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<br /> • 1P1 w�nt toexerei�e the Con�rorQlon Option��muu fir�t meec cert��nditions•��twco cQ��tlons u+e that:(i)I mu9t
<br /> �iva the Npca Holdet notice th�t 1 want ta da sa;pi)on the Conversfan Date,l must not be in def�ultunder the Note ar the �
<br /> Security Instrumenr(iii)by�cuto�pecified by the Nota Holde�r,I must pay the Note Holdera converaion fee of U.S.
<br /> � .00 ;und liv)1 must Rig�i and �ive tha Note Holder any dacuments the Note��
<br /> �s'� nquircs w efPect the convenion.
<br /> �� B)C�kulotiaa of Fixed�te
<br /> ' My new.fixed jnterast rato wlll be equAl to�ho Federnl Nutional Mortgage A�cociatian's required nat yteld
<br /> as of A date rnd dme of day spccified by thc Note Hoider for q)if Ihe originul term of thfs Note is groater than IS
<br /> years.30-year flaed rate martgages cavered by applicable 60•day mandatory delivery cammitmente,plu�five-
<br /> �� aighths of ane percentnge poi�t(0.6ZS9h),rounded to the nearest one-eighth of one pencentago point(0.12S�b).nr
<br /> F,. (ii)if the original term of this Note is IS yeors or less. ls•year fixed'rate martgages covered by epplicable 60-d�y
<br /> � ��'�'3'�"� mnndatory delivery commitments,plus five-eighths of one percentage point(0.62S5b),rounded ta the neurest
<br /> �r � ,� �"�''"' �'';''�v one-ei hth of onc ercente e int(0.12596). !f this re uired net jcld cannat be detcrmined�becauce the appli-
<br /> •t., B P � Pp q Y
<br /> '• �'�"�•�'��;'���•�!'�'�•�;, cable commitments ura not availabls, the Note Holder will deeermino my Interes[rate by using compa�able
<br /> �,� H t�: � � - � ��'��: informatfon.My new mta cnlculated underthis SBCtion S(B)will not be greaterthan the Meximum Ruto stated in Section
<br /> •�' `' . � . 4(D)above. MY INT6R68T RATE plLl. HBVER BB �3R�ATBR THAN 10.875 PBRCBNT.
<br /> � ,.� �' r.': (C)New P�1rw�eW Awount ond Ettective Dwte
<br /> � ' �..�,,�!'� ion the Note Holdcr will determine the arnount of the monthiy
<br /> � If I choose to exercise the Conversion Opt
<br /> �� ': � , . ' payment that would be sufPicient to repay the unpaid principnl I am expected to owe on the Canverslon Dare in
<br /> , full on the maturity date at my new�xed interest rate in substantiully equal payments.The re9ult of thfs calcu-
<br /> �}' �� �.- latjon will be the new amoun�of my monthly peyment. Beginning with my first monthly payment efter tbe
<br /> � �`� � , ;;�'� Converaian Date,l will pay the new amount as my monthly pAyment until the Maturity date.
<br /> p�a , .
<br /> ; .- C.TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
<br /> 1. Untfl Borrower exe�+cises the C�nversion Option under[he conditions stated in Section B of this Adjust-
<br /> . ; • � � � •;''� able Rate Rider,Uniform Covenant 17 of the Security Instrument is amended to read as follows:
<br /> � ' ' ' 'lY�ns[er of the Property or a Beneticiwl Interest iR Borrower.!f All or uny pnrt of the Property or pny interest
<br /> - �- - in ii is sold or sraasferred!or if a 6rneflrial imerp•� in Borrower is sold or trAnsferred the Borrower is nat a
<br /> ' - �' ",,� " nuturul persan)without L.ender's prior written consent. Lender may.at its option, requfre immedinte puyment in
<br /> � ,. . � . �,}, full of all sums secured by tbis Sccurity lnstrument. However,this option shull not be exerrised by Lender if
<br /> � • ' exercise is pmhibited by federal IAw as of thc dnte of this Security�Inslrument. Lender nls� shull not exercise this
<br /> � ''�� �� ' ' option if: (A)Ttorrower causes�o be submitttJ to Lender infarmatian required by Lender ta evnluate the intended
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<br /> : ,,., � trunsferee As if a new loun were being made to the tran�feree; and Ib)Lender reu�onably determines that Lend- .,, ;
<br /> �� ' ',���':? er's securit�� will not be impafred by the loan ussumptie�n and that lhe rish of u bteuch of any covenunt or
<br /> "� � � ' �'�;{ ngreement in this Security Instrument is acceptable to Lender.
