|
` .i,;'� •_ ___ . . . , ;•, '."�.•R..�e,y��'__'_
<br /> � - w.r�/�r/�},i�Myr�fin. _. , r., � .... '` ''�i.�T'.aav.�...__.
<br /> ��_..._L Aa"1�'i; #p'.�.�.�'��'�L�' l ,'•' _'L,�':���.._,�� Jt T ' vh1=__
<br /> ��` ��r;':r.��,�ta�--'�'�'
<br /> —---_�.�:��a�sr..� '�"7�'��:�-.:ti,;=r%l�'�:ti--:�� ..�„� .
<br /> �..�..�. - .. . _ y..
<br /> -,. .
<br /> _ -°�:-°—
<br /> _ . . _ ., . f�!s*'s.�.,..'__ - :.',"E —_
<br /> ��".*''''m...__�:-_._.--`--------`---_Y. Ji..'������_=-�v.�.i,_..i::r..'_i- --.'..°,T.'r- -
<br /> -- --�_.— i',��,3@�d'�`�— °
<br /> 97- 10�0����
<br /> B. FIXED IIVTERES'�RATE OPTIC)N
<br /> '['he Note provides for the Bc�rrowcr's option tr�convcrt from an adjustablc intcrest��te
<br /> with interest rate iimits w a�xed intcrest rate,as fQl�ows:
<br /> S, FIXEp INTERF�►ST RATE CONVERSIOI'J OPTION
<br /> (A)Opdan to Convert to Fixed Rs�te
<br /> I have a Conversion Option that I can cxea:cisr unles.g I am in dcfault or d�is Sccr.ioa
<br /> 5(A) will nat permlt me to do so.ti�.�Notrz frotm an�adjustaUle apetwith int�c�t 3�
<br /> intcnst rata I am tequired to paY Y
<br /> yi�oaits to the fiaed rate calculated undar Section��13)t�low.
<br /> Tt►�conversion can only take place an a da.tr.°(s)�specifled by tha Note Holder during the
<br /> period beginning on the first Change Date and �nrin�mg on the fifth Change Date. Bach r,tate
<br /> on which rn,y adjustable interest rate can cc�fr�vert W the new fixal rate is call�d the
<br /> "Conver�ion Date."
<br /> If I want to axerci�thc Convarsion Optia�l, I muat firat meet e�e�ain condidow. 'I7aose
<br /> oanditions are ttl�at; (i) I must give the Note H�a�der n+otice that I w�t to do so; (il) uu. the
<br /> Conversion Date, I must not be in default und¢c dae Note or the ;Sccurity Ins�urneni; (iii)
<br /> by a date spoci�ed by the Note Holder, I mwm.pay th� Note Holder a conversion frx of
<br /> U.JC.�r
<br /> .00 ;�i,�(�`.}: .::.:�;L o�g�«:d fi:+�C�N(1t1!I��AI[�$f AAY
<br /> dacuments the Note Holder requires w effect W+c oouveraion.
<br /> (B) CAlcul�tion oi Fixed Rate
<br /> My new, fixai interest rate will bc �ita1 tv the Fedcral Natianal Mar.tgagG
<br /> Associat�on°s regnir�d net yield as of a date and ti�e aF da speci�ed by the Note Holdcr .
<br /> for (i) if the origwal term of this Note is gtcater tbanyl5 yeara� 30-year fi�c�d rate
<br /> mortgages covered by applicable 60-day mancl�'►tocY d�livery commitmante, plus fivc-reighths
<br /> �f oae percantege pomt (0.625 96), rounded to tha nearest one-eigb�th of one pe�r��entage
<br /> point (0.12596), or(ii) �f the aiginat urm af this NoGe is 15 years or less, 15-ytssr fncr,d
<br /> rate mortgagw coverod by applYCable 60-day m.'�nrd�wry delivery commitmeai.s� plus
<br /> five-aighths of one peraentagc point (0.62596), rc�uin�ded to the ncarest ane�elght� of one
<br /> , pecc;entsge poinx,{O.12596). If this requ ired net yi�Id cannot be detcrmined baause tha
<br /> �ppl�aYle commiwents are not av�ilable. thc Not� Hold�r will dctermine my ir�e�est r�te
<br /> ,by using oomparable information. My new rate caL:ulaud under tbiA Seccion S(B) wlll nat
<br /> be greater than tlie Maximura Rate stated in Sectio�a 4(U)above.
<br /> (C�l�Tewv PAyment Amount siad Eitective Dswtt
<br /> If I choose W exercise the Convers ion Option, t�ue�1ota Holder will determitu�the
<br /> amount of th�rnonthly paymcnt that would be suff'�i�nt to repay d►e nnpaid princ�ipa]I am
<br /> ��..Ma��s tn�
<br /> �-�6U I�OMI Pp 7 N/ ��: ���
<br /> I 1 w�
<br /> .."tlf�:. . � _ __ ... . _ . h � 1'ti ^-4 = ..
<br /> � • :• Jf
<br /> -'74t3��,.''�i'. �.1��Y�^.� ` � ' if..x �y���y-� . y7'� � 1"',-�� - --
<br /> , y. .• 5 7PI!st
<br /> �'�.�� ti.1 �l .�L'. . ' , . . � - 1[�1Y� .1+ t l.'JJ _
<br /> )
<br /> �� R.
<br /> ���f,h�`c ��M' � . K � Y���- � �.,��fF...�.t,_•,� J�Y,• _.j- , r��'_.�
<br /> C 7� L�l!
<br /> t. i� Z ,,,tYn.��.j�1.- . ... �rn i �{"f. �: "Yy Y+. _ . ._.
<br /> �e�5�i�aX 7n�Y T t1u^ . . • � t�?� �':�5�Oc17'�" ' '
<br /> 'S �' ' � T���ln�"'
<br /> _��nb-� y + � r•. -. t � rrq, , f '.�.,...� �,��f t��� .._.
<br /> �LSi•i) iK'l�s, i, . . .. �` ��F ,.^+�,y,,f�...N'��+i'•.1.° If.��'.�.`'St7i�lri�F- ---.
<br /> _ _ +' ;�S . _. . . "J-.v.. .- •:t`. . `�Y'��� . . ,�, i , �,��d'Lm�.T—
<br /> 17'�• , !l / . . . . *�' � r/ • ' r����` ����"���.
<br /> ��w `2''i'�,v'{v,J• ` . :, C� . ..� ��_ .�" ��+•l . � �t�y-c�v, �..�.� -
<br /> . =v1.�'„`�i,I.iCnr���'��iiti:t � ''�-• ik`,1�?�"'�� .:dO•Y i * fl.'� � ,` y +.. - ---
<br /> �.. i.P 'q� 1 �' .L-� � �� A if.
<br /> �� FkM1 4f'Yd- `l,Y �� �-•,7 1M/i ,ll •.t• , ., -_ _
<br /> ����'�` :y � _ r,�• ... , � . � � F�a t�;. _ _ ____
<br /> -��ia. ,`�,�, � , w.�ni�r.--�y=
<br />
|