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000309405 <br />and any outstanding late charges have been paid by the end of the <br />month before the Termination Date. If the Borrower's monthly <br />payments are not current on the Termination Date, the rate will be <br />reduced thereafter on the first payment due date following the date <br />on which Borrower's monthly payments become current. <br />D. New Payment Amount <br />If and when the Note Rate and Margin are reduced as described <br />above, Note Holder will advise Borrower (1) of the New Payment <br />Amount, and (2) the date on which the "New Payment Amount" is <br />to commence, which shall be the next payment due date after the <br />First Cancellation Date, the Second Cancellation Date, or the <br />Termination Date, as applicable. The New Payment Amount is the <br />amount of the new monthly payment that would be sufficient to <br />repay the unpaid principal Borrower is expected to owe on the date <br />the Note Rate and Margin are reduced, in full by the maturity date, <br />at Borrower's new Note Rate in substantially equal payments. <br />E. Calculation of New Rate <br />If and when the Note Rate and Margin are reduced as described <br />above, the new Note Rate will be calculated by subtracting the <br />Reduction Amount from the current Note Rate then in effect. The <br />Margin that will be added to the Current Index for any Change Date <br />that occurs on and after the date on which the Note Rate is reduced <br />will be the Margin described in Section 4(C) of the Note minus the <br />Reduction Amount. <br />F. Limits on Interest Rate Changes <br />The limitations on rate changes set forth in Section 4(D) of the Note <br />limit the changes in the Note Rate caused by the Current Index, but <br />will not limit the change in the Note Rate caused by subtracting the <br />Reduction Amount. <br />BY SIGNING BELOW, Borrower accepts and agrees to the terms and provisions <br />contained in this Low Down Payment Mortgage ARM Rider to Security Instrument. <br />— (Seal) <br />- Borrower <br />— (Seal) <br />- Borrower <br />MULTISTATE LOW DOWN PAYMENT MORTGAGE ARM RIDER TO SECURITY INSTRUMENT - Single Family - Fannie Mae UNIFORM INSTRUMENT <br />0647100 (050901).03 <br />h <br />i. L <br />N i <br />Form _ _ 5/01 Page 3 of 3 <br />