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<br /> , If i wasit W exercise the Converston Optlon.I muat firat meetcertain condlttons.Those canditlons are thut:(i)I must
<br />=- give the NoYe Holder notict thstt I want to do so;(ip on the Co�vcrsian Dnto,I must not be in defautt under the Note arthe
<br />_:y,� Security Inatrumenr(iii)by a date speci�ed by the Note Holder.I must puy tha Note Holder a conversion fee of U.S.
<br /> s •�00 ;und(iv)I must sfsn und give the Note Holder any documents tNe Nate Holder
<br /> - nqufas w effect the canversion.
<br />,�i� (B)ColeulAtton of Flxed Ratc c '
<br /> My new.f�xed interest rate w111 be equal to the Federnl National Mortgage Aasociadon's required net yIeld
<br /> � as of a date and time of day spectfied by the Note Holder for(i) if the orlginal term of thts Note�s greater than IS
<br /> , '`'� ,.!�r years.30-yesr fixed rate mortgages cove�ed by applicable 60-day mandatory delivery commitments, plus ftve-
<br /> '" �+�,�'�� "`"�� elghths of one percentage point(0.625%),rounded to tbe neurest one�cighth of one p¢icentage potnt(0.125%),or
<br /> , ��K�.�F"��-
<br /> : .,,;.'-� �ii)if the originu!term of thts Note is IS years or less. IS-year �xed rate martgages covered 6y applicable 60-day �__,____.
<br /> .. ,�t:;:.. .
<br /> '. Y -�, �� - mandatory delivcry commitments,plus five-eighths of one percentage polnt(0.625%),rounded to the nearest
<br /> , `F�`�'•.,��� ��•. • '_;, one-efghth of one perceatage point(0.125%). If this required net yleld cannot be determined because the appli- _
<br /> �i _ Y� . " esble commitments are not uvailable, the Note Hclder wlll determMo my interest rate by using compurable
<br /> , informadon.My newratecalculatedunderthisSecuon5(B)willnotbe�reaterthantheMaximumRatestatedinSection
<br /> z � , 4(D)above. MY INTEREBT RATE WILL NEVfiR HE OREATER THAN 11.000 PERCENT.
<br /> �,: ' .,
<br /> �.. (C)New Payment Amonnt and Ef[ective Date ` __
<br /> If I choose to exercise the Converslon Optlon,the Note Holder will determine the amount ot the mo�ithly ���n==
<br /> „ � payment that would be sufflcjent to repay the unpaid prjncipul I am expected to awe on the Conversion Date in --.
<br /> ;. ° . fuil on the mnturlty date at my new fixed Interest rate in subs¢antially equul payments.The result of this calcu- �.�_�-�_-
<br /> � ' latton will be the new amount of my monthly payment. Beginning with my first monthly payment after the -
<br /> ° Conversion Date,I will pay the new omount as my monthiy payment until the Msturity date. ���:_
<br /> • C.TRANSFER OF THE PROPERTY OR A BENEFICIAI.INTERFST IN BORROWER �"'
<br /> �;,..,
<br /> 1. Until Borrower exercises the Conversion Option under the condittons stuted in Section B of this Adjust- �`::s��-
<br /> able Rute Rider.Uniform Covenant 17 of the Security instrument is nmended to read us follows: _ __ —
<br /> � �� � 'lYansfer of the Property or a Beneficiel Iaterest in Bormwer.If ul l ar nny purt of the Property or any interest �.�:�
<br /> in it is sold or transt�erred tor ii u beneficiui interesc in Borrower i�soid ur irunsterrcd tha Barrower ts noi a ��_�
<br /> nutural person)wtthout Lender's prior written consent,Lender may.nt its option.require immediate payment in _
<br /> ' �. �� full of all sums secured by this Security Instrument. However,thts option shall not be exercised by Lender if ��:_
<br /> ' exercise is prohibited by federal luw us of the date af this Security Instcument.Lender also shnll not exercIse this �`'���
<br /> optton if:(a)Borrowercuuses to be submitted to Lendec infarmatian required by Lender to evuluste the intended ���----
<br /> - trunsferee as if a new loan were being mude to the trunsferee: und (b) Lender reasonably determines that Lend- '��`�'-�
<br /> er's security will not be impuired by the loan u�sumption and that the risk of u breach of any covenunt or ��'j��
<br /> , a�reement in this Security Instrument is ucceptable to Lender. ��`��I'
<br /> To the extend permitted by applicuble law, Lender may rhurge u reasonu6le fee as a condition to Lender's �
<br /> consent to the loan assumption. I.ender also ►nay requirc the truncferer to sign an nssumption agreement that is
<br /> acceptuble to Lender und that obligutes the trunsfercc to kcep all the promises and ugreements mude in the Note •
<br /> and in this Security Instrument. Borrower will continue tn In obli�uted under the Note nnd this Security Instru• ., ,
<br /> ment uniess lender releuses Borrrnver in writing.
