84003760 - Laserfiche WebLink

Browse

84 --- 003760 ADJUSTABLE RATE RIDER I THIS ADJUSTABLE RATE RIDER Is made this lRth day of "r"]l' ,J9~, and is incorporated into and shall be deemed to ameod and supplement the Mortgage; Deed of Tl1JSt. or Deed to Secure Debt (the"seeur;ty Instrument") or the same date given by the undersigned (the "Borrower") to sccureBorrower's Adjustable Rate Note to HOM!:,cFEDERAL:. SAVINGS & LOAN ASSOCIATION OF GRAND ISLAND, NEBRASKA (the "Lender") oftbesalnedllte(the~'NotC'ry, and covering the property described in the Security Instrument and,located at: 2406 Brahma. Grand Island. Nebraska RAAOl (Property Address) The Note contains provision.s allowing ror cbanges in tbe interest rate,. If tbeinterest rate increases, tbe Borrower's monthly payments will be bigber. If the interest rate decreases, tbe Borrower's monthly payments will be lower. ADDITIONAL COVENANTS, In addition to the covenant and agreements made in the Security Instrument,. BOrrower and Under further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 11 0/0. Section 4 of the Note provides for changes-in the-interest rare ancHhe monthly payments, as follows: 4. INTEREST RATE AND MONTHLY PA YMENTCHANGES (A) Change Dates The interest rate I will pay may change on the 1st day of September , 19c...illi-.and on that day of the month every 12 m.1,1tLs thereafter. Each date on which my interest rate could change is called 'a "ChangeDate/. (8) Tbe Index Beginning with the first Change Date, my interest rate will be b~~,;;.{i on tu-:l "Index. " The Index is the weeklY average yield on -United States Treasury securities adjusted to a constant maturity of one years, as made avaiJable by the Federai Reserve Board. The most recent Index figure available as of 45 days before each Change Date is called the "Current Index." If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable information. The Note Holder will give me notice of its choice. (C) Calculation of Cbanges Before each Cha.n.ge Date, the No::e Holder will calculate my new interest rate by adding tWD and one~h31 f percentag.epoints ( 2.5 _070) to the Current Index, and rounding to the nearest 1/8"10. The sum wilfbemy new interest ratc. The minimum interest rate on this loan will be no less than 9.5 OJo. The maximum interest rate on this loan will-be no more than 14.5 0/0-. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay in full the principal J am 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 will be the new amount of my monthly payment. (D) Effecli.. Date of Changes My new interest rate will become effective on each Change Date. I will pay [he amount of my new monthly payment beginning on the first monthly payment date after the Change Date Unlit the amount of my monthly payment changes again. (E) Notice of Changes The Note Holder will mail or deliver to me a notice before each Change Date. The notice will advise me of: (i) [he new interest rate on my Joan as of the Change Date; (il) the amount of my monthly payment rOllowing the Change Date; (iii) any additional matters which the Note Holder is required to disclose; and (jy) the title and telephone number of a person who will answer any question I may have regarding the notice. B. CHARGES; LiENS Uniform Covenant 4 of the Security Instrument is amended to read as follows: 4. Charges; Uens. Borrower shall pay all taxes. assessments, and other charges. fines and impositions attributable (0 the Property which may attain a priority over this Security Instrument, and leasehold payments of ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly -' Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Security Instrument; however, Borrower shall not be required to discharge any such lien so long as Borrower; (a) shall agree in writing [0 the payment of the obligation secured by such lien in a manner acceptable to Lender; (b) shall in good faith contest such lien by. or defend against enforcement of.such lien in, legal proceedings which in the opinion of Lender operat.e to prev-ent the enforcement of the lien or forfeiture of [he 'Property or any part thereof; or (e) shall secure from the holder of such lien an agreement in a form satJSfaclOry to Lender subordinating such lien to this Security Instrument. If Lender determines that all or any part of the Property is subjecI to a lien which may attain a priority over this Security instrument, lender shall give Borrower a notice identifying such lien. Borrower shall satisfy such hen or take one or more of the actions set forth above within ten days of the giving of the nOlh::e. L C, NOTICE Uniform Covenanl 14 of tht,; Security Jnstrumenr is amended lO read as follows: J4. Notlet. Except for any notice requir.ed under applicable law to be gi\'en in anmber rnanncr, (a} any mHi..::e to BOHn\\'Cr provided lor in 1hls Security 11l,Stromem shall be givc-n by delivering it or by mailiug H by first dass mail to Borrower at the Properl....- AJdfC:.s~ 01 <it 'iuch other addf'e.'>-s ~ Borrower fl1ay de:oignale by HOlke to Lender as ptovided herein, ~nd (b) auy no-tice to Lender sha.H be ~wen by flr:-.t dm.:.. i11aJl to Lender's a4dr~s stated herein or to such olher address.a., Lender may designate by notit:e to B(}ff-Q',.\'i:r a.~ providt:-J hen:m. Any UQ(l.:C provided [or lfl [his ~~urily lwanaueot shaH t'lC; decrried to ha\-e rn;e-o g.iven to llonowt:r or Lt'[lde, '>VhCH g1vt!) \11 ih" ma:WCl de,,>Jguah.'d iH:n;;1l