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4 r ,.3<i"r.~✓17fwXpj'ns~mc r _ ~ 0900063-7 4 84-x.-..' vU0253 ADJUSTABLE 'PA MST' RIOTER iis:c>arpoTi ~E pogm Rmm is made this 17th de)► of Januairy 1984 and is into and shall be deemed to amead the , Trust, MOR or Deed to Secure Debt (the "Sea ity insONment") of the saw date':$im by the undetsigud (the "Borrower") to aeurps Borrower's. Adjustable Payment Note to' Tower Finmxda,l, Inc. (the "lender") of the sane date (the "Nate") and, covering the pttnpemy &scri ed in the Security Ins west and located at: A262 ppnntXXan 68801 The Note Contains Provisions Allowing For Changes In The Internist Rate And The Monthly Payment And.Foa: Increases In The Principal Amount To,Be Repaid. The Note Also Provides For Calculations Of Two Separate Monthly Payment Amounts. One Will Be The Amount That I Must Actually Puy Each Month. The Other Will Bi An Amount That I Would. Pay Each Month To Fully Repay The Loan On The Maturity Date. This Means That I Could Repay More Than I Originally Borrowed Or That I Could Repay M; Loan Refore The Maturity Date. ADU'Q' OVAL COVFSt4 M- In addition L_ rle covenants and agreements made in the Security Instrument, Borrowr and lender further covenant and agree as follows: A. INTEREST RATE AND MONTHLY PAYMENT CHANGES The Note provides for an initial interest rate of 10.500 Sections 2, 3, 4, 5 and 6 of the Note provide for changes in the interest rate and the may payments, as follow: "2. INTEREST (A) Interest Owed Interest mill be charged on that part of principal. Which has not been paid, beginning on the date I receive principal and continuing tntil the full azxnt of principal has beers paid. Beginning oa the date I receive principal, I will pay interest at a yearly rate of 10.500 X. ' The interest rate I will pay may change on the first day of the eonth of August 1, 1984 and as that day every 6th month thereafter. Each date on which. the In_;erest rate could UWji s called on "Interest aiVg Date." The new interest rate will became effective on each Interest C uqp Date. (B) The Index Begimixag with the first Interest QwW Date, my interest rate will be horsed on an mien. "In1x" is the Weekly Auction Average Rata an United States Tmimay bills with a maturity of In_ months , most recent 1fr t1gure as to days before each Interest amp we is called the "D,nrrent Indeac". interest rate I will pay shall not eaaoeed 13.990%. If the Index is no longer available, the Note Bolder will choose a new, in dex which is based upon ampwable Information. The Note Hold= will give ma entree of this choice. (C) Caladatim of Interest Rate Changes Before each Interest Change Date, the Nate folder rill, calculate my new interest rate by acKtag percentage points ( 1 Lo_ to the Current Index. The Note Bolder will thea'► roum the re t of this addition to tte nearst one-eighth of one percentage point (0.125X). Thais toamded ancuot will be my new interest rate until the next Interest Cha V Date. gyp`- the maadmtno interest rate shall tr t eaaceed 13.990X. (D) Inter-est After Dot The interest rate req►dznd by this Section 2 is the rate I will owe both before and after any defaaa)i described in Section 9(B) below. 3. CALCULATION OF AMOUNTS OWED EACH MONTM Tae Note Holier rd.ll calculate my Full Maothly Amooaat. The "Pull Maothly Amount" is the amount of the monthly pw?aent that would be sufficient to re--y the unpaid principal balance of my loan in full at the interest ratan I am required to pr!' by Sections 2(A) and 2(C) above in substantial-17 equal payments an r ~y n 2014 Which is called the "maturity date". My first FuU Monthly Avnunt, U.S. 4 40Z.49 .More each Interest Change Data, the Note Holder will calculate the new Pull y haount which I will owe each month beginning on the first monthly payment date after the Interest Change Date. The Pull Monthly Bmotnt I sae may to more or less than the amount I arm required to pay each mx:th. Section 4 below states the amount of -my monthly pa)nent and haw it will chaxW. Section 5 below describes how my unpaid pr"Y pal balance will chwc p if the amou<at of my m mthly payment and the Pull Monthly Amount are different. 4. PANTS (A) 'fine and Place of Paymmfts I will pay princl4ml and interest by =Adng payments every m mth. I will malm mY monathly payments oa the first day of each month beginning on March 1 1984 . I Will, vske dew la+Y-mts every wrath t stil I bate paid all the my other daarps described below that I may awe under this Note. My monthly payments will be applied to Inter before priwi'.pal. If I still awe amounts under this Nate on the maturity date, I mill pr,~ those amntms in full an that date. Those amounts could be greater than the amount of 4 last amhly payment before the wturity date. I will make: W ux*My payments at 2120 Setuth 72nd Street, Omaha, Nabcaska, 68124 or at a different glace if required by the Mote 821der. ADJUSTABLE PAYMENT NOTE 6 MONTH TREASURY INDEX (1 - 4 Family) T.4C-005 (qc) (Page 1) (New 11183) r w`.