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- 200001181 LOAN #: 62490289 BALLOON RIDER (CONDITIONAL RIGHT TO REFINANCE) THIS BALLOON RIDER is made this 11TH day of FEBRUARY, 2000, and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Deed to Debt (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure the Borrower's Note to IRWIN MORTGAGE CORPORATION (the "Lender") of the same date and covering the property described in the Security Instrument and located at: 410 EAST 7TH STREET GRAND ISLAND, NE 68801 The interest rate stated on the Note is called the "Note Rate." The date of the Note is called the "Note Date." I understand the Lender may transfer the Note, Security Instrument and this Rider.The Lender or anyone who takes the Note,the Security Instrument and this Rider by transfer and who is entitled to receive payments under the Note is called the "Note Holder." ADDITIONAL COVENANTS. In addition to the covenants and agreements in the Security Instrument,Borrower and Lender further covenant and agree as follows(despite anything to the contrary contained in the Security Instrument or the Note): 1. CONDITIONAL RIGHT TO REFINANCE At the Maturity Date ofthe Note and Security Instrument(the"Maturity Date"),I will be able to obtain a new loan("New Loan") with a new Maturity Date of MARCH �, 2030, and with an interest rate equal to the "New Note Rate" determined in accordance with Section 3 below if all the conditions provided in Sections 2 and 5 below are met (the "Conditional Refinancing Option"). If those conditions are not met, I understand that the Note Holder is under no obligation to refinance or modify the Note, or to extend the Maturity Date, and that I will have to repay the Note from my own resources or find a lender willing to lend me the money to repay the Note. 2. CONDITIONS TO OPTION If I want to exercise the Conditional Refinancing Option at maturity, certain conditions must be met as of the Maturity Date. These conditions are: (1)I must still be the owner and occupant of the property subject to the Security Instrument(the "Property"); (2)I must be current in my monthly payments and cannot have been more than 3 0 days late on any ofthe 12 scheduled monthly payments immediately preceding the Maturity Date; (3) no lien agamst the Property(except for taxes and special assessments not yet due and payable)other than that of the Security Instrument may exist; (4)the New Note Rate cannot be more than 5 percentage points above the Note Rate; and (5) I must make a written request to the Note Holder as provided in Section 5 below. 3. CALCULATING THE NEW NOTE RATE The New Note Rate will be a fixed rate of interest equal to the Federal National Mortgage Association's required net yield for 30-year fixed rate mortgages subject to a 60-day mandatory delivery commitment, plus ONE-HALF oF orrE percentage point(s) ( o.soo� ),rounded to the nearest one-eighth of one percentage point(0.125%)(the"New Note Rate"). The required net yield shall be the applicable net yield m effect on the date and time of day that the Note Holder receives notice of my election to exercise the Conditional Refinancing Option. If this required net yield is not available, the Note Holder will determine the New Note Rate by using comparable information. 4. CALCULATING THE NEW PAYMENT AMOUNT Provided the New Note Rate as calculated in Section 3 above is not greater than 5 percentage points above the Note Rate and all other conditions required in Section 2 above are satisfied, the Note Holder will determine the amount of the monthly payment that will be sufficient to repay in full(a)the unpaid principal,plus(b)accrued but unpaid interest,plus(c)all other sums I will owe under the Note and Securrty Instrument on the Maturity Date (assuming my monthly payments then are current, as required under Section 2 above), over the term of the New Note at the New Note Rate in equal monthly payments. The result of this calculation will be the amount of my new principal and interest payment every month until the New Note is fully paid. 5. EX�RCISING THE CONDITIONAL REFINANCING OPTION The Note Holder will notify me at least 60 calendar days in advance of the Maturity Date and advise me of the principal, accrued but unpaid interest, and all other sums I am expected to owe on the Maturity Date. The Note Holder also will advise me that I may exercise the Conditional Refinancing Option ifthe conditions in Section 2 above are met. The Note Holder will provide my payment record mformation,together with the name,title and address of the person representing � MULTISTATE BALLOON RIDER-Single Family-Fannie Mae Uniform Instrument I tlitlals: Form 318012/89 Page 1 of 2 200RDU 909 �- 1-� .