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<br />_— - ' $ �47731 FNAR ..
<br /> _ ADJUSTABLE RATE RIDER
<br /> = (1 Year 7Yeasury lodex-Rate Cop�-Fixed R�te Converalon Optian)
<br /> — - TH1S ADIUSTA�LE RATB RIfiER is made thls 13TH duy of JULY .!9 92 .s�nd ls
<br />_ � incorporated into and ehnll be deemed to amend and supplemcnt the Mortgage,Deed oP Trust or Sccurity Dee�i
<br />'��"� (the"Security lnstrumenC')of the same date glvcn by the u�dersigned(the"Borrower")to eccure Borrower'e
<br />.;�, . Adjustable Rate Note(the••Note")to NpRAlE9T MORTOAGE� INC. � A MINNESOTA
<br /> `�� CORPORAT ION (the'•Lender")of the same date and coveria$tbe property described in
<br /> _ �-�__--r -_ �
<br /> - tho Sacurity Inatrument end lacated at:
<br /> -�-'--- 311 EA8T 22ND 87REET ORAND ISLAND, NE 6860�
<br /> � [Property Address]
<br /> __ ._�y,.,•:.-�+��
<br /> ---..��6��� THE NOTE CON7'AINS PROVI810NS ALLOWINQ FOR CHANQES IN THE INTEREST RATE
<br /> ---=��,w�� AND THE�IDNTHLY PAYMENT.THE NOTE LIMITS THE AMOUNT THE BORROWER'S
<br /> '�°5A°F�""��`='�"� ADJUSTABLE INTEREST RATE CAN CHANOE AT ANY ONE TI111E AND THB MAXIIIIUAII
<br /> ==�"�`"'=���� RATE THE BORROWER MU8T PAY. THE NOTE AL30 CONTAINS THE
<br /> ��.�..�.:�.�,�a��•°� OPTION 70 CONVERT TNE ADJU8TABLE RATL TO A FIXBD RATE.
<br /> �-�'�`.,� ADDITIONAL COVENANTS.[n addition to the covenants and agreements made in the Security Instrument.
<br /> -� � '"" _;,�,,,,� Borrower and Lender further covenant and agree as follows:
<br /> ��`Wi,.,., . ., .
<br /> .'� '�.•��,; ' A.ADJUSTABI.E RATE AND MONTHLY PAYMENT CHANGES
<br /> `�''``��" � The Note provides for an initial interest rate of S.OQU Rb.The Note provides the changes in the adjustable
<br /> �piu,.�:t��.s,:�x�;, �
<br /> . _ e _ ;,�t�.�: interest rate and the monthly payments,as follows:
<br />_-:��:�--�-_-- �:-,��� 4.ADJU5TABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
<br /> �.• �:.:{ � '�� (A)Change DAtes
<br /> � ,•:�; • The adjustable interest rate 1 will pay may change on the first duy of AUOUST . 1993
<br /> ������ '';���`' and on that day every 12th month thereafter. Each date on which my adjustable interest rate could change is
<br /> ��%�'` a�+;1v~'��� caUed a"Chnnge Date.
<br /> - "±`�'����'-, i8)The Index
<br /> .,�:..:;�.::- nr.:-- `�.'-
<br /> ' ° ; � Be�inning wi[h the first Change DAte,my Adjustuble interect rute will be bused on un Index. The"index"is
<br /> � the weekly svernge yield on United States Treasury securities udjusted to a constant muturity of 1 yeur,us made
<br /> _ �' • , ` uvuilable by the Federal Reserve Board.The most recent Index flgure avuilable as of the date 4S days before euch
<br /> °— .�k- , Change Date is cnlled tbe"Current Index."
<br /> � 4, '"��`'��. - If the index is no longer nvnilnble,the Note Holder wil l choose a new index that is based upon comparuble
<br /> T , •. ..�;,�_ �.,
<br /> �-� ''�� �� � information.The Note Holder will give me notice of this choice.
<br />- �,�.:��... . .
