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84 - OOfi~'t~ 0'l08796-" FIXED RATE CONVERSION RIDER THIS RIDER is made this 21 st day of nOvelnoc-r ,19 84 and is incorporated into and shall be deemed to amend and supplement Borrower's Note and the Deed of Trust or Mprtgage along with any Adjustable Rate Rider thereto, (the "Security Instrument") of the same date given by the undersigned (the "Borrower") to secure Borrower's Note to Tal1S" FI:lANC1AL, EIC, (the "Lender") of the same date (the "Note") and covering the property described in the Security Instrument and located at: gO] L',.. SYC.1~n0r-~ Grand r s l:ind. ~ebraska (Property Address) &8801 In connection with the Note and Security Instrument €x~eut€d by the undersigned Borrower and of even date herewith, Borrower and Lender hereby agree to the following additional provisions: A. CONVERSION TO FIXED RATE AND PAYMENTS (1) Right to Convert. I have the option, prior to any Payment Ch'.~r:~Date, of converting thisToan: to a fixed interest rate and fixed mouchl" .,c:;,.&\::nt plan 'is provided in thi:s' , section. Once I have convt'rted mV lean, t',.e :Ulte!'3st rate and the regular monthly pa)~ent will remain unchanged for the rest of the term of the loan. (2) Rate and Payment after Conversion. If I elect to convert my loan, then the interest rate for the will not exceed the "Fixed Rate Index" plus :) 750 percent. The Fixed Rate Index is the net yield requirement of Federal National Mortgage Association (FNMA) for 60-day mandatory delivery of new fixed rate loans as such Fixed Rate- Index:-c--is available when the rate quotation referred to in paragraph (3)(b) balif~ is made. The new fixed rate will be effective on the next Payment Change Date. The new fixed payment amount 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 beginning on the first monthly payment date after the Payment Change Date on which I converted. (3) Exercise of Fixed Rate Option. (a) Request for Quotation. If I am interested"in converting my loan, I must notify the note holder, in writing, that I wish to have a fixed rate and payment quoted to me. IlllUst send this request for quotation after receiving a Payment Change Notice under section 7 and at least 30 days before the Payment Change Date. (b) Quotation. wnen it receives my request for quotation, the note holder will send me a notice quoting the fixed rate and payment being offered and the conversion fee which I will have to pay if 1 decide to convert. The conversion fee will not exceed 2.011<) percent of the tUlpaid principal balance of the loan on the Payment Change Date. The note holder will send this quotation at least 20 but no more than 30 days before the Payment Change Date. (c) Accepting Quotation and Converting. If I wish to convert my loan at the fixed rate and payment q\~ted to me, I must notify the note holder of my acceptance in writing. Such notice must be received by the note holder at least 15 days before the Payment Change Date and must be accompanied by the conversion fee. (d) Reduction of Time Periods. If the Payment Change Notice is not sent by the note holder at least 35 days before the Payment Change Date, 1:hen each time period stated above shall be reduced by five days. (4) Termination of Conversion Option. If the Fixed R~te Index ever ceases to be Dublished or made available by FNMA. or if FNMA ever- ceases quoting and purchasi.ng mortgage loans on the basi~ now reflected by the Fixed Rate Index, then this conversion option shall terminate and this Rider shall cease to have any effect, However, if by that time, I have already accepted a quotaticn and converted Ill)' loan, such termination will not affect me. My fixed rat.. and payment will, in that event, remaill in full force and effect. (5) Legal Limitation on Rate. If the fixed rate to be quoted cn any Payment Change Date exceeds the maximum charges or rate allowed by applicable law, then conversion 1<ill no t be allolo{ed for that Payment Change Date. The note holder Illay offer a lower rate ar charges than '1.~iL~-U<"):'_ ([~l' ( ! d:~ .~ .-. A :'i,_,'..... . ii,i4