|
<br />r
<br />
<br />0908773--1
<br />
<br />A. CONVE..ilSiuN Tu FlXiiJ-RAr-E Ale"!)' PA!Mt}.."TS ,_,:_::___:__>':_<,::-:;::_~~:
<br />(I) Right to COllvert. . . .... ......... .' .'>C'
<br />1 have the option, prior to any Pa}'lll.Ol:'t ,,r,,"l1ll~Ilde,01..cotlc'l.~
<br />to a fiJhw lfi-e_erest' -t'-a-te and f~.)ted- ~~Gf',-h::ty, pa:y~~.._ ,!,_l~:"::.~S.i\,:\_.
<br />section. Once I hSve COiWlHted my loan, the interestratean~.tll.""i.i;~.8i
<br />payment will remain unchanged for the rest of the termofthel(jam'
<br />
<br />(2) Rate and Payment after Conversion.
<br />If I elect to convert my loan, then the interest rate for the.'
<br />will not exceed the "Fixed Rate lnlicex" plus 0.750 percent, . iOta,,]?
<br />is the net yield requir_nt of Federal National Mortgage .....
<br />6O-day 1l\andatory delivery of new fixed rat.e loans assuchf1.xe..cLaa
<br />available when the rate quotation referred to inparagraph(3J{bl.belOtJ::,i~/
<br />The new fixed rate will be effective on the next Payment G1langeDa.te:.~~~;;'rt.~,'/
<br />fixed payme,nt amount will be the amount Io/hich is sufficient. to rep"Ythe('\I1l~Ji4';
<br />principal balance of. my loan in full in substantially equal. pa~~a'bY~ll~i>
<br />maturity date. I will pay this new fixed amount beginning onehe . f;fra't'~ntltl}t".
<br />paytllent date after the Pa)"llIent Change Date on which I converted.
<br />
<br />(3) Exercise of Fixed Rate Option.
<br />(a) Request for Quotation.
<br />If 1 am intueneo'in convert1.ng my lOiUl, llilUatnotHjtne.,nc>tehc:il4..ri.~
<br />in writing, that 1 wish to have a fixed rate and payment quotedtollle...I,;~t,,;
<br />send this request for quotation after receiving aPaytllent Chang.e Not1ceun4erc:'
<br />section 7 and at least 30 days before the P4yt1lent.. Change . Date.
<br />
<br />
<br />FIXED !IATE CONVERSION RlBE&,"::U\f.
<br />?)(*~,~:l!_>r " _. ,; _ __,_ '__,' 'F _ '_, .
<br />(84~o;Q'lfJ~~~
<br />
<br />THIS RUlER is made this 3th day of Noveilibet
<br />i.rte(YrP9_!at_ed---1f~o" an~ B~'a.1* ~ ~:Evd~~~~,~-::::,:~o_ .-~~: _~~_:: $_hR~~~~~~~;~~
<br />trn.De"d .... of. !.rustor Mortgage al9n8 WIth ;1ritActj~tabl:e~~,;~:
<br />nSecudtylnsuUJIlE!nt") . of the same date ghen; bythauxu:1er:$igtJ
<br />to secure Borrower's Note to TOIJERFINA.NCIAL. I$:;, '
<br />(the "Lender") of the same date(the"Nbte)ac9verit\;S"
<br />in tbeS<<curit:}" In$trtl1llentsnd located"st: .. .
<br />
<br />Park Circle
<br />
<br />
<br />ioii-
<br />
<br />
<br />(h) G.-i~otat1o-n&
<br />..'hen it receives illY request for quotation, the note holder~:l.ll ;!i'I1~illlll'
<br />a notice quoting the fixed rate and paytllent beillg offered am! tne cOm7er&lc>ntee
<br />whi.ch 1 will have to pay if I decide 1:0 convert. Th.., couver;;io~ fe~wUl not
<br />exceed ~ 000 percent of the uupaid principal balanee of th~ ~oanQn the Pa)!1lleftt
<br />Change Date. The note hOlder will send this quotation at: le~u~t2(}'but. no more
<br />than 30 days before the Payment Change Date.
<br />
<br />(c) Accepting Quotation and Converting.
<br />If I wish to convert my loan at the fixed rate and paymentq~ted tome~
<br />I llIUst notify the note holder of Ill)' acceptance in writing. Such notice must be
<br />received by the note holder at least 15 days before the Payment Change Date and,
<br />must be accOlllpanied by the conversion fee.
<br />
<br />
<br />
<br />L
<br />
<br />(d) Reduction of Time Periods.
<br />If tbe Payment Change Notice is not sent by the note holder at least 35
<br />days before the PaYlUent Change Date. then each tilDe period stated above !illall be
<br />reduced by five days.
<br />
<br />(4) Temination of Conversien Option.
<br />If the Fixed Rate Index ever ceases to be published or made available by
<br />FIlMA, or if FNMA ever ceases quoting and purchasing IllOrtgage loans on the basis
<br />now reflected by the Fixed Rate Index, then this conversion option shall terminate
<br />and this tider shall cease to have any effect. However, if by 1:hat time, I have
<br />alreacly accepted a q=tation am! converted my loan, such termination will not
<br />.ffeet lIUIh My Hxed rate and payment will, in that event, remain in full force
<br />a.nd effect.
<br />
<br />(5) W!aal Lica1tation on Rate.
<br />Uthe fixed t'.8te to be q\K>ted on any Payme.nt Chan~e Date exceeds the maximUlll
<br />e!Ytl'&elOOr raU.aI:1owe4by applicable law; then convenion will not be aUo",<<d for
<br />tlutt P.,..ntCh..nate. The note 1\o1der_y offer" lover rate or chngils than
<br />
<br />11'1(;-;1<:11 ("ie)
<br />Plan i:--A
<br />l';-PW" J / '04
<br />
|