<br />,;'.� �, . •� (C)Calculation of Ch�nges
<br /> 1�,,�„ ; , q,;,... Before euch Change Dute, the Note Holder wil l culculnte my new interest rate by adding 2.7��►
<br /> ��� . percentage pointsQ.750 �k) to the Current Index. The Note Holder will then round the result of this aJdition
<br /> �_�;'..;�?,:,;_.y . ��"i_ to the nearest one-eighth of ane percentnge point(0.125�►.Subject to the limits stated i�Section 4(D)below,this
<br /> �� ,.s rounded umount will be my new interest rnte until the next Change Date.
<br /> — �r� :y � The Note Holder will then determine the amount of the monthly puyment that would be sufficient to repay
<br /> ��� � ` ° the un a�d rmci al that I amex cctcd to owe u�the Chun e Date in full on the Muturit Date at m new interest
<br /> -� �' '� '•V���,•, rate in substanti II e uul u rnents. The result of this c Iculation�Hill be the new amount of m monthl �
<br /> ° � ,,....•. ;,� . � Y 9 P Y y Y P Y-
<br /> '— ^� .�; ' ment.
<br /> —• ,�,��:,,. � ,t• (D)Limits on Interest Rate Changes
<br /> "� , The interest rate 1 am required to pay ut the first Change Datc will not be greater than 7. 000�� or less
<br />- "� • ' �F than 3.000 �. Thereufter,my adju+table interest rate wi I I never be incrc:ued or decreased on any single Change Date
<br /> - �'•.�ti '•...: . ;;. .
<br /> — , �. .,. by more thnn 7W0 per�centnge point(s)�. �)from th�rat�of interetit I ha��e becn paying for thc preceJing 12 months.
<br /> ��+°� ° My interest rnte will never be gmater thwl 1.000�. which is called the"Muximum Rute."
<br /> -.,,���!�' °� • , (E)Effective Date otChangcs _
<br /> � �.,�, -.,,�,, �, � My new interest rute will become cf'fectivc�n each Change Uatc. I will puy thr;,mount of my new mnnthly _
<br /> _ • puyment beginning on the firxt monthly puyment dAle aftrr thr Chungr Dutc until Ihe nmount af my monthly
<br />_;w�� � ° ..��` , Paynx:nt changes aguin.
<br /> �, � " ., . (F)Notice of Chan�es -
<br />_ ° The Note Holder will deliver c�r mail to mc u nrnirc nf any rhungcti in my aJ.ju.tahle intere,t rate and the
<br /> - fi' umount of my monthly pAyment bcfnrc the rffrctive dutc of;my rhanFr. The n�itice will include informution
<br />�''� • * , required by law ti�be given mc and ulso the title und telephone numinr o(a perti�m who will unswer uny yueation
<br /> i . 1 mny have regurding the notice.
<br />� � � � B.FIXEQ INTERES'1'RATEOI''I'ION
<br /> "� - The Note provide+ For the Borrower',optiun tc�c�►nvrrt from �n adjuxtable interest rate with interest rute
<br /> .i_ � �
<br /> r. , . limits to a fixed intcre.t r�tr, u�fc�llnws: �
<br /> --�:• ��,,.r�•
<br /> `��' J�,�` -.�. 5.FIXED INTEBFS7'RATECUNVERSION UI'TI(NV
<br /> , � • IA1 Uption to Convcrt tn Nixed Itatc
<br /> , � . . 1 huve n Con�•ersion Option�hat ! cun rxrrri.r unlc,. I am in drt'ault ��r thiti Section S�A1 �•il) n�n permit
<br /> ` me to do so. The "Convrr�ion Uption" i� my option 1��cnmrrl �hr intrr.st ratc I am rryuirrd ta pay hy thix Note
<br /> � from un udju�tuble rute with intere+t ratr limit+to the tixeJ rat�ralrulutcJ under�cticm SI BI t�elow,
<br /> ,- . . The convenion cun only take plure on u�la�r�,► ,p�cil'ird hy the Nu�e HuWrr d�n�ing thr prriuJ lkginning un
<br /> �� � the firtit Chunge Datc and ending on thc fifth Changr Dutc. l:ach Jatr on ��•hich my adju�tuhlc intrresl ratr can
<br /> i „ ,. ,� .�.. convert tothe new tixed ratr i,c�11eJ tlx"Cnmcrsiun Uatr."
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