|
<br />I
<br />
<br />84-...... 004 027
<br />ADJUSTABLE RATE LOAN RIDER
<br />
<br />r
<br />
<br />NOTICE: TlIE SECURITY INSTltuMEN'l' SECURES A NOTRWHICHCON-
<br />TAINS A PROVISION ALLOWING FOR CHANGES IN THE INTEREST
<br />RATE. INCREASES IN THE INTEREST RATEWILL RESULTIN HIGHER
<br />PAYMEN'l'S. DECREASF..8 IN THE INTEREST RATE MAY RESULT IN
<br />LOWER PAYMENTS,
<br />
<br />This Rider is made this ._~..12.~_ day ot__.__~___, 19,_a'L_ and is incorporated into and
<br />shallbe deemed to amend and supplement the Mortgage, Deed. of Trust, or Deed t()SecureDebt (the"Securlty
<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"l llfthe
<br />same date (the "Note") and covering the property described in the Security Instrument and located at
<br />
<br />_...__,_,___..2505...Q:mnerce.,...GraIlI:i...LaJ.axld,~.6S8QL.....____
<br />Property Address
<br />
<br />MODIFICATIONS. in addition to the convenants and agre<'ments made in the Security Instrument..Bor-
<br />rower and Lender further- covenant and a~ee as follows:
<br />A, INTEREST RATE AND MONTHLY PAYMENT CHANGES:
<br />The Not.. has an initial interest rat" of llli- .%, The Note provides for changesin the interest rate and the
<br />monthly payment as follows:
<br />
<br />Ul Rate Chs"II" Dates and Frequency Thereof: Beginning in 19.-25--. the rate of interest ImustpliYlUllY'
<br />change in the fi r<<t'___dey of the month___ ~__---------1Month After. CIosinfftdontl1kflndon
<br />that day every._-----1..2-...__months thereafter, reach date on wllich the rate of interest could'eluuJgeis caueii
<br />a .. Rate Change nate,"
<br />(21 The Index: Any changes in the rate of interest will be .based on an Index, The "Index"is .Klthe~Montli~.
<br />Average Yield on UnitL-d Stat'*< Tl'!'<lSury securities ad.lusted to :. constant maturity of..."......-- 6.m<>nthik.
<br />_.X.__l ""ar . .__ ;l veMS " ve",-" as "",d;. available bv :.8 Federal Reserve BOard, arT] too;Na-
<br />titmal M;mthlr ~iedkm'c"st of Funds (~nnualit;edl t~ . '>LIC Insu;ed Savinw;and Loan Association/l; as made:'
<br />available by thi, Fedt'l'al 110mI' Loan Bank Board, !Check only one hox,)
<br />
<br />
<br />Too lirat Index fi!CUTe for this Not<; is .lQ...9aJ;" it is ""lied the "Original Index, "Toomostre<::entlyavai!a1ll6
<br />Index figure us of 45 days betOrt' each Rate change is called the "Current Index:'
<br />
<br />If the Index is no longw available, the Note Holder will choose a new index which is basedl>..,nneompatahhl
<br />inforlnstion. The Note Hoidt!'t will givt."' lue notlct' of t.hL~ choice.
<br />
<br />illl Calculation of Cltanges: Bel.ore ,,,,,,h Change Date, t.he Note Holder will determine..any chat.lpJnAty
<br />rate of inwrest. The Note !Iolder wiU cakulate m,v new interest rate by adding_..2......_,~J)(!inii8.':
<br />L_2....._5d t<l tit<, Current lnde", ami rounding the r<!l!ult to the nearest Qne-llighth of one pereentllppoiJ1/;
<br />iO.125%i. This rounded amount will be the new rate 01 interest 1 am required tapa}', .
<br />
<br />The maxunum IIlter""t rate t will be r"'lUlf""! to par on this iOll.o wiii be no mOl'll than ~_ %.~.'f'he
<br />minimum int".rest rate I will 00 requirl'd to pay on this loan will It<, no less than~,____'$k
<br />
<br />The Note Holdet will then determine tho: no:w affillUnt of my monthly payment whicllwllllldol;lec,uffi(:ilmt~
<br />repay the outstanding principal balanco: in lull on the maturity det.. at my new ral.e 'lfinten!Bti,n$ll~~tiaUY
<br />equal paYlOOnts, Th" result of this cak-ulatlOn is called the" F\lll Paym<>nt" and will be theoowll!llQUD.tMmy
<br />monthly paymo:nt,
<br />
<br />PROVISION AHI applicahle only i( thi_ box is checked,
<br />
<br />!41 Limit on Int""""l Rate IOCf......,'" Thi, rate 01 inu,regt I am reqUired to pay shall never be inCl'eaaedl)~
<br />dec......sed on any single HalA' Change Date by more than ",. from the rate of interest I have been paying,
<br />
<br />
<br />iSI Effective Date of Ch....g"": The new rate of interest wHi become effective on each RateCltange Date. I
<br />will pay the new amou.nt of my monthly payment each month beginning on the fil'St monthly payment date
<br />after the Rate Change Date until tb<:, alllount 01 my monthly payment is again changed, or I have fully repaid
<br />too loan,
<br />
<br />161 Noti"" of Chang...., The Not<; H older will mail or deliver to me a notice of any t'hang&a hefore each Rate.
<br />Change Date, The~ Notice will advise me of tJu; new interest Tate on my loan, the amount of my new monthly
<br />payments. and any additional matters which the Note Holder is required to disclose,
<br />
<br />Provisions Ali), AI!;" AI91, and AilO) applicable only if t.his bux is cht,<,ked.
<br />
<br />(1J Borrow<<.'" Right To l.imit Monthly Pa,'ment.: Unless Set:lions AI91 and AtlO) wlow willllot permit Ill"
<br />to do so, I may d.oo&\ tQ lirnilt:he alUoun! of my new monthly payment following Ii Rate Change Date to the
<br />lUllQUnt I have been paying multiplied by the number I Jlil>. This amount is called the "Limit(!(l Payment," If
<br />I ch,)(,.,., a l..imit:ed Paym<<nl as illY nKlOtltly I'aymellt, I must give I he Note Holder nntke that 1 am d'linjt S<l
<br />at least If, day. befo,e my first n~'w 11Iont,hly flayml'nt is dOl'.
<br />
|