|
<br />r
<br />
<br />is 4 ........
<br />
<br />003490
<br />
<br />ADJUST ABLE RATE LOAN RIDER
<br />
<br />r
<br />
<br />NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CON-
<br />TAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST
<br />RATE, INCREASF1> IN THE INTEREST RATE WILL RESULT IN HIGHER
<br />PAYMENTS, DECREASES IN THE INTEREST RATE MAY RESULT IN
<br />LOWER PAYMENTS,
<br />
<br />This Rider is made this __l;l.th . day of~__._...;rune ______~, 19_~ and is inc:orporated into and
<br />shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security
<br />Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to THE
<br />EQUITABLE BUILDING AND LOAN ASSOCIATION OF GRAND ISLAND, NEBRASKA (the "Lender") of the
<br />same date (the "Note") and covering the property described inthe Security Instrument and located at
<br />______29.;;_Ii~~_"".!'._~_,LQE~c:L~liID..9L~___________,__~___
<br />Property A d.Jr€.'l,5
<br />
<br />MODIFICATIONS, In addition to the convenants and agreements made in the Security Instrument, Bor-
<br />rower and Lender further covenant and agree as follows:
<br />A. INTEREST RATE AND MONTHLY PAYMENT CHANGES:
<br />The Note has an initial interest rate of _12_..___%, The Note provides for changes in the interest rate and the
<br />monthly payment as follows;
<br />
<br />(1) Rate Change Dates and Frequency Thereof; Beginning in 19Ji5......... the rate of interest I must pay may
<br />change<)n the __---1i.);'_~_day of the momlL.... July (Month After ClosmgMonth).andon
<br />that day every 12 JIlonths thereafter, Each ,jate on which the rate of interest could change is called
<br />a "Rate Change Date."
<br />(2) The Index: Any changes in the rate of interes. .:ill be based on an Index, The "Index" isSJ the Monthly
<br />Average Yield on United States Treasury securities adjusted to a constant maturity of__6 months'
<br />__X_l year ___il years ___5 vears as made available by the Federal Reserve BOarQ,vr 0 thaNa.
<br />tional M~nthly Median 'Cost of runds (~nnualized) to FSLIC Insured Savings and Loan Associations; aSmad~
<br />available by tbe Federal Home Loan Bank Board, (Cbeck only one box.l
<br />
<br />
<br />X PROVISION A(4) applicable only .if this box is checked,
<br />
<br />The first Index figure for this Note is 10.9070, It is called the "Original Index," The most recently avaiJB.hIll
<br />Index figure as of 45 days before each Rate change is called tbe "Current Index."
<br />
<br />If the Index is no longer available, the Note Holder will choose a new index which is based uponC()mPllrllble
<br />information, The Note Holder will give me notice of this choice.
<br />
<br />The maximum interest rate I will be roquired to pay on this loan will be no more than J.5,.~,_%" The
<br />minirnum inLen:o~t rate i will be required to pay on this loan will be flU less than. ~_%.
<br />
<br />The Note Holder will then determine the new amount of my monthly payment which wouldhesufficiellHo
<br />repay the outstanding principal halance in full on the maturity date at my new rate of interestinsubsta1:lti.lllly
<br />equal payments, 'Phe result of this calculation is called the "Full Payment" and will be the IJ"wamountofmy
<br />monthly pHy-ment.
<br />
<br />(4) Limit on Interest ROlle Increases: The rate of interest I am required to pay shall never be increa~ or
<br />decrt\tlsed on any single Hute Change Date by more than __1,,__.% from the rate of interest I have been paying,
<br />
<br />~5) Effective Date of Changes: T:w nc"~' rate of intcrust. will bscolne effect.iva on each Rata Change Data.-1
<br />will pay the new amount of my monthly payment each month beginning on the first monthly payment date
<br />after tbe Raw Change Date until the amount of my monthly payment is again changed, or I have fully repaid
<br />tbe loao,
<br />
<br />(6) Notice of Changes: The Note Holdl'r will mail or deliver to me a notice of any cbanges before eacb Rate
<br />Change Date, The Notice will advise me of the new interest rate on my loan, the amount of my new monthly
<br />paynumt.s. and any a.dditional matters which the Note Holder is required to disdose.
<br />
<br />Provisions Atii, A{iil, A(9), "nd AtHlI npplicuhlt. only if this box is checked,
<br />
<br />L
<br />
<br />17) 8on<lwersRighl Tu Limit Monthly Ps)'ment: Unless Set:tions A(~ll and AOQj below will not permit me
<br />to do so, I .nay choose to limit tbe amount of my n€w monthly paym€rlt following a Rat., Change Date w the
<br />amount!. h~PN~ heen p,a,ying: muhjplil,"{j by the numbt.~r ! .07~. This unwunt. i-s- cnHed the Hl-,itI1it.~ Payment," H
<br />I (:hooat-:> a Limiu:'t.1 P.ayrneltl a~ m)' mont.hly paj'Jnent. I rnusL "dve the ,"\;OlC Holder nodc-e t.hat J an). doing so
<br />at. h'T,"-sl 1 S da.\,~i bef~-:-Jrp m.y nr,~t wi,^, .monthly pllym't~llt {,~ du{'.
<br />
|