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l I ~ 87-107312 78952';'1-18 Loan No. ...................,............. ADJUSTABLE, RATE LOAN RIDER , WITH OPTION OF CONVERSION TO FIXED INTEREST RATE NOTICE: THE SECURITY INSTRUMENT SECURES A NOTE WHICH CONTAINS A PROVISION ALLOWING FOR CHANGES IN' THE INTE:ijEST RATE.IN~ CREASES IN THE INTEREST RATE WILL RESULT INffiGHER PAYMENTS. DEC~IN THE INTEREST.RATE WILL RESULT IN LOWER PAYMENTS. This Rider is made this .....!I!:!!.......... day of ...~~~~!!ll..~E.,...'....m'.'...'......, 19.~.L, and is inooIporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust, or Deed to Secure Debt (the "~ty Instrument") of the same datt! given by the undersigned (the "Borrower") to secureBor- ~!~~':!~!::~~!!~!~::::~~:::~~~:::!~~~~!~~~~~:::?~:~:~#~~!:#:~::~::!J:~~~~::~~:~:~~::~~~p.~!~~!~~: , (the "Lender") of the ~\ ~t,J~~i~o~:tcnd covering the 8~~g~~N~bt~~~~~- ment and located at ..... ..... ................ ......... ....... ............._........ ..... ..................... ...................................................... .... Property Address MODIFICATIONS. In addition to the covenants and agreements made in the Security Instrument. Bor- rower and Lender further covenant and agree as follows: 1. INTEREST RATE AND MONTHLY PAYl\IENT CHANGE DATES The Note has an "I~itial Interest Rate" of m.....'~:.?~~m % Interest rare changes may occur on the 1~ day of ......m..................~.E:.~!:~~!.....m.lI9..~~.. and onlge 1st day of,..m....m.m......m.~!....m.m..m'm. 19......~ and on tbe 1st day of ..,............!~~.........m......... 19~....... and on the 1st day of ........m..m...~~y.!:~.~~!:m.............. 19.....~. and on those dates of those months in every year thereafter. Each date on which the rate of interest may change "ill be called a "Rate Change Date". Changes in principal and interest payments to adjust amor~gon of the loan to ~pond "ith interest rate changes shall be made on the 1st day of _m_...m.._............:..!:'.~~L.m......._. 19........ and on that date every .....~.:::::::~..... year(s) thereafter. Each date on which the principal and interest payment may change will be called a "Payment Change Date". 2. INTEREST RATE CHANGES (A) The Index Beginning with the fust rate change date. my interest rate will be based on an index. The "Index" is the: (check one box to indicate Index) (1) 0 "Contract Interest Rate. Purchase of Previously Occupied Homes, National Average for all Major Types of Lenders" published by the Federal Home Loan Bank Board. (2) I!I .~.~~~~!...~!:~~:.X~.:~~,.~~..~.:.~.:._.~~~.~~!...~:~~_~~~~!:!........._...........................m..... ..~~.J.~~~.-:.~...~~..,~..~~.:s.~~.~...~~~.'!.!:~~x...~~...~...r.~~~.J~.~_~.!~..~~_..~r...~_~..~_~~!:~.~...~~.-:.!:Y.!:_..~~!:~.~_.__ The most recent Index figure avlillable as of the date 15 days before each Rate Change Date and 45 days before each Payment Change Date is called the "Current Index". If the Index is no longer available, the Note Holder "ill choose a new Index which is based upon comparable information. The Note Holder will give me notice of this change. (B) Calculation of Changes Before each Rate~nge Date or Payment Chan~ Y8lr the Note Holder will calculate my new interest rate by adding m.::.................. percentage points (..:~.:........m.._ %) to the Current Index. The results ,of this addition will be my, new interest rate until the next Rate Change Date or Payment Change Date. On each Payment Change Date, the Note Holder will then determine the amount of the monthly payMent that would be sufficient to repay the unpaid principal balance of my loan I am expect~ to owe on the Payment Change Date in full on the maturity date at my nEW interest. rate in substantially equal pay. ments, The result of this calculation will be the amount of my new principal' and interest payment until my next Payment Change Date. (Check boxes)) (1) 0 If this box is checked. there will be no maximum limit on changes in the interest rate up or down. The interest rate, as calculated under Section 2 (B) will be the new interest rate, (2) ~ If this box is checked. the interest rate that I pay shall not increase more than .......~.~~....... percentage points on any, Payment Change Date. ' 100 (3) ,~ If this box ischecked,the interest rate that I pay shall not decrease more than .................... percentage points on any Payment Change Date. . , (4) P Ifthisboltis checked, the interest rate that I pay shall not increase more than ..............'..... percentage pomts on any Rate Change Date. t.""" IOI~ .~" ,....J