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98103089
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Last modified
3/12/2012 11:38:23 AM
Creation date
10/19/2005 5:31:33 PM
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DEEDS
Inst Number
98103089
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. <br /> 98- ic��os9 <br /> . - . <br /> � ADJUSTABLE RATE RIDER 2oo2s i i s <br /> — (1 Year Treasury Index-Rate Caps) _ <br /> 199�HIS ADJUSTABLE RATE RIDER is made this 3RD day of APRIL <br /> , and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of <br /> Trust or Security Deed (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to <br /> ,��c�e tJ�e Bor�o�e�c's Ad�u�table Rate.I�ote(tl�e "Nc�te�"1 to <br /> e qni able ni iag a oan Assoc�a ioa oi Graa slaad, Nebrasta, A Federal 5avings Bant <br /> (the"Lender")of the same date and covering the property described in the Security Instrument and located at: <br /> 1222 W CHARLES ST GRAND ISLAND, NEBRASKA 68801 � <br /> (Property Address� <br /> THE NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST <br /> RATE AND THE MONTHLY PAYMENT. THE NOTE LIMITS THE AMOUNT THE <br /> BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE <br /> MAXIMUM RATE THE BORROWER MUST PAY. <br /> ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument, <br /> Borrower and Lender further covenant and agree as follows: <br /> A. INTEREST RATE AND MONTHLY PAYMENT CHANGES <br /> The Note provides for an initial interest rate of � ' 125 %. The Note provides for changes in <br /> the interest rate and the monthly payments, as follows: <br /> 4. INTEREST RATE AND MONTHLY PAYMENT CHANGES <br /> (A) Change Dates <br /> The interest rate I will pay may change on the first day ofMAY 2003 , and on that <br /> day every 12th month thereafter. Each date on which my interest rate could change is called a "Change Date." <br /> (B) The Index <br /> Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the weekly <br /> average yield on United States Treasury securities adjusted to a constant maturity of 1 year, as made available by <br /> the Federal Reserve Board. The most recent Index figure available as of the date 45 days before each Change Date <br /> is called the "Current Index." <br /> If the Index is no longer available, the Note Holder will choose a new index which is based upon comparable <br /> information. The Note Holder will give me notice of this choice. <br /> (C) Calculation of Changes <br /> �re each Change Date, the Note Holder will calculate my new interest rate by adding <br /> percentage point(s) ( 2•000 %) to the Current <br /> Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage <br /> point (0.125%). Subject to the limits stated in Section 4(D) below, this rounded amount will be my new interest <br /> rate until the next Change Date. <br /> The Note Holder will then determine the amount of the monthly payment that would be sufficient to repay the <br /> unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my new interest rate <br /> in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. <br /> (D) Limits on Interest Rate Changes <br /> The interest rate I am required to pay at the first Change Date will not be greater than 9 . 1 25 . % <br /> or less than 5 . 125 %. Thereafter, my interest rate will never be increased or decreased on <br /> any single Change Date by more than two percentage points (2.0%) from the rate of interest I have been paying <br /> for the preceding twelve months. My interest rate will never be greater than 1 2. 12 5 q, <br /> My interest rate will never be lower than 5 . 125�. <br /> (E) Effective Date of Changes <br /> My new interest rate will become effective on each Change Date. I will pay the amount of my new monthly <br /> payment beginning on the first monthly payment date after the Change Date until the amount of my monthly <br /> payment changes again. <br /> (� Notice of Changes <br /> The Note Holder will deliver or mail to me a notice of any changes in my interest rate and the amount of my <br /> monthly payment before the effective date of any change. The notice will include information required by law to <br /> be given me and also the title and telephone number of a person who will answer any question I may have <br /> regarding the notice. <br /> MULTISTATE ADJUSTABLE RATE RIDER -ARM 5-2- Single Family-Fannie Mae/Freddie Mac Uniform Instrument <br /> Form 3111 3/85 <br /> � -822A 193051 VMP MORTGAGE FORMS-180015 2 1-7 2 91 � <br /> m � Printed on Recycled Paper ' <br /> I � ': �. . �., P <br /> , Y,. <br />
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