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87106806
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Last modified
10/19/2011 3:11:08 PM
Creation date
3/27/2008 3:10:26 PM
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DEEDS
Inst Number
87106806
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W <br />ADJUSTABLE RATE RIDER <br />THIS ADJUSTABLE RATE RIDER is made this 23rd day of November ,19 87 <br />and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of <br />Trust or Security Deed ( "Mortgage "), of even date herewith, given by the undersigned <br />(" Mortgagor ") to secure Mortgagor's Adjustable Rate Note ( "Note "), of even date herewith, <br />to Occidental /Nebraska Federal Savings Bank ( "Mortgagee "), covering <br />the premises described in the Mortgage and located at <br />511 West 15th Grand Island , NE 68801 <br />Notwithstanding anything to the contrary set forth in the Mortgage, Mortgagor and <br />Mortgagee hereby agree to the following: <br />1. Under the Note, the initial stated interest rate of Nine and one -half Aer centum <br />( 9.500 %) per annum ( "Initial Interest Rate ") on the unpaid principal balance <br />is subject to change, as hereinafter described. Wien the interest rate changes, <br />the equal monthly installments of principal and interest also will be adjusted, as <br />hereinafter provided, so that each installment will be in an amount necessary to <br />fully amortize the unpaid principal balance of the Note, at the new adjusted interest <br />rate, over the remaining term of the Note. <br />2. The first adjustment to the interest rate (if any adjustment is required) will be <br />effective on the first day of April , 19 89 (which date will <br />not be less than twelve months nor more than eighteen months from the due date of <br />the first installment payment under the Note), and thereafter each adjustment to <br />the interest rate will be made effective on that day of each succeeding year during <br />the term of the Mortgage ( "Change Date "). <br />3. Each adjustment to the interest rata will be made based upon the following method <br />of employing the weekly average yield on United States Treasury Securities adjusted <br />to a constant maturity of one year ( "Index "; the Index is published in the <br />Federal Reserve Bulletin and made available by the United States Treasury <br />Department in Statistical Realease H. 15[5191). As of each Change Date, it will be <br />determined whether or not an interest rate adjustment must be made, and the amount <br />of the new adjusted interest rate, if any, as follows: <br />(a) The amount of the Index will be determined, using the most recently available <br />figure, thirty (30) days before the Change Date ( "Current Index ") . <br />(b) Two percentage points ( 2.000 %; the "Margin ") will <br />be added to the Current Index and the sum of this addition will be rounded to <br />the nearest cam?- eighth of one percentage point (0.125%). The rounded sum, of <br />the Margin plus the Current Index, will be called the "Calculated Interest <br />Rate" for each Change Date. <br />(c) The Calculated interest Rate will be capared to the interest rate being <br />earned immediately prior to the current Change Date (such interest rate being <br />called the "Existing Interest Rate "). Then, the new adjusted interest rate, <br />if any, will be determined as follows: <br />W If the Calculated Interest Rate is the same as the Existing Interest Rate, <br />the interest rate will not change. <br />(ii) If the difference between the Calculated Interest Rate and the Existing <br />Interest Rate is less than or equal to one percentage point, the new <br />adjusted interest rate will be equal to the Calculated Interest Rate <br />(subject to the maximum allowable change over the term of the Mortgage of <br />five percentage points,,in either direction, from the Initial Interest <br />Rate, herein called the "5% Cap "). <br />(iii) If the Calculated Interest Rate exceeds the Existing Interest Rate by more <br />than one percentage point, the new adjusted interest rate will be equal <br />to one percentage point higher than the Existing Interest Rate (subject <br />to the 596 Cap). <br />(iv) If the Calculated Interest Rate is less than Existing Interest Rate by <br />more than one percentage point, the new adjusted interest rate will be <br />equal to one percentage point less than the Existing Interest Rate <br />L(subject to the 5% Cap). <br />(d) Notwithstanding anything contained in this Adjustable Rate Rider, in no event <br />will any new adjusted interest rate be more than five percentage (5%) points <br />higher or lower than the Initial Interest Rate. If any increase or decrease in <br />the Existing Interest Rate would cause the new adjusted interest rate to exceed <br />the 5% Cap, the new adjusted interest rate will be limited to five percentage <br />(5 %) points higher or lower, whichever is applicable, than the Initial Interest <br />Rate. <br />
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