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<br /> v � ` ' FNR2-3118-2
<br /> 9��o�.s��
<br /> If I want toexe�ise theConversion Option,I must Crat meet certain conditions.Those conditions�rc that:(i)1 must
<br /> give the Note Holder notice ths�t I want to do so;(Ii)on the Conversion D�te.I must not be in defauit under the Note or the
<br /> Security Instrument;(iii)by a date cprcified by the Note Holder.l must pay the Note Holder a converclon fee of U.S.
<br /> --- s .00 ;and(iv)I must sign artd give the Note Halder any documents the Note Holder
<br /> requirGS to effect the conversion.
<br /> -- — B)CAk�ulatiou ot Fixed Ratc _
<br /> My new.fixed interost rate will be cqual to the Federal National Mortgage Association's required net yield
<br /> __ as of a date and time of day specifted by the Note Holder for(i)if thc original term of this N�te is grcater than 15
<br /> yaurs. 30-yoar flxed ratc mortguges covered by applicable 60-day mandatory delivery commitments.plus five-
<br /> elghths of one percentage paint(0.625'%). rounded to the neurest one-eighth of onc percentage point(0.1254b),or
<br /> (ii)if thc original term of this Note is 15 years or less, 15-year�xed rnte mortgages cavcred by applicuble 60-day
<br /> -- --- mandatosy delivery commitments,plus fivo-eighths of one percentage p�int(0.62596),raunded to the nearest _
<br /> one•eighth of one percentage point(0.12596). If this required net yleld cnnnot be determined bccuuse the appli-
<br /> cabla commitments are nat available.the Note Holdcr will detcrmine my interest rute by using camparable
<br /> information.My new ratc calculatedundcrthisSection S(B)wil!not begrcatcrthun the Muximum Ratc htuted in Section
<br /> f 4(D)above.MY INTERE9T FtATE WILL N�VER 8E OREATER THAN 11.000 PERCENT.
<br /> � (C)New P�yment Aaauat�nd Eftective D�te
<br /> �,,;,,�^ If 1 chaose to oxercise the Conver,ion Option,the Notc IiaWcr will detcrmine the umaunt of'the monthly
<br /> j,�.f��a��•� payment that wo�ld be sufficient to repay the unpuid principal 1 :�m expected to owe on the Cnnver+lon Dute in _-
<br /> '�-^'-� •:_.�•„°'�i' y full on the mnturity date at my now fixed interect rate in substantially eyuul puyments. The result of this calcu-
<br /> .'��;,,. � ti,:, �" „ lution wtll be the new amount oi my monthly puyment. Beginnin� with my fir+t monthly paymcnt uFter the
<br /> '�''f�f��'y''' Conversion Date,I will pay the new nmount us my monthly payment until the Maturity dute.
<br /> ��� �� �� C.TRANSFER OF THE 1'ROPERTY OR A BENEFICIAL INTEREST IN BORROWER
<br /> ��t�r:x�,:.:-..,-Y..', ,
<br /> :"�;:��� _ • I. Until Borrower exercises the Conversion Option under the conditions stated in Section B of this Adjust-
<br />_ .y_..� .
<br /> �•�• � • able Rate Rider.Uniform Covenant 17 of the Security lnstrument is amended to read as fol lows:
<br /> - ,,:.tc, . .•ia:
<br /> ' ' 1YRns[er of thN Property or A Beneficiol Interest in Borrower.t f All ar any part of the Property or any interest _
<br /> `� '„'•-;.•��.,,,,,,;,;�• � in it is sold or transferred (or if a beneficial interest in Borrawer is,ald or transferred the Borrowcr is not a
<br /> �• natural person)without Lender's prior wruten consent. Lender may, ut its aption, rcyuire iutnir�liaie�ayitic'ni iii
<br /> , „ ... ..
