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<br /> ��•i ..�1 � �. �.� .�.. . .. l fi\t_�:_
<br /> � -1 � P nYWM� .�, � £�r�} � .�.-.__..
<br /> �,,� � V �I� _'" '..4... ' - __._., �. �
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<br /> - - ]f I want to cxet+ciso the Converebn UpNon,l must first meet cartni�conditions.Those conditlons ure that:(i)�must
<br /> �� give the Notc Holder notice that 1 want to do so;(ii)on the Canversion Date,t must not bc in dc�ault under the Note or the
<br /> -- _ Security Instrument:(ifi)by a date cpecified by the Note Holder,l must pny the Note H�Ider u convcrsian fee of U.S.
<br /> _,,����= S 100.00 ;and(iv)I must si�n aml�Ive tho Noto Holder any documents the Nate Holcler `
<br /> y
<br /> requires to effect the conver�ion.
<br /> '�.� (B)C�koUtioa ot Fixed Rate
<br /> My new. fixed interest rate wfll be equal to the FederAl Notionc+l Mortgage Association's required net yield
<br /> .'� es of a date and time of day specified by the Nate Holder for(i)if the origino) term of this Note is greater than IS
<br /> •� years,30-year fixed rate mortgages covered by upplicable 6Q-day mAndatory delivery cammitmenta.plus five-
<br /> ���r�r::r..-'x^=:.�a
<br /> eighths of ane perccntage point(0.625%),rounded to the nenrest one-eighth af one percentage point(0.12S9b), or
<br /> ;���,�,� (ii) if the original term of this Note is 1S years or less. IS•year fixed rnte mortgages covered by upp cp e • ay
<br /> —����r���� mandatory delivery commitments,plus five-eighths of one percentnge point(0.62546). rounded ta the nearest
<br /> one-eighth of one percentage palnt(0.1259b). lf this requireJ net yield cannot be determined because the appli-
<br />�. ';�.�;,r:.,�.., cable commttments ure not avuilable. the Note Holder will determine my interest race by using comparuble
<br /> ` ��.�}1
<br /> t�,.:��s;;�`'"� • information.My new rate calculatedunder this Section 5(B)will not be greaterthan the Maximum Rete stated in Secnon
<br /> w�- � 4(D)above. MY INTEREST RATE W ILL NEVER BE aREATER THAN 11.000 PERCENT.
<br /> .��-.__.._• {'.u.�J�.� ` _ _.
<br /> s:��;��.-�' L,�;- (C)New Pi►yment Amount�tnd Effective Uate
<br /> �-i � `''r " '��'�� If I choose to exercise the Conversion Option.the Note Hoider wil I determine the amount of the monthly
<br /> --='�t � � ---
<br /> 4,;:.�= '`'� puyment that would be suf�cient to repay the unpald principal I am expected to owe on the Conversion Date in
<br /> _�� ��1,� ��
<br /> ___ ��. full on the maturity date at my new fized interest rate in substantially equal payments.The result of this calcu- _
<br /> �_� �; � 1���� lation will be the new amount of my monthly payment. Beginning with my first monthly payment after the '
<br /> . .. �..„ .
<br /> :_._:_._.��_.._R v.....rt Conver3ion Dute.I wl!!pay the new amount as my m�nthly payment until the Maturity date.
<br /> .�:� . .
<br /> -- '„ '.�':`;r�'`� C.TRAN3FER OF THE PROPERTY OR A BENEFICIAL INTERFST IN NORROWER
<br /> '°°'�"�+ -
<br /> -•— � ��'�:N"��:.`�J�a I, Until Borrower exercises the Conversion Option under the conditions stated in Section B of this Adjust• __
<br /> �� � 't'-'' ' '.� able Rate Rider,Uniform Covenant 17 of the Security instrument is umended to read ns follows:
<br />_....:_,� ,�:��iu:viti r�:s,:;,� -
<br /> _,��.__,_�__,�_.���
<br /> . 'I'rnos�er of fi�r F�aperty itr a BencticEa!loitres!!tt&trro+Y�r.!f a!!or any part of the Pr�perty�r nny nterect ,
<br /> ln it is sold or transferred(or if a beneficial interest in Borrower is sold or transferred Ihe Borrower is not a
<br /> natural person)without Lender's prior written consent, Lender may. at its option,require immediate puyment in
<br />`�,A_;; �. - . • full of all sums secured by this Security lnstrument. However.this option shnll not be exercised by Lender if �
<br /> y�, . � . exercise is prohibited by federal law as of the ds+te of this Security Instrument. Lender ulso shnll not exercise this
<br /> '��r� . .- �� option if:(a)Borrawer estuses ta be submitted to Lender inform�tion required by Lender to evuluure the intended
<br /> ��`"� transferee as if a new lonn were being mnde to the transferee; and(b)Lender reasonnbly determines thnt Lend- _
<br /> . •„',�. ,. �� ; ;,�,. . er's security will not be impai red by the loan assumption und thAt the risk of a breach of any covenant or _-.
