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<br />u9084fJ4-G
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<br />ADJUSTABLE RATE RIDER 84 _ 'O'O:21g24
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<br />'llIIS AIlJIJSTABLE RAm RIIER Is made this 2 5 t h day of Ha y 1 984 , and is
<br />incorporated into and shall be deeIEd to "",.,00 arilfSi:iPPI€I1B1t the M:>rtgage, Ileerl of Trust, or Ileerl to
<br />Secure Debt (the "Security InstlUll!!l1t") of the same date given by the undersigned (the "Borrower") to
<br />secure Borrcooer-s Adjustable P.ate Note to Tower Financial, Inc. (the "lender") of the same date (the
<br />''Note'') and covering the property described in the Security InstNDel1t and located at:
<br />
<br />410 N. \~a1do, Grand Island, :-iebraska 68801
<br />(Property Address)
<br />
<br />The Note Contains Provisions Allowing For Changes In My Interest Rate
<br />Every 3 Years. If My Interest Rate Increases, My Monthly Payments
<br />Will Be Higher. If My Interest Rate Decreases, My Monthly Payments
<br />Will Be Lower.
<br />
<br />AIDmONAL COVENANI'S. In addition to the covenants and agreements made in the Security
<br />Instrnnent, Borrcooer and Lenler further covenant and agree as follows:
<br />
<br />A. INTEREST RATE AND MONTHLY PAYMENT CHANGES
<br />The Note provides for an initial interest rate of 12.250 %. Sections 4 and 5 of the Note provide
<br />for changes in the interest rate and the IlIJOthly pa)lllleIlts, as follows:
<br />
<br />"4, INTEREST RATE AND MONTHLY PAYMENT CHANGES
<br />(A) Interest ()e!
<br />The interest rate I will pay IIBY change on the first day of June i, i 987 . ;Illdan
<br />~t day evezy 36th IlIJOth thereafter. Each date on lo'hich my inten!st rate couldchange,1sc Ca11.eid"a
<br />"Olange Date". The interest rate I will pay will not exceed 14.990%.
<br />
<br />(B) The Inlex
<br />~ with the first Olange Date, my inten!st rate will be based an anInlex. The "IndeIt';';1s-
<br />the W!ekl.y lM!1"age yield on United States Treasury securities adp;ted to a CODIItaDt.-Illll:UdtY;;Oll,'3X
<br />years, as DBde ava:lLable by the Federal Reserve Bosrd. The 1II08t recently ava:lLable 1IIdexcf~"";),,
<br />of the date 45 <IaIys befom each ~ Date is called the "ClJrrent Iridelt~" . . ". . ", ....... ',-
<br />
<br />If the IIdex is no :!t:q,er ava:lLable, the Note Iblder will chIosea newinlelttoih:ich 1sbioij",,:F~..~
<br />e<qmable infoI1lllltion. The Note Ibl.der will give 112 notice of this cmice. . . - ,
<br />
<br />(C) Calculatioo of ~
<br />Before each Olange Date, the Note Ibl.der will calculate my new interest rateby.~:;;;1.-5.Wt
<br />percentage points (~) to the Current In:Iex. The Note Ibl.der will then ~'., the;"l'elIUlt"~1
<br />this additioo to the nearest one-eighth of one percentage poiru: (0.125%). This rolDIed"~;~'
<br />be my new interest rate wtil the next Olange llate. Except tre interest rate will. not~,14:..9.9Q%,
<br />
<br />The Note Holder will then deteDlll.ne the aIIllDt of thellDlthlyJllYlBltth!t:;lilOUJ,:hbe,.,.
