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<br /> . ;. ��I.LOON 1tIDER 94� �, _ ',",.r.. .
<br /> . — �corrorrtoxnr.nta�rr�ro tt���srtcc� ".`�' ' `-
<br /> THIS BAI.LOON RIDBR is made thie 22 day ai APRIL . . -
<br /> 19�4 .and is lacorpsarated into and shall ba deeined to amend and aupplement the Mortgage,Aced of Tcust . t��
<br /> -... ar De�d to Secure D•�i{the "�ecudty Insuument")of the sa�ne date given by the uudersigaed(the"Borrower") - - . --_—— -
<br /> co se�ure the Borrower's Note tc NORWEST �iQRTGA&E. INC. ° ,
<br /> (the°Lender") ' .
<br /> of rlte sams date a¢d.coveztz►g afice FropenY dessrt�eed i�c�e SRCUr�ty L•r.rscnzment�zr.d tvsa.teQ at:
<br /> ��a �. a��� , :
<br /> �3tAt�D ISL�l�B , �� 68$OJl ���
<br /> IPRaP��1Y Adtl�essl �'
<br /> The interest�aee staecd on thhe Nate is�atietfl tlse¢ "N�ate Rate."The date of tPL�Nate is called ehe "NoYe
<br /> ;.::,;;}�:,,;�;:'•'.`'�?�`,�;�:' Date."I understand the I.ender may tranafer¢4e Nmte,Se�acity Inatrument and this Rider.The Leader or anyone
<br /> � �`''�.'������.���:���'� who takes the Note. the SQCUdty Inaqument and this Rider by trausfer aad who Is entttled to receive paymeats
<br /> ;. ,f.... r .
<br /> � � uader the Note�S calted the"Note Holder."
<br /> ADDITIONAL COVE�IANTS. Ia addition to the coveruants and agreements in the Secudty Instrument, ' ° � ,.
<br /> Borrower aad I.eutler ftirther covennnt and agree as followa(deapito anything to tha contrary contained in the • _ ••
<br /> . ' Secur�ty Instruraent ur the Note): � '
<br /> 1.CONDITIONAI.RIGHT TO REF[NANCE .
<br /> At thv mutudty dnte ot the Plote und Securfty fnsttument(thc "Mnturfty Date"),1 will Iw nbie to obtAin a ;
<br /> naw loun("New Lonn'7 with A ncw Maturity Dntc ot MAY 1ST 2024 •�►d Wi� i .
<br /> ' un interest mt0 equul ta the"New Note Rate"determined in accurdnnce with Section 3 bolow if nll the conditiona ; � �
<br /> � provlded in Sectians 2 and S below ato met (the"Conditton�l Reqnnocing Optlan"). If those conditiona use not �
<br /> " met. I undorstand that ihc l�ote Holder ia under no obligatton to retinance or modify thc Note. or to extend the � . �
<br /> • Maturity Uate.und that I will havc to repay the Note fram my own resources or flnd a lender willing to lend me � . �;�,;.�—
<br /> the money to repay the Note. � � ^ '
<br /> '
<br /> 2.�S?MI?T!'i�JN$'!'�AP'1'IAN �._ -.___--:#5
<br /> If I want to exercIee the Condltional Refinancing Option at matudty.certain coadmons must be mec as of che
<br /> Maturlry Date. T'hese conditlons ate: (1) I must still be the owaer and occupant of the property snbje�t to the � • �T .
<br /> , Securi�ry Instrument(the"Prope�"�;�?�I must be current in my monthly payments and cannot bave been mosc t t
<br /> than 30 days late oa any of the 1 scn ed monthly payments immediately preceding the Maturity Date• (3)aeo
<br /> lien agatust the Properry(except for taxes and special assessments nut yet due and payable)other tfiaa ahat of tpae � � •� ,
<br /> Security Inatrument may exist;(4) t he New No te R a te c a n n o t be m o re than 5 p ercentaqe p oints abave the Noze i ; '��j
<br /> Rate;and(5)I must make a written request to the Nae Holder as provided in Section 5 below. ; � ;; .,;i
<br /> , "��;r.
