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<br /> . � . The Noto Holder will thcn detcrmine tho nmount af the mcenthly p3yment that would be eufficient to repay the �:,
<br />'„,r: •. .
<br /> °� y• un id rinci thet I nm ox tod to owe at tlie Chen o I?ate+in full on tho Maturity Data at my now intereat rate in �
<br /> _�:r�.,,.:,n�.,, .,•f. ' ['� P Pal Pec � ��.��
<br /> . � , autxstantl�lly oqual payments.The r�ault of this calculation will br,th�naw amaunt of my n�onthly payment. „ �-.:
<br /> ��� , .� (D) Lim�lie on L�aterc�t R�to Chaa�es 't,�;;
<br /> 1~� Tho interest rnte I sm roquirod to pay nt tho tirst Ci�unga I?�tc,wfll not be greater thun 8.760 °G ' , f�..
<br /> ° '� •"'�"�'�' or iese than 4.760 °.6. Thereaftcr, my adju�t�b(e int�craaE rste will never be increesed or decreased on any ' �
<br /> " ^'i'� � singlo Chango L�ate by moro than TWO AND 000/1000 prrccntago point(s) ( 2.000 °�) � �
<br /> � � irom the rate of interest I haee been paying for the prececling 12 m��ths. My interest rate will never be greater than ; '
<br /> 12.760 °�b,which ie called tha"Maximum R�te." i "
<br /> ' (E)L�ifectivo Date of Changes �
<br /> �iy naw interest rate will bxame effective on cach Chnn�r: Data. I will pay the ara►ount of my new monthly � �'
<br /> . • payment beginning on tho firet monthly payment drste after thr.Ch3xtgo Date until the amount of my monthly paycnent � , `
<br /> • changas egain. � .
<br /> i
<br />__ , (P)Notic-of Cheuges ? " �_�-
<br /> " Tha Note Halder Nill deliver or mail to me a natico of eAy cfa�nges in my adjustable interzst rate and the amount � „�• , � �
<br /> — of my xnon4hly gayment befare the efiective data of any chasage.Tlx�:notice will i�nclude information require�d by law to be ; ' ,��
<br /> -- �ivFn me and also the title ens�l telephune number oC� person whra will answer any question I may have rrgarding the � �--�
<br /> notdce. � �-
<br /> � � H. FIXED INTEIaEST RATE OPTION I �� . --
<br /> � Tho Note provides for tha Sonower'a option to canvert fronn an adjustable interest rate with iaterest rate limits to " ' � �'�'
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<br /> ..:� a fixed interest rate,ea followe: � � _—
<br /> 5. FIXED INTEREST RATE CONVERSION OP'II'HQAAJ ' �� �
<br /> �' (A)nntion to Convort to Fixcd Rate '�t�"-'�
<br /> _
<br /> �'�`' I have a Convereion Option that I can exerciae unr�,ss I usx�i�sle4ault or this Secdon 5(A)will not permit me w do
<br /> �� :
<br /> � • � so. The "Conversion Opdoa" ie my option to ronvc.rs the int,er�st rate T �m required to pay by thEs Note from an �
<br /> ' � adjustable rate with in4erest rate limits to tha fixeci rnte cnlcu�atod under Section 5(B)below. ���`r }��
<br /> - The canversion can take place only en the fi:��t tMO busineas days�i each month durin�thE period beginning on the , ;
<br /> . first Chengd Date and ending on the fifth Chnnga Date.8ach detv an which my adjustable inier�•t rate can convert to the I „ ` •� y '
<br /> �.y1�.
<br /> new fixed rato is cailed tha "Conversian Date." , �r.'�;
<br /> I!I want tc�eaercise the Convecsion OptiUn, I muvt fir�at meet certnin conditions. Those conditions are that: (i) I �
<br /> •• must givo tho Nota Holder notice that I wnnt to da ao;(ii)I m��.�t have been cunent with r�t to all payments due on i • ��
<br /> thia Note eacb month for the twelve monthF pri.ar to tho dato I wnnt to canvert (iii) by a date specified by the Nota � .� "�'� ,
<br /> Holder,I must pay the Note Holder n convereion foe ot U.S.$ 260 .00 ; and (iv) I must sign and give the . .�,g� �
<br /> " . Note Holder any documente the Nota Holder requir:c to offect the conversion. ' . ° �°�'.�
<br /> •• ' (B)Calcul�tioa of Fixed Rato j " ��-�--' '""
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<br /> " ' My new� fixed interest rata wi11 be equal to th<i Fe�ernl Nation�l Mortgage Association e required net yield es of a '�,.���� '
<br />• date end time of day specified by the Note Holdar far(i) i[tho originol term of thie Note is greater 4han 15 years,30-year I '.'.� ' �'�:r"'�' °�'
<br /> �� .. r"`�� fixed rata mortgages covered by epplicsble 60-day mnndc►tory delivery commitments,plus five-eighths af one percente,;e � � '':a.
<br /> ��'' point(0.625°,G),m�nded to the nearest one-vighth of ono�rcontage point (0.125�), or (ii) if the original term of this � ,. �
<br /> �.
<br /> � �` ��• Nota ia lS yeare or lcss, 15-year fixed rate mortgnges covvted Uy npplicable 60'day mandntory delivery commitments,plus ; � ___„� ,3 Y�
<br /> � fivo'eighth.�of one percentage point(0.625°�b),rounded to tho noarest one-eighth of one percentage point(0.125°.�i).IP thie " � � '���Y'�
<br /> '_,,. ' �' required net yield cannot be determined becausa the applir,uble commitments are not available, the Note Holder will • , � �s_:a
<br /> •� ' •4 dotermino my interest rata by using compurable information.My new rate enlculated under this Section 5(B) will not ba �::�"�G= -
<br /> greater than the�iaximum Rate stated in Section 4(D)above. {
<br /> , ' (C)Now Paymeat Amount and Eifectiva Drte I �, ,�:
<br /> _ , - " .. If I choosa to axer�ire the Conversion Option,the Note Holder will dotermine tha arnount of the monthly payment i . • ..
<br /> - '� that would be sufticient to npay tho unpaid principal I am expected to owe on the Conversion Date in full on ths Maturity � �
<br />- �" ! Date at my new fiaed interest rnto in substantially equal payments. The result of thie calculation will be the new umount I � • r
<br />_ � •�,� oY my monthly payment.Heginning with my tiret monthly payment n�tter tha Convereion Date,I will pay the new amount � �
<br /> ,� as my monthly payment until the Maturity llate. � .
<br /> . •;:•�:�. I ,
<br /> C.'�iANS PER OF TkiE PR(�PEItTY OR A BENL��'DCIAL INTBREST IN II�iRROtVER �
<br /> ����"�" 1. Until $ortowor oxercises the Ctinversion Option under the conditions etated in Section B of thia Adjusteble � •
<br /> ' Rata Ridcr, Unifm.rm Covenent 17 of the Sec:�rity Instrumcnt iA amended to read as follows: ; ''
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<br /> '� i�ll�it W�ItI�/0�/0l/�= F�r�7tt� 1l�� ,
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<br /> ' ._ '��' BRPROO 4L. 4M; REPROO AE, i��E --- - - - ___. —___�.__._._ _
<br />— � CARM5/1RID2R 6894402 - 6/9� :
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