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200500664 ADJUSTABLE RATE RIDER to Security Instrument (LIBOR 6 Month Index - As Published in The Wall Street Journal - Rate Caps) (To Be Recorded Together with Security Instrument) THIS ADJUSTABLE RATE RIDER is made this 25th day of January, 2005 and incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument ") of the same date given by the undersigned (the "Borrower ") to secure Borrower's Adjustable Rate Note (the "Note ") to EquiFirst Corporation (the "Lender ") of the same date and covering the property described in the Security Instrument and located at: 218 East 10th Street, Grand Island, NE 68801 (property address) THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM AND MINIMUM RATE THE BORROWER MUST PAY. ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 8.350 %. The Note provides for changes in the interest rate and the monthly payment as follows: (A) Change Dates The interest rate I will pay may change on February 1, 2007 and on that day every sixth month thereafter. Each date on which my interest rate could change is called a "Change (B) The Index Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the average of interbank offered rates for six -month U.S. dollar- denominated deposits in the London market ( "LIBOR "), as published in The Wall Street Journal. The most recent Index figure available as of the first business day of the month immediately preceding the month is which the Change Date occurs is the "Current Index." If the Index is no longer available, the Note Holder will choose a new index that is based upon comparable information. The Note Holder will give me notice of this choice. (C) Calculation of Changes Before each Change Date, The Note Holder will calculate my new interest rate by adding 7.250 percentage points (7.250 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one -eighth of one percentage point (0.125 %). Subject to the limits stated in Section 4(D) below, this rounded amount will be my interest rate until the next Change Date. The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. (D) Limits on Interest Rate Changes The interest rate I am required to pay at the first Change Date will not be greater than 11.350% or less than 8.350% . Thereafter, my interest rate will never be increased or decreased on any single Change Date by more than one percentage point(s) (1.00 %) the rate of interest I have been paying for the preceding six months. My interest rate will never be greater than 14.350 % or less than the initial interest rate provided for in Section 2 of this Note. 647371 EF0611 (05/02) Page 1 of t I