85003877 - Laserfiche WebLink

Browse

ADJUSTABLE RATE RIDER _ 00 3 8 E el (1 Year Treasury Index -Rate Caps) THIS ADJUSTABLE RATE RIDER is made this 14th day of _ August '1985 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 FEpCRat SAWN" i LOAN ASSOCIATION OF GRAND ISLAND, NEBRASKA (the "Lender ") of the same date and covering the property described in the Security Instrument and located at: 823 Austin Avenue, Grand Island, NE 68801 (Property Address) Thla note contaim provisions allowing for cltaages in my interest rate and my monthly payments. This note abe limits the amount my interest rate can change at any one time and afire the minimum and the maximum rate 1 meal pay. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Into went, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 9.5 ?to. Section 4 of the Note provides for chant es in the interest rate and the monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES (A) CkmW Dams The interest rate 1 will pay may change on the first day of Sep ember , 19 86 . and on that day every twelve i 12� months thereafter. Each date on which my interest rate could change is called a "Change Date." (1) Tim l mkz 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) Cam of Chimes Before each Change Date, the Note Holder will calculate my new interest rate by adding one & Seven/eighths percentage ,,.lints ( 1 -875 %) to the Current Index and rounding to the nearest 1/8th of 16'o, 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 on Interest Rate Changes The interest rate I am required to pay at th_ first Change Date will not be greater than 11.50 _4'e or less than %. Thereafter, my interest rate will never be increased or decreased on any single Change Date by more thatttwn Po Trent from the rate of interest I have been paying for the preceding twelve months. The minimum interest rate on this loan will never be less than 8.75 Die and the maximum interest rate will never be greater than 14.375 ?•o. (E) Effective Date of Changes My new interest rate will become effective on each Change Date. 1 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) Nedw of CMnges 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; (its) 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. a. CHARGES; DENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: 4. Chmlles; Lass. Borrower shall pay all taxes, assessments, and other charges, fines, and impositions attributable to the Property which may attain a priority over this Security In rrurnent, 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 notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lmtdar receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument; however, Borrow 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 sucls liar 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 tbasof; or (c) shall secure from the holder of such lien an agreement in a form satisfactory .t 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. LC. NOTXZ Uniform Covenant 14 of the. Security Instrument is amended to read as follows: 14. Nodes. Except for any notice required under applicable law to tic given in another manner, (a) any notice to Wmower provided lit in this Sscurity Instrument shall be given by delivering it or by mailing it by first class mail to Hortower at the Property Address or at such othr, addle- d Borrower may designate by notice to fender as provided herein• and (b) am notice tv I ender shall he yisen by foal class mail to I undo" address stated horcio or to such other address m Lender may designate by notice to 11mrawer as provided herein. Anv nnlire pi,mdcd t•.a art 1ln% Security Instrument shall be deemed to have tan aiven to Nim mer or I ender when Moen :n the malmeer devµnatrd herelu Mimi MLA 01