|
0
<br />""' p0302�
<br />ADJUSTABLE RATE RIDER 85
<br />(I Year Treasury Index -Rate Caps)
<br />THIS ADJUSTABLE RATE RIDER is made this 25th day of June
<br />and is incorporated into 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 secure Borrower's Adjustable Rate Note (the "Note ") to HOME
<br />RAL SAVINGS A LOAN ASSOCIATION OF QRAND ISLAND, NEBRASKA (the "Lender ") of the same date and covering the
<br />property described to the Security Instrument and located at:
<br />2919 West 17th Street, Grand Island, NE 68801
<br />(Property Address)
<br />This note contains provisions allowing for changes in my interest rate and my monthly
<br />Payments. This note also limits the amount my Interest rate can change at any one time and
<br />also the minimum and the maximum rate 1 must pay.
<br />ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender
<br />further covenant and agree as follows:
<br />A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
<br />The Note provides for an initial interest rate of 9-5 010. Sectica 4 of the Note provides for changes in the interest rate and the
<br />monthly payments, as follows.
<br />4. INTEREST RATE AND MONTIfL Y PAYMENT CHANGES
<br />(A) ChaW Data
<br />The interest rate I will pay may change on the first day of Jt r 1
<br />+r,�pl vP months thereafter. Each date on which my interest rate could change is called a "Change Date." , and on that day every
<br />(1d) The Index
<br />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
<br />Treasury securities adjusted to a constant maturity of 1 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
<br />Before each Change Date, the Note Holder will calculate my new interest rate by adding one and sever, e i .hl-- Percentag
<br />Points ( ) 87; -0h) to the Current Index and rounding to the nearest 1 /8th of 10/o, subject to the limits stated in Section 4(D) be owe
<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 result of this calculation
<br />will be the new amount of my monthly payment.
<br />(D) Waits on Interest Rate Changes
<br />The interest rate I am required to pay at the first Change Date will not be greater iitdn 11.5
<br />— 121- 8-,1®®'7�r Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than two or less than
<br />l— from the rate of interest I have been paying for the preceding twelve months. The minimum interest rate on this loan
<br />less than _� . 7S sJ® and the maximum interest rate will never be greater than ] A 375 will never be
<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 />(iD Nodm 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 />(iv) the address of the association you could contact regarding any questions about the adjustment notice.
<br />S. CHARGES; LIENS
<br />Uniform Covenant 4 of the Security Instrument is amended to read as follows:
<br />4. Cam; LIM. 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
<br />or, if not paid in such manner, by Borrower making payments of ground rents, if any, in the manner provided under paragraph Z hereof
<br />al! notices paid
<br />amounts due under this payment, when due, directly to the payee thereof. Borrower shall promptly furnish Lender
<br />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 urity Instrument;
<br />lien which has priority over this Sec
<br />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
<br />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'
<br />stkh 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
<br />Part thereof; or (c) shall secure from the holder of such lien an agreement in a form satisfactory to I ender subordinating such lien to this
<br />Security Instrument.
<br />If Lender determines that all or any parr of the Property is subject to a lien which may attain a priority over this Security Instnunent,
<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 />(:, NOTICE
<br />Uniform (.,ovenant 14 of the Security Inshurnent is amended to read as follows
<br />14. Notice, F.acept for any notice required under applicable law to tae given III arlothet nlarrner, t my notwe to llorrosver provided for in this
<br />ea:urity lnstrunlcnt shall he given by (jell vering it or by marling it by first class Inall to Borrows t oil tile fhnperts Address nr zit ut.h other adJrc s
<br />as Borrower may designate by mouse to I ruder as provided herein, atnd (hl ,tna niatit•e to t elhle.r shall hr Ktaa•rt t *p tint rlas�. until to 1 c °nJrt's
<br />address staled heoean rer Ia'. sua to "lthet addresa as I cndcr nxar ctentKuare by Hcrr��wrr as pr�n ielr�i hrtrtst Oo> n. +i,c t,r„� r,ll Ill
<br />Ie�r ni el ,N
<br />curitp lrletrtunert shall Ere deroascd t.�
<br />ha,. t. fraros xis eat 1e, li1nrc> wet R >r f rstd +tt w<tta °n fir -eta in ti�K n},trirsa t �1ewtcnat�J ha to +n
<br />7
<br />
|