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<br /> , LOAN NUNIDER:7185044 �
<br /> . • 340170T94 707 �
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<br /> �.- - 'FHIS r1DJUSTABLE RATE RIDER is made this 26TH day af FEBRUARY. 1998.and is incorporated into and . -. �;.
<br /> � �.��'± ' shali be deemed to amend aad supptemeat the Mortgage.Dced of Trusc ar Securiry Deet!(the'Security Insuument')of the `,•,.. . _ _ ` :
<br /> r � _.• .----,:..Y same date given by the uade�signed(the "Borrower°)to secure Borrower's Adjustable Rate NIote(the "Note')to PHH . ��
<br /> ` !:`�-.+'``- MORTGACcE SERVICFS CORPORATION (the"Lender")of the same date and wverin the m described in the ` . '�.•,"
<br /> 8 P P�Y .
<br /> .b.���._� c^--r M��•'n ^�'^,^. _ � _ " _
<br /> _-. _ ' l � �{►{{ty LLIYWilYL1 4[a��VW�Q{6L. � -.a
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<br /> � '�. 6 � " . 1413 STAGECOACH ROAD GRAND ISLAND NE 6880! �
<br /> ` •� � (ProPertY Address) 'r� �
<br /> 't��. _ ; . . �-
<br />";` �;• �� THE NOTE COIIITAINS PR0111SI0114S ALLOWING FOR CHANG�S tN THE lNTEREST RATE AND •.` `t .,�' _ -,
<br /> ' THE MONTHLY PAYMENT. YHE NOTE L1MRS THE AM081NT THE BORROWER`S IRITEREST - . __ _
<br /> `�!:'�. `" 6WTE CAN CHANGE AT ANY 01UE 77ME AND THE MAXIMUM RATE THE BORROWER MUST ;��:q���` "'.�'�T=.
<br /> � � ' PAY. • _°
<br /> � . . . •`=�,-
<br /> �'' - . .-.,� ADDiTTONAL COVENANIS. In addition to the covenants and agr+eemenis made in the SeatrIty Instnimeat, - ,
<br />��, :'�. ,_ • Borrower and Leader fnrther covenant aad agr�e as follows: , .• r,.t,.�.
<br /> ,.,, . - � , 'a : y.-
<br /> �. ` , ' ? A. II�TEREST RA7'�AND MONTHI.Y PAYMENP CHANGES � '�4 x y�--
<br /> - � ��� The Note pmvides for an initiai interest rate of 7.12500�. The Note provides for changas in the interest rate and - _
<br /> - - � . -�.'�i the monthly payments,as follows: . �:".� _�_
<br /> . � 4. IIVTEREST RATE AND MONTfII.Y PAYNNIENT CBANGFS `- � --
<br /> r' / _
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<br /> � - Tbe iaterest rate I will pay may change on the first day af MARCH, 2005,and on that day every 12th monW .�
<br /> - . thereafter. Each date oa which my interest rate could chauge is calied a"Change Date". ' :�
<br /> ' . .-,�.•.
<br /> � � .. . (B) The ladex '
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<br /> __.k::: � . Beglnning with the first Change Datc, my interest rate will be based on an Index. The "I�dex" is the weekly = -.—
<br /> `` -' � ��` avecage yield aa Untted States Treasury secvrities adjasted to a wnstant mamriry of 1 year. as made available by the , , _.
<br /> Federal Reserve Boazd.The most recent Index figurc availab2e as of the date 45 days before each Change Date is called the � . ,:;,.,�:-_.
<br /> �' . "Current Index". -
<br /> ' �.,�:� . ; If the Index is no loa$er availabie, the Note Holder will choose a new indea tII�at is based opon comparabte , .
