87101521 - Laserfiche WebLink

Browse

ADJUSTABLE RATE RIDER 87- 101521 (I Year Treasury Index -Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 16th day of march 19 87: and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Dad (the "Security Instrument ") of the same date given by the undersigned (the " Borrower ") to secure Borrower's Adjustable Rate Note (the "Note ") to HOME FEDERAL SAVINGS & LOAN ASSOCIATION OF GRAND ISLAND, NEBRASKA (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 1405 Coventry and 948 South Locust Street, Grand Island, Nebraska 68801 (Property Address) This note contains provisions allowing for changes Is my isMnt rate sad my monthly payments. This note also limits the amount my fatettet rate can chaw at any ox that and also the minimum and the maimme ram L mad pay. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 9 %: Section 4 of the Note provides for changes in the interest rate and the morshly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate I will pay may change on the first day of Arr i 1 19 RR , and on that day every --months thereafter. Each date on which my interest rate could changeis called a "Change Date." (9) The lads - Beginning with the first Change Date, my interest rate will be based on an Index. The "index" 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 laden 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) Calculation of Chata)Rs Before each Change Date, the Note Holder will calculate my new intern rate by adding Three & one -half percentage paints ( 3.5 ace) to the Current Index and rounding to the nearest I1&h of 1%. subject to the limits stated in Section 4(D) below. This rounded amount will be my new interest rate until the next Change Date_ The Note Holder will then determine the amount of the monthh payment that would be sufficient to repay in full the principal I am expected to owe on that Change Date in substantially equal payments by the maturity date at my new interest rate. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes Tbk �aterest rate 1 am required to pay at the first Change Date will rat be greater than 44_,g % or less than ace. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than _t4aX_pezQQn t from the rate of interest I have been paying for the preceding twelve months. The miauntmt interest rate on this lout will never be less than ®, Cy % and the maximum interest rate will never be grater than 14 l, R (E) Effective Date of Change My crew interest rate will become effective on each Change Date. i will sav the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my momthl_ payment changes again. (F) Notice of Charges The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise we 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 Note Holder is required to disclose; and (iv) the address of the association you could contact regarding any questions about the adjustment notice. B. CHARGES; LIENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: 4. Charges: Liens. 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 Z hereof or, if not paid in such manner, by Borrower snaking payment, when due, directly to the payee thereof. Borrower shall promptly furnish Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Leader receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument: however, Borrower shall not be reauued to discharge any such lien so lone as Borrower- (a) shall a- _rtee in wr__ga to the payvmm, of the obligation secured by such Gen in the manner acceptable to Lender; (b) shall in good faith contest such lien by, or defend against enforcement of such diet in, legal proceedings which in the opinion of Lender operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof; or (c) shall secure from the holder of such Gen an agreement in a form satisfactory to Lender subordinating such Gen to this Security Instrument. If Lender determines that all or any part of the Property is subject to a lien which may attain a priority over this Security instrument, Lender shall give Borrower a notice identifying such lien. Borrower shalt satisfy such lien or take one or more of the actions set forth above within ten days of the giving of the notice. C, NOTICE Uniform Covenant 14 of the Security Instrument is amended to read as follows: 14. Notke, E%cepr for any notice required undri applicable 1: w to be given in another manner, (a) any notice to Borrower provided for to this Smunty I'wtrumertt shall he given ", delivering it or by mailing it by first class mail to Borrower at the Property' Address or at such other addresser at ntxrower nor designate by notice to t.onder as provided herein, and (b) any notice to Lender shall he given by first class mail to t ender', addre,%stated heron err tat such ether address as Lender may designate by notice to Borrower as provided herein An% notice provided for in this Smutty instrument shall he deemed to have horn given to Borrower or tender when gds rn in the manner designated harm 1