85006157 - Laserfiche WebLink

Browse

Loan No..... 6b710 -1 -78. ADJUSTABLE RATE LOAN RIDER UPROiN 85= 00615P7 NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST RATE. IN- CREAM IN THE INTEREST RATE WILL. RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE RILL RESULT IN LOWER PAYMENTS. This Rider is made this ... .lath...._... day of ....._.December 19.8? ,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 Bor- rowersNote 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 .. 2 12- WoodriUge- Place,- ____ . .... _ ....... Gran4. Island,. Nebraska- -58$01 Property Address MODIFICATIONS. In addition to the covenants and agreements made in the Security Instrument. $r,r- rower and Lender further covenant and agree as follows: 1. INTEREST RATE AND MONTHLY PAYMENT CHANGE DATES The Note has an "Initial Interest Rate" of __...9, 030 (7;�, Interest rate changes may occur on the 1st day of - February , 19-37 on the 1st day of --------------------- Nay ....... _.. .. -, 19 _ ..7. and on the 1st day of . _ ?must 19.87 . T7 -..._ . ... and on the lst day of ...... __._. -... ovember 19..... and on those dates of these months in every year thereafter. Each date on which the rate of interest may change will be called a "Plate 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 . February 19 87 and on that date every .... '-'"."_... year(!:) thereafter. Each date on which the principal and interest payment may change will be called a "Payment Change Date ". L INTEREST RATE CHANGES ( A) The Index Beginning with the first rate change date, my interest rate will be hased on an index. The is the: (check one box to indicate Index) (1) " "Contract Interest Rate, Purchase of Previously Occupied Hoanes. National .average for all Major Tvpes of Lenders" published by the Federal Home Loan Bank Board. (2) Monthly _ average yield. on U.S. Treasury. Securities adjusted to a constant maturity of _1 year published by the Federal Reserve Board. The most recent Index figure available as of the date 15 days before each Pilate ('hinge Date and 35 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 Charge Date or Payment Change Date the Note Holder will calculate my new interest rate by adding ... 275 percentage points t. 2.754 !'. ) 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 Paynnent Change Date, the Note Holder will then determine the amount of the monthly pavment that would be s-ufficient 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 - tnents. The result of this calculation will be the amount of my new principal and intcrcwt payment until my next Payment Change Date. (Check box(a) ) (1) Ll If this box is checked, there will be no maximum limit on changes in the interest rate up or down. The interest rate as calculated under Section 2 413) will be the new interest rate. (2) !C If this box is checked, the interest rate: that I pay shall not increase more than 100 percentage points on any Payment Change Date. 0) jj If thin box is checked, the interest rate that I pay shall not decrear.e more than 100, percentage pomta on any Payment Change Date. (4) a:;' If this txix is checked, the intere=st rVi— that 1 pay .hall not increase more than percentage jxAnix on any hate. Change Date. K