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B. DETERMINATION OF NEW PAYMENT AI~UNT -
If I choose to convert to a fixed rate of interest as provided in Section A
above, the Lender will then determine the amount of my monthly payment that
would be sufficient to repay the unpaid principal balance of my'loan I am
expected to owe on the Effective Conversion Date in full on the maturity date
at my new interest rate in substantially equal payments. The result of this
calculation will be the new amount.of my nwnthly payment (the "New Payment
Amount").
C. PAYMENT OF NEW PAYMENT AMOUNT; CONTINUATION OF FIXED RATE
Beginning with my first monthly payment that becomes due after the Effective
Conversion Date, I will, if I have chosen the foregoing conversion, pay the
New Payment Amount as my monthly payment, and the interest rate I pay will
not change from the fixed rate established as of the Effective Conversion
Date.
D. PAYMENT OF CONVERSION FEE
For choosing to.convert my ad3ustable interest rate payments to fixed rate
payments, as provided above, I will pay the Lender a conversion fee equal to
One . percent (1.50 X) of that part of principal that, as of the Effective
Conversion Date, has not been paid plus U.S. $ One Hundred dollars (not
to exceed $100.00). I will pay the conversion fee on or before the date of
my first monthly payment that becomes due after the Effective Conversion Date.
E. NOTICE BY LENDER
Before the date of my first monthly payment that becomes due after the Effective
Conversion Date, the Lender will mail or deliver to me a notice of my new
interesf rate as of the Effective Conversion Date; the amounf of my New Monthly ~
Payment; the amount of the conversion fee; and a date (not later than 15 days
from the date the Lender gives me the notice) by which I must sign and give
the Lender a document making the changes to the Note that are necessary to ~
provide the new fixed interest rate. The notice will include all information
required by lav to be given me and also the title and telephone no. of a person
who will answer any question I may have regarding the notice.
F. FAILURE-TO CHOOSE CONVERSION
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j If I do not, at least 30 days before the last possible Conversion Date specified
~ in Section A abov~, give notice to the Lender that I choose to convert my adjust-
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~ able rate interest payments to fixed rate interest payments and do the other
things that I must do under Sectiori A above, within the applicable times
specified in such Section, I will no longer have the right to choose such a
conversion of interest payments.
IN WITNESS ~1HEREOF, Borrower has executed this ddendum
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