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For use only with an Adjustable Rate Mortgage, heed of Trust
<br />or Security Deed insured under section 203(b), 203()t)
<br />���ltf1 @f l (first lien only) or 234(c)of the National Housing -Azt J.
<br />006 if
<br />using the Hargin method.
<br />ADJUSTABLE RATE RIDER
<br />THIS ADJUSTABLE RATE RIDER is made this 2rsd day of February 19 $7,
<br />and is incorporated into and shall be deemed to amend and supplement the Mortgage,
<br />Deed of Trust or Security Deed ( "?Mortgage "), of even date herewith, given by the
<br />undersigned ("Mortgagor ") to secure Mortgagor's Adjustable Hate Note ( "Note.), of
<br />even date herewith :to Superior.. Moctcza�e. Inc
<br />("Mortgagee "), covering the premises described to the Mortgage and located at
<br />1924 stolley Perk Cr., Grand Island] Ne 68541 +
<br />Notwithstanding anything to the contrary set forth in the .Mortgage, Mortg or
<br />: And ;40Xrtgagee hereb,, agree to the followintg;
<br />' I. finder the 'tote, the initial stated interest rate of Seven
<br />i` '
<br />"7.0
<br />Per centun ( X) per annum ("Initial Interest Rate") on the unpaid principal
<br />balance is subject to change, as hereinafter described. When the interest rate
<br />changes, the equal monthly installments of principal and interest also will be ad-
<br />rusted, as hereinafter provided. so that each installment will be in an amount recc-
<br />essary to fully amortize the unpaid principal balance of the Note,; at the new ad-
<br />justed interest rate, over the remaining term of the dote.
<br />2- The first adjustment to the interest rata (i€ any adjustment is required)
<br />w.l« be effective on the first day of pia. 1. , 1988 (which bate frill
<br />sot be than twelve montns nor more than eighteen moteths #rows the slue slate of
<br />the first installment payment under the'Notel. and hereafter each adjustment to the
<br />interest rat=e will be. made effective 0-n that .dad f each succeeding year during the
<br />term Of the - Mortgage (`"Change Date").
<br />3_ Each adjustment to the interest rage will be made based upon the folly
<br />method Of employing the'veekly average ;field on United - States Treasury Securi-ties
<br />ad;:.ssed ,u a consratt maturliv of ore year (- I.ndex -; the Index is published in the
<br />Federal Reserve By > "ietin and.
<br />made a malable by the United States Treasury Department
<br />an Statistical Reieas2 i3 :i5(Slrrs3-
<br />As cif each Change .Date, it will be determined
<br />whether or not an interest rate adjustment be
<br />. :.
<br />rust . made, and the amount of the "..3Cvia-
<br />adds &e interest rate, if any, as follows:
<br />�
<br />a) The amouht of the Index will be determined, using the most recently
<br />available figure, thirty (30) days before
<br />the Change Dare-
<br />( "CLrFent Index-).
<br />, _
<br />iK percentage ,points { 2 2), the ""Marg €n ") will be "ded
<br />to the Clrient Index
<br />and the sum of Hiss additi;etn wt! I be rounded to the nearest
<br />une -ei tst �.f one ,percentage point (0.12,Z)- The
<br />rd u'24edi saw,, of the Margin plus
<br />the Curxe-i, Index Li :1 be -zas.ed the .Calculated Interest Rate'" for Change
<br />each ire_
<br />" i The C alCula ed luteres, Aare will be compared to the interest race.
<br />being earned immediately pner tz the current Change xDate !s.acb interest rate
<br />s�eirag
<br />�. :ai :tats+ S-:"ie "' F.2S «rtaa' IrLr: eSS Aida te'"� Ine.n, the new Adjus ted interest rate.. if any
<br />be determined as
<br />(0 if the Calculated Interest Rate is the same as the Existing Interest Rate,
<br />the interest rate will :'not change-
<br />(1i) If the difference betweetn The Calculated Interest Rate and the
<br />Extstilka interest
<br />.Rate is Tess than, or equal to tonne percentage point, the a" adi;
<br />tied
<br />interest rare will as eggs to the Calculated Interest Rate ( subject to the
<br />max allowable change over the
<br />term of the Mortgage of five percentage points, is
<br />fr�,m the i''. :tai interest =ate, herein walled the
<br />the C.alruiat+ed Interest Rate exceeds the Existing Interest Rate
<br />by more t.a.
<br />One percentage point, the new adjusted interest rate will be eslxai to
<br />_w_ne pence *age. Point higher than Tne Ex-sting, in-terest Rate (subject to t„i".-.e «?.r, Ca
<br />.. _ If the va:culat,u lazerest Rate is iess t223.iY the Ex.istirg, Interest
<br />Rate ^y ire than ate
<br />.
<br />,ne_.etntag;e point the new adjustesa interest rate ,r l be equal
<br />to one percentage o ='nt. mess than the Existing
<br />Interest Rate (subject _a the wit lt_re
<br />a .p`•
<br />";g
<br />3 contained in this Ado astable &a e, Rider. in
<br />^'tF £ e ^t ". 'n'�.'k. "adi
<br />- dt't u ed ir—terie-st rAre he -- TIPUre tha.. € Ye. opt'' - �C
<br />:tin 5' -a.._ -, _ _ - - r�e3aLd`.L c.1.hrCi�l.ZS't': -. _.
<br />.
<br />_r Into est Rate. it any ncrease ..- decrease iii the [
<br />. Existing Interest :Cate LCLId cause the .mew interest -10
<br />.adjusted. rate exceed the 5% Ji
<br />cap, t3h tv ac_usted interest kxIIited
<br />rate Iii 32 to f "ive percentage 0%) points
<br />l.iftrer ar insert w ithever is applicable,
<br />thatn the initial. Interest Ra.r.
<br />set Mortgagee :rill perform the functions required under S- ubparagraph's 3
<br />a (b) and t`e, to determine the ami:,unt of time new adiusted rate. if any. Any s`zh
<br />n ad J,s'ed i:ater:rst
<br />rate will become effective an he Change Date and thereafter
<br />final: be deemed to be the Existing interest
<br />�
<br />Rate. The Rear Existing Interest Rate
<br />. will effect i4,ntil cite taext Change Date,c wh2t? the interest
<br />' rate -;lst et_ iS ad- "- -
<br />'he method set forth in this Paragraph ? of this Adjustable Rate Ride r,
<br />determining whetter or
<br />not an adjustment :oust 4e eade to The Exist 7i ...tt.ses
<br />Rate !%4e rporat.es Th. effects ui the trvv.,sions of 1,4 21,e 11 t an-
<br />require LR,L u: , ,A,ij�i?.S lrad +x in _ =kC,e.3s of or:.e- peEt Cf Lath€r -'ViS''., MLLl� -t
<br />F
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