87106642 - Laserfiche WebLink

Browse

67® 10664P ADJUSTABLE BATE RIDER (3 Year Treasury Index - Rate Cape - Fixed Rate Conversion Option) 7KIS ADJUSTABLE RATS RIDER is made this 13th day of November , 19 8 , and is incorporated into and shall be deemed to eased and supplement the l =ps-, Deed of Trust or Security Deed (the "Security Instrument ") of the same date $Ivan by the undersigned (the " Borrower") to secure Borrower's Adjustable Rate note (the "Note ") to Occidental /Nebraska Federal Savings Bank (the "Lander ") of the same data and covering the property described in - the Security Instrument and located at: 2607 Jan Street Grand Island, NE 68801 (Property Address) THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MINIMUM AND MAXIMUM RATES THE BORROWER MUST 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 Rote provides for an initial interest rate of 8.875 %. The Note provides for changes in the interest rate and the monthly 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 December , 1990 , and on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date ". (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly enrage yield on United States Treasury securities adjusted to a constant maturity of 3 years, as made available by the Federal Reserve Board. The most recent Index 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 Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding two and one half percentage points ( 2.500 k) to the Current Index. The Note Holder will then round the result of this addition to the nearest one - eighth of one percentage point (0.125%). 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 monthly payment that would be sufficient to repay the unpaid principal that I as expected to owe at the Change Date in full on the maturity date at my new interest rate In substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes Change Date will not be greater than k or less The interest rate I am m 10. 375 required to pay at the first than 7.375 %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than one and one -half percentage points (1.5%) from tht rate of interest I have been paying for the preceding 12 months. My interest rate will never be greater than 13.875 t. (E) Effective Date of Changes My new interest rata will become effective on each Change Date. I will pay the amount of my new mthly payment beginning on the first mthly payment date after the Change Date until the amount of my monthly payment chafes again. (F) Notice of Changes The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my monthly payment before the effective date of any change. The notice will include information required by law to be given me and also the title and telephone number of a person who will answer any question I may have regarding the notice. B. PIM INTEREST RATE OPTION The Note provides for the Borrower's option to convert from an adjustable interest rate to a fixed interest rate, as follows: S. F= INTEREST RATE OPTION L(A) Option to Convert to Fixed Rate I have a Conversion Option which I can exercise unless I an in default or this Section 5(A) will not permit me to do so. The "Conversion Option" is my option to convert the interest rate I an requireJ to pay by this Note from an adjustable rate to a fixed rate. AMG-19 ff J