84002925 - Laserfiche WebLink

Browse

I 84 - 002925 RIO E R NOTICE: THE MORTGAGE SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST RATE. INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS, DECREASES IN THE INTEREST RATE WILL RESULT IN LOWER PAYMENTS, This Rider is made this 31s t day of May , 1984, and is incorporated into and shall be deemed to amend and supplement the Mortgage of even date and attached hereto given by the undersigned (the "Borrower") to secure Borrower's Note to The First National Bank of Grand Island, Grand Island, Nebraska, (the "Lender") of the same date (the" Note") and covering the property described in the Mortgage and located at 1936 W, 11th Avenue, Grand Island, Nebraska 68801 Lots Nine 9 and Ten (10), Block F1Ve (5), Bo sand Hll1'S AddltlOn to the Clty o "rand Island, Ha County, Nebras a. ( Property Address) Modifications, I n addition to the CDvenants and agreements made in the' Mortgage, BorrDwer and Lender further covenant and agree as follows: A, INTEREST RATE AND MONTHL Y PAYMENT CHANGES The Note has an It!n:tia! Interest Ratell of 12.25 %. The Note interest rate may be increased or decreased on each Change Date, as described in the Noh: Changes!n the interest rate are governed by changes in an "Index," The Index is theweekly average yield of One Year United States ','easur, Securi ties adjusted to a constant matUrlty of One Year, , determined in the second calendar month preceding each Change Date. Such changes in interest rate will occur on the first of february, 1986. and annually thereafter Increases and decreases in the Interest rate are limited to a change of ~'t each Change Date, I f the interest rate changes, the amount of Borrower's monthly payments will change as provided in Ihe Note, increases in the inter- est rate will result in higher payments. Decreases in the interest rate will result in IDwer payments, B, LOAN CHARGES It could be that the loan secured by the Mortgage is subject to a law whiCh sets maximum IDan charges and that law is interpreted so that the interest or other loan charges collected or to be collected in connection with the loan would exceed permitted limits. In' this event, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge tD permit!ed limit; and (b) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower, Lender may choose to make this refund by reducing the principal owed under the Note Dr by making a direct payment to BorrDwer, C. TRANSFER OF THE. PROPERTY If there .s ilny Iransfer of the property, including a lr'ansfer described in Paragraph 17 of Ihe MDrtgage, Lender may require either an increase in the current Note .nterest rate, iln increase in the Base Index figure, Dr II change Df any of the loan terms, as a condition Df Lender waiVing, the option to aCCelel'ilte prOVIded in parayraph 17. By signing this, Borrower agrees to all of the above, :2. -~... f:i~~ \l~' ~ ~"v . ;J lames '\~'l"1 ~,ndersQn Bon'ower L~'\. __ Dawn i eel ,-'11.' I ;~tj(let";otl j,". ''\-1: i _ lI.~- ~ Borrower'