85004959 - Laserfiche WebLink

Browse

F tg '004959) Loan No..._.5 4_1.8=1_-.1_8 ...... 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 LONER PAYMENTS. This Rider is made this .. ....7th October , 19_.-85, and is incorporated - day of .._ _ ...... -- - -- __ -- 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 Bor- rower's Note to ......... .- - -- - -- -.. .._...... _ .................... . ............................ - First Federal Savings and Loan Association of Lincoln, a United States corporation - . .... ................ . - - --_ - -. -.._...__......_ -- - - ._---- ----- - - ---- ------ ---- - - - -- -... (the "Lender ") of the same date (the "Note ") and covering the property described in the Security Instru- ment and located at _ 5n..Sast-_ 12._. Street__ .. . ...... ........_.___..__ wood. d_. River,- ._Nebraska_ -68 ..883 -- Property Address MODIFICATIONS. In addition to the covenants and agreements made in the Security Instrument, Bor- rower and Lender further covenant and agree as follows: I. INTEREST RATE AND 'MONTHLY PAYMENT CHANGE DATES The Note has an "Initial Interest Rate" of ..- . .... 9. 780.._c.., Interest rate changes may occur on the 1st day of .- _- _......- ..._.._ December , j9_86 and on the 1st day of ........... . . ........ March 19 87. and on the 1st. day n',' - June -•-- -- 1987.. and on the 1st day of . _ september _ 19 87 and on those dates of those months in every year thereafter. Each date on which the rate of interest may change will be called a "Pate Change Date ". Changes in principal and interest. payments to adjust amortization of the loan to correspond with interest rate changes shall be made on the 1st day of - _- _. ._..... December__,_.-_ - -_. 19.86 and on that date eve ry ....'....° . ' - -. ..... year(s) thereafter. Each date on which the principal and interest payment may change will be called a "Payment Change Date ". L. INTEREST RATE CHANGES (A) Tne Index Beginning with the first rate change date, my intere: -: rate will be based on an index. The "Index" i� the: (check one box to indicate Index) (1) ❑ "Contract Interest Rate, Purchase of Previously Occupied Homes, .rational Average for all Major Types of Lenders" published by the Federal Home Loan Bank Board. (2) iYi Monthly_ average- i.ield_on- U..S_., Treasury Securities adjusted to a oonstant�.m_aturit.y of 1 year published by the Federal Reserve Board. .. ........ .__....- ... ... . .. _ ._.. The most recent. Index figure available as of the date 15 days before each Rate Change Date and 45 days before each Payment 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 change. (B) Calculation of Changes Before each Rate Change Date or Payment Change Dale the Note Holder will calculate my new interest rate by adding . .275 percentage points ( 2 .754 1�,) to the Current Index. The results of this addition will be my new interest rate until the next Rate Change Date or Payment. Change Date. On each Payment. 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 Payment Change Date in full on the maturity date at my new interest rate in substantially equal pay- ments. The result of this calculation will be the amount of my new principal and interest payment until my next Payment Change Date. 1Check box (s)) (1) j If this box is checked, there will be no maximum limit on changes in the interest rate up or down. The interest rape as calculated under Section 2 (B) will he the new interest rate. (2) Y! If this box is checked, the interest rate that I pay shall not increase more than. 100 percentage pomt.y on any Payment Change Date. L (3) ! If this box is checked, the interest rate that 1 ,lap >hall not decrease more than 1ou percentage points on any Pavment Change Date. (4) If this box is checked, the inter. st rate that i pay ,hall not ;ncreasc :more than pt- nentage pants on any Rate Change Date. 'V ub I