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<br /> F �,nL TAB ,$A.'�ElIIVDEJ� CQNi��ION OP'd'ION_RIDEIS =.
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<br /> THiS ADIUSTABLE RATE/INDBX CONVBR3ION OPTiON RIDP.R ie made this 18th day of December, 1996,and i� _
<br /> � incoiporated into and shaA ba deemed to anacnd and supplement tho N�ongage. Deed af Truat or S+xurlry Deed (the -
<br /> � "Securtty Irutrumtnt'J of t�e same dato given by che undereigned(t/te "Borrow�r") to secure Bonower's l+djustable Rate =_
<br /> Note (tht 'Note") ta Merrill Lyncb Ct+edlt CorporaUon,a DclawAre co�poradon (the "Lenda') af the same date aad _
<br /> . "' � coverin�tho pmpercy desedbe�in the Security Iasuument and loeated at:
<br /> . a,
<br /> �, an�s R„��,�,nndf Rnuievard (itand Isla�d NebtuslsA GB801 — _
<br /> . .._ (P�PertY Addcess)
<br /> .` THE NU+I'E CONTAII�JS PitOVISIONS p)ALLOWING FOYt CNANGE9 IN�QVTEREST RA7'E AND'I'� �-
<br /> � ' � MO:+ITEQ.Y PA1f11�NT; (U)LIIVII'I'ING T�MA�ID1�iTM RATETHE BORROWERMU'3I'PAY; AND (W) _
<br /> - �I ALLOWING T[i$SO1tROWEAAN OP'['ION TO CONVERT FROM THE CURRENT INDEX TO A NE6'V �
<br /> : " :�'�`°'��• IIVDEX AM1 MARGIlV.
<br /> -�'�.;>',,.. A,dditiooal CoveaAnta: In additlon to the covenants and agre,�ments wade in the Security Instrument. Bomower and
<br /> . .. . �'� Lender furth�r coven�nt and agrce as follows: �
<br /> . , -
<br /> �`�"����" � 4. IIVTERE.STRATE AN� MONTHLY PAYMENT CHAI�TGES
<br /> __-.,�n;`�,',.T
<br /> :'tf wh�
<br /> - �:`.'� re� cha.weilaer.a
<br /> - _ �-� --o-- -
<br /> .-`'IF�,I'F��--
<br />:�t:�r` Yrr'�. 'Itie interest r:te I wall pay ma+y change on the 4'irst day of March.1997,and on ehe first day of every m�nth thereafter.
<br /> �'�'�'� '� F.�ch dtte on which my adjusqble rate uould changa is called d"Change Dato." -
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<br /> _-_=�a:�;i� (B) �e Index
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<br /> -�-•�*,��y Beginning with tha fuet Chaage Dau, my iaterest rate will be bue�d oa en Index. Tho "Index" ts the average of
<br /> -_�:�� interb�nlc offered rata for oae-month dollaz dcposits in the i,ondoa market based oa quotaflons of inejor banks as publiehed in
<br /> •°-��� The Wall,��,Journal 'Money Rotes'table. '[he most receat Index�xgure availa6la as of thc datc 2S days befon eACh
<br /> -==;�-�� Clunge Due�i c�lled tho'G�mat Index."
<br /> � If the Indea fa nn longer available, thc Note Holder will choose a new indcx which is b�od upoa wmparable
<br /> -�...�.,.,..�_. informuion. TLe 1�Tote Holder will givo me nodce of thia choice.
<br />����- (C� Caku4tlouot Ch�ng�s
<br /> - $ofon e�ch(�uwge Due,thc Note Holdor will calculate rnp�ncw interest rate by adding two and five eightLs percentage
<br /> _ '_ ° point(a)(2.62596) to the Gtnrnnt Indea. The Nute Holder will thcn round tLis figure ro the nearest one-eighth of oae
<br /> _,.t_..�_ percenu►ge polnt(0.1259G). S�bject to the Ilwiu stntal in Sax�on 4(�)below. thls rouuded amount wlll be my new intet�est
<br /> �__ nte until tl�e neM Change Date.
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