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~ ' PSL-3-2007
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ADDENDUM TO ADJUSTABLE RATE/GRADUATED PAYMENT RIDER
(Fixed-Rate Conversion Option)
THIS ADDENDUM TO ADJUSTABLE RATE RIDER OR GRADUATED
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PAYMENT RIDER (the "Rider") is made this 13 day of April
19$t~, and is incorporated into and shallbe deemed to amend and supplement
the Rider to the Mortgage, Deed of Trust, or Deed to Secure Debt (the`"Security
Instrwnent"), each of which bears the same date shown above and is given by
the undersigned (the "Borrower") to secure Borrower's Ad~ustable 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 Security
Instrwnent and located at: .
32U3 Kentucky Avenue, Fort Pierce, Florida ~3450 f
(Property Address) ~
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In addition to the pravisions contained in the Rider, this addendum may '
permit the Borrower to convert the ad3ustable rate loan into a fixed rate,
level payment, fu11y amortizing loan.
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ADDITIONAL COVENANTS. In addition to the covenants and agreements made ~
in the Security Instrument and the Rider, Borrower and Lender fu'rther covenant
and agree as follows:
A. OPTION TO CONVERT TO FIXED RATE; CONDITIONS TO OPTION
1. 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 $7 or as of that day of the same month of each of the
following 2 calendar years. Each date as of which I could choose to
convert my interest paywents is called a"Conversion Date." The last possible
Conversion Date is ~y , 19 89
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 also 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
Date, if such conversion has been chosen, my interest rate will be equal to ~
the Federal National Mortgage Association's published required Net Yie1d for '
30-year, fixed rate mortgages c~vered by 60-day mandatory delivery commitments
that was in effect as of the date 45 days before the Effective Conv.ersion 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.
2. If the unpaid principal balance of my loan on.the Effect3ve 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 ad3ustable rate
interest payments described in Section A 1 above unless I pay the Lender an
amounE sufficient to reduce the unpaid principal balance to that amount.
ADDENDUM TO ADJUSTABLE RATE/GRADUATED PAYMENT RIDER-1 Year Treasury Index with
~ Conversion Option-9/83
(For use with FNMA ARM/GPARM Plans A-I, A-2, A-3 and B-1) .
. ~429 ~a~ ~52
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