<br /> If Lender exercises the option to rcyuirc immrdiatc pa��ment in full,LenJrr+hall give Borrower n�tice of
<br /> , ' acceteration. The notice shall provide a period c�f not le..thun �U days from the date the notice i�delivered or .
<br /> muiled within which Aormwer mu,t puy all �umti+ecured h)• Ihiti Serurity In+trument. If Borrower fails to pay '
<br /> these sums prior ro thc expirotian ot thi.period. I_rndrr may inv�il�e any remedie.permittcd hy this Security
<br /> Instrument without further notic�or demand on Barruw•cr.
<br /> . 2. If Borrower exercis��the C�m�e:r+ion Optiun undrr th� cundition.�t:►trJ in Srcti�in B��f this Adjustuble
<br /> Rute Rider, the umendment of Uniform Cu��rnant 17 uf thr Scrrurit� In.iru�nrnt rantaincd in Section C I ahove
<br /> �hatl then ceuse to he in effect,und thr pm�'i.iom uf Unifc�nn Cu��nant 17�it'thc Scruriq• Instrurnent ,hal� �
<br /> . insteud be in effect,as follows; i
<br /> 7lransfer of the Property or a Keneficial Intcrest in liorro��•er. (f al l��r:im p:►rt af thc Property or am imeretit i
<br /> in it is sold or transferrcd tor if a heneficial intcrc.t in Burr���rcr i+ ���Id ��r tr:in.ferrrd and Bormwer i�n��t a •
<br /> nuturul per,on)with�ut Lendrr'�prior��ritten rcm.rnt. l.end�r ma�.:rt it.��ptiun. r�yuirr immrdi:ue pay�nent in
<br /> full of nll sum+�ecured Ny thiti Securit� Imtrumrnt. Hu��r�cr.thi.��ptiun .h:►11 n��t he exrr�i�ed h�� t.ender if
<br /> exercise iti prohibited b}•fedrral law a.ot'thr datr uf thi.tiecurit� lmtrununt.
<br /> If Lender rxerri�es thiti��ptinn. Lender.hall ci�c Burr��«rr nc�tirr uf arrelrration. Thr n��tirr.hall�+ra�iale
<br /> a period of not Ie�s than 3U duy.frc�m the datr thr notirc i+deli�errJ��r mui kJ�rithin ahich Barrower mu�t pa�
<br /> � all tium�sccured b�• thi.S�curin In+trumrnt. If fi��rr����rr f;+i 1. a� pa� thc.��um.pri��r t��thc r��iration ��f thi�
<br /> period.L.cndermay imcikc am remrdir.permittrd h� thi,tie�urit� In.trumrnt��ithuut furthrr m�tirc urd�m:►nd
<br /> ' on Borrowcr.
<br /> BY SIGNING BELOW. garrowrr ac�cpt,:in.l a�:rrr,tn thc term.:inJ«,�cn:int+�c�ntaincd in thiti A�ju.tahl�
<br /> Rnte Rider.
<br /> �.
<br /> ; , ..... ....... .... . ... . . . ... ... . .. . . ... .. . . �1ca1� ��� �...�i�
<br /> H��noarr �{.,i�����cr
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<br /> CiR G CiUSTAFSON
<br /> � . = �tii•al� �n'�fi�R• ��-'��-- iSr.�li
<br /> ` ..... ........ ... . ..... . .... ... . .. . . .. �t„nn.�rr It,.�n.��n
<br /> . DdNNA R GU5YAFSON
<br /> form 3t181 i89•t••��•: :r.�.�
<br /> �
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