount of my monthly payment. <br />( D) Limits on Interest Rate Changes <br />The interest rate I am required to pat at the first Change Date will not be greater than ....9..7.55.0............' or less than <br />.....5...75.0..........' Thereafter, my interest rate will never be increased or decreased on any single Change Date by more <br />than two percentage points (1.0' :_�) from the rate of interest I have been paying for the preceding twelve months. My <br />interest rate will never be greater than ...1.3 75.0....." . <br />( E) Effective Date of Changes <br />My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment <br />beginning on the first monthly payment date after the Change Date until the amount ul m% monthly payment changes <br />again. <br />( F) Notice of Changes <br />The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my month[ <br />payment before the effective date of any change. The notice will include information required by law to be given me and <br />also the title and telephone number of a person who will answer any question I ma} have regarding the notice. <br />B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER <br />Uniform Covenant 17 of the Security Instrument is amended to read as follows: <br />Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Propert} or any interest in it is <br />sold or transferred (or if it beneficial interest in Burrower is sold or transferred and Borrower is not a natural person) <br />without Lender's prior written consent. Lender ntay. at its option. require immediate payment in full of all sums secured <br />by this Security Instrument. Ifowever- this option shall not be exercised by Lender if exercise is prohibited by federal law <br />as of the date of this Security Instrument - Lender also shdll not exercise this option if: (a) Burrower causes to be <br />submitted to Lender information required by Lender to evaluate the intended transferee as if 3 new loan were being made <br />to the transferee, and (b) Lender reasonably determines that Lender's security will not be impaired by the loan <br />assumption and that the risk of it breach of any covenant or agreement in this Security Instrument is acceptable to <br />Lender. <br />MULIISTATE ADJUSTABLE RATE RIDER— ARM 5-2— -- Fannie Mae Freddie Mac Unifnrm Instrument Form 3111 3 85 <br />