|
<br />,-
<br />
<br />~4e~ 002782-
<br />ADJUSTABLE RATE RIDER
<br />
<br />r
<br />
<br />THIS ADJUSTABLE RATE RIDER is made this 18th day or May ,19~,
<br />and is incorpora~ed into and shall be deemed to amend and supplement the Morlgage. Deed of Trust. or Deed to Secure Debt (the "Security
<br />Instrument") ofthe same dale given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note 10 HOME. FEDERAL
<br />SAVINGS" lOAN ASSOCIATION OF GRAND ISLAND, NEBRASKA (the"Lender")ofthesamedate(~be"Not"')
<br />and covering the property described in the Security Instrument and located at:
<br />
<br />621 West Division, Grand Island, Nebraska 68801
<br />(Property Address)
<br />
<br />Tbe Note contURS proYblon. allowing for cbaDges in the Interest rate, If the I.terest rate
<br />InCftUOS, the Borrower's moatbly paym..... wID be bigher,.lfthe inl..... rate~;' the
<br />Borrower'. monthly payments wiD be lower.
<br />
<br />ADDITIONAL COVENANTS, In addition to the covenant and agreements made in the Security Instrument; Borrower and Lender
<br />further covenant and agree as follows:
<br />
<br />A. INTERF.ST RATE AND MONTHLY PA l'MENT CHANGES
<br />The Note provides for an initial interest rate of 11 0/0. Section 4 of the Note provides for changes-in the,-interest rate-anctthi'
<br />month..l.) payments, as follows:
<br />
<br />(E) Nolice of C.......
<br />The Note Holder will mail or deliver to me a notice before each Chllll&e Date, The notice will advise me of:
<br />(i) tbe new interest rate on my loan as of lhe Chllll&e Date;
<br />(ii) the amount or my monthly payment following the Chllll&e Date;
<br />(iii) any additional mailers which lhe Note Holder is required to disclose; and
<br />(iv) the title and telephone number of a person wbo will answer any question I may have regaJ:ding the notice,
<br />
<br />
<br />4. INTERESTRATEANDMONTHLYPAYMENTCHANGES
<br />(A) C...... Datos
<br />The interest rate I will pay may change on the 1 ~t day-of Tll] Y '. ,I 19,':,~~,::.':,-,,:aD;d:'::
<br />on that day of tbe month every 1 ;/ months thereafter, Eacb date on which my interest rate could change is called a "Clumleoaie~' "
<br />
<br />(B) TIIe._
<br />Beginning with the first Change Date, my interest rate will be based on an "Index," The Index is the weeldy averqeyield .on Uililed~.'"
<br />Treasury securities adjusted to a constant maturi~y of gng years, as made available by the Federal Reserve Board,. The. most
<br />recent Index figure available as of 45 days beIote each Chllll&e Date is called Ihe "Current Index, ..
<br />Iftbe Inde. is no longer available, the Note Holder will choose a new index which is based upon comparable information, TbeNoleHoIder
<br />will give me notice of its choicc.
<br />
<br />(C) CakaIIl_ofCllaaae
<br />Beforeeaeh Change Da~e, the Note Holder will calculate my new interest rate by adding tom :mg gnq half pelCCI\taae'~,
<br />( ? 5 OJo) to tbe CUrrent Index, and rounding to the neares~ 1/8"10. The sum will be my new inlereslrate, The minimUID:interestrate:
<br />onthisloanwillbenolessthan g:; "10, Themuimum interest rate on this loan will be no more tban l~."a .,.,.
<br />The Note Holder will then <Ietermine the amoun~ of the montbly payment tbat wouid be sufficient to repay in fuUtkprincipaH Uk
<br />expected to owe on the Cbllll&e Date in substantially equal payments by the maturity dale at my new interest rale, The result oUbiscak;w.ti9n.
<br />wiD be the new amount of my monthly payment.
<br />
<br />(I)) Effecliye Date of C__
<br />My new interest rate will become effective on each Change Date, I will pay the amount of my new mon~hly payment beginnilltl.onJhe:f'~"
<br />monthly payment date after the Change Date until the amount or my montbly payment changes agal",
<br />
<br />B. CHARGES; UENS
<br />Uiliform Covenant 4 of the Security Instrument is amended to read as rollows:
<br />
<br />4. CMraes; tie... Borrower sball pay all taxes, assessments, and other charges. fines and impositions attributable to the Property.whichlltll)'
<br />attain a priurity over this Security fnstrument, and leasehold payments of ground rents, if any, in the manner provided underpar......ph2 ~f
<br />or, if nCl paid in such manner, by Borrower making payment, when due. directly to the payee tbereof, Borrower shall promptly rurnish to
<br />Lender all notices of amounts due under tbis paragraph, and in the event Borrower shall make payment directly, Borrower sba1lproDlptly
<br />furnisb to Lender receipts evidencing such payments, Borrower shall promptly discharge any lien which has priority over tbis Security
<br />Instrumtmti ho"ever, Borrower shall not be required to discharge any such lien so long as Borrower; (a) shall agree in writing to the payment of
<br />theobliaatio," secured by such lien in a manner acceptable to Lender; (b) shail in good faith contest such lien by, or defend apInst enforcement
<br />ofsucb.U~n.in,1eg;u proceedings which in tbe opinion of Lender operate to prevent the enrorcement or the lien or rorfeiture or the'Property or
<br />~.l' P"fl ~f; or (c) sball secure from the holder of such lien an agreement in a form satisfactory to Lender subordinating such lien to this
<br />Sl;c,urityhtsltument,
<br />1f.Ler>derde!Ormines that all or any part or the Property is subject to a lien which may attain a priority over tlUs Security Instrument, Lender
<br />~l.give Bortower a notice identifYing such lien. Borrower shan satisfy such lien or tak<:: one or more of the actions. set fonh above willtin ten
<br />dlIys ofthe.giving oftbenotice,
<br />
<br />L
<br />
<br />C. . NOTle!;:
<br />Uiliform Coven8!ltl4 oftbe Security Instrument is amended to read as follows;
<br />
<br />lot,. N~~. E.X.9CPt,fot: any notjce required under applicable law to be given in another manner. (a) allY notice to Borrower provided for in this,
<br />Securi~ InslrUll\ettt shall be.given by deliverlrlll it or by mailing it by firs, class mail to Borrower at the Property Address or at such other addr..,
<br />M/8oJ:rower maY d~te by noti<;e t-o Lender as provided herein. and (b) any notice to Lender shall be given by fina dass mail to lender's
<br />add~j slated hereill (If to such other addtcs:i as Lender may desipatt by uolic.c to Borrower as provided herein. Any notice provided for in this
<br />Security lnstrum-eOl shaU be dee:m-OO. to hav(: be-en liven LO 8onower or tender when given m the manner designated herein.
<br />
|