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1 ,., .. _ _ ,. �. .-�.,,<._ . ... .. , � � `�►, �(� --- � ,�.} . .,. ::. � �. � . ��G��4�i'�•"u�`� -i - ....�._. ,�.,. .. -. y�Y�. Y. .� � ' : • >'Y' . ...�...a..' ' "..'"__ . _ _.i -_�.--_._.__. •'95+' 1�e�3:�.� .. D. FIXkp INTERF.9T ItATE OP'Y'ION The Note provides for the Borrower's option to convert from an adjustable interest rate wtth interest - rate limits to u fixed interest rate.es follows: ,4. FIXED INTERFST ftATE CONVER810N OPTION = � (A) Apdoa to Convert to Fized Rnte I have a Convers[on Option that 1 can exercise unless I am in default or this Section S(A)wiil not permit me to do so.The"ConversIon O�itton"is my option to convert the interest rate I am requ�red to pay by thts Note from an adjustable rate with interest rate limits to the fixed rate calculated under Sectton S(B)6elow. The converston can only take place on a date(s)speci�ed by the Note Holder dwing the period beginntng on the fir4t Change Date and ending on the fifth Change Date. Each date on wblch my adiustable interest rate can conven to the ne�v flxed rate is caUed the"Converston Date." � If 1 want to exercise the Converston Option,I must first meet certain conditians.Those conditions are _ that:(i) I must give the Note Holder nottce that 1 want to da so;(ii)on the Conversion Date, I must not be tn default under the Note or the Secudty Instrument;(iii)by a date specified by the Note Holder,I must pay the Note Holder a converslon fee of U.S.$ Zr��p ;and(iv)I must sign and give the Note Holder any documents the Note Holder requires to ef�ect the conversion. (B) Ca1CLL1AdaD ot FIXed RAte ' My new, fixed interest rate wiU be equal to the Federal National Mortgage Associatioa's required net y[e!d ns of u date and tlme of day specified by the Note Holder for(t)if the orlg�nal texm of this Note is greater than IS years, 30-yeac Cuced rate mortgages covered by applicable 60�day rriandatory delivery commitments,plus five-eighths of one gercentage point(0.625%). rounded to the nearest one-eighth of one percentage point(0.125%)�or(ii)if the or[ginal term of this Note is 1 S years or less. I S-year fixed rate martgages , covered by applicable 60�daY mandatory delivery coramitments� plus five-eighths of one percentage poiat � (0.625�/0).rounded to the nearest one�eighth of one percentage point(0.125%).If this required aet yield cannot . be determ(ncd because the applicable commitments are not available,the Note Holder wiU determine my interest rate by using comparable informadon.My new rate catculated under this Section S(B)wiq not be greater than the Maximum Rate stated in Sectiaa 4(D) above. �- (C) New Payment Amount and Eftective uute . If I choose to exerctse the ConversIon Option,the Note Holder wtll determine the amount of the monthly payment that would be suft3cIent to repay the unpeid principal I am expected to o�ve on the Conversion Date Ia full on the Maturlty Date at ray new fixed interest rate in substantially equal payments.The result of this calculation wiU be the new amount of ray monthly payment.Begirining wtth my first monthly payment after � the Conversion Date, i wilt pay the new amaunt as my monthly payment until the Matudty Date. , C. TRANSFEIL OF THE PROPERTY OR A BENEFICIAY.INTEREST W BORROWER 1. Until Borrower exercises the Conversion Option under the conditions stated in Sectton B of thls Adjustable Rate I3ider,Uniform Covenant 17 of the Security Instrument is amended to read as foliows: T�tnsfer of the Property or a Benefictal Interest in Borrower.If all or any part of the Property or any � fnterest in it is aald ur eransferred(or if a benefictal interest in Borrower is sold or transferred and Borrower ts not a natural person)without Lender's prior wrttten consent�Lender may�at its option.require linmediate paymea�t in full of aU sums secured by this Securtty Insuument.However.!his option shall not be exercised by Lender if exercise is prohibited by federal la�v as of the date of this SecurIty Instrument.Lender also shall , not exercise thts opdon if: (a)Honower causes to be subm[tted to Lender informat[on required by Lender to evaluate the intended transferee as if a new loan were being made to the uansferee;and(b)I.ender reasonably decermines that Lender's secur�ty wtll not be iuipaired by the loan assumption cand that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permttted by appUcable law,Lender may charge a reasonable fee as a condition to Leader's consent to the loan assumption.Lender silso�uay requirc tha cransferee to sign an assumption agreement that _ is acceptable to Lender and that obligatea the transferee to keep all the promtses and ugreements made in the Note and in ihfs Security Instrument.Borrower will continue to be obligated under the Note and this Securfty Instrument unless Lender releases Borrower in wdting. If Lender exerclses the option to requ{re immedlate payment in full, Lender shail give Borrower notice of acceleration.The notice shall provide a period of not less than 30 daya from the date the no3Ice is de8vered or mailed within which Borrower must pay all sums secured by th{s Secur(ty Instrument.If Borrower fatls to pay these sums prior ta the expiration of thts pedod, Lender may invoke any remedies permitted by th{s Security Insuument wtthout further notice or demand on Borrower. 2. If Bonower exercises the Converston Option under the conditions stated in Secdon B of th{s Adjustable Rate Ricter.the amendment to Uniform Covenant 17 of the Security Instrument conteined in Sectton C 1 above shall then cease to be in effect.and the provisions of Uniforn�Covenant 17 of the Security Instrument shatl _ fnstead be in effect� as follows: Tcunsfer of ihe Property or a BenefictW Interest in Borrower.If atl or any part of the Property or any -'- --�� t..��.i....d D.. AWOr interest in it is sold or transierrea(or if a oenenciai imcresi in aorr�wc� ��.tiWtP�O��r��+�� .....s..••-- - is not a natural person)wtthout Lender's prlor wriiten consent,Lender may,at tts option,require immedtate payment tn fuU of all sums secured by this Secucity Instrument. However.this optton shail not be exercised by Lender if exercise is prohibtted by federal law as of the date of tht�Security Instrument. - . Pogo 2 ot 3 Fomt 3116 1/89 ,'a ,'.