<br /> s.cni.cuc.n�rnv��r�w N��� %..�'�'
<br /> The New Not¢Rat�wilIl be a fuce� rat�of interest equal to ahe Federal IVational Mortgage Assaciation's
<br /> required net yield for 3�-year fixed nte mor��ages subject to a fs0-day mandatory delivery couuaitanent, plus
<br /> � one-half of one peacentag�ponmt(0.5%) rounded to the nearest one-eighth of one�acentage point(0.123�)(¢t�e ` �i
<br /> :!� � •`New Note Rate").The req�aarecl net y�eld shali be the appiicable net yield in ef ec�oa st�e date and time of�ay , '"•�,�.
<br /> . . that rhe Note Holder receives notice of my election to exercise the Conditional IIte�:mancing Option. If t�s • ,
<br /> ,� requ i r e d a e t y i e l d i s n o t a v a i l a b l e. the Note Ho l der wi l l determia►e t he New N o t e R a t e b y �s e n g c o m p a r a b l e . �<
<br /> • information. ' '� .
<br /> � 4.CALCULATING Tf�NEW PAYNd�N'Y'M�iOUN'�'
<br /> Ptovided the New Note Rate as calculazed in Section 3 above is not greater than 5 percentage poinu above �
<br /> the Note Rate and atl other conditions required in Section 2 above am satisfied the Note Holder will determine ,
<br /> I the amounc of the monthly payment thac wili be sufficient to repay in full (a) the unpaid principal,pius (b) .
<br /> accrued but �paid interest, p3us (c) ail m:har sums I will owe under the Note and Security Instrument on the
<br /> Matutity Da:e tassumin� my monthly payments then are current, as required under Section 2 above),over the
<br /> term ot"the New Note at the New Note JRate in equai monthly payments. The result of this calculation will be the •
<br /> amount of my new princc�at and interest payment every month unnl the New Note is fully paid.
<br /> S.EXEIItCYSWG 7T�CONDITIONAL REFII�TANCIIYG OP'fION
<br /> 'Ihe Nmte Holder will notify me at least 60 calendar days in advance of the Maturity Date and advise me of
<br /> the principaS, accrued but unpud interest,and atl other sums I am expected to owe on the Maturity Date. The
<br /> " Note Holder also will advise me that I max exercise the Conditional Refinancing.Option if the conditions in
<br /> Section 2 above are met. The Note Hoider wtll provide my payment record information, together with the name
<br /> � title and address of the person representing,the Note Holder that I must notify in order to exercise the Conditiona�
<br /> � Refinancing O tion. If I meet tlie condittons of Section 2 above. 1 may exercise the Conditional Refinancing
<br /> � Option by noti�ying the Note Holder no later ti►an 45 calendar days pri�or to the Maturity Date.'The Note Holder ,
<br /> w�ll calculate che fized New Note Rate based upon the Federal National Mortgage Association's app licable
<br /> published required net yieid in effect on the date and time of day notification is received by the Note HoIder and
<br /> as calculated in Section 3 above. I will then have 30 calendar days to provide the Note Holder with acceptable
<br /> proof of my required ownership, cxcupancy and property lien status.Before the Maturity Date the Note Holder
<br /> will advise me of the new interest rate(the New Nae Rate),new monthl��payment,amount and a date,time and
<br /> place at which I mustappear to sign any documents required to complete the requirul refinancing.,I understand
<br /> the Note Holder will ct►arge me a$250 pmcessing fee and the wsts associated with updating the t�tle insursice
<br /> policy, if any.
<br /> BY 5IGNiNG BELOW. Bonower accepts and agrees to the terrms and co enants co ined in this Balloon
<br /> Rider. , ;�� i , �
<br /> (�) 'i,e (Seal)
<br /> -Borrower KIRK A. GO(�DNIGH -sormwer
<br /> � ' �I ��1�. ' -'`.�� � �11J1�($C21)
<br /> � '��yi,t: -8orrower STACEY D. ONIGHT �l -soROwer
<br /> •� � [Stgn Origina!Only/
<br /> , , ' , ;`�'�r MU�YISTAYE BALLOON RIDER-Singie Family-Fannie Mae Uniform Inatrument Form 3180 12/89 __
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