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<br />�=°�:'a_"��: � D. MIXt:I) iN'11sttE57' R�1�'1'F. OP'1'1(sN �i';°-�-
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<br /> ---�,,���X,�. Thc Notc providcs for tlu� Horravcr's �ptian tu convrrt f'roin an udiu:,�ablc intcrc�st ratc �vith intcrest
<br /> ' _ .a � ratc limits to u Pixcd intcrrst ratc, us follows; �l-;.-;
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<br /> -- — 5. NIXGIi IN'Th:�tEtiT RA'l'h: CIINY�lt�IUN UP'p7lDi�
<br /> '-- `'-=�,�� (p) Opilon to Coe�vcrt lo Fixed liatc
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<br /> I I►ave n Converslon Option that I cnn exercisc unless 1 um in default or tt�is Secelon 5(A)�ti�ill not permit
<br /> -�--_','` mc to do so.The"Canversion Option"is my optlon ro com�ert tlir.intcrest ratc 1 nm re�ulred ta pay bY thi5
<br /> ����=� Nntr from an adjustablc ratc��ith intcrest rate limits tu thc fix�d ratc cnlculiited under Section 5(R)bclo�v.
<br /> a/n�z�:'?:'; The conversion can only take place on a dntc(s)specified by thr.tNute Noldcr durinF the period beBinninII
<br /> . n. ,
<br /> `_�; on thc first Change Datc and ending on the fifth Chanac Dutc. [;uch dc�te on�vhich my ndjustablc intcrest . _
<br />�"�°�''�,, rate can convert t4 the new fixed rate is called the "C��nvcrsion Dute."
<br />_-�r.+i�,�-.�"'�. ^
<br /> �•��`'''� - If I �vant to cxcrcisc the Gonvcrsion Option,I must first mcc�ccrtain conditions, Thosc can u►ons urc
<br />.,�r,k:,s::.,;.°, �y —
<br /> • ��+�• ., [hnt• (i) I must�ive the Note Holder notice that 1 want to do so;(ii)on the Conversion Unte, I must not e
<br />=—=Y"i:�'•-x:u�:ll r• '
<br /> =s�'•�'Y�'��-°�� in default under thc Note or the Sccurity Instrument;(i.ii)by a dute s��ccificd by che Note Holder,1 must qaY
<br /> -=°"°��'a 25U.00 ;and(iv)I must siFn 1nd�ive thc Notc
<br /> _=�- ��-' the Note Holder a conversion fee of U.S. S
<br /> -- -•-_�ewr.��;r-
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<br /> Holder any documents the Note Holder requires to effer.t. t1ir, conversion.
<br /> ;txa.c�'. (B) Calcul�tton at Fixed Rate
<br /> ��'��F'='�� My new. fixcd interest ratc�vill be equal to titc Federal N��tional Mortgagc Asso�intion's requircd net
<br /> � "`: : ,�c�__ yicld as of a date and time of day specified by the Note Hul�ler for(i) if thc originnl term of this Note is
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<br />_`,;:.�;v �. 3 �_.. , �lrahle C,�-dny mandatory dclivcry
<br />-_, '� �%' greater than 15 years, 3U-year fixed rate m�it�a �� �a%r�-�' �� a�'P � _
<br /> ��"� �:� commitmcnts,plus fivc-cighths of one percentaIIc point(0.6ZS"'o),roundcd to thc ne�rest onc-cighth of onc
<br /> ;.:J�k�;�`.: •
<br /> •"'1�f.��•, ' percentage point(0.125°10),or(ii)if the original term of this Note is l5 ycars or I:ss,15-ycar fixcd rate mortgaqcs
<br /> ^�'F4}'� covered by applicable 60-day mnndatory delivcry commitments, plus fi��e-ei��hths of one percenta�e point
<br />`�;, ,�,,::;t;, (0.625°70),rounded to the nearest one-eighth of one percentage goint(0.125°e).lf this required net yieW canuot
<br /> ' � y be de[ermined b�.ause the applicable commitments are not avnilublr,the Not:Holder�vill determine my interest
<br />.:�;,..;:•'�:,1
<br /> raee by using comparable information.My nc�v rate calculuted eender this Se:tian 5(H)will not be�eeater than
<br /> - _, . the Maximum Rutc s:at«�:� Sc:tic•"• °•!�? 2hnve.
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<br /> . • .,},•�� (C) New l'ayment Amount nnd E`fective Datc
<br /> � ' lf I choose to excrcise the Conversian Option,the IVet.e Holder will determjne the arnount of the mo�ithly
<br /> 'r�'� �,..}. payment that would be sufficient to repay thc unpaid princlpn!i am expccted to owe on the Conversion Datc
<br /> � ''t'h;��.r '' in full on thc Maturiry Datc at my ne�v fixed intcrest rare in subscantially equal payments. �e result of this
<br />:;''';:r S'!;�'�"'`.'+�'�`i: calculacion will be the ncw amount of my monthly payment.Beginnina �vith my first monthly payment after
<br />-�``"�'�'�`�';=�`;sti • � [hc Conversion Date, I will PaY thc ne�v amount as my mon[h[y payment until thc Maturiry Date.
