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<br /> .� AP�# MARRFN . T W# �1 - 1188 �. ;�.�
<br /> .+ FHA I�DJUSTA�LE RI�TE RYDER 97° �.��'��� . � ��=
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<br /> �i T4i1S ADJUSTABLE RATE RIDER is made this 2 e t n day of N a�c n , 1 9 9 7 and is ,
<br /> -.-, ii����;����a���;:���med t�amend and supplament the Mortgage,Deed of Trust or Security ____ __
<br /> Deed("Security InstrumenY')of the same date given by the us�ders[gned (°BoROwer^)to secure t3oROwer's �.£
<br /> ' NOiB(°�10t6�)i0 Ma �or Ftortgage. A 13yom i ng Corporat i on _ . - -, - , -_- ..
<br /> � ; (ths"Lerxie�')of the same :
<br /> Idate and covering the property dascribed in the Security Instrument and located at: � ,
<br /> 4243 4est Capital Avenue .Grand Island.NE 68803 A _
<br /> (PRQPEATY AODRESS) , . � : .
<br /> THE NOTE CONYAINS PROVlSIONS ALLOWING FOR CHANGES IN THE INTEREST ':"
<br /> RlOTE AND THE MONTFILY PAYMENT. THE NOTE UMITS THE AMOU�IT THE . • � n� �_
<br /> BORROWER'S INTEREST RO►TE CAN CHANGE 61T AMf OAaE TI�f1E A{dD TFlE MAXIMUdlA! ,. ��:
<br /> � RATE THE BOAROWER iNUST PAY. r : µ�"�-.=_
<br /> � �°�_:�. '.._.:,
<br /> ADOITIONAL COVENANTS. In addition to the covenants and agreements made in the Security . � ' � '• ��ir
<br /> InstrumerR,Bonower and Lender further covenant and agree as foRlows: •. � • ;;'�`�_-� -
<br /> *„ _._ ,.
<br /> INTEREST RATE ANB AfiDiV�FiLY PAYI4AENT CHANGES - . �..���9;=--
<br /> . . � i.�. �..�..�,.:-
<br /> , (A)Change Date ' -�
<br /> The irrterest rate may change on the Hrst day of �u i y . 1 9 9 8 and that day of each :; �� `��
<br /> succeeding year. °Change Date means each date on whfch the interest rate could change. . •
<br /> ��.�,�
<br /> . (8)The Index .:�. +�' J�.����::.. _
<br /> �' Beginning with the first Change Date,the irrterest rate will be b�sed on an Index. "Inde�t'means 4he '
<br /> � weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year,as �.�..� '?r'.
<br /> rn;.d2 available by the Federal Reserve Board."Current Index°means the most recent Index flgure available ,� ,:,� �
<br /> � � 30 days 6efore the Change{?ate. If the Index(as defined above)is no longer available,Lsnder wili use as a '
<br /> '�=�� new Index any index prescrfbed by the Secretary. As used In thfs Rider,'Secretay means the Secretary of _ �..�,� �::
<br /> Housing and Urban Development or h(s or her designee. Lender will give Borrower notice of the new f.� ; '�; ;
<br /> Index. �,' '. :�� .; ..
<br /> �• (C�Calculatlom of Interest Rate Changes ;a,. � ;a.
<br /> Before each Change Date,Lender wiil calcutate a new interest rate by adding a margin of ��
<br /> , T w o a n d T h r e e / Q u a r t e r s percentage points ( 2 • 1 5 0 0 %) `' �„�. �t _
<br /> ":; to the cunent Index and rounding the sum to the nearest one-elghth of one percentage point (0.125%). ;__ i��
<br /> ..� •,t . .
<br /> Sub ect to the Ilmits stated in Paragraph(D)of this Rider,this rounded amount w(II be the new Interest rate .�...�,-
<br /> . r��F.• ,��'.
<br /> unti the next Change Date. �__
<br /> (D)Limits on Int�rest Rate Changes �1• *
<br /> � The interest rate wiil never increase or decrease by more than one percentage pofnt (1.0%) on any ='�.. �'.�
<br /> single Change Date. The interest rate wiU never be more than five percentage points(5.0%)higher or lower :�,_ 'a-
<br /> than tfie inftial interest rate. _ _ „ �
<br /> 'F� _
<br /> � (E)Calcutatton of Paymern Change ' r �:
<br /> � If the Mterest rate changes on a Change Oate,Lender will calculats the amount of monthly payment of ;x_,. s ..
<br /> ..•,. princlpai and tnterest which would be necessary to repay the unpaid principal bafance ln tull at the maturity ' .�;;�,�;-.,
<br /> ,..,.
<br /> date at the new Interest rate through substantialiy equal payments. In making such calculation,Lender will . '����:
<br /> � use the unpaid principa! balance which would be owed on ihe Change Oate if there had been no detault In ��.�,;�r, . '_._,.,;..�__._�
<br /> payment on the Note, reduced by the amount of any prepayments to princlpal. The result of this �..;..�;�'.�l�
<br /> calculation will be the amount of the new monthty payment of principal and Interest , : -���-�.
<br /> , +�
<br /> (F�Noilce of Changes � ��`��r�� ' �� .
<br />• Lender wili give notice to Borrower of any change In the iMerest rate and monthiy payment amount. ,��^y_�. � _�-
<br /> � The notice must be given at teast 25 days before the new monthly payment amount is due,and musE set _
<br /> • forth(i)the date of the notice,(i�the Change Date,(iii)the old interest►ate,(iv)the new interest rate,(v)the ,._
<br /> new monthiy payment amount, (vi)the Current Index with the date it v�ras pub8shed, (vii)the method of • , .
<br /> calculating the change in monthty payment amount,and(vili)any other information which may be required . ,
<br /> � by law from time to time. _ � —
<br /> � (G)Eifective Date of Changes � �
<br /> A new interest rate calculated in accordance with Paragraphs(C) and (D)of this Rider wiii become . . -
<br /> eftective on the Change Date. 8orrower shall make a payment in the new monthly amount beginning an .
<br /> � the first payment date which occurs at least 25 days after Lender has given Borrower the notice of changes . . � .. �
<br /> � requlred by Paragraph (F) of this Rider. 8onower shall have no obligatlon to pay any increase in the � , • _
<br /> monthly payment amount catculated In accordance with Paragraph(E) of 4his Rider tor any payment date , .
<br /> occurring less than 25 days attor Lender has given the required notice. If the monthly payment amount � . . �
<br />' calcuiated in accordance with Paragraph(E)of this Rider decreased,but Lender failed to give timely notice
<br /> � ef the decrease and Borrower made any monthiy payment amounts exceeding the ayment amount which • _
<br /> should have been stated In a timely notice,then Borrower has the option to either�i)demand the return to . .
<br /> Borrower of any excess payment,with interest thereon at the Note rate (a rate equal to the interes4 tate
<br /> which should have been stated in a t(mely notice), or(ii) request that any excess payment,with interest •
<br /> thereon at the Note rate, be applied a� payment ot principal. Lender's obligation to return any excess • . :
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<br /> FHACASENO. 321-1851496-129 � -
<br /> ISC/FARMAID'•//0594/(0492)-L PAGE 1 OF 2 4/92
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