86100482 - Laserfiche WebLink

Browse

V 1 ADJUSTABLE RATE RIDER (I Year Treasury Index-Rate Caps) 86-- 100482 THIS ADJUSTABLE RATE RIDER is trade this 2911 day of January ,19 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower ") to secure Borrower's Adjustable Rate Note (the "Note ") to HOME tWl0lA &AVINt48 R LOAN ASSOCIATION'OF GRAND ISLAND, NEBRASKA (the "Lender ") of the same date and covering the property described in the Security Instrument and located at 713 W. 6th St., Grand Island, NE 68801 (Property Address) This tale contains proviaioaa Mowing for changes in my interest rate and my monthly poymeuls. This ante also limits the amount my interest rate can change at any one time and aYo dw mtaimwm and the maximum rate I most 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. INfERFST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 10.5 %. Section a of the Note provides for changes in the interest rate and the monthly payments, as follows: , 4. INTEREST R, f TE AND MONTHL Y PA YMENT CHANGES (A) CbeW Data Irpterest rate I will pay may change on the first day of February 1 .19 87 and on that der° —+ery• 1 L months thereafter. Each date on which my interest rate could change is called a "Change Date." (111) The Index 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 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) Calealodim of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding three & one /half percentage pants ( 3.5 %) to the Current index and rounding to the nearest Iigth of 10.1s, 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 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 em Interest! Rate Cho sges The interest rate 1 am required to pay at the first Change Date will not he greater than 12 _ S a%B or less than - %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than two Pere en t from the rate of interest 1 have been paying for the preceding twelve months. The minimum interest rate on this loan will never be ICU t�_ %s and the maximum interest rate will never be greater than 15,375 % (E) Effective Dme of Changes My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the first monthly payment date after the Change Date until the amount of my monthly payment changes again. (F) Notice of Clmaga The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me 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. R CHARGES; LIENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: 4. Charges; Liar. 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 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish Lender all notion of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument; however, Borrower shall not be required to discharge any such lien so long as Borrower: (a) shall agree in writing to the payment of the obligation secured by such lien in the manner acceptable to Lender; (b) shall in good faith contest such lien by, or defend against enforcement of such lien in, legal proceedings which in the opinion of Lender operate to prevent the enforcement of the lien or forfeiture of the Property or any pat thereof; or (c) shall secure from the holder of such lien an agreement in a form satisfactory to Lender subordinating such lien 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 shall 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. Neda. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in it]). Security Instrument shall be given by delivering it or by mailing it by first Clue Mad to Borruwet at the Property Address or at such other addresv as Borrower may designate by notice to Lender as provided herein. and (b) any notice to Lender shall he gwrn by first class Mdil to I emicr address stated herein of to ouch other address as tender may designate by notice to Borrower as provided hereto Any nintce proaded toi tit thu Security lrtstnrntent shall he deemed to have bean given to Witrower or (.ender when given in the manner deakmued harm I