|
<br />I
<br />
<br />0060263-0
<br />
<br />ADJUSTABLE PAYMENT RIDER
<br />
<br />83~005181
<br />
<br />THIS ADJUSTABLE PAYMENT RIDER is made this .. .. .23rd,.. day of .' Sejltembe.r........ .
<br />19 ,8.3. and is incorporated into and shall be deemcd to amend and supplement the Mortgage, Deed of Trust, or Deed [(1
<br />Secure Debt (the "Security Instrument") of the same date given by the undersired (the "Borrower") to secure Borrower's
<br />Adjustable Payment Note to ..... .Co~e.rcial. .Fede.ral. S.,,:vinJ\s. & ,o,!n. ~4ssoc...... ......,...'..,.,...
<br />
<br />(the "Lender") of the same date (the "Note") and covering the
<br />property described in the Security Instrument and located at:
<br />
<br />407 .Ei.s.enhower!. G.rand.I.s1apd,. Nebraska 68801
<br />(Property Address)
<br />
<br />The Note Contains Provisions Allowing For Changes In The Interest Rate And The Monthly
<br />Payment And For Increases In The Principal Amount To Be Repaid.
<br />
<br />The Note Also Provides For Calculations Of Two Separate Monthly Payment Amounts. One
<br />Will Be The Amount That The Borrower Must Actually Pay Each Month. The Other Will Be
<br />An Amount That The Borrower Would Pay Each Month To Fully Repay The Loan On The
<br />Maturity Date. This Means That The Borrower Could Repay More Than The Amount Orig-
<br />inally Borrowed Or That The Borrower Could Repay The Loan Before The Maturity Date.
<br />
<br />ADDITIONAI_ COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Bor-
<br />rower and Lendc-r further covenant and agree <is follov.'s:
<br />
<br />A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
<br />
<br />The Note provides for an initial interest rate of .1.1. ~ 7 ,elk. Se<.:[ions. :. J. .f. 5 and 6 of the Note provide for changes in
<br />the interest rate and the monthly payments. as follows.:
<br />
<br />"2. INTEREST
<br />(A) Interest Owed
<br />[merest will be charged on that pan of pnnClpaJ v..'hich hal'l not bet:n paid. Interest WIll be charged ~ginning on the date
<br />of this Note and (ontmuing umil the ruB amount (-'t prim:ipal has been paid. 11.750
<br />Beginning on the dale of this NOlC. I will oWe Imerest at Q yearly nnc l)f The rate of intcrcs[ j will owe witl
<br />change on the tin;t cia)' of the month of ..t\pr i.~ , J Y ~~ and on that day every 6th month thereafter. Each
<br />dale on \\'hich the rate' of IOtere~1 coulJ change I"; t;;:dled an "Intt,:rest Change Date. "The new rate of inkrcst will bet.:ome
<br />effective on t>a,h In(e~s( Chang\;.' Date The rate of interest T will owe shall not exceed 13.990%.
<br />(B) The Index
<br />Any changes in the rate of intacsl will bt" haM:u 011 l:hanges Itl {he index. The- "Inuex" i~ the weekly <tut:lion avera~e rate
<br />on United States lreasury hiBs Wllh a maturity 01 0 I1ltlOlhs. as made available hy the Federal RC!o,t.'rve Board.
<br />lfthe inl..kx. i.... fll) ll)ngcf availabic. the Nmc Hohler \\rlil cho()sc a nt'w lndc,\ v..hidl J~ ba~eJ upon l'omparilblt: IOfomJation,
<br />The Note Holder will giv~ me notice' of thi~ l'hoKC.
<br />The most rCI.:entiy available Ind~" fIgure i.L~ of [he dale 45 day:-. ~forl~ {.'dch Intcrc~I Change Datei:-. (::.llIeJ the "Current
<br />Index. "
<br />(e) Calculation of Interest Rate Changes
<br />Before each [nten>:st Lnang~ Dalr', the Note Holder \\.-illl,.',lkulatc my l1e:w rate l..if iOlC'rcst by <Hiding 3.502
<br />percentage points (3.~02. . t't) to the Curr~m index. The Noh.: Holder will then round the res-ult of this addition [0 rhe
<br />nearest one-eighth of one percentage point (0, J 25Q). This rounded amount will be my ne\\' rarc ofimerest until the next Interest
<br />Change Dale. Except that the maximum interest rate change shall not exceed 13.990%.
<br />(0) Interest Antr Default
<br />The nue- uf i.ntcrest required by thi.'i SCl,'til)fi :2 i~ the rate I WiIlllWC both before anu after any dt:fault describeu in Section
<br />9(8) below.
<br />3. CALCULATION OF AMOUNTS OWED EACH MONTH
<br />The Note Holder will ;.:a1;;;ulate my Full ~'tunthly Amount. The "'Full Monthly Amount" is the amount of the monthly
<br />paymenl that would be suftklent to repay the unpaid principal baJancc of my loan in full at the rate 4..1l interest I
<br />am required to pay by Section, 2\A) and 2(e) above m substantially equal payments on O.~tQPc,~. lll.t.
<br />20 13 .which is called the "maturity date" My hrst Full Momhly Amount j, U.S. .) 40). If> Beton;
<br />each interest (flange Date. the ~otc Holder ""in calculate the new Full Monthly Amount \\hKh I ~ ill ov.e l:u".'h lnunth bt::glllJling
<br />on the first monthly payment date afkr the Intcre~it Change Dale.
<br />'{'he FuN MomMy AmOlllU I mt.'{: muy be tnvrt.' (If" 1t:5s dUUl/he aI/MUll! 1 Wll required Ii' pay ~'d{ II flllltl1h. S<'diulI -/ bclulI
<br />.mUt's the flrtu,,JunJ of my monthly /'k(...."U'nl and hml: it ."iIl change. Section.'5 hdoh' Jnynh('s hOI~ /'11.\ lWtN.1ld prill('!ptll hald//( {'
<br />>>.-iU du~ngt' ~r 1he <<-mount 01 my mmuhiy puymt'tU wui the f'ull ,4,;Jon1hly Amoum an," di;JaffH.
<br />4. PAYMENTS
<br />(A) Thne 8Dd Place uf Payments
<br />I wiU pay prindpal and inkn:.st by making paymenL'-i every :nunth t\.ly monthly p<1'ym~nb \Viii Ix> applied li) intcn:~l
<br />b<l(ore l'rirn:ipal
<br />l 'kilJ n. my monthly lmymcnt,).; all the hrsl day of ca;.;h month begilll1ing on ~lo."emhe.r 1 s.t
<br />.1'9- .8-1- 1 will maKe tbe(!,C pa)'IHCnl,,\ every month untd I havt;.': paid aU the prmcipal and in{cn:~t am.i all) l.lther l,..hurgc~
<br />~ribed be!",.. that 1 .nUl)' u',\c undcI tb.i# Note, If t siiU owe allhWrH.'i uBlkr !h!:, !'-ote ~m tilt.' Hliiltlnty Ja.k. I \\-IH P;lJ
<br />~ ~ in fuU 00 thut date, Tl'W:M:: amut.mt.., ('ould fX gre.atcr than the amount l~f my laM nli..1ndJ}Y p.l)11l0H bt'hHt' the
<br />_iI.Y~,
<br />
<br />ADJUSTABLE PAYMENT R'OER - Si<>gl<> Fa"",,ly" 12/8' -- FNMA U...ffarm !ostrUIlwm (l'1.n 2-t4eg. Am.;
<br />
|