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<br /> - 1417301 BALL(�)N 1��1EIt 1'�'�x B!il.R-3l80 .-
<br /> - �� � (CUNDITIONAL Rl(iHT TO REFINANCE)
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<br /> A: �'.��".':,, ,r THIS BAI.I.WN RIp�R is m�dc thiti 24 �y �}' NOVEMBER . �q 1993 �nd jy
<br /> ���'s''.;:';;',^ inorrpnr�tcd inta and shail be deemod tu amcnd xnd supplement thc Mortg�ge.Deed af Trust or Dced to Secure DeM(ttu"Securlty
<br /> - •- j�'�• ��� l�xtn�ment")of the�ame date fven bv the uixlerKi ncd (the '•8nrrower")ta secure the Barrowcr's Nnte ta
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<br /> �.,` of the same date and coverin�the propeay describ¢d in the Security ir►mtrument and tocated at:
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<br /> � }�Y V � � 2118 WEST K�ENIO STREET t�1RAND ISLAND � N� b�3803 �
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<br /> ��.,�x`� (Property AddressJ
<br /> --���� The intorest rate stated on the Ncue is ralled the "Nate Rate." The dute of the Nc+te is called the"Nnte Date." I underswnd
<br /> '-"'' " �'- "' � �' thc Lender may ttansfcr the Nota,Suuriry Instrumenl und this Rider.Ttie I.ender or anyone wt�take�the hcue,thc Secuaty Inrtrument
<br /> -.�::� • �;_:.,.� . .. �.. :..
<br /> ' s • :;� and this Rider by transfer and who is entitled t� �eceivo payments under�he Note is calicd the "Nate Halder."
<br /> - �.�= }. .
<br /> _...- ,+ ADDITIONAI.COVENANTS.In additian 2��the rnvenAnts and Agreements in the Security Instrument. Borrawcr and Lender
<br /> � �'> ' furthor cove�ant and ugrce as foilaws (despite anything to th� cantrary cont�ined in the Security Instrument or the Note): •� --
<br /> �. , .,. 1. CONDITIONAL RIGHT TO REFINANCE �°=°
<br /> :'' � At the maturity date of the Note and Security Insttument (�hc'•Muturity Dutc"),I will bc ablc to obtain a new loan(••New �'"'
<br /> Loan") with a new Maturity Date af ����M9ER 1ST 2023 , 20 ,and with un intcrest rate equal to thc ��r�,i
<br /> �,��.��., "New Note Rate"determined in accordance with Section 3 bclow if aU the conditions provided in Sectiuns 2 and 5 below are met %-=
<br /> , (the"Conditional Refinancin�Option"). If thase conditions are not met. 1 understand thut the Note Holder iti under no obligation •'
<br /> to refinance or modify the hute,or ro extend the Maturity Date,•rnd that I will have to repay the Note from my own rcsources or �
<br /> � find a{ender willipg t� lend me the money to repay the Nate. �"'
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<br /> " 2. CONDITIOtiS TO QPl'ION
<br />• ' . ,: If! want to exercise the Canditional Retinancing Optian ut maturity.certuin conditions must be met a�of the Maturity Date. ��':�=
<br /> These wnditions are:tl)I must still be the owner und occupant of the property subject ro the Sccuriry lnstrument(thc"Property"); ��,,.�_;
<br /> ' (2)I must Ix current in my monthly payments and cannot Nuve been more than 30 days late an uny of the 12�cheduled monthly
<br /> �. payments immediatefy pre.etling the Maturit� [�atc;(3)any lienc(cxcept for taxes and special as�essments not yet duc and payablc) --—
<br /> '' �! against thc Propern•, othcr than thc lien 1 grant l.endcr in my original Security Instrument, must be subordinated to Lendcr's new --
<br /> Grst licn to be filed by L.ender to ref�nance my loan ut Matariry. If for any reu�an Lender would not have n first lien upon thc Property
<br /> � . upon loun refinancins,I understand that Lender«•ill not retinanre my loan:(4)the New Note Rate cannot be more than S percentaFe l�''
<br /> . , poi�ts above the Note Ratc; and t5)1 musi makc a written requcs[ to the Note Holder us provided in Section S below. I�,�r.
