84000611 - Laserfiche WebLink

Browse

ADJUSTABLE RATE RIDER 84,--• f~0061.L (Payment Cap) THIS ADJUSTABLE RATE RIDER is made thin ....1st... day of ............ .rl' ................ 19.:84 and is incorporated into and shall bn domed to amend and auppktttrnt the Mortgage, Deed of Trust: or Deed to Secure Debt (the "Security Instrument") of the same due given by the undewigned {the-"Borrower") to secure Borrotrer's Ad}WhbkRaKNbtEtO .................................`J'.~rl~'..(Y)S?T~. t1s~~'rr...~.F1lCn.................................................................... .................................................................................. (the "Lender") of the acme date (the "Note") and covering.. the Property daeribed in the Security Instrument and ktcated at: 2212 WoodridcZe ,Place...- Grand. Islarrlr.. NE 68802 [PrapeKy Address] Ths Nab eonMina provisions oNewinH fear ehanRsa in The-ittfsrosf rtaN ttvttryr Htraryeen. H fM iMarost roN inerossas, the Borrower's asnfMy paywaMs.will bo hig)Itor. If fho iMtrost raM ttloetessos, thr Becrewor's tneslMly peyttstt+MS wBP bo letttror. TM Borrewor else rosy bo abhl fo liuaif monthly psytttsoM ineroasorte T ti4 % ttweh year. ADDmONA6 CovENAMS. In add"pion to the covrnants and agreements made in the Security Instrument, 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 .....12, 75,.,.,%. Sections 4 through g of the Note provide for change in the interest rate and the monthly payments, as follows: "4. INTERTS7' RATE AND MONTHLY PAYMENT CHANGES (A) Chasge Data The interest rate 1 will pay may change on the first day of ...............:?16??~1..................., 19.. 8~......., and on that day every 36th month thereafter. Each date on which my interest rate could change is called a "Change Date." (Bl 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 3 years, as made available by the Federal Reserve Board. The most recent Index figure available as of the date AS days before each Change Date is called the "Currrntlndex." 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) Gledatioa of Changes Bd'ore each Change Date, the Note Holder will calculate my new interest rate by adding ..1.9....... percentage points (....~, 9.....%) to the Currrnt Index. The Note Holder will then round the result of this addition to the nearest oneeighth of Dire percentage poim (0.125%). This rounded amount will be my new imerest rata omit 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 1 am expected to owr 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 bt: the new amount of my monthly payment unless 1 choose the amount permitted by Section S(A) below. (DD Ettecti~e Date of Changes My new interest rate will becotneeffective on each Change Date. t will pay the amount of my new monthly paymem beginning on the first monthly payment dale after the Change Date until the amount of my monthly payment changes again. 3, BORROWER'S RIGHT TO LIMIT AMOUNT OF REMAINING MONTHLY PAYMENTS (A/ Cakrlatiw of GrttdaaM Monthly Payateat Aaaunt 1 may chttuse to limit the amowit of my new monthly payment following a Change pate if my new imerest rate would cause the monthly payment l have born paying to increase by mare than seven and one-half percem (7.3%n). If I chpaae to licit tYa aawuttt of asy asontYly payttseat, I aunt give the Note Hoder aotiee tMt I aw tioiagao at kart IS days bafare ay list sew wwtMly ttaysant isdae, iXhrn 1 do so, on the first monthly payment date after the Change Date 1 will begin paying a new monthly paymrnt which will be equal to the amount I have been paying each month for the preceding twelve months multiplied by the number 1.075. Thereafter, on each of the first two anniversaries of the new monthly payment date, my rnonthly payment will again increase by an amount equal to the amount 1 have been paying each month fw thepreceding twelve months multiplied by the number LO75. Et!ettH•I have eltasra to llrait wy ntwthly payacat. Seetbsr 3(H), S(CI sad 6 bebw a.y regtdrc ate to pay a di~gEatuanttt: (B) Rs(ittos~ Maatltly Payateat Autwnt My graduated.mcmthly payment calculated under Section 5(A) above could be greater than the amount of a monthly payatenl which :that wwdd be sufficient to repay my unpaid principal balance in full on the maturity dale at my current interest rate in subsuntially equal payments, If soon the date my paying a graduated monthly payment would cause me to pay nttue than thebwer amount;) wilLinatrad their begin paying the bwer amount as my monthly payment until the next Dec. (4l Ittot~Ml,. MarNhly Payntsnt Atttaral My pryipg a g(wluatat maathly paymettl t;akulated under $ectian 5(A) awwve could sauce my unpaid principal baitakc tueawx?d.ibo,llmit statz+i-ut5k~tion 7(H}fielow. if so, ao iha-date that mY paying a monthly payment would cause till-4o exceed that hmt..l will ltuttexl-begin pay}ttg.a ttew ntanthly payment utHil the atzl Ciiatrgt Date. 7'he new matthly paymetu: wdl he in an amount which would be sugiciettt to Betray my then uttpaW principal balaacr in tali on the maturity dat+i iH-toy carreni utterask r~-ut sutstatially squat paymrnin- RAC i~-1 1'tot Ti~tlittY MNat.IR}w-t;aal. t,.~r-a,~B3~-fttA~tA ua(t«« teuaa..ae