<br />`=;''�,�':•�'�;•i�
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<br /> C. TRANSFGR OF THE PROPERTY OR A BCNCF[CIAL SNTERFST IN BORILO�VGR
<br /> -,, k.�... I. Until Borrower exercises trie Cnnvcrsion Option under the conditions stated in Section II of this
<br />''�b�r�"M�""'"'�' ` Adjustable Rate Rider, Uniform Covenant 17 of the Security Instrument is amcnded to rcad as follows:
<br />. ..3.,..: --'`����
<br />---�-'�"y��A�4Z� Trensfer of ti►c Property or a Beneficinl Interrst in Borrower. If all or any part of thc Property or any _
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<br /> interest in it is sold or transferred(or if a beneficial interest in Borro+ver is sold or transferred and Borrower
<br /> ��._.F�,,.,.,,Y„�,�. • is not a natural person)without Lcnder's prior written consent, Lender may,ac ics option, require immediate -
<br /> __:x-�R �� paym�nt in full of all sums secured by this Security Instrument. Ho�vever,�his opcion shall not be exercised f
<br /> ` Uy Lender if exercise is prohibited by federal la�v as of the date of this Security Instrument.Lender also shall
<br /> ''�...i'#�r+ `
<br />=;; �• � not exercise this option if: (a) Borrower causes to be submitted to Lendcr informution required by L.ender _�
<br /> ' ' to evaluate the intended transfercc as if a new loan wcre bein�made to thc reannferce;and(b)Lendcr reasonably „,,,,,
<br /> dctcrmines that Lcnder's security will not be impaired by thc loan assumption and that the risk of a breach , "
<br /> ':��•• �'.�_.:
<br /> ::s,,�,°-5..,''�• of any covenant or agreement in t his Securit y Instrumen[ is acceptable to Lender. :t,.,
<br /> To the extent permitted by applicable law.Lender m�y charge a reasonable fee as a condition to Lender's .�
<br /> _.;�':L���:.;'.�, consent ta the loan assumpcion.Lendcr also mny cequire the transferee ro sian an assumption a�reemcnt thut .
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<br /> �,,��i�..; is acceptable to Lender and that obli�ates the transfercc to kecp all the promises and agrcements madc in thc . :;,
<br /> '' '" Note and in this Security instrument.Borrower will con�inue to be vbligated under the i�ote and this 5ecuri:y ''
<br /> .y. .- ..z..r..• , .
<br /> r`''t" "" ' Instrument unless Lender relcases Borrowcr in wrinng.
<br /> •.... ;,�,•-•-•° ment in full, Lender sh111 givc Borro�vcr noticc
<br />_ _ � If Lcndcr excrcises the option to requirc immcdiAtc pay
<br /> of acceleration.The noticc shull provide a period of not Iess than 30 days from the date the noticc is delivered
<br /> • � �' `�'�` or mailed within which Borro�ver must pay all sums secured by this Security [nstn�ment. If Borro���r fails
<br /> - �% to pay these sums prior to the eKpiration of this period, Lender may invokr Any remedies permitteci by [his
<br /> ` � � �' � �� Securiry lnstrumcnt �vithout tur�hcr notice or demund on Borro���er.
<br />- . ' si.'.'i.�..:
<br />..�-'J:°`�:;.:.�;:•._,:� 2. If Borrower exercises the Conversion Option under the conditions stated in Section R of this Adjustable
<br />-� -= ��'`� �' Rate Rider.the amencl�rnent to Uniform Covenant 17 of the Security Lnsr.rument contained in 5ection C 1 above
<br /> . .�,..
<br />'�'�t`-n•� ., ''��. shall then ccase to L':i�►effect,and the provisions of Uniform Covcnanc 17 of the 5ecuriry Ins�rinneibt shall
<br /> • ����''rr� � instead be in effect, as follo�vs:
<br /> -- _..e:_t..� t..�...o.,�In {inrrnur4�. IP ��� OC attY paft of thc Property or c�ny I
<br /> -.'._V:'��,�f� ' Trnnsicr oi tne rroperiy o�d o°c��c...... •.••�•-..•••- ----- -- - , -_
<br /> :�-:.��.�.._ �� _� interest in it is sold or transferred(otiif a beneficial intcrest in Rorrower is sold or transfcrred and Borro�ti�cr i
<br />--_:W:1::�-�i�''�F is not a natural person)�vithout Lender's prior�v�i[teu cunsrnt,Lendcr ma}�, at i:s ep!ior..��r�nirc immediatc
<br />.•SF'
<br /> .;�,.•_"�;,;,,.E payment in full of all sums secured by tl»s Security lnstrument. However,this option sliall not bc rxercised � „
<br />- :�;;:,;��,_ by Lender iF exercise is prohibited b�• federal law as of the date of chis Sccurity Instrument. I
<br /> 7:.1'f'- -���__ - .
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<br /> ��r, . ., Nuyc 2 0�3 Form 3110 1/fl9
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