86100879 - Laserfiche WebLink

Browse

86- 100879 ADJUSTABLE RATE LOAN RIDER NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST RATE. IN- CREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE WILL RESULT IN LOWER PAYMENTS. This Rider is made this. 2th .. day of ..... , February 19. 86_ , and is incorporzted into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security Instru- ment") of the same date given by the undersigned (the "Borrower ") to secure Borrower's Note to ................. The Beatrice National Bank, arid. Trust, Company . . ............ . ............................. . (the "Lender ") of the same date (the "Note ") and covering the property described in the Security Instrument and locatedat ............................................................. ............................... !'roperty Address Modifications. In addition to the covenants and agreemeias made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note has a((��e1 itial Interest Rate" of .. - .. %u. The Note interest rate may be increased or dec �` on the 1st, day c the li t beginning on ......... li 1987... and on that day of the pNt every ygi;r. nvalOw thereafter. Changes in the interest rate are governed by changes in an interest rate index called the "Index ". The Index is the: !Check one box to indicate Index.I (I) —�• "Contract Interest Rate, Purchase of Previously Occupied Homes, National Average for all Major. Types of Lenders" published by the Federal Home Loan Bank Board. (2) IS* _ One, year, ,U,., -S,. Treasury. Security.. Index. aditl4ted..kQ. pAilStant .maturities.... The interest rate will ...................... adjusted to 4.00$, above„ the, current, ind��c [Check one box to indicate whether there is any maximum Inn it on changes in the interest rate on each Change Date; if no box is checked there wdl be no maximurr limit on changes.] (1) i_ There is no maximum limit on changes in the interest rate at any Change Date. (2) ?f The interest rate cannot be changed by more than . Z. .Q percentage points at any Change Date. If the interest rate changes, the amount of Borrower's monthly payments will change as provided in the Note. In- creases in the interest rate will result in higher payments. Decreases in the interest rate will result in lower payments. B. LOAN CHARGES It could be that the loan secured by the Security Instrument is subject to a law which sets maximum loan charges and that law is interpreted so that the interest or other loan charges collected or to be collected in connection with the loan would exceed permitted limits. If this is the case, then: (A) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (B) any sums already collected from Borrower which exceed - ed permitted limits will be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Borrower. C. PRIOR LIENS If Lender determines that all or any part of the sums secured by this Security instrument are subject to a lien which has priority over this Security Instrument, Lender may send Borrower a notice identifying that lien. Borrower shall promptly act with regard to that lien as provided in paragraph 4 of the Security Instrument or shall promptly secure an agreement in a form satisfactory to Lender subordinating that lien to this Security Instrument. D. TRANSFER OF THE PROPERTY If there is a transfer of the Property subject to paragraph 17 of the Security Instrument, Lender may require (t) an increase in the current Note interest rate, or (2) an increase in (or removal of) the limit on the amount of any one in- terest rate change (if there is a limit), or (3) a change in the Base Index figure, or all of these, as a condition of Lender's waiving the option to accelerate provided in paragraph 17. By signing this, Borrower agrees to all of the above. �� .. hae (George �chaefer, Jr.) �111/ C 1 � 7r. r.na �....... (Seal) `(Donna B. Schaefe — Borrower L • Il • r §an cne Iwe n , nkr? , >r m ex , rhrr 4 ed and f r wier anJ Na•snwrr do rte,, nrFrrwcie axwe m wmr, n r f ! inJc, named di arro ADJUSTABLE RATE LOAN RIDER—;is, dour. Y. gFIB ,f R