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r 0513283-8 ADJUSTABLE PAYMENT RIDER 83.....fJ06135 15th November 83 THIS ADJUSTABLE PAYMENT RIDER is made this . . day of .................... 19 . .. ,and IS mcorporated mto and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt {the "Security Instru"lfg'it'f~'h~i1i~ givtig ~y the undersigned (the "Borrower") to secure Borrower's Adjustable Paymcat Note to ............................................................................. . . , . . . . . . . . . . . . . . . . . . . . .. , . . . .. (the "Lender") of the same date (the "Note") and covering the property described in the Security Instrument and located at: 1604 South Harrison, Grand Island, Nebraska 68801 (Pr"l"'rty Address) 1"he Note COntains Provisions Aliowing For Changes In The Interest Rattt And The Monthly Payment And For Increases In The Principal Amount To Be Repaid. The Note Also Provides For Calculations Of Two Separate Monthly Payment Amounts. One WlIlSe The Amount That The Borrower Must Actually Pay Each Month. The Other Will Be An Amount That The Borrower Would Pay Each Month To Fully Repay The Loan On The Maturity Date. This Means That The Borrower Could Repay More Than The AmountOrig- inally Borrowed Or That The Borrower Could Repay The Loan Before The Maturity Date. ADDITIONAL COVENANTS. In addition \0 the covenants and agreements made in the Security Instrument, Bor- rower and Lender funher covenant' and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial inrerest rate of 11",500 %. Sections 2. 3. 4. 5 and 6 of the Note provide for changes in the interest rate and the monthly payments. as follows: ~2. LI\ffEREST (A) Interest Owed Interest will be charged on that pan ,}f principal which has nol been paid. Interest will be charged beginning on the date of this Note and continuing until the full amount of pnncipal has been paid. 11 . 500 Beginning on the date of lhis Note-j will owe interest at a ye~y rate of ., %. The rate of interest I will owe will change on the first day of the month of .une..........,. . 19 .... and on that day every 6th month thereafter. Each date on which the mte of interest couid ~hange is called an "Interest Change Date. ., The new rate of interest will ~colIle effective on each Interest Change Date. The rate of interest I wIll owe shall not exceed 1. !I!IO%. (B) The Index Any changes in the rate of interest will be based on changes in the Index. The "Index" is the weekly auction average rate on United States Treasury bills with a marurity of 6 months. as made available by the Federal Rese-rve Board. Iftbe lnde.x 1S Il\.llongC'F available. the Note Holder will chO\JSC a new index which is based upon l:omparable infomlation. ~ Note Holder will giv~ me notice of this choice. The most recently available Index figure as of the date 45 days before each Interest Change Date is called the "Current Index," (C) Cakulation of InteMit Rate Changes 3.450 Before e<leh ~t~~ot Change Date. the Note Holder will calculate my new rate of interest by adding ....,.....,.. percentage points'''. " . ,. %) to the Current Index. The Note Holder will then round the result of this addition 10 the nearest one-eigbth of one percelli.ge point (0.125%). This rounded amount will be my new rate of interest until the next Int~.rest Ch~eDate. Except that the maximum interest rate change shall not exceed 13.990x. (D) Inleresl After Defaull The rate of interest required by this Section 2 is the rate I will owe both before and after any default described in Section 9(B) below. 3. CALCULATION OF AMOUNTS OWED EACH MONTH The Note Holder will ealeul,"" my Full !Vlonthly Amount. The "Full Monthly Amount" is the amount of the monthly payment that would be sufficient to repay the unpaid pnndpal balance of my loan Wel!\!lnll\ap'e {'!Ii: of interest 1 am "'i~d to pay by Sections 2(A) and 2(C) above in substantially equal payments on ...t. 247 ;77' . . . . . . . . . . " . 20 .which is called tbe "maturity date". My tirst Full Monthly Amount is U.S. $ .. ' Before each Interest Change Date. the Note Holder will calculate the new Full Monthly Amount which I will owe each month beginning on the first monthly payment date after the Interest Change Dale. Tht. Full Month('" Amount ll)~re mdY bt' mort' or less tlwllIhe dnlaUm I am required to pay each mumh. Seclio1l4 below s:late.f the amounl of my monthly payment and how it will dWllge. Section 5 belm,;.' describes how my unpaid principal bllltUlCt' ...i/lclulnge if Ih. amount of my mtmthly P<lyment and the Full MOII/h/y Amount art. dilJert;nl. 4. PAYMEl'<"fS (A) 1.late 1ID!! Plac:e of PaymenlJi I will pay principal and interest by' making payments every month. My monthly paymenls will be applied \(l interesl before principal. A4wilt lUlIlr.e my monL~ly payment' on tbe firs! day of each month beginning .on. ,. JaIl~aJ:Y.. Is t. ... ., . . . 19 . .. , I wdllUlllr.e these P'lyments every month unull have paId all the pnuc.pal and mtercst and any other charges described below that I may owe under this Nvt" , If I still owe allwunts ullder lhis Note on the matunty date, I wtll pay U!O$C llllll.lUlIls In full OIl Utat date. Tho,c anl<lUOt., wuld be greater than the alllvullt of my last monthly payment before the maturity date. ADJUSTABLE PAYMENT RIDER - S;'1g!e Family... 12181 - FNMA Uniform Intltrument (Plan 2-Neg. Am.)