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88- 104449 If I wan( to exercise the Conversion Option, I must first meet certain conditions, Those conditions arc that: (i) I must give the Note Holder notice that I want to do so; (ii) on the Conversion Date, I must not be in default under the Note or the Security Instrument; (iii) by a date specified bythe Note Holder, I must pay the Note Holder a conversion fee of U.S. $ 250.00 ; and (iv) I must sign and give the Note Holder any documents the Note Holder requires to effecl the conversion. (8) Calculation of Fixed Rate My new. fixed interest rate will be equal to the Federal National Mortgage Associalion's required net yield as of a date and time of day specified by the Note Holder for (i) if the originallerm of this Note is greater than 15 years, 30-year fIXed rate mortgages covered by applicable 6O-day mandalory delivery commilments, plus five-eighlhs of one percentage point (0.625 %), rounded to the nearest one-eighlh of one percentage point (0.125 %), or (ii) if the original lerm of this Note is IS years or less, IS-year fixed rate mortgages covered by applicable 6O-day mandatory delivery commitments, plus five-eighths of one percentage point (0.625 %), rounded to the nearest one-eighth of one percentage point (0.125 %). If this required net yield cannot be determined because the applicable commilments are nol available, the Note Holder will determine my interest rate by using comparable information. My new rate calculated under this Section 5(B) will not be greater than the Maximum Rate stated in Section 4jD) above. (C) New Paymeot Amoont and Effective, Date If I choose to exercise the Conversion Option, the Note Holder will del ermine Ihe amount of the monthly payment thaI would be sufficienl 10 repay the unpaid principal I am expecled to owe on the Conversion Date in full on Ihe maturity date al my new fixed interest rate in substantially equal payments. The result of this calculation will be the new amount of my monthly payment. Beginning with my first monthly payment after the Conversion Dale, I will pay the new amount as my monthly payment until the maturily date. C. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN OORROWER I. Until Borrower exercises Ihe Conversion Option under the conditions stated in Section B of this Adjustable Rate Rider, Uniform Covenant 17 of the Security Instrument is amended to read as follows: Traosrer of tho Proporty or a Bontficiallntorrsl in Borrow... If all or any part of the Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a nmural person) without Lender's prior written consent, Lender may, at its option. require immediate payment in full of all sums secured by this Security Instrumcnt. However, this option shall not be exercised by w.nder if exercise is prohibited by federal law as of the date of Ihis Security Instrument. lender also shall no' exercise this oplion if: (a) Borrower causes 10 be submilled 10 Lender information required by lender to evaluate Ihe intended transferee as if a new loan were being made 10 Ihe lransferee; and (b) lender reasonably delermines thai lender's securilY will not be impaired by the loan assumption and that the risk of a breach of any covenant or agrecment in thi, Securit}' Instrument is a=ptable 10 lender. To the extent permitted by applicable law, lender may charge a reasonable fee as a condilion to lender's consent to the loan assumption. lender also may require the transferee 10 sign an assumption agreement Ihal is acceplable to Lender and Ihat obligates the transferee to keep all the promises and agreements made in IlIe Note and in lhis Securily Instrument. Borrower will cominue to be obligated under the Note and this SecurilY Instrumenl unless lender releases Borrower in writing. If Lender exercis~ the option to require immediate payment in full, Lender shall give Borrower notice of acceleration. The notice shall provide a period of nOlless than 30 days from Ihe date IlIe nOlice is delivered or mailed within which Borrower must pay aU sums secured by Ihis SecurilY Instrument. If Borrower fails 10 pay Ihese sums prior to the expiration of this period, lender ma} invoke any remedies permilled by this Security Instrument without further notice or demand on Borrower. 2. If Borrower exercises the Conversion Option under the conditions slated in Section B of this Adjustable Rate Rider, the amendment 10 Uniform Covenant 17 of the Security Instrument conlained in Section C I above shall then cease to be in effect, and the provisions of Uniform Covenanl 17 of the Security Instrumenl shall inslead be in effect, as foUows: Tnlader of tbe Property or a Benenclallalerest ia BolTOwer. If all or any pan of tbe Property or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or Iransferred and Borrower is not a nalural person) without Lender's prior written consent, Lender may. at its option, require immediale payment in full of all sums secured by lhis Security Instrument. However, this option shall not be exercised by lender if exercise is prohibited by federal law as of Ihe date of this Security Instrument. If Lender exercises this option, lender shall give Borrower nOlice of acceleration. The notice shall provide a period of not less than 30 d&ys from the date Ihe notice is delivered or mailed wilhin which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to Ihe expiralion of Ihis period, lender may invoke any remedies permitted by this Security Instrument wilhout further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to ,he terms and covenan" comained in Ihis Adjustable Rate Rider. ~.~r~~ ~ tJM~ Denise Wardyn (Seal) Borrower (Seal) Borrower (Seal) Borro""'er (Seal) Borro.....el