84003985 - Laserfiche WebLink

Browse

F- 6. r NVERSION TO -I -D R'AI«E rove P.ku -Y.—NTJ (R) Right t0 Convert. r ,ur, I have the caution, prior to arty Payment Charge Date, of converting this loan to a fixed interest Late and fixedd mnar:hlf payment plan as provided in this section. Once I have converted my loan, the interest rate and the regular mxthly D aymert .� t t n arairh d for the rest o f the term of the loan. (B) Rate and Payment after Conversion. If I elect to Convert '�. r, then the interest rate for the remaining term will not exceed the 'Fined Rate index" plus percent, oe Fixed Rate index s he net yield requirement of Federal ;National Mortgage at o'n (FM) for (t) -day mandatory delivery of new fixed rate mars as such Fixed Rate lotus is available when the rate quotation referred to in paragraph 6(C)(2) below is made. The new fixed rate will be effective an the next Payment Charge Date. The new fired payment amexnt will be the amount which is sufficient to repay the unpaid principal balance of my Loan in full in substantially equal payments by the maturity date. I will pay this new fixed amount befit xring an the first monthly payment date after the Payment Charge Date on which I converted. (C) Exercise of Fixed Rate Option. (1) Request for Quotation. If I am interested in converting me loan, I must ratify the rote holder, in writing, that I wish to have a fixed rate and paymmnt quoted to me. I rust send this request for quotation after receiving a Payment C'.=W Notice under section 7 and at least :;tr days before the Payment Change Date. (2) Qwtarion. When it receives my request for quotation, the note holder will seed me a notice quoting the fixed rate and payment being offered and the (",Won fee which I will have to par if I decide to axnvert. The conversion fee will not exceed percent of the curpaid principal balance of the roan on the Payment'Inage Date. the note h0' r wall send this quotation at least -�! but ao more rnan iii days before the Pavuant Change Date. (3) Accepting Quotation and Converting. If 1 wish to convert my loan at the fixed rate and payment quoted to me, I mist rxx ify the note bolder of my acceptance in writing, Such notice must be received by the note bolder at least 15 days before the Payment Change Date and must be accompanied by the wnvetsion tee. (n.) Reduction of Time Periods. If the Payment Change Notice is not gent try the rote holder at least 35 days before the Payment CharW Date, then each tdaue period stated above shall be reduced br five .ways. (D) Termination of Conversion Option. If the Fixed Rate Index ever :eases to be published or available to E'W, or it FIft ever oxvases quoting and 1nu'chasieg mart gAw 1(,Xm xi the, hwis naa refLeaed by the Ft-,ri Rate llndex, thhen this mr nrsLxu igLiah shall terminate and thda seo:tj�Xe a stall ;ca.vc cox hO , ;n,y rated. H,areWr, if b tbW tiara, i have already ar,t;etXal a iqryxation atd xivtte4 m<, .:, :run, ;udl ce :r.aisvrci x: wizi !mint. ,t fat.:. %m. 4y fiat rsre and l,ayrwnt vil "-, in that evL --t, rerx.in to 6,01, t:?h,T- vd