84001067 - Laserfiche WebLink

Browse

ADJUSTABLE RATE RIDER . ~4 ---~, a 10 ~ 7 THIS ADJUSTABLE RATE RIDER is made[his 23rd day of February 19.4 , 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 Borrower's Adjustable Rate Nou to HOME FEDERAL SAVINGS t LOAN ASSOCIATION OF BRAND ISLAND, NEBRASKA (the"Lender")ofthe samedau(the"Nou") and covering the property described in the Security Instrument and located at: R. R. 5, Box 3 Grand Island, Nebraska 68801 (Property Address) The Nott contains provisions allowing /or chnges in the interest nu. It the Interest rate iecreasea, the Borrower's monthly PaYmenU wBl be higher. [f the interest nu decreaxs, the Borrower's monthly payments will be lower. ADDITIONAL COVENANTS. in additlon to the covenant and agreements made in the Security Instrument, Horrowtt and--Lettdtt further covenant and agrce as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of ~ i %. Section 4 of the Note provides for changes in [he inurese,rate.and%[he monthly payments, as follows: 4. INTEREST RATE AND MONTHL YPA YMENT CHANGES (A) Change Dries The interest rate I witl pay may change on the lsf day of J~p4•~; ,19 ~ ,and on that day of the month every j,2 months thereafter. Each date on which my interest eau could changaiscalled a "Change Dan:" (B) The index Beginning with the fast Change Date, my interest rate will be based on an "Index." The Index-is the weekly average yield--onUn(ted-States Treasury securities adjusted to a constant maturity of _~_ yeazs, as made available by the Federal Reserve-Hoard: Ilte trance recent Index figure available as of 45 days before each Change Date is caged the "Current Index." - lf the Index is no Conga available, the Note Holder will choose a new index which is based upon rnmpazable information. The NotaHolder will give me notice of its choice. - (C) Cakwlatioe of Chatt~ea Before each Change Date, the Note Holder will calculate my new interest eau by adding two and one-half percentage pants ( 2.5 %) to the Current Index, and rounding to the nearest 1 /8%. The sumwill-be my new interest late: Themioimum interest eau on this lean will be no less than 9.5 %. The maximum interest rate on this loan wig-be nd moretlian ~ - - 14 , 5 Ao. Tht Note Holder will then detemdne the amount of the monthly payment [hat would-be sufficient to repayih~~full [he principal Lam expected to owe on the Change Date in-substantially equal payments by the maturity date at my new interest rate. The-restdt of this calculation will be the new amount of my monthly payment. (D} Ettecdve D.u of Changes - - - My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly paymedttiegittnng~on [he fast monthly payment date after the Change Dale until the amount of my monthly paymentchanges again. - -- (E) Notkeot-Chaogea The Note Holdtt 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 [he Change Date; - (iii) any additional matters which the Nou Holder is regared to disclose; and - (iv) the title and telephone number of a person who will answer any question 1 may have regarding the notice. - B. CHARGES; LIENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: 4. Charges; Liens. Borrower shag pay all taxes, assessments, and other chazges, fines and impositions attributable to [he Froperty_whicti:may attain a priority over this Security Instrument, and leasehold-payments of ground rents, if any, in the manner provided undw paneraph.2hereof- or-if not paid in such manner, by Borrower making payment, when due, directly to the payte thereof. Borrower shall-prdmpUy^fttrtiisti-lo Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall-promptly- furnish to Lender receipts evidencing such payments. Borrower shag promptly discharge any lien which has priority over this-Security Instrument; however, Borrower shall not be required to discharge any such lien so long as Borrower: (a) shall agree in writing to the paymee[ of the obtigauon secured by such lien in a manner acceptable to Lender; (b) shall in good faith rnntest such lien by, or defend against enforcement _ of such.lien in, legal p[oceedings which in the opinion of Lender operate to prevent the enfortxment of the lien or forfeiture of the"Property;ot any part thereof; w (c) shall secure from the holder of such lien an agreement in a form satisfattory to Lender subordinating such-Gen.to: this Security Instrument. ` If l.endtt determines that aB or any part of [he Property is subject to a lien winch may attain a priority aver this Security [nstrttment, Ltrder shalt 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. G. ,NOTICE Uniform Covenant t4 of the Security Instrument is amended to read as follows: I4. Notice. Percept for any notice [tqu(red under applicable law to tae given in another manner, (a) aay notice to Borrower provided for in this Security Instrument shall be-given by delivering it tar by mailing it by f irsr. class mail w Borrower err the Property Address or at such other address as Harrower may designate by notice to Lender az provided heron, and (b) any notice to Lendtr shall be given by firs. class mail to Lender's address stated-bttein err to such other addresses Ixnder may designau by notice to Barrows as provided herein. Any notice provided for ut this Sacurity Instrumtnt shall be deemedao have taetn given to Borrower or Lender when given in the manner designaced heron.