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200309405 property value will be based on a new appraisal or broker's price opinion obtained by Note Holder and paid for by Borrower.) For purposes of the First Cancellation Date, Borrower will have demonstrated a Good Payment History if Borrower has had neither (1) a payment thirty (30) days or more past due in the twelve (12) months preceding the payment due date immediately prior to the First Cancellation Date, nor (2) a payment sixty (60) days or more past due in the twenty -four (24) months preceding the payment due date immediately prior to the First Cancellation Date. If Borrower has had the mortgage loan for less than twenty -four (24) months, this payment history requirement will be based on the length of time Borrower has had the mortgage loan. B. Second Cancellation Date The "Second Cancellation Date" is defined as the date that is the first monthly payment due date after Note Holder has verified that Borrower has satisfied all of the following requirements: (1) Borrower must request cancellation in writing; (2) the mortgage balance must be paid down to a point that it: (a) if within 2 to 5 years of the date of the Note, reaches 75% of the current property value, or (b) if after 5 years of the date of the Note, reaches 80% of the current property value (current property value based on a new appraisal obtained by Note Holder and paid for by Borrower); and (3) the loan must have at least a twenty-four (24) month history. For purposes of the Second Cancellation Date, the Borrower will have demonstrated a Good Payment History if the Borrower has had neither (1) a payment thirty (30) days or more past due in the twelve (12) months preceding the payment due date immediately prior to the Second Cancellation Date, nor (2) a payment sixty (60) days or more past due in the twenty -four (24) months preceding the payment due date immediately prior to the Second Cancellation Date. C. Termination Date The "Termination Date" is defined as the earlier of: (1) the date that the mortgage balance is first scheduled to reach 78% of the original value of the property; or (2) the first day of the month after the date that is the mid -point of the original amortization period of the Note. For purposes of the Termination Date, the Borrower's monthly payments will be deemed to be current if the payment due in the month before the Termination Date, all prior monthly payments, MULTISTATE LOW DOWN PAYMENT MORTGAGE ARM RIDER TO SECURITY INSTRUMENT - Single Family - Fannie Mae UNIFO INSTRUMENT Fo 5/01 Page 2 of 3 0647100(050901).02 h l L' l S