84004525 - Laserfiche WebLink

Browse

I c.. 1~4 -.' 004525 ADJUSTABLE RATE LOAN RIDER r I NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CON- TAINS A PROVISION ALWWING FOR CHANGES IN THE INTEREST RATE, INCREASES IN THE INTEREST RATE WILL RESULT IN HIGHER PAYMENTS. DECREASES IN THE INTEREST RATE MAY RESULT IN LOWER PAYMENTS, I I This Rider is made this 29th day of Auqust , 19--BA....- and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to THE EQUITABLE BUilDING AND LOAN ASSOCIATION OF GRAND ISLAND. NEBRASKA (the "Lender") ()Hhe same date (the "Note") and covering the property described in the Security Instrument and located lIt 2215 DelMar. Gran:} Islan:}. NE 6SS01 Property Address MODIFICATIONS. In addition to the convenants and agreements made in the Security Instrument. Bor. rower and Lender further covenant and agree as follows: A, INTEREST RATE AND MONTHLY PAYMENT CHANGES: The Note has an initial interest rate oflU-.%, The Note provides for changes in the interest rate and the monthly payment as follows: . (I) Rate Change Dates and Frequency Thereof: Beginning in 19.. S5.-. the rate of interest I must pay may chaIlt;~ L'1 the ri rc:t- day or the month Seotember _(Month_After. ClosingJvfonth).; an~lon that day every I? months thereafter. Each date ,'r wnic' cae rate of interest could change is called a "Rate Change Date," (2) The Index: Any changes in the rate of interest will be based on an Index, The "Index" is:lCJ the Monthly Average Yield on United States Treasury securities adjusted to a constant maturity of _ 6 months -X-l year _3 years _5 years as made available by the Federal Reserve Board, or 0 theNIl' tional Monthly Median Cost of Funds (annualized) to FSLIC Insured Savings and Loan Associations. as mad", available by the Federal Home Loan Bank Board, (Check ouly one box,) The first Index figure for this Note is ---lO....SG>' It is called the "Original Index," The most recently availahle Index figure as of 45 days before each Rate change 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 this choice. (3) Calculation of Changes: Before each Change Date. the Note Holder will determine any change in my rate of interest, The Note Holder will calculate my new interest rate by adding ~~ntage.points (~%) to the Current Index and rounding the result to the nearest one-eighth of one percentage point (0.125%), This rounded amount will be the new cate of interest I am required to pay, The maximum interest rate I will be required to pay on this loan will be no more than ~ %. The minimum interest rate I will be required to pay on thJs loan will be no less than nI-a-"-~ 0/0. The Note Holder will then determine the new amount of my monthly payment which would be sufficient to repay the outstanding principal balance in full on the maturity date at my new rate of interest in substantially equal payments, The result of this caIculatioll is called the "Full Payment" and will be the new amount of my monthly payment, PROVISION .'\(4) applicable only if this box is checked, (4) Limit on Interest Rate Increases: The rate of inlerest I am required to pay shall never be increased or decreased on any single Rate Change Dale by more than ~ ,~. Vi; from the rate of interest I have been paying. (5) Effective Date of Changes: The new rate of interest will become effective on each Rate Change Date, I win pay the new amount of my monthiy payment each month beginning on the first. monthiy payment date after the Rate Change Date until the amount of my monthly payment is again changed, or I have fully repaid the loan, (6) Notice of Changes: The Note Holder will mail or deliver to me a notice of any changes before each Rate Change Date, The Notice will advise me of the new interest rat,e 0,", my loan, the amount of my new monthly payments, and any additional matters which the Note Holder IS lequired to disclose, L~; Provisions A(7), A(81, A(9), and A(lO) applicable only if this box is checked, L (7) Borrower's Right To Limit Monthly Pa~'ment: Unless Sections A(91 and .'\1101 below will not, permit me to do so, I may choose to limit the amount of my new monthly payment following a Rate Change Date to the amount I have been paying multiplied by the number 1.075, This amount is called the ,cLimited PaymenL 'c If I choose a Limited Payment as my monthly payment, I must give' the. Note Hoid('r notice thaL I am doing so at least 15 days before my (jrst nl'W monthly payment is due,