<br /> �+� -�,';%:;;,r;i,t
<br /> �r� • ..s.;;�:;;,c;r To the extend permitted by upplicuble law, I.endc r may charge a reaconable fee us a cnndi�lan to Lender's
<br /> " � �<<r�f'J consent to the loan n�tiumpti�n. Lender ul�o muy requ�rc the trs�mfercc to si�n �n Assumption ugreement that is
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<br /> '��; • '.•�• �f{ accep�able to Lender and thAt obligutc+the�rumferee to kecp ull the promi�es and Agrecments mude in the Note
<br /> � E und in this Security Instrumem. Borrowcr will cnntinue u� t+e ohliguted under the Nate and�his Security Instru-
<br /> � . ment unless lender relen,es Dnrrower in writing.
<br /> � ' � ' � If Lender exercixcs the�ption a�r�yuirc immediutc paym�nt in full. Lender�hall Fi�e Borrower notice of
<br /> - � • � ueceleration. The notice shnll providr u prri�xl ��f n��� te.. thun ;0 day. I'mm the da�e the nntice is delivered or
<br /> `�, ' mailed within which Borrower nmst pay all +um� ,r�ur.J h� thi,Securit�� In.trument. If Bnrmwer fails io puy
<br /> _ ��" �� these sums prinr to the expi�u�i�m of thi. periaJ. Lcnder mav im•ukr an�� remeJic>p�rmin�d by thiQ Security
<br /> Instrument whh<�ut furthrr nolicc ��r dcmanJ on Borruwrr.
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<br /> �. If Borrower exrrci�rs ilx Com•rr�iun Op�i��n under thr run�litinn++�uted in Section B nf this Adju�table
<br /> � Rate Rider.the umrndmcnt �f Llniii�rm C���rnimt 17�,t'ihe Srcurit�• In.trumrnt rantainc�f in Sectinn C I aho��e
<br /> �. . ,' ,,��r��� -
<br /> . I shall then cease a�be in effe.t. und the pro�i+inm��f Unif��rm Crnrnunt 17 eif the Security Instrumen�shull
<br /> { insteaJ be in effect,a.r folla�vti:
<br /> ' '. , Transfcr osthr Properl����r a Beneficiul lnterest in Horrow•cr.lf:dl ur an��par�af ttx Prn�crt� or uny imrre.t .
<br /> � � ' in it is s��ld�r�ransfrrred(�r if�a brnefici:+l inlrre.t in B��rrna.r i.�uld ur tr:u�.l'errrJ and gnrrowcr i�n��t u �
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<br /> � ; natural per.on►u•ithnut Lendcr'ti priar arincn roment. LcnJcr ns�y.:u i���,rti„n. rcyuire immeJiu�e pa}ment in
<br /> t•' � full of ull sum�scrured b} thi. Scrurit� ln.trumem. Hn�ti�e��cr,�hi�aptiun �hall not hr cxerci�ed h� Lend�r if �
<br /> � �� � • exercise i,pr+�hihited n�•fedcral laa u���f the d:uc ot'thi�Scrurit} In�trument. ,
<br /> ' % •, ;,� It'L.ender e�erci.c. thi.r �,p�ian. Lend�•r,hall �;i�c Horr„���er nnti:c �,f acrclrration. Thc ni�ucr .hall pr�niJr
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<br /> � �:; � .-;,�;':;'�'�, a period of not Ie�s than al►du�•• fmm the datr thc n��ti:e i,Jcli�ered�,r muiled u•ithin ��•hi�h BurmNrr mu.t pay .
<br /> ' ' �,:';;;;�',"'� � all tiums secureJ by thi.Security In.trumrnt. If F�,rr��arr f:iit. to pa�•the,� .um,priur ti�Ihr cx�irati�►n�,1' �hi. �
<br /> ,,y,:;:•. !',: •.����`+`''', period,l.ender may in�oke an}�rem�Jir.permitteJ h� thi. S�curit} In•tromcnt��i�hout furthrrnotice�>r demanJ
<br /> ?�� on BorroN�er.
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