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HomeMy WebLinkAbout0946 , . ' ' ~ ~~I . , lf ATfiENDUM TO ADJUSTABLE RATE/GRADUATED PAYMENT RIDER (Fixed-Rate Conversion Option) THIS ADDENDUM TO ADJUSTABLE RATE RIDER OR GRADUATED PAYMENT RIDER (the "Rider") is made this 13 day of Avril 19 84 , and is incorporated into and shallbe deemed to amend and aupplement• the Rider to the Mortgage, Deed of Trust, or Deed to Secure Debt (the "Security - Ins~~reR~tt~"~~a ~ach of which bears the same date shown above and is given by the undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note or Graduated Payment Note to GREAT FINANCIAL FEDERAL (the "Lender") of the same date (the "Note') and covering the property described in the SecuYity Instrument and located at: ~ 1017 Mantilla Avenue, Port St. Lucie, Florida 33453 (Property Address) In addition to the provisions contained in the Rider, this addendum may permit the BorroWer to convert the ad3ustable rate loan into a fixed rate, level payment, fully amortizing.loan. ~ ADDITIONAL COVENANTS. In addition to the covenants and agreements made in the Security Instrument and the Rider, Borrower and Lender further covenant and agree as follows: A. OPTION TO CONVERT TO FIXED RATE; CONDITIONS TO OPTION l. Except as provided in Section A 2 below and notwithstanding anything to the contrary in the Note or the Rider, I may choose to convert my adjustable rate interest payments to fixed rate interest payments as of the first day - of May , 19 87 or as of that day of the same month of each of the ; follo~ing 2 calendar years. Each date as of which I could choose to ~ convert my interest payments is called a"Conversion Date." The last possible i Conversion Date is 1~1~y , 19 $9 ~ ~ ; If I choose to make this conversion, I must give the Lender notice that I am ~ doing so at least 30 days before the next Conversion Date (the "Effective ; Conversion Date"). I a~'so must sign and give to the Lender a document, in ~ any form that the Lender may require, changing the terms of the Note as neces- ; sary to give effect to the conversion. Beginning with the Effective Conversion l Date, if such conversion has been chosen, my interest rate will be equal to ; the Federal National Mortgage Association's published required Net Yield for 4 30-year, fixed rat~ mortgages covered by 60-day mandatory delivery com~itments ~ that was in effect as of the date 45 days before the Effective Conversion Date, - ~ plus 3/8 of one percent 375 X). If such required Net Yield is ~ ~ not available, the Lender will determine my new, fixed interest rate by using a comparable figure. I ; j 2. If the unpaid principal balance of my loan on the Effective Conversion € Date will be greater than the original principal amount of my loan, Lender € may require that a qualified real estate appraiser, chosen by the Lender, ~ perpare an appraisal report on the value of the secured property. I will pay ; the Lender a reasonable fee for this appraisal report. If the unpaid principal ~ balance of my loan on the Effective Conversion Date will be an amount greater than 95X of the value of the property securing my loan, as established by the ~ appraisal report, I will not have the option to convert my adjustable rate , interest payments described in Section A 1 above unless I pay the Lender an ` amount sufficient to reduce the unpaid principal balance to that amount. s ~ t i ~ , r - ~ ADDEh'DUM TO ADJUSTABLE RATE/GRADUATED PAYMENT RIDER-1 Year Treasury Index with ~ Conversion Option-9/83 ~ (For use with FNMA ARM/GPARM Plans A-1, A-2, A-3 and B-1) ~ ~ ~ d BOOK PdGE e~5 _ • ~ - ~ _ y . _ _ w..