<br />-�- . . " � .;.;.� egreement in this Security lnstrurnent is acceptable to Lender. �_
<br /> - _ ,:�f�.... �--
<br /> To the extend permitted by applicuble law, Lender mny churge u reasonuble fee as �condition to Lender's _
<br /> � � '. � � consent to the lonn ussumption. Lender Also muy reyuire the transferee to sign un assumption ugreement that is �
<br /> ,�' '`` j��� • � ,� acceptable to Lender and ths�t obligates the transferee to keep nll the promises And ngreements mude in the Note �Y--
<br /> - �'` •• and in this Security Instrument. Borrower will continue to be obliguted under the Note And this 5ecurity Instru- _
<br /> :;'f • ��'`•�M�!��' ^"!� ment unless Icnder releases Borrower in writing.
<br /> t 1,., '. � � ��. lf Lender exercises the optioa to require immediate ppyment in ful l. Lender shall give Borrower natice of
<br /> °a�' '� accelerution. The notice shnll provide n pericxi of not les� than 30 dvys from the date the notice is delivered or �
<br /> � �� " muiled within which Borrower rnust puy all sums secured by this Security Instrument. If Borrower fuils to pny r`_`-
<br />.� ,V��,�:, these sums prior ro the expiration of this period, Lcnder muy invoke uny remedies permitted by this Securiry =_
<br /> ,,:• , Instrument without further notice or demand on Barrower.
<br /> ''"��` � 2. If Borrower exercises the Conversion Option under the conditions,wted in Sec�ion B of this Adjustuble --
<br /> w,�� � Rate Rider, the amendment of Unif�rm Covenant 17 of the Security Intitrument containeJ in 5ection C I abovr
<br /> """"'�'�'`�'���� hen cease to be in effect,and the provisions of Uniiorm Covenunt 17 of�he Srcurity Instrument shall �_'
<br /> , shull t
<br /> ' ' � inste�d be in effect,as folbws: ` �
<br /> 7Yansfer of thc Property or a Beneficial Interest in Borrnwer.l t'al l or uny purt of th�Pr�perty or uny interest
<br /> ' in it is sold or transferred (or i f a beneficial in�rrrst in Borrower is tiold or trunsfrrred and Borrower is not a
<br /> � , ' natural person►without Lcnder's prior written con�rnt, Lender may, at its uptian,rryuirr immediate payment in
<br /> .. full of all sums secured by this Security Ins�rumcnt. How�r���r, this npti�►n .hall no[be exercitied by Lender if �
<br /> � .� � exercise is prohibited by fedcral law as of thr dute of this Security Instrumrnt.
<br /> �'' If Lender exercises this opt ion. Lender.hull give Borrower ni�tice c�f arreleration. 7'he notice.hall pro�•idc �
<br /> , t ' n period of not less thun 30 dayti(mm thc dute the notirc i�delivrred��r mailed H•ithin which Burr��wer must pay ;
<br /> � . . nll sums secured by this Security Intitrument. If Borrower I'ail. �o p:iy the.c �um+pri��r to the expiration c�f thi.
<br /> ;� period, Lender may invoke uny remedic�permittcd by�hi.Security Inxtrument without t'urthcr noticc or drmund i
<br /> �--' -
<br /> -_—
<br /> �,---, .
<br /> -- - _ on nu�ruwci.
<br />. : , ° �� BY SIGNING B�LOW. Borrowcr uccrpt�anJ a�;rrcti tu the trrms anJ c��venant+cnntained in thi,Adju.r�ublr t
<br /> Rute Rider. {
<br /> � . ; ............. ... . ............ (SruU � �-+�d�( ..� �s��i� ,
<br /> .. • .• .... .... g�rcnn�er � v Kurruucr
<br /> � c:•• RAY AND J DOWNEY '
<br /> � .� ;
<br /> ,;.s:,:� .. ........ ............... ... .............. (Scal) . QM�f �/� . ... .. ..... �SraU �
<br /> � Nunnwcr '��� Y.. .Hutrauer {
<br /> :� � '��.�R : AFTER RECORDING RETURN TO: g'r�FANIE D DOWNEY •
<br /> " • Norwest Mortgago, If1C. Form3t181�l9,,�•,,.:• �,•,.,,•,
<br /> � � ' � „ Cusro�,�cr Scrvica Lvan Oocumentation ;}
<br /> , �20f1�Jlid►vest PIa,:,i f asi
<br /> i ffOU M„rquctt��A��e. S. �
<br /> � o - -- --a blinnca�olis. h�PJ 5540? �--
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