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ADJUSTABLE RATE RIDER 87- 144396 <br />(I Yearr Treasury Index -aRafe Caps) <br />THIS ADJUSTABLE RATE RIDER is made this .,MO.. day of .,....44 Y . ............................... 19$7....,.., and is <br />incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the <br />"Security Instrument ") of the same date given by the undersigned (the "Borrower ") to secure borrower's Adjustable <br />Rate Note (the "Note ") lo..Nprwest Bank „Nebraska,r �a. f; 19} 1a, 1... Ugoelux- 9,,f 4 ............. ............................... <br />, <br />•.••••••••••.•••••••.....••...•••••••. 1..• ..... ............................... (the "Lender ") of the same date and covering the property described in <br />the Security Instrument and located at; <br />.....42 ..6 Utah, Grand Island.,.Nebraska,...68803 .................................................. ............................... <br />Property Address) <br />THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE <br />AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE OW..OWER'S <br />INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE THE BOR- <br />ROWER MUST PAY. <br />ADMTIONAL COVENANTS. 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 MONTHLY PAYMENT CHANCES <br />The Note provides for an initial interest rate of ..7.... &7.....%. The Note provides for changes in the interest rate and the <br />monthly payments, as follows: <br />4. INTEREST RATE AND MONTHLY PAYMENT CHANGES <br />(A I Change Dates <br />The interest rate I will pay may change on the first day of ..... &.1 Pk�.x ......................... 19..5z.., and on that day <br />every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date." <br />(B) The Index <br />Beginning with the first Change Date, my interest rate will be based on an Index. The "Index” is the weekly <br />average yield on United States Treasury securities adjusted to a constant maturity of I year, as made available by the <br />Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change D?:r. is called <br />the "Current Index."" <br />If the Index is no longer available, the Note Holder will choose a new 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 by adding two and one <br />half.................... <br />•.•• half... ................. percentage points (.�.r.500 %) to the Current Index. The Note Holder will then round the <br />result of this addition to the nearest one - eighth of one percentage point (0.125%). 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 />1 D) Limits on Interest Rate Changes <br />The interest rate I am required to pay at the first Change Date will not be greater than ...............% or less than <br />5.8.7.5•••.........`k. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more <br />than two percentage points (2.0°%) from the rate of interest 1 have been paying for the preceding twelve months. My <br />interest rate will never be greater than ..1.3e.$.7......�. <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 of my 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 monthly <br />payment before the effective date of any change. The notice will include information required bylaw to be given me and <br />also the title and telephone number of a person who will answer any question 1 may have regarding the notice. <br />IL 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 />Tramsfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest in it is <br />sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) <br />without Lender's prior written consent. Lender may, at its option, require immediate payment in full of all sums secured <br />by this Security Instrument. However, 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 shall not exercise this option if: (a) Borrower causes to be <br />submitted to Lender information required by Lendcr to evaluate the intended transferee as if a 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 />L assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to <br />Lender. <br />"Thc Index figure available as of the date the initial interest rate was determined for Uti.s loan was 6...y1.......... <br />MNETtSTATE A0JUSTAKE RATE AIDER—ARM 5.2- -:,,t ;w � an,i, —F"te Mae FtWdis Mac Undorm Inslrument Form 3111 3 85 <br />