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<br /> 7 hc {�ote provodcs far Uic Aorrowcr's o�tian ta convert from nn �djuctable inccrest ratc with interest
<br /> rntc li�uits io a fixcd iittcrest rate, ns fqlln�+s: �
<br /> S. �IXE�INTERFST 1tATE CONVENSION O�'1'IOM
<br /> - -- ---- EG) Ct;:::aa tc Co�c�crt e�F!r.c� r�Rc
<br /> I have a Cm�verslon O�rtion that I can ex�rcisc ureless!am in default or this S�cdan 5(A)will not germit
<br /> ,� me to da so.Tl�e"Conversion Qp►!on"is my option to convert the interest rate I a►n req�iirtd to gay by chis -
<br /> Note frmu un adjustable raie with interest rate Ilmits zo the fixed rate Galculated undr.r Section 5{8)below.
<br /> The conversion can only take place on 1 datc(sy specifi�d by the Note Holder durtngthe periad beginning
<br /> an thc first Change Date and ending on the fiiih Changc Datc.Each datc on ivhich my adjust�ble interest
<br />- ----- � ratc can convert to th:new fixed rate is called the"Conversimi nate."
<br /> — lf 1 want to exercisc thc Convcrsion Option. [mrust first mcet ccrtAin conditicns.Those conditions are _
<br /> that: (i> [mus�t give the Notc Holder noticc thnt I want to do so;(ii)on the Conversion Date, I must r.ot be
<br /> in default under tlie Note or the 5ecurity Instrument; (iii)by a date specified by the Noac Holder,I must pay
<br /> the Note Nbldcr a canversion fee of U.S. $ � ;and(iv)I must sign and give the Note
<br /> Holdcr any documcnts the Notc Holder rcquires t�i�'C�tlie conversion.
<br /> _ (B) CelculAtion�f Fixed Rate
<br /> My new, fixed interest rate�vill be equal ro tlie Federal National hfortgage Association's reyuired net
<br /> yield as of a date and time of day specI�ed by the Note Huldcr for (i)if the uriginal term of ttiis Note is
<br /> �., grcater th�n IS yearc, 30-year fixed rate mortgages covered by applicsble 6tl-day mandatory delivery
<br /> ' -�—_- �.._ e:_._ .,a_a.ti.„�,.,,p„P*rAntaoo nnint m F25%1. rounded to the nearest one-eiAhtl�Ui uue ----
<br /> ..._- �-- Coluwiiu►cuia. N�uo ��.�-..�p.,......... ...._ , _... „
<br /> perccntagc point(0.12S�1o),or(ii)iF the original rerm oF this i�ote is 15 years or less,1 S-year fixed rate mongages
<br /> covered by applicable 60-day mandatory delivery comrnitments, plus five-elghths o!one percentagc pnint
<br /> ° (0.625%),rounded to the nearest one-cighth of one percentagc point(0.12S�a).If this required net yield cannot
<br /> - - be determined because the applicable cummitments arc not available,the Note Holder will determine my interest
<br /> � rate by using comparable information.My new rate calculate�i uu�icc t:tis Sccii�n 5(�)�Nil!not be greater than �
<br /> �° the Maximum Rate stated in Sec[ion Q(D)above.
<br /> -- ��_-� (Cl [�ew Parment Amount and Effective Date
<br />- -+��-� If I choose to exercise the Conversion Option,che Note Holder will determine the amount of the monthly
<br />����,�� payment that�vould be suf�cient to repay the unpaid nrincipal l am expected to owe oa che Conversion Date
<br /> ""�=z''��� in full on the Maturity Datc at my new fixcd intcrest rate in substantiaily equal payments.The result of this
<br /> "� calculation will be the ne�v amount of my monthly payment. Beginning with my first rnonthly payment after
<br /> --- -= the Convcrsion Datc, 1 �sill pay [he ncw amount as my�monthly puyment until the Mnturity Date.