<br />repay the ~ princlpsl balance of my r-t I all expectedto.--onthe~'llata!!'lil~
<br />maturity date at my new rate of interest in substantially equal paJIIBlts.- The;tI!8\I1,bi
<br />calculation will be the new aunt of my 1IIlIlthly pllJ/IIII!rIt. '
<br />
<br />(D) Effective Date of ~
<br />~ new interest rate will becane effective on each Olange llate. I willjlay the,1Il!liI;-
<br />IlIJOthly pa)IIII!Dt each IJIlOth ~ on the first 1JO:lthly JDY!II!Dtdate aftel'.tIje,01Bi!IIe:'-
<br />the aJWnt of my 1IIlIlthly JDY!II!Dt ~. again.
<br />
<br />(E) Notice Of ~
<br />The Note Ibl.der will mail or deliver to BI! a DOtice of any
<br />JDyments at least 30 days befon! the effective date of
<br />infoIllllltioo n!qUi~ by law to be given 112 and also the
<br />will ~ any qlli!llt1on I IIIlY haw ~ the DOtice.
<br />
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<br />5. CONVERSION TO FIXED RATE AND PAYMENTS
<br />(A) R1gbt to ~. . ,.. . .... .'. ........ ...
<br />I have the option. prior to any ~ Olaqje llate. of.. ~,~,:'~')~~_~..,
<br />interest rate and fi:el lIDIthly paY!ll!Dt plan as provided in this section. ~{J... ...~._:._. ,
<br />loan, the. inteRSt rate and the regular 1IIJOl;hly jla)'lB1t will ~. ~,.-for",thIi...~\
<br />tem of the loan. . ". ..............
<br />(B) Rate ald l'aynEot after Conversion.
<br />If I elect to convert "If 19an, then the interest rate for_the~teI\II~.tlQt:~..
<br />the '"Fixed Rate Inlex" plus . 7 :>0 percent. The Fbed Rate Inlex is tbe.netyie]4 ~.'9f'"
<br />Federal Natiooal M:>rtaa&e As80Cliffiii (liltfA) for 6O-daymandatorydeliver:yof lBO.filllldrat:e:lom:ljl"!18 .
<br />such Fi:el Rate Inlex is available ...... the rate qwtatiarl referred, to in~5(C)(2)~:l!i
<br />made. The new fi:el rate will be effective on the 00l(t p"yr.u; 0Ian&e .llat~. The.1BO ..fiJalld.:~
<br />alDWt will be the aJIlUllt loilich is sufficient to repay the mpaid prinf:1p&:!. baL1!or;e. of 1I\Y.lo!l!1,.J.n
<br />full .J.n substantially equal payments by the maturity date. I will pay this new. fi:el~t
<br />~ 00 the first IJIlOthly JDY!II!Dt date after the l'aY!ll!Dt lllan8e Date on which I converted.
<br />(C) Exerc1se of Fbed Rate. Option.
<br />(1) l.lequest for Qiotation.
<br />If I all interested in converting my loan, I Ul.lSt DOtify the DOte holder, in wri~. that I
<br />wish to haw a fi:el rate and JDY!II!Dt qwt.,q to 112. I Ul.lSt sem this reqlle!it for quotat;iQnaftItX
<br />recei~ a l'ayuo:tt. <1Isn,ge Notice under section 4(E) and at least 30 days before the I'aymeot ChsnjJe
<br />Date.
<br />(2) Q.Iotation.
<br />Ib!n it receives my request for qwtation, the note twllder wiU. semBI! a noticeqwtins
<br />the filed rate and jlayment ~ off~ ani ~ ~sion fee which I wiU have to jlay if I decide
<br />to convert. '!he COl11Iersion fee wiU DOt elll:1!E!d_~' : .. "percent of tbe lI1pSid pr:lnclpal bBlaoce. of the
<br />loan 00 the l'aynIent ~ Iilte. The rote twlJ.deFWIII send this qwtation at least 20 rot no llX>n!
<br />than 30 days before the l'aY!ll!Dt <::biqe Ga..,.
<br />
<br />ADJUSTABLE RATE R1DER 3 'fEAR TREASURY INDEX (l - 4 Family)
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<br />TMC-OQ7 (qe) (Page 1)
<br />~~V 1/84
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