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<br />ADJUSTABLE RATE RIDER .;' >oil. ~
<br />. 84- 0037Yi
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<br />THlSADJUSTABLE RATE RIDER is made this 12TH day of .luly ,19.:Jlh,
<br />and is incorporated into and shall be deemed to amend and supplement the Mortgage,. Deed of Trust, . Or Deed . toSeCure.oebt{thc.:~-
<br />Instrumen~") of the same date given by the undersigned (the" Borrower") to secure Borrower'sAdjustable Rate NotetoHOM~"FEDEllAC
<br />SAVINGS" LOAN ASSOCIATION OF GRANO ISLAND, NEBRASKA (the"Lender'')ofthesameclaf6(tlie"Noo.r!J':;
<br />and covering the property described in the Security Instrument and located at:
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<br />114 East 22nd, Grand Island, NE 68801
<br />(Property Address)
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<br />The Note contolns provisions allowing for changes in the inte,eslrate. lfth. inl.....t rate
<br />incresses, the Borrower's monlbly paym.nts will be hlgber. If Ibeintereslrate ~,thil
<br />BOrroW~i.1S monthly payments will be lower.
<br />
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<br />ADDITIONAL COVENANTS. In addition to the covenant and agreements made in Ihe'Sccuritylnstrument,BorroWetaiid.UincIti.--
<br />further covenant and agree as follows:
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<br />A. INTERESTRATEANDMONTHLYPAYMENTCHANGFS. . '. . ...'::"
<br />The Note provides for an initial interest rate of 11 ~ 610. Section 4 of the Note provides fOf'changes in-the inter~::rate,'~,:~h~W
<br />monthly payments, as rollows:
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<br />4, INTER1::'ST RA TE AND MONTHLY PA YMENT CHANGES
<br />(A) Cbange Dates
<br />The interest rate 1 will pay may change on the 1 c; t
<br />on that day ofthe month every 1 2 months thereafter.
<br />
<br />dayor _ <;pptpmhpr . ,19'R"i'aDd,,,~
<br />Each dh.te on which m .terest rate could change is' called a-'HCh.aD&~;~;.~:t>
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<br />(B) The Ind.x
<br />Beginning with the first Change Date, my interest rale will be based on an "Index," The Index is the weekly average yield.onUnited.gtat~',
<br />Treasury securities adjusted to a constant maturity of onp years, as made available by the Federal_Reserve Boardi-The-:n:iQSt,
<br />recent Index figure available as of 45 days berore each Change Date is called the "Current Index,"
<br />If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder
<br />will give me notice of its choice.
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<br />(C) Calculation of Changes
<br />Berore each Change Date, [he Note Holder will calculate my new interest rate by adding two and onf'-ha 1 f percentag~points
<br />( 2h; 070) to the Current Index, and rounding to the nearest 1/8070. The sum will be my new interest rate. The minimum mterestrate
<br />on this loan will be no less than 9 5 OJ'o. The maximum interest rate on this loan will-be no more than 15 Ofo'~
<br />The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay in ftill the principal T am
<br />expected to owe on the Change Date in substantially equal payments by the maturity date at my new interest rate. The result of this calculation
<br />will be the new amount of my monthly payment.
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<br />(0) Effective Date of Changes
<br />My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly payment beginning on the flISt
<br />monthly payment date after the Change Date until the amount of my monthly payment changes again.
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<br />(E) Notice of Changes
<br />The Note Holder will mail or deliver to me a notice before each Change Date, The notice will advise me of:
<br />0) the new interest rate on my loan as of the Change Date;
<br />(ii) [he amount or my monthly payment following the Change Da[e;
<br />(Hi) any additional matters which the Note Holder is required to disclose: and
<br />(iv) the title and telephone number of a person who will answer any question I may have regarding the notice,
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<br />B. CHARGES; LIENS
<br />Uniform Covenant 4 of the Security Instrument is amended to read as follows:
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<br />4. Charges; UelUl. Borrower shall pay <lU laxes. assessments. and other charges, fines and impositions attributable to the Property which may
<br />auain a priority over this Security Instrument, and leasehold payments of ground rents, if any, in the manner provided under paragraph 2 hereof
<br />o,r, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to
<br />Lender all notices of amounts due under this paragraph, and i.n the event Borrower shall make payment directly, Borrower shall prompUy
<br />furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security
<br />Instrument; however, Borrower shall not be requjred to discharge any such lien so long as Borrower: (a) shaH agree in writing to the payment of
<br />the obligation secured by such lien in a manner acceptable to Lender; (b) shall in good faith contest sllch lien by, or defend against enforcement
<br />of such lien in, legal proceedings which in the opinion of Lender operate to prevenllhe enforcement of the lien or forfeiture of the 'Property or
<br />any part thereof; or (c) shall secure from the holder of such lien an agreement in a form satisfacwry to Lender subordinating such lien to this
<br />Security Instrument.
<br />If Lender determines that all or any part of the Property is subject to a lien which lIla)' a!tain a priority over this Security lnstrumcm, Lender
<br />shall give Borrower a notice identifying such lien. Borrower shall satisfy such lien or take one or more of the actions set forth above within ten
<br />days of the giving of the notice.
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<br />C, .NOTICE
<br />Uniform Covenant 14 of the Security Instrument is amended to read as follows.:
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<br />14. Notice. Except felr any notice required under applicable law to be given in another manner, (a) any notice to Harrower prO\lided for in i.hl~
<br />Security Instrument shaH be giv(:n by delivering it or by mailing it by first class mail [0 Borrower- at the Property Address ur at Slh.:h other addrc.'i.s
<br />as Borrower may designate by notice to Lender as provided herein, and (b) any notice w Lender shall be givell by fir!tt das" mall to Lender's
<br />address staled her~in or to such other address as LCtider may designate by IlUlkc to Borrower <C) provided herein. An)- mnkc pro"iucd lor in [hi,.
<br />Security Instrument $haH be deemed t<J have been given ~o !lorrower or Lender when given in the Ola.nm~.f de~ig:naled llt'r..-iH"
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