<br /> -- ---== C. TRANSFER OP THE PROPERTY Oit A BENFFICIAL INTEREST IN BORROWER _—
<br /> _ -���� 1. Un�il Borra�ver exercises the Conversion Uption under the conditions stated in Section B of this
<br />�^��?'�N�'� Adjustable Ratc Rider, Uniform Covenant 17 of the Security Insvument is amended to read as follows: _
<br />, _...��+.5�9
<br /> ;.::x�:.:s.;: Trensfcr of thc Property or n Iiencfi�ipl Interes�In Borrowcr.If all or any part of thc Property or any ___
<br />"-`�''-_��_�� intcrest in it is sold or transfcrred(or if a beneficial interest in Borrowcr is sold or transferred and Borrowcr
<br /> ���_�-� is not a natural person)�vithout Lendcr's prior writtcn ronsent,Lender may,at its option,requirc immediate -_
<br />'�`-"-' '"?-� � payment in full of all sums secured by this Security Instrument. Ho�qever,this option shall nat be exercised -
<br /> - '--'1�f:s�� �=�
<br /> - by Lender if exercise is prohiUited by federal law as of thc datc of this Security [ns[rumr.nt.Lcnder also shull R
<br />--,;,;y.,y.�j� not cxcrcise this option if: (u) Borrower causes to bc submittcd to Lcndcr information required by I.ender __
<br /> to cvaluate the incended transfcrce as if a new loan were being made to the transferee;and(b)Lendcr rcasonably ��R-
<br /> - dctermincs that Lendcr's security will not be impaired by the loan nssumption and that thc risk of a breach g��=
<br /> �=�a;���� of any cuvenant or agrcement in this Security Instrument is acceptable to Lender. .
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<br /> To the estent permiticd by applicable law,Lcnder may charge a reasonablc fec as a condition to Lendcr's
<br /> ,Y;;�.,,„ . consent to the loan assumption. Lender also rnay require the trnnsferec to sign an assumption ngreement that ��l,
<br /> - ='-•���r is a�ccptable t��Lcnder and that obligates the tra:�sferee to keep all thc promeses and agrcements made in the
<br />`:_��'�:% �-��a,. Notc and in this Securiry Instrumcnt. Borrowcr will continuc to bc obligated under the Notc and this Security '
<br /> � «;�� ��'� �� Instrument unlcss Lendcr releases Borro�ver in writinb. •
<br /> ' ' ' If Lender exercises the option to rcquirc immcdiate payment in full, Lender shall give Borro�ver notice
<br /> . :-�• of acceleration.The notice shall provide a period of not less t hnn 30 days from the dute tne notice is delivered
<br /> �' �. •�.;,p;. or mailed�vithin �vhich Borro�ver must pay all sums�ecured by this Sccurity Instrt►mcnt. If Borrower fails
<br /> { to pay thcse sums prior to the expiration of this period,Lender may invokc any rcmedies permitted by this
<br /> S Security Instrument �vithout furthcr notice or demand on Borro�vcr.
<br /> " •� '�'� 2. If Borrower excrcises the Convcrsion Option under the conditions statcd in Section B of this Adjustablc
<br /> . � �:.
<br /> .:�`• Rate Rider,the amertdment to Uniform Covenant 17 of thc Sccurity[nstrument contained in Section C 1 abovc �
<br /> • • .• •� �� shall then cease to be in effect, and the provisions of Uniform Covenant 17 of the Security Instrument shall �
<br /> . •: � ��i`� instead bc in cffcc[, as foUows:
<br /> „_.;�;�' l'ransfer of thc Property or u Iieneficiul Intcrcst in Dorrower. If a!I or any part of thc Property or any �
<br /> � 'f �'� interest in it is sold or transfcrrcd(or if a beneficiat intcrest in Borrowcr is sold or transferrcd and Borrowcr
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<br /> is not a natural person)�vithout Lcndcr's prionvritten c:onscnt,Lende� may,at its opnon,requirc immcd�ate , --
<br /> •� ` � , payment in full of all sums secured by this Security Instrument. Howcver,this option shall not be exercised i
<br /> � by Lendcr if cxcrcise is prohibited by fcdcral la«•as of the datc of this Sccurity Instrumcnt. ;
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<br /> � Payo z oi 3 Form 3118 1/E39 '
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