<br /> r��; .. • information. The Note Holder will give me notice of this choice. " �� _
<br /> _ ..- - - ;._ ---��:Y• (� Catrntatioa oY Changes �,. '' y. '�;r --
<br /> .. . Before each Change Date. the Note Holder will catculate my new interest rate by adding 2.75000 perceatage , ��..--.��'�
<br />- '� points(2.75000 %) to the Current lndex. The Note Holder arill then round the result of this addition to the nearest ' �• :;,?°,,;�:
<br /> � . . � �• E one-eighthofonepercentagepoint(0.125%).SubjecttoWelimitsstatedinSection4(D)betoa,[hismundedamoantwillbemy . '������`��__
<br /> �. �. � '� new interest rate unW the rsext C6ange Date. � --
<br /> . The Note Holder will[hen determine the amount of the monthly payment chat woutd be sufficient to repay ttce .'"" �` � !
<br /> ��. ,' , unpaid princlpal that 1 am eapected to owe at the Change Date in fuU on the Maturiry Dat�at my new interest rate in � - _
<br /> �' � � • � substantially equal payments. The result of this calculation wiU be the new amonnt of my moathly payment. •
<br /> ;�:. • ..
<br /> _,, .- , . � N) Ltmits on Interess Rate Changes ' ` . '.
<br /> �;<��,.. - � ,,i The interest rate/am required to pay at the first Change Daze arill aot be greater than 12J2500%or less than __ __
<br /> � .; 1� 2.75000�0. Thereafter,my adjustable intetest rate will never be incceased or decreased on any single Change Date by more
<br /> `'!��� �, � than two percentage points(2.00%)from the rate of 9nterest I have been paying for the preceding tarelve months. My .
<br /> .�� ' interest rate will never be greater than 12.12500%,which is calted the"Maximum Rate". ' � : .
<br /> (E) Effective Date of C6anges � •�
<br /> . , : . : � My new interest rate wiil becomc effective on each Cfiange Date. I wiU pay the amount af my new monthly ', � •+
<br /> paymeat beginning on the first monthly payment date after the Change Date until the amount of my montLly payment
<br /> changes again.
<br /> . ' ' (� Noitce of Chaages .
<br /> _ The 1Vote Holder will deliver or mait to me n notice of any changes in my interest rate aad the amount of my � �, �'
<br /> �„ ,. monthly payment before the effective date of any change. 7'he notice will include info:mation required by!aw to be given me .� �.
<br /> and also the title ared telephone number of a person who will answer any question I may have regarding the notice. . . •
<br />:' B. 'FRANSFER OF T11E PROPERTY OR A BENEFiCIAL IIVTEREST IN BORROWER . •
<br /> . , • ' Uniform Covenant 17 of the Secudty lnstwnent is amended to read as follows: • .;
<br /> � Transferof the Property or a Beneflcial interes!in Borrower. Durina the in�tial fiaed rate veriod:If all or any ' .
<br /> � � � . part of the Property or any interest in it is sold or transfened(or if a beneGcial interest in Bonower is sold or transferred .
<br /> � � • and Borrower is not a natural person)withoui Lender's prior written consent.Lender may,at is opdon,require immediate , .
<br /> " payment in full of all sums secured by this Security Instn►ment. However,this oplion shall not be exercised by Lender if . � , . . .
<br /> �� � exercise is prohibited by federal law as of the date of this Secarity lnstrument. � , . _
<br /> + !f Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a �
<br /> -- � � � per,od of not less than 30 days from the date the notice is delivered or mailed within which Bonower must pay aii sums
<br />,.�.:. I . .
<br />_ secured by this Security Instrument. lf Borrower fails to pay these sums prior ro the expintion of this periad.Lender may
<br /> _ . invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. �_ .
<br /> _ T!, .
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<br /> MULTISTATE AOJUSTABLE HATE RIdER�AHM VLAN 5-2�S�ng�o Fnmi�yFanme Mao�Fredd�a Mac Undorm t&trury�t�pt�3H7 3/85 .
<br /> - - VROORAM 705�&�0y/9-710H2
<br /> • _ � � 3109 fR0401 12/97 ��
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