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<br />I
<br />
<br />84 -002807
<br />
<br />090R455-6
<br />
<br />CAP ASSUMPTION RIDER
<br />
<br />THIS RIDER is made this 24th day of May ,1984 and is
<br />incorporated into and shall be deemed to amend and supplement the Deed of
<br />Trust or Mortgage (the "Security Instrument") of the same date given by the
<br />undersigned (the "Borrower") to secure Borrower's Note to
<br />Tower Financial. Inc. (the "Lender") of the
<br />same date (the "Note") and covering the property described in the Security
<br />Instrument and located at:
<br />
<br />608 E. Sunset. Grand Island, Nebraska 68801
<br />(Property Address)
<br />
<br />
<br />In connection with the Note and Security Instrument executed by the
<br />undersigned Borrower and of even date herewith, Borrower and Lender hereby
<br />agree to the following additional provisions:
<br />
<br />The following paragraph 25 is hereby adopted:
<br />
<br />25. Transfer of Property; Assumption. Notwithstanding the provisiol!8'Of
<br />paragraph 17 hereof, Lender shall waive its option to accelerate under
<br />paragraph 17 if (1) prior to such sale or transfer Borrower notifies Lender of
<br />the proposed transaction and sees that Lender is given any information' it'may
<br />request in order to evaluate the person to whom the property is being'sold or
<br />transferred, (2) Lender determines, in its sole discretion, that ass_ptionof
<br />the loan by the proposed purchaser or transferree will meet standards of
<br />creditworthiness and security which are acceptable to it, which standards
<br />shall, insofar as may be practical, be the same underwriting standardsaaare
<br />then applied by Lender in connection with making a new loan, (3) the person to
<br />whom the property is to be sold or transferred executes a written assumption
<br />agreement accepted in writing by Lender, agrees to pay an assumption fee which
<br />shall be equal to the origination, discount and other fees, charga and
<br />processing costs then being charged by Lender on similar new loans, and agrees
<br />to an increase in allY applicable maximum interest rates as provided be1~~ and
<br />(4) no other defaults exist under the Deed of Trust or the Note secured
<br />hereby.
<br />
<br />If this loan permits conversion to a fixed interest rate and pay_nt.
<br />then this rider shall only apply to a sale or transfer consummated prior to,
<br />such conversion. Upon election of Borrower to convert to a fixed rate and lor
<br />payment, this rider shall terminate and shall have no force and effect on any
<br />sale or transfer consummated thereafter. If this loan provides for any
<br />maximum interest rate, either with respect to the interest rate charged or the
<br />interest rate on which new payment amounts are computed from time to ti_,
<br />then such maximum rates will be increased one percent, consecutively, for each
<br />assumption pursuant to this paragraph 25. Any such inerease will be effective
<br />On the first change date following Lender's offer to approve the assumption,U
<br />such transaction is thereafter consummated.
<br />
<br />
<br />Dated: ~ay ~ 1 q84 _,
<br />
<br />';;" ,/ ,/u<"- /"
<br />~c:2'"7.<::( /' /,,;r <<,,-"""--
<br />Barry'-i\. NcCoun
<br />
<br />(Borrower)
<br />
<br />~-_-_ ~7
<br />YJ(j,i"j;(t.) L(=
<br />Barbara J. Harders ;
<br />
<br />'-,
<br />
<br />~/^/C1..
<br />
<br />'(:~~;~~ir9
<br />
<br />STATE OF NEBRASKA, Hall
<br />
<br />County, ss:
<br />
<br />The foregoing instrument was acknowledged before me this 24th day of
<br />May , 19~, by Barry A. t<cCoun and Barbara J. Harders-:--
<br />both single persons
<br />
<br />L
<br />
<br />Witness my hand and official seal,
<br />
<br />My commission expires: OfL'/, ...u', ) f,f /
<br />f '
<br />~ DENISf KAY LOWRY
<br />, _ GEN~PAl NOTARY SIB''', :olNcb,
<br />liII ~.. My (Qmff\ t-q;. A>Jl) i5 1987
<br />
<br />/~-i/! -,.'__ -,i-"~:"', {.: /-..:.;-; ,-' ~< '
<br />,.K~__-,,=-~, \.(..L~~~-~-i
<br />(Notaq'".l'ublic)
<br />
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<br />
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