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8s-- 101774
<br />ADJUSTABLE RATE RIDER
<br />(i Year Treasury index -Rate Caps)
<br />THIS ADJUSTABLE RATE RIDER is made this 11th day of ____AP ri l 19 —86- -•
<br />r and is incorporated two and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Security Deed (the "Security
<br />Instrument ") of the same date given by the undersigned (the "Borrower•') to %cure Borrower's Adjustable Rate Note (the "Note ") to HOME
<br />UMM& SAVIM" i JOAN ASSOCIATION OF GRAND ISLAND, NEBRASKA (the "Lender') of the same date and covering the
<br />property described in the Security instrument and bated at;
<br />311 North Lincoln, Grand Island, NE 68801
<br />(Property Address)
<br />Tile melt cosfals provislos aYeaing for changes IN lay Interest rate and sty mantlely
<br />payments. This note rieryllnll tic amount my isterest rate can change at say one time and
<br />eke the i imiwn mW tin maxim es role I must pay.
<br />ADDITIONAL COVENANTS. In addition to the covenants and agrcerrrnts made in the Security Instrument, Borrower and Lender
<br />further covenant and agree as follows:
<br />A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
<br />ate Note provides for an initial interest rate of. 9.5 tee. Section 4 of the Note provides for changes in the interest rate and the
<br />monthly payments, as follows:
<br />4. INTEREST RATE AND .kfONTHLY PAY,WENT CH.4NGES
<br />(A) Cimngt Dates
<br />The interest rate i will pay may change on the first day of __ May 1. _ , 19 87 , and on that day every
<br />tWel VP 12) months 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 he based on an Index. The "Index" is the weel ly average yield on United States
<br />Treasury securities adjusted to a constant maturity of I year, as made available by the Federal Reserve Board. The most recent Index figure
<br />available as of the date 45 days before each Change Date is called the "Current Index."
<br />If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note
<br />Holder will give me notice of this choice.
<br />(C) Calculation of Changes three
<br />Before each Change Date, the Note Holder will calculate my new interest rate by adding _ percentage
<br />pants (— 3 9s) to the Current Index and rounding to the nearest 1; 8th of 1074, subject to the limits stated in Section 4(D) below.
<br />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 in full the principal I am
<br />expected to owe on that Change Date in substantially equal payments by the maturity date at my new interest rate. The fault of this calculation
<br />will be the new amount of my monthly payment.
<br />(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 _15.0 a, less than
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<br />�LX X XXXXxXd4lb)1D(d6%tk)yxt (p( M�Nkp�( (p jq( j(�¢)()pXd(ajQp)( t( The minimum interest rate on this loan will never he
<br />less than 8.5 9e and the maximum interest rate will never be greater than
<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 Beginning on the first
<br />monthly payment date after the Change Date until the amount of my monthly payment changes again.
<br />(P) Notice of Changes
<br />The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of:
<br />(i) the new interest rate on my loan as of the Change Date;
<br />(ii) the amount of my monthly payment following the Change Date;
<br />(iii) any additional matters which the Note Holder is required to disclose; and
<br />fiv) the address of the association you could contact regarding any questions about the adjustment notice.
<br />R. CHARGES; LIENS
<br />Uniform Covenant 4 of the Security instrument is amended to read as follows:
<br />4. Gages; Lks. Borrower shall pay all taxes, assessments, and other charges, fines, and impositions attributable to the Property which may
<br />attain a priority over this Security Instrument, and leasehold payments of ground rents, if any, in the manner provided under paragraph 2 hereof
<br />or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof, Borrower shall promptly furnish Lender
<br />all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to
<br />Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security instrument;
<br />however. Borrower shalt not he required to discharge any such lien so long as Borrower: (a) shall agree in writing to the payment of the
<br />obligation secured by such lien in the manner accept -able to Lender; (b) shall in good faith contest such lien by, or defend against enforcement of
<br />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 ally
<br />part thereof; or (c) shall secure from the holder of such lien an agreement in a form satisfactory to Lender subordinating such lien to this
<br />Security Instrument.
<br />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,
<br />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
<br />within ten days of the giving of the notice.
<br />C. NOME
<br />Uniform Covenant 14 of the Security Instrument is amended to read e, f(Alow
<br />14. Notice. Except for an) notice ttquired under appiicahle law to he. given in anothet manner. (a1 any nonce to Bur. overt pro %ided (or in ilia
<br />Security Initrua wnt %hall he gsvrn by delivering it or h) mading it by tint class mail to Borrower at the Pron•rty :Add rrss or ai <arh other addresr
<br />as hot owe.t tnav designate by nonce to I cadet as fnu%idcd herrin..t nd the any not ;,:r -r. 1 ender :hall hr guar. b% loru die mi t„ i rn.fr ,
<br />"Wress.tatted herrin ter t,, of lief addfe%s as I wider may drvgrnair py ounce io lk,rtowrt 'a f, !I hrrcn:t A r, 1. ....... kd t,_
<br />!Security In%totntrut' :hali be deemed To ha%r beev 1,1 lu),r.,wrr ,i, (. endet her it"Cv c ,.. '!lame t :hl`atc' ,.,-I
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