<br /> ,�^-�'• � - • full of all sums secured by this Security Instrument. However. this optian sh111 not be exercised by Lender if
<br /> exercise is prohibited by federal law as of the date of this Security Instrument. Lender also shuU not exercise this __
<br /> � option if:(a)Borrower causes to be submitted to Lendcr information required by Lender to evaluate the intended �
<br /> " � transferee as if u new loun wcre being made to the transferee;and tb)Lender reasonably dctermines that Lend- �+�
<br /> er's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or �'"
<br /> ' _. . asreement in this Security Instrument is acceptable to Lender. �
<br /> - • ` To the extend permitted by applicable law,l.ender may charge a rcationsble fee as a condition to Lender's '
<br /> �A� '' . ' consent to the loan assumption. Lender also may require the trunsfcrec to sign an aysumption ngrecment thut is �,
<br /> '�;" ' acceptuble to Lender and that obligates the truncferee to keep ai l the prom��es unJ agreementti made in the Note � �
<br /> und in this Security Instrument. Borrower wil l continue to be obligateJ under the Note und this Security Instru- �_--�
<br /> ' `" - ment unless lender releases Borrower in writing. `',�.
<br /> ' .r If Lender exerciscs thc aption to reyuirc immediate paymcnt in full, L��nder tihall give Bormwer nntice of �'�
<br /> . acceleration.The notice shall pmvide a period of not Ic��thun 30�ay�from the date the notice i�dclivered or �"'�
<br /> mailed within which Borrower must pay ull tium� sccured hy thiti Security Intitrument. If Borrower fails to pay
<br /> , these sums prior to the expiration of thi�pc�iod. Lrnder muy im•oke any remedics permittcd by this Security � .
<br /> : f�..._ lnstrument withaut furthcr noticc or demand on Borrniver. ��""
<br /> i-
<br /> a:._;
<br /> f� - 2. If Borrower excrciscs thc Cc�nversion Option undcr thc condition. �tated in Srctian B of thi� Adjustable "
<br /> C:;=
<br /> Rate Rider,the amendment of Uniform Covcnant t7 of thc Security In.trumrnt c��ntained in Section C 1 ubove �.
<br /> s .:rz''� shaU then cease to be in effect.and the pro�•isions of Uniform Co��enunt 17 of the Serurity Instrument xhall �.°�
<br /> instead be in effect,uz foUow�: �'
<br /> ' . 'IYansfer of the Property or a Beneficiyl Intcrest in Borrower.lf aU��r an}•part of thr Property or any intrre+t �`
<br />�, � � � in it is sold or tran�ferred (or if a benet'icial intrretit in Borri�wer i..ol�i or tran,frrrcd and Bormwer is not a �
<br /> natural person)without LenJcr'.prior written cantient. Lcnder may. at it.aptic�n, rcyuirr immcdiate payment in �
<br /> - r� full of all sums secureJ by thiti Security In�trument. Hc�wc�er, thi.opti<m shall not be exercised by Lender if �
<br /> � exercise is prohibited by fedcral I�w a�of the datc nf thi�Scruriq• Imtrunknt. �
<br /> � •
<br /> ' , . � [f Lcnder cxcrci�c�this optinn, Lender shall gi�r B��rrowcr noticc ot�acrrlcration. Thc notice tihull pro��ide
<br /> • ' � � a period of not le��than 3t) day.frc�m the date the nc�ti�r i�dclivrred or muiled within which Borr��wer mu�t pu�• i
<br /> _ ' . � ., ull sums secured Ny this S�curity Inytrumm�t. It'Borr<�wcr fail� to pa)•thc�r .um�prior to th�esPiration ot'thiti �
<br /> � � period.Lrndrr may invol:r any rrmrdie. permiucJ by thi,S�curity in+trument without further notice or drmand ,
<br /> on Borrower.
<br /> RY SIC:NING RF.I.nW_ Rorrow�rr accrnh anJ a�ree�to Ihe tc�Am ar.d covenuntti rontained in thiti Adjwtablr
<br /> � � ^^ Rute Rider.
<br /> -, ' �
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<br /> -� 8urrow�r Bui ruw r�
<br /> �. - G R D LOFT
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<br /> • RHONDA 5 LOFTUS
<br /> `- i ,'� � Fam311ttil9�r���.•�'.•��r�•��•,,
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