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85-Ift 000223 ADJUSTABLE RATE RIDER THIS ADJUSTABLE RATE RIDER is made this 31st day of D , 19 , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower ") to secure Borrower's Adjustable Rate Note to . Gamey Bank and Test Cammv (the "Lender ") of the same date (the "Note ") and covering the property described in the Security Instrument and located at: #501 109 North Locu:st.Grand Island Nebraska 68801 (Pwp«h Addrw) The Note contains provisions allowing for changes in the Interest rats every year. If the Interest rate In- creation, the Borrower's monthly payments will be. higher. If the interest rate decreases, the 's monthly payments will be lower. ADDITIONALCOVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST DATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 12.75 _°%o. Sectior 4 of the Note provides for changes in the interest rate and the monthly payments, as follows: "i. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) Change Dates The interest rate 1 will pav may change on the first day of _January _ . 19 N_ and on that day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date.' (II) 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) Calculation of Changes Before each Change Date, the Note Holder will calculate my new interest rate by adding Am and arm -half percentage points ( 2.5 61n) to the Current Index. The Note Holder will then round the result of this addition to the nearest one - eighth of one percentage point (0.12506). 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 balance of my loan I am expected to owe on the Change Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation is called the "Full Payment Amount ", and it will be the new amount of my monthly payment, subject to subsection (D) below. (D) Limits on Interest Rate Changes. The rate of interest l am required to pay shall never be increased or decreased on any single Interest Change Date by more than ? from the rate of interest I have been paying for the preceding twelve months. My interest rate also shall never be greater than —15.25-07o. (E) Effective Date 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 Ch The Note Holder will mail or deliver to me a notice of any changes in 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 questions I may have regarding the notice." Portfolio ARM — 1 Year Without Payment Cap, With Adjustment to Adjustment Rate Cap and Rate Cap Over Life. rev 44d Ifte a P+ "a taws omlwe IN