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0060457-7 ~w~DJUSTABLE PAYMENT RIDER 83-' 005802 " 83-006169 83 THIS ADJUSTABLE PAYMENT RIDER is made this ..... .27th.... day of .. .~c~??et;........... , 19 '" ,and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of 'frust, or Deed to Secure Debt (the "Security lostrum<jIJtJ, of tpj same !lalf giren by the undersigned (the "Borrower") to secuh. Borrower's Adjustable Payment Note to .....:~. .~r. . , .nanc.l.~ . ? . .~c:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " . . . . . . . . " . . . . . . . .. . . . . . . . . . . . . . . .. (the "Lender") of the same date (the "Note") and covering. tbe property described in the Security Instrument and located at: 1122 E 5th, Grand Island, Nebraska 68801 ............................ ........... (PrOlll>rty Address) The Note Contains Provisions Allowing For Changes In The Interest Rate 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 WI" Be 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 Oi1The Maturity Date. This Means That The Borrower Could Repay More Than The Amount Orig- inally Borrowed Or That The Borrower Could Repay The Loan Before The Maturity Date. ADDmONAL COVENANTS, b addition to :"e covenants and agreements made in the Security Instrument, Bor- rower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate o( .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. INTEREST (A) Interest Owed Interest will be charged on that part of principal which has not been paid. Interest will be charged beginning on the date of this Note and continuing until the full amount of principal has been paid. 11.500 Beginning on the date of this Note, I will owe interest .t a year~ rate of .. %. The rate of interest I will owe will change on the first day of the month of J ".l1;e .......... . 19 8... and on that day every 6th month thereafter. Each date on which the rate of interest could change is called an "Interest Chang" Date." The new rate of interest will become effect;veoneachlnterestChangeDate. ',>'e rate of intere"t I Idll O\;e shall not exceed 13.990%. ~) Tbe Index Any change. in the rate of interest will be based on changes in the Index. The "Index" is the weekly auction average mte on United States 1leasury bills with a maturity of 6 months, as made available by the Federal Reserve Board. 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. Tne most recently available Index figure as of the date 45 days before each Interest Change Date is called the "Current Index." (C) Calculation of Interest Rate Changes 3 450 Before each Interest Change Date. the Note Holder will calculate my new rate of interest by adding .:.... percentage points ~. ~?O. . . .. %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage poiOl (0. 125%). This rounded amount will be my new rate of interest until the next Interest Change Date. Except that the Maximunl interest rate change shall not exceed 13. 990Z. (D) Interest After Default 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 calculate my Full Monthly Amount. The "Full Monthly Amount" is the amount of the monthly payment that would be sufficient to repay the unpaid principal balance of my loan in full at the rale of interest I am uired t . b S t' '(A) d 2(C) bo . 'b t 'all al t December 1st fCC{..,--- 0 pay y ec Ions .- an a ve In su santi y equ paymen s on .. .. 44' . . . . . . . . . . . , . . 20 .. ~. . which is called the "maturity date". My first Full Monthly Amount is U. S. $ .......5 : 63. . .. . . .. 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 paymenl date after the Interest Change Date. The Full MomhlyAmowil f owe may be more VI' less than the amount I am required to pay (~ach momh. Seclio1l4 below states the amount a/my monthly payment and how it h;ill Ch(lJlgf~. Section 5 below describes how my unpaid principal balallce will change if (he anlQum of my f1U)mhly paymem alld rhe Full MOfllhly Amoull1 are differem. 4. PA.y~ (-'\)1'Iuae anf!. Place .of PaylD\mlS I w.iII pay principal and interest. by making payments every month. My monthly paymcllIs will be applied to interest befure principal. I w.ill rnakemy monthly payments on the first day of each month beginning on .. J!'.'}~~rY. . . 1 st. . . . 19 .1}4.... I will make these payments every month until I have paid .11 the principal and interest and any otller charges de)lcrib.~(tl1ejow that I may owe underlhis Note. If I still owe amounts under this Note on the maturity date, I will pay tl1.o~.amountsinfull ontha1 date. ThQse amounts could be greater than the amount of my last monthly payment before thc maturity dl\te. ADJUSTABLE PAYMENT RIDER - Single Family - 121'81 - FNMA Uniform InalNment (Plan 2-1-11. Am.) V,j~;>