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__ . <br />~4~ cis}osao <br />(B) Amuart of Monthly Payments <br />MY monthly payment will be in the a®ucrt of U.S. $ 459.66 ~ The Note Bolder will chazige <br />my monthly payment as required by Section 4(C) below on the 6th Interest Ctrazige Date sad on that day <br />every 36th month thereafter. Each of these dates is called a 'Payment ~ Date." 11re Note Holder <br />will also ~ my monthly payment on acry Inrterest Ctratge Date if Section 5(B) below requires me Go <br />pay the Pail monthly Amount. <br />(C) Calculation of Monthly Payment Cues <br />Before each Payment Change Date, the Note Holder will calculate a new monthly payment sufficient <br />to repay the unpaid principal ha]ance on my loan in-full on the maturlty date at the Payment Rate in <br />substantially equal payments. The 'Payment Rate" is the s~ of the Inde~c figures on tle five <br />Interest Charge Dates preeeeding a Payment Charge Date plus the Current Itchy divided'. by the.itabee-, <br />6 P~ Perbetrtage points ( 3.150X). raaded to the rtiaatest one-eigHth of cue <br />perae~YaBe nt •125z)' Except the payment rate wi11 not exceed 13.990%. <br />(D) Effective Date of Payment Changes <br />Until the next Payment Change Date, I will pay the a®cart of my new motrthly payment'eactr month <br />begiining on the first monthly payment date after the Payment Change. Date, or Itrtereat Changge Date°if <br />Section 5(B) below requires me to pay the Full Monthly Amount. <br />5. UNPAID PRINCIPAL BALANCE <br />(A) Changes in My Unpaid Principal Balance <br />My monthly payment could be less tten the amant of the interest port3nn of ;the first Full <br />Mo[rthly Amont I owe or less than the interest portion of mY first full Marbly Am~mt -,after an <br />Interest Change Date. If so, the Note Holder will subtract the amwnt.of.my monthly-payment from the <br />amount of interest I owe a~ will add the diffe*+~+~'~ to m9 unpaid pri:rdpal balance eadr ~mrth uttil <br />[he mR Interest (mange Date. The Note Holder will also add intemst an tie am~nt of thin <br />diffa*~n to mY unpaid prindpal balance each mirth. Until the next Interest Qsaige; Date then ttce , <br />Note Holder dete•+~+++.~ mY nac interest rate as my then iagaaid principal talanre, the:-rate: of ins°reet <br />on the interest added to principal wiil be the rate detenmined in Section 2 above. <br />MY ~Y Pint could be more than the amant of the Full Monthly Amwnt. If so, Ct~e Nate-.;.- <br />Holder will subtract the differetce from the unpaid principal balance of my loan each month until tie <br />nertt Interest Change Date as >f I had Wade a partial prepaymexrt order Section 8 below. <br />CB) Lima[ on Unpaid Principal Balance; Required Full Monthly Amaart <br />My unpaid Principal talance can never exceed a maximim arrant equal to one ttadred tweK;y-five <br />Percent (125X) of the principal amant I originally borrowed. If my F'aY~B the amocmt of my ~~Y <br />payment after arty Interest Charge Date wand cause the unpaid ptirripal balance, to =ena:eed that... <br />maximum amount at airy time, I must pay instead the p1t11 Monthly Amocat as m9 monthly paymene:until` <br />the na[t Paymerrt Checge Date. <br />i. CONVERSION TO FIRID RATE AND PAYMENTS <br />(A) Right to Convert . <br />I have the option, prior to airy Payment Charge Date, of conrvertirg this. loan. to a #ixed <br />inrterest rate acct fi~a3d mthly payment plan as p;ovided in this section. Qnce I have..conveeted my;_. - <br />loen, the interest rate std the regular monthly payment will remain undia[gad for the rest: of the:- <br />term of the loan. <br />CB) Rate acct Payment after Conversion. <br />If I elect to convert my loan, then the interest. rate for tie raining tenn;will not e~'eed. <br />the 'Fixed Rate Index" plus 0.750 cent. The Fixed Rate I~t is the-net yield.. requitement of-- <br />Federal National Mortgage Asso~at on(FNIM) for 60-day,macdatory deltyery of rew.fim3d rate leers ae <br />such Eixad Rate Inrdex is available ~r the rate quotation referred to in paragraph 6(C)(2) below Ls <br />made. The new fioajd rate will be effective on the next Payment Charge Date, The-,new fixed-Payment <br />amomt will be the amocart which is suffident to repay the unpaid principal. balance of mY loan. in <br />full is subetaatially equal paymetts by the maturity .date. I will. pay this- new fi~md amamt <br />hegimring on the first ®rrthly payment date after the Payment Charge Date on which I carverted. <br />(C) Enmrdse of Fixed Rate Option. <br />(1) Request for Quotation. <br />If I am interested in comiertitg my loan, I most cntify the note holder, in writing, that I <br />wish to have a fixed rate and payment quoted [o me. I most send this request for quotation after <br />receiving a Paymetrt Change Notice eider section 7 and at least 30 days before the Payment Charge <br />Date. <br />(2) Quotation. <br />Wien it receives my request for quotation, the note holder will seed me a notice quoting <br />the fixed rate aced payment being offered acct the cornersion fee which I will have to pay if I deride <br />to anvert. The conversion fee will mt e~oceed ~~percent of the unpaid primlpal halazre of the <br />loan qrr the Paycent Charge Date. The note holder vi11 nerd this quotation at least 20 but no ire <br />than 30 days before the Payment Clraige Date. <br />(3) Acceptirg Quotation std Cocrventing. <br />If I wish to convert mY loan at the fixed rate aced payment quoted to me, I most notify the <br />rote holder of my acceptance in writing. Such notice most be received by the note holder at least 15 <br />days before the Payment Change hate aid mist be accompettted try the carvezsion fee. <br />(4) Reduction of Time Periods. <br />If tle Payment Charge Notice is ant sent by the mte holder at least 35 days before the <br />Payment Cha<ge Date, [ten arch time period stated above shall be reduced by five days. <br />(D) Textdtetioo of Conagraion Option. <br />If tie Fir®d Rate Index ever ceases to be Published or made availab]e by FNMA, or if FNMA ever <br />CP2B~ quoting acct purciiasicg mortga@e loans on the basis vow reflected by the Fixed Rate Index, then <br />aria canvetsion option shall terminate acct this secticm 6 shall cease to have airy effect. However, <br />if bq that tiae I have already accepted a quotation and cornerted my lean, such termination will not <br />affect me. My ~ixed rate acct payment will, in that event, remain in full force and effect. <br />