82003323 - Laserfiche WebLink

Browse

82e..~Jt~~3~3 ADNSTABLTs RATE RIDER QOSSa~t,-t, (DEFERRED PAYMENT PROVISIONS) THI$ ADJUSTABLE-RAT& RIDER is made this ~r.3 dap;af :\u ust , 1'~~32- 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 sasie date-given by the-endersgaed'(the "Harrower") to secure Borrower's Ad3uatable Rate Note to Commercial Federal-Savings and Loan Association (the, "Lender") of 'Lhe ease°,date (the "Note")'and covering the property described in the Security Instrusent sad located.at: ~Q ~'~ ' X505 Comr.*erce ;;rand Island `;ebraska 64?8~1 aatt (Property Address} The Notc Contains Provisions-Allowing for Changes is the 'Interest Rate and the Monthly Pay®ent and for Increases-in the Principal Amount'to be Repaid. ADDITSONI-L'COVENANTSc Ia addition to the covenants and agreements made in the Security Iastru~eat, Borrower aad'Lender further covenant and agree as-- follows A. INTEREST'RATE'AND MONTHLY PAYMENT CHANGES The Note provides for an Initial Rate of"Interest of ~fi_^ n '~_, Section 4 of_the Noe provides for changes is the interest rate-and he monthly payments as follows• "(A) Change Dates.... Begi~ng in 183 the rate of interest I: will pay maychange oa the 1st day of,the month of ,arcs, , and on that day every 6th month hereafter. Each date oa which the race ofinterest couldchaage is called a "Chaag~ Date.:" The aaouat of my monthly payments will also change on'every'Sth Chaagt'Date.-, This `Change Date is .also called the "Payment. Change Date." My monthly paysieais uty,also soa+etimes change•at other times under Section 4 (F)of this Note. (B) The Index .Any changes: in_the rate of interest .will be-based on-.changes n.,the Index. The '"Index" is'the`"Contract Iate=est Rate, Purchase of Previously Occupied: Hodes, National Average foz:all Major TypesroF Lenders" as made available by the Federal Hosie 'Loan Bank Board... If the Index is no longer available, the Note.Eolder will choose a new.index. ~hichcis based-upon eomparable informstion. The Note Holder will give.<me notice'. of this choice. -The first Index figure for this Note isle„~,n ~• It is called the', "Original Index." The swat recegtly available Index figure as of the date ~,g days before each Papfent Change ,Date and;oa the date-of every other:-Change, Date is called.xhe "'Current IndeY." (C) Calculation of Changes Ear each-Change Date, the Note &oldert-will determine any change is my rate - of interest. The Note Holder will-calculate the amount-of the difference, if any, between the Current Index and-the Original Index. If the Current Index is higher than the 0=igiaal Index, the:<Note Holder=mill add 'the dif£erence'to the Initial Rate of Iaierest_ If the Current Index'is lower than the Original Index, the Note Holder will subtract the difference from': the Initial Rate of lnterest. The Noce Holder will rhea round the zesuit of this. addition or subtraction to the nearest. one-eighth of oue perceutage point (0.125!,). This rounded amount will be the new rate of interest I as required to pay. 9efore each Payment change Date, the Note Holder will determine .the new... amount of oy monthly pagment that ~aould be_sufficent to repay the outstanding principal balance in full on the u~aturity date of my new rate .of interest in substantially equal paystersts. The result of this. calculation is called the '"Full Payment amount," and it will be the new amount of my monthly payment unless i chacsse the amount permitted;by Section 4 (D) belota. 1 !D) Barrawer`s Right to Defer Payment a£ Certain Amounts (_,,. sinless Sections 4 (F) and 4_(G) below will not permit me to do so, before. any ?ay!seat Change f2ate I may choose to have my new monthly payment amount l:Ritee$ to :.lae amatmt I have been paying .multiplied by the. number 1.1815. This srw,:ict :s called .*.he "i.imited Payment Amount..'' I will gi~ae the aYot.e ;folder ncti:ee that have. chosen the Limited Payment :mount at lea t `.~c.______._._. days bciare auy Pa~~at Change' Datc. yt. - 4 ii ~+ e ..