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<br /> �. FiXED h�'fi:Ii�S'�'RA'i'E OP'��ON . � ' ,
<br /> Tiie Naie pravid�f�r ttte Bonati�er's o,�tion to convert fram an�:djustt�ble intet�3 rase�vfeh tntetest -- __
<br /> ,� ratc ltmits to a Fxed intet�st rate.as follotivs: � . . � �.
<br /> ' ` S. FIXE317�i7'EREST @A1T C�1�EVERSI�1i mPTIOIU .
<br /> ' tA) Optta��t4 Caavert ta�e�BaCe , , � ,. =
<br /> [h��e a Canv;,rcion Oqtion that i can eaercise untess!am in defaats or this Seaioa S(A►)�vili not�en�it
<br /> � me to do sn.'Tlie"Cnnversfon Option"is my option to evnvcrt ch�e interest rate 1 em requ�ed to pay by this � —
<br /> ,Note from an adjustabte rate�vith inter�est rate Gmits to siie Cu�ed rate ca[:yatated under Section 5(�bPtp:�. ' � _�--- �
<br /> ' T7te conversion caa only take place on a date(s)spe�ed bY the Note Holci�r during the Reriod be�g ---
<br /> on the first Cban��ace and endini�un the�ifth Chan��Date.Eaeh date on whlcb my adju�tabte interesa , _
<br /> . rate can convert to the ae�v fixed rate is cai[ed the`tCc�nversion Date." -
<br /> � If I want to exe�cise the Conversion Opsion,I muss�'ir�t meet certain oondirians.Thos�sonditions are _
<br /> that:(i)I must give the Note Holder notice that f want to¢o sa:(ii)on the Coaversiaa Date.I c►USt aat 6e
<br /> in default uader the Noie�r the Security Instrumem;C�)�Y a�e sPecified by the Note Holder,I must pay ,
<br /> ' • che Hote Holder a conversIoa fee of U.S.S �p.Qp ;a�d�v)I must sign aad give tlte Note „ --
<br /> Hotder any dacuments the Note Holder requires'to effect the conversion. '
<br /> (S} Calculatinn of Ftxed�ate � .-
<br /> My neiv,fixed interest rate�vill be equa]to the Federal National Mortgage Assaciation's required aat �
<br /> yield as of a date and time of day speafied by the Nate Holder for(�if the oa�inal term of this Note is --
<br /> , greatet t�a� 15 ye:sss. 3Q-y�r fi.�.e� iaie mort�ges covered by apglir-±hte 6Q-day mandatory delivery -_ ,._ °
<br /> commitatenu,ptns five-eig6ths of one�ercentage point(O.f�S�'o).rourrded to the uearest oae-eighth of o�� °-� ---
<br /> , percentage point(0.125�10),or(n�if the original term of this Note is IS years or less,l5-yeaz fixed rate cnnrtga�es ____
<br /> covered by applica6le 64-day uwudatory delivery wmmitmeau. plus five-eighths of otte percenta�ge point - -______
<br /> (0.625°To),ro�sded to the nearest oae-cig�ath of ane percentage point(0.125�'0).If this required aet yietd canaat ���
<br /> 6e determiBe�bacause the aPPii�te ca�mi�enu are not avaiia6le.the Note Halder.vilt determine my aetezess
<br /> � raie by using compardbte information:My necv rate caIcutated under this Section 5(B)R�ill noi 6e gceaier than "��`�"'� �
<br /> �...��
<br /> ^l°=—
<br /> the Maximum Rate stated in Sec[io.n 4(D)a6ove.
<br /> (� New PayQeat Amon�i gnd Ef�ecKtve Date • . -
<br /> [f 1 choose cm exercise the Conversion Opiion,che Note Holder�vill deterauce the arnount of the monthJy �
<br /> payment that�or�fd be sufftcieat to repay th�rmpaid principaf 1 am expected to awe on the Coave�sion Date
<br /> � - �.
