87101060 - Laserfiche WebLink

Browse

87, 101060 1-- NO. __._2_UQ471=1&_. Mw ADJUSTABLE RATE LOAN RIDER Imo LINCOLN NOTICE. THE SECURITY INS-MUMENT SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST RATE. TN- CREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE WILL REgUy T IN LOWER pAl-MMM. This Rider is made this day of -- February -- ----- ------- - ------------ - ------- 1 19 -_87., and is incorporated into and shall be deemed to amend and supplement the Mortgage. Deed of Trust, or Deed to Secure Debt (the "Security Instrument") of the same date given by the undersigned (the Borrowert') to secure Box_ rowers Note to ................ First Federal -_ Sayings -_ -- and- Loan_Assaciatioa of --- Line_o14.1-.a--.Uni-t-ed.-S_t_ates - corp_o ion (the "Lender") of the same date (the "Note") and covering the property described in the Security Instru- ment and located at - --503.,Kennedy__DxiV0 -------------- - ----------- Tqland, bza aL _Ne Sk ___68_a a3 Property Address MODIFICATIONS. In addition to the covenants and agreements made in the Security Instrument, Bor_ rower and Lender further covenant and agree as follows: L INTEREST RATE AND MONTHLY PAYMENT CHANGE DATES The Note has an "Initial Interest Rate" of -- -_ -- - -5 -950_ FC Interest rate changes may occur on the Ist day of - . - ------- --------- - —417 4_ --------- --- 19._88- - and on the Ist day of 19. .... 8 - Sand ou the Istdky of -------- -- --October ........ - --- --------- and on the I st day of - - ----------- - --- ----- 19_ 89 and on those dates of those in every year thereafter. Each date On which the rate Of interest may change will be called a "Rate Change Date-. Changes in principal and interest payments to adjust amortization of the loan to correspond with interest rate changes shall be made on the ist day of _- --- -- ADZI 1 --- ---- 19__88. and on that date every --- .-- -- -. - - - -- . Year(r) thereafter. Each date on which the principal and interest payment may change will be called a "Payment Change Date"- 2. INTEREST RATE CHANGES (A) The Index Beginning with the first rate change date, my interest rate will be based on an index. The -Index-- is the- (chi me box to indicate Index) ( I ) 7: "Contract Interest Rate. Purchase of Previously Occupied Homes, National Average for all Major'fypes of Lenders" published by the Federat Hem Loan Bank Board. (2) 49aXkly _1_ 9A.D.S. Treasurg Securities -_ nst#nt_.xaturity __ __ .. ...... ..... qf_1 _y I hed by ral Reserve Boa ---- - -- -- -- --- -- . -rd. -- ---- --------- The most recent Index figure --va-1--ble &. of the date 15 ile k, each Ra t e Change Date and 45 days before each Payment Change Date is called the If the Index is no longer available. the Note Holder will dwose a new Index which is ham l upon comparable information. The Note Holder will give me notice of this change. (B) Calculation of Changes Before each Rate Change Date or Payment Change Date the -Note Holder will calculate -my new Meer rate by adding . ...... _2.W, , percentage points f . Z-W -<)to the Current lnlex. The results of this addition will be my new interest rate until the next Rate Change Date or Payment Change Date. On each Payment Change Date_ the Note Holder will -then determine the amount of the monthly payment that. would be sufficient to repay the unpaid principal balance of my loan I am expected to owe on the Payment Change Date in full on the maturity date at my new interest rate in substantially equal pay- ments. The result of this calculation will be the amount of me new principal and in my next Payment, Change Date. interest Payment until (Check bos(s)) 1) " If this box is checked, there will be no maximum limit on changes in the interest rate up or down. The interest rate as calculated under Section 2 (B) will be the new interest rate. (2) 3 If this box is checked, the interest rate that I pay shall not increase more than pet tage points on any Payment Change Date. (3) la If this box is checked, the interest rate that I pay shall not decrease more than 100 Percentage points an any Payment Change Date. (4) 0_1 If this box is checked, the interest rate that i pay shall not increase more than percentage points on any Rate Change Date. I