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<br />84 - 006046
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<br />Loan No, ""'fr1-054-1-1:8....,
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<br />ADJUSTABLE RATE LOAN RIDER
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<br />NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CONTAINS.'
<br />A PROVISION ALLOWING FOR CHANGES IN THE INTEREST RATE~IN-
<br />CREASES IN THE INTEREST RATE WILL RESULT INffiGHER PAYMENTS.
<br />DECREASES IN THE INTEREST RATE WILL RESULT IN. LOWER PAYMENTS.
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<br />This Rider is made this ...,...J,~m..... day of ,.....N9Y.~.............,..,....., 19..!?~., andisintiOiporated
<br />into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to SecUre Debt
<br />(the "Security Instrument") of the same date given by the undersigned (the "Borrower")tosecureBOr-
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<br />rower's Note to ,.... .....".,. .., .... .... ......"... .h.........,.,..........,.,.............. ........,.........,...,...................,..........,......................
<br />F.irs.t...F.ede.r.al..S.al1ing,s.....and. .,L.o.an,.As.liQ!;.!,atiQ.n.,QL..j,;i.JW,o.J,!h,.g,.,!!n.U,~!:!..R.t~!;~~,..~g);'p.<?r!!:~.9:!h
<br />(the "Lender") of the same date (the "Note") and covering the property described in the SeCutitylnstru-
<br />ment and located at ., ,.124..W.e.s.L1.5..Str.e.e t.. ,... ...... .,..,... ...,.,.h'" .Grand.. ~sla.nd.....Ne.b.ta$.l>A,.!'iI},~.QL...... "
<br />Property Address
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<br />MODI FICA TIONS, In addition to the covenants and p "'!.-'.''1euts ..,adem d"le Security Instrument, Bnt-
<br />rower and Lender further covenant and ai:.i~ as folio" .
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<br />1. INTEREST RATE AND MONTHLY PAYMENT CHANGE DATES
<br />The Note has an "Initial Interest Rate" of h.m,n,,9.,~.o... %
<br />Interest rate changes may occur on the 1st day of ,mm.......h.......h..~lln...':li~!:'J"'....., 19,.",~.. ando~~
<br />1st day of ....,...........,..,.,.:!.IolIl~~E:'!...h......, 19...,?7. and on the 1st day of ..h...........,~.':I:~Il.:t.._m.'......, 19...,....
<br />and on the 1st day of 'm...'..........!a.l1l1~D'......,...,....,' 19..,~~, and on those dates of those months in.every
<br />year thereafter. Each date on which the rate of interest may change will be called a "Rate Change Date",
<br />Changes in principal and interest payments to adjust amortization of the loan to correspond with
<br />interest rate changes shall be made on the 1st day of ....,................,J.<.l!l!l!i,D':........,........ 19._!l,~.. and on that
<br />date every ....::::-:::::-:::::::_... year(s) thereafter, Each date on which the principal and interest payment may
<br />change will be called a "Payment Change Date",
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<br />2. INTEREST RATE CHANGES
<br />(A) The Index
<br />Beginning with the first rate change date, my interest rate will be based on an index, The "Index"
<br />is the: (check one box to indicate Index)
<br />(1) 0 "Contract Interest Rate. Purchase of Previously Occupied Homes. National Average for
<br />all Major Types of Lenders" published by the Federal Home Loan Bank Board,
<br />(2) [i Mo.o.t.hl~. ..av.erag.e ..)lie.ld..on..U..S... .lr.aasur,y.,.5e.c.udJ:.:le.a" ..",..,..., ..,..,....,......,.......,......,
<br />ad jus.t.ed_..t.o...S_,J::,Q.lUitan.t...ma..t.urity,..Q L ,1. ,.Y.~IU."p,ub.U.s.heg" .1}j,:..J;.il~...!':e4.~J:g;t,.J&~~'ilXY.e... !lP~r.g.~,.,.u..u.._._.
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<br />The most recent Index figure available &s of the date 15 days before each Rate Change Date and
<br />45 days before each Payment Change Date is called the "Current Index",
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<br />If the Index is no longer available, the Note Holder will choose a new Index which is based upon
<br />comparablEo information. The Note Holder will give me notice of this change.
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<br />(B) Calculation of Changes
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<br />Before each Rate Change Date or Payment Change Date the Note Holder will calculate my new
<br />interest rate by adding ..2.4.5.,.... .... percentage points (...,J,.i!,~'O..,. %) to the Current Index, The results
<br />of this addition will be my new interest rate until the next Rate Change Date or Payment Change Date,
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<br />On each Payment Change Date. the N~te Holder will then determine the amount of the monthly
<br />payment that would. be sufficient to repay the unpaid prindpal balance of my loan I am expected to owe on
<br />the Payment Change Date in full on the maturity date at my new interest rate in substantially equalpay~
<br />menta. The result of this calculation ,"ill be the amount of my new principal and interest payment until
<br />my next Payment ChangeDllt.e.
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<br />(Check OOX(8))
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<br />(1) 0 If this box is checked. there will be no maximum limit on changes in the interest rate up
<br />or down. The interest rate as calculated under Section 2 (B) will be the new interest rate.
<br />(2J a If this box is che<'.ked. the interest rate that I pay shall not increase more than uh 150
<br />pet'l,>entqe pointa on any Payment c,'hange Date.
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<br />(3) [l If this. OOX is cbecked, the interest rate that I pay shaU not decrease more than h 150
<br />percentage point3 on any Payment Change Date.
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<br />(4) ~1 If.this bolt is clteeked, the interest rate that I pay shall not increase more than
<br />percentagepomta one)' Ra~ Chante Date.
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<br />1?'i.:<$tA-~ '~,-"1M-j
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<br />\, HUH' ,,::
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