<br /> ' in full un the n�rsity Date at my aew�'ixed.intere:t rate in substantialEy equal payments.The r�uIt of this _ ,
<br /> calculatton cviiEEe the new am.aunt of my monihly payment.Seginning�vith my first treontWy payment after '�"
<br /> [he Conversioa'C.Late. I will pa.y.ci�e nev�ara�ount as my rtionthly payment untii ttte Maiwity Date. �:
<br /> j_,.:• : �
<br /> C. TRANSFEId`�P THE PEtO�ERTY Q�A B�NEFICIAL IlYT�RF�S'II'IN BORROWEtt
<br /> 1. Until E4r�vr�er esercises the Conartsion Uption uader the mrcditio�ns stated in Seaion B of this •'T °
<br /> Adjustable Rate�.aider.Unito�Cove.nant 17 of the Secwity Instrument fs ameuded to read as follo�vs: �';,,,;.;�'• �;,,
<br /> • '�sunsier of the Ptapertq•o�ra Beneflcisil iaterest in Qaarowcr.lf all or any partof the Property or any ��j��•�
<br /> interest in it is se.�d.or transferred(or if a beneticial interest in Borroaer is sold or transferred and Sorro:erer -r.�..; ����
<br /> is not a aaturaL ti�rQ.pn)without Leader''s nrinr cvritten consenc,Lender may.at its option,requize immediate :^�,,,��.�_ _.v
<br /> ' payment in fu1Fn�:��sums secured by t[itg�ecurity Insuument.Horrever,xhis option shall not fi�e exercised �����-- �=
<br /> by Lender if exerc:ix is prebi6ited by federal law as of the date of this Security Instnuaent.Leader also shall r� __?±�
<br /> � not exercise this option if:���)Borrorrer causes ta be submitted to Lender information required by Lender °�>,=:����_="_ �
<br /> •''l'' �.' —
<br /> ta evaluate the int��.dad trans�et'a as if a netv toan wcre being made co[he transfer�:and(b)Lender reasonably �:;i.;=�;_s �,�,�,�
<br /> determines that fi'.�der's secvrity will not be impaired by the loan assumption and that the risk of a breach ' : ", :--
<br /> of any covenant or agreement in this Security Instrument is acceptable to Lender. ' :.���,- °
<br /> -. :_t,; a�t!u����_,_r:�
<br /> To the extent permitted by apptieable law.Lender may charge a reasonable fee as a condition to Lender's . -.,
<br /> wnsent to the loan assumptSaa�.�1Lender also may require tf�e cransferee to sign an assumption agcement that � �<Y' "•r�,;;
<br /> :-�,��• �<�..
<br /> is aviceptable[o Lender and t�ius dbtigates the uaasferee tr�[ceep all the promises and agreements made in the , , ��7y'" ,
<br /> � � � `�. )fe.�4�
<br /> � ' Note and in thi9�r�urity Instriiment.Borron+er�vill continue to be obJigated under the Note and this Security . ' ' :4:''�;�.=':�� '
<br /> Instrument unl�ti�.f.:ender retease�Bono�ver in writing. �,: ��. .'"�, � �
<br /> If Lrnder��ercises the opiion to require immediate payraent ia full,Leader shall give Barrawer notice ����' � T'��• � ;� ,
<br /> of axeteration.The notice s�ait provide a period of not less than 30 days from the date the notice is deGvered �• '�'�j��t1� •
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<br /> or mailed within which Hor►ower must pay all Sums secured by this Security inst¢ument.If Borrower fails .':'';«��t����':.'� ',
<br /> to pay these sums prior to the expiration of this period,Leader may invoke any��tnedies permitted by chis �. �.• , � „ ,,` �:
<br /> � Securiry Insvument without funher rtauce or demand on Bonoa�er. � '
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<br /> 2. If Eorrowcr exerclses the Conversion Option under the coadidons stated in Section 8 of this Adjustabte , 't,���'.' '
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<br /> Rate Rider,the emendment to Uniform Covenant I�of the Security Instaument wnusined in Section C 1 a6ove :� s . : •.-S f;J,,••
<br /> shall then cease to be in effect,and the provisions of Unifortn Covenant ly of the Security Instrument shall� � . ' ��'%+}'`�``�'
<br /> ,h.�;,�t,.d,�
<br /> ' � instead be in effect,as follows: ' .. .•:4`���� � ••
<br /> '�'�ansfet oi the Properiq or a Bcae�tcizl Interest in IIorrower.if all or any pait of thc Pr�Beny or any �
<br /> intetest in it is soid or uansferred(ot if abenefirial interest in 6orroz+er is sold or transferred and Bono�ver � ,
<br /> is not fl natural person)�vithout Leader's prior written consent,Lende�r may.at its opiion,require immediate .
<br />- payment in full of alI su.ms secured by this Security inswment. l�a�vever.this optian shall not be exercised . ' .- , �
<br />_ by Lcnder if exercise is prolubited by federsil ta�v as of the date of this Security Instrument. � � .
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<br />- . . vags 2 at 3 Fartn 3118 1189 . .. . ' .
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