<br /> ^!;�:<' , 3. CALCULATING THE NF1V NOTB RATE
<br /> {i�°.• � The New Note Rate will bc u fixcd rutc of intcrest equal t��thc Federal Natinnul Mortgagc Astiociation's requircd nct yirld fi�r ;:::��
<br /> r 30-year fixed ratc mortgages subject to a 60-d•ry mundat��� dtlivery enmmitment, plus one-half af one percenwge point(0.5�4), �tc
<br /> ' roundcd to the nearest onc-eighth of onc percentage pnint t0.13S`F)(the "New Nc�tc Rate"). Thc required net yield shall be the +d"�=-`
<br /> �'.•�, ' applicuble nct yield in effect on the date and time of duy that the Note Holdrr rcceivcs noticc cif my clection to cxcrcise the Conditional �• -
<br /> ',:.t
<br /> ,�; , Refinancing Optioo.If tfiis required nct yicld is not nvuiluble,thc Note Holder will Jetcrminc thc New Nate Rate by using comparable �.,.:�-
<br /> � • •� information. �`'-
<br /> I iip�--
<br /> ' '-''• •� 4. CAI.CULATING THE NEW �AY111ENT AMOUNT ;?s�=
<br /> �;'i,�•.'� " Provided the New Ncue Rate a:calculated in Scction 3•rbove iti nut grcutrr than S�x:reentagr p��ints abnvr the Note Rate and ���r°
<br /> . � , (.'NL'-
<br /> r , ' all othcr conditions rcquircd in Scrtion 2 ubovc are�atixh��l, the Note Holder will Jeterminc thc am��unt of the monthly payment �i�-•.
<br /> � thut will bc sufficicnt to rcpay in full (a)thr unpaid prinripal, plus (h)arcrucd but unpaid intcrc�t, plu�(c)all othcr sums [ will �� -'
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<br /> � ;`• ,��;;,�_= • owc under the Note and Security Instrument on thc Maturity f)atc (a�suming my monthly p�ymcntx then arr rurrent,as required L_.
<br /> : uncler Section 2 ahovc),ovcr the tcrm��f thc New N��te at thc New Nutc Ratc in equal monthly payment,.The rosult of thi�calculatian ��-;�.
<br /> , .�°� , will be the amount af my new principal and intrrcst paymcnt c��cry month until thc Ncw Note is Tully paiJ. �����-
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<br /> • ' :`�`" 5. EXERCISING TH�CONDITIONAL ItEFINANCINC UPTIO\ ';�`.;
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<br /> � � �•- • The Note Holder will notify me at ieast t�calendar duy,in ud��ancr of thc Maturity Dat�and advisc me oT thc prinripal,acrrued � .
<br /> ' ��• but unpaid interest,and ull othcr sumx I am cxpectcd to owc on thc Mrturity Datc.Thc Note Ho►der aL;o wiU advise me that I may
<br /> ��� r'� exercise the Conditionul Refinancing Option if the wndition�in S��tiun 2 abcwe arc met.The Notc Holder will pruride my payment :�.
<br /> ' .��, � �� record infonnation,togethcr with the numc, tide and adJress c�f the Exraun repreticnting the Notc Holdcr ihat I must natify�in urder 4!a�:
<br /> �ti
<br /> ''�S ` .�,., �} to exereise the Canditional Refinunring Opti�m.if(mret th�co�dition.uf Sertiun 2 atx,ve,1 may exerci+e the Conditional Refinancing r� .'
<br /> - �� Uon natif tn the Note Hvlder no luter than 45 calendar du � riur ro the Muturit Datr. The Note Holder w•il!calculate the
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<br /> fized New`Hote Rate based upon the Federal Nationul Mongagc Asscxiation',npplicablc publi�hcd requircd nct y�ield in effcrt on
<br /> - • tFie date and time of day naifirntion ih rercived by the Note Holder and ati calculated in Secti�in 3 aFxwe. I will then hzvr 30 calendar �� •
<br /> -' .��-:� �~"�� days to provide the Note Holder with Acceptuble pmof uf my reyuired ownership, nccupancy and propeny lien,tatus. Before the
<br /> ' `' 'Y' '�''�'` ( Mnturity Date the Notc Holder wiU advisc me of the n�w intcrest rste(the New Niue Ratr), ncw mcmthly payment amc�unt a�xl a
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<br /> date,time and place at which I must appear to sign an� dcxuments required to cnmplete the required refinancing. I understund the ,-�,_,_.
<br /> �°'�°�•� Note Holder will chargc mc an origination fce nf 1.00�k or S500, whiche�er is le��+. "'"�
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<br /> �� BY SfGNING BELOW, Borrower acccpts�nd agrecs ro the term��ru!covenants contuined in this Hallam Rider. �, ,
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