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88_ 105195 If I want 10 exercise Ihe Conversion Dplion, I mllst firsl meel ccrl9in condition.~. Those conditions nrc lIun: (i) I musl give rhe Norc Holder "Dlice Ihm J Wan! to do so; (Ii) on the Conversion DUle, f must nOI be in default under the Nole or rhe Sccurily InsrrumcJ1l; (iii) by II dale specified by the Note Holder, I mUsl puy Ihe Note Holder n conversion fee of U.S. $ 250.00 ; and (iv) I must sign and give (he Narc Holder any documents the Notc Holder requires 10 cffecl the conversion. (BI Calculatlnn of Fixcd Rale My new, fixed interest rale will be equal 10 the Federal National Mortgage Associmion's required net yield as of a dare and time of day specified by the Note Holder for (i) if the originallcrm of Ihis Note is gremer than 15 years, 30.year fixed rate mortgages covered by applicable 60-day mandatory delivery commitments, plus five-eighths of one perc:entage point (0.6250/0). rounded to the nearest one-eighth of one percentage point (0.125%), or (ii) if the original term of this NOlc is 15 years or less. IS-year fixed rate mortgages covered by applicable 60-day mandatory delivery commitments, plus five-eighths of one percentage point (0.625%), rounded to the nearest one-eighth of one percentage point (0. I 25 %). I f this requ'ircd net yield cannot be determined because the applicable commitments are not available, the Note H('\lder wiJI determine my interest fate by using comparable information. My new rate calculated under this Section S(B) will not be grcmer than the Maximum Rmc Slated in Section 4(D) above. (CI New Payment Amount and Efrcctlve Dale If I choose to exercise the Conversion Option, the Note Holder will determine the amount o( the monthly payment that would be sufficient to repay the unpaid principal I am expected to owe on the Conversion Date in fuJl on the maturity date at my new fIXed interest rate in substantially equal payments. The result of thi~ calculation will be the new amount of my monthly payment. Beginning with my first monthly payment after the Conversion Date, I will pay the new amount as my monthly payment until the maturity date. C, TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER 1. Until Borrower exercises the 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: Transfer of the Property or a Benefielal Inferes' in Borrower. If all or any parr of the Properly or any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold Of transferred and Borrower is not a Datural person) without Lender's prior wriuen consent, lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by lender if exercise is prohibiled by federal law as of the date of this Security Instrument. Lender also shall nOl exercise this option if: (a) Borrower causes to be submitted to Lender information required by lender to evaluate the intended transferee as If a new loan were being made to the transferee; and (b) lender reasonably determines that Lender's security will nol be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable 10 lender aod that obligates Ihe transferee 10 keep all the promises and agrecments madc in the Note and in Ihis Security Instrument. Borrower will continue to be obligaled under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require immediate payment in full. Lender shall give Borrower notice of acceleralioo, The notice shall provide a period of not less than 30 days from the date the ootice is delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 2. If Borrower exercises tbe Conversion Option under the conditions stated in Section B of thi, Adjustable Rate Rider, the amendment to Uniform Coveoant 17 of the Security Instrument contained in Section C 1 above shall then cease to be in effect, and the provisions of Uniform Covenant 17 of the Security Instrument shsU instead be in effect, as follows: Transfer of tbe Property or a BeneficJlllnteresl In Borrower. If all or aoy part of the ProperlY 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 natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of aU sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the dale of this Security Instrument, If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is. delivered or mailed within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period. Lender may invoke a.ny remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW. Borrower accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider, 6iL)~~ Richard E. Rief --K~ 0'( J'h ~ Karol L. M. Rief (Seal) Borrower (Seal) Borrower (Seal) Borrower (Seal) lIurrO\.~...r