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B. DETBRrIINATION OF NEW PAYMENT AMOUNT
If I choose to convert to a fixed rate of interest as provided in Section A
above, the Lender will then detercaine the amount of my n?onthly 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 monthly payment (the "New Payment
AIDOIIAL~~~ .
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 thQ
Nev Payment Amount as my monthly payment, and the interest rate I pay will
not change from the f~ed rate established as of the Effective Conversion
Date.
D. PAYMENT OF CONVERSION FEE
For choosing to convert my adjustable interest rate payments to fixed rate
payments, as provided above, I will pay the Lender a conversion fee equal to
One b'~ percent ( 1.SOX) 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
int~rest rate as of the Effective Conversion Date; the amount of my New Monthly
Payme~nt; the aIDOl1I1C 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 law 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. ~
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I F. FAILURE TO CHOOSE CONVERSION
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~ If-I do not, at least 30 days before the last possible Conversion Date specified s
~ in Section A-above, give notice to the Lender that I choose to convert my ad3ust- ~
~ able rate interest payments to fixed rate interest-payments and do the other
~ things that I must do under Section A above, within the applicable times
specified in such Section, I will no longer have the right to choose such a
~ conversion of interest payt~ents.
IN WITNESS WHEREOF, Borrower has executed this Addendum.
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ODELL GORE -Borrower
_~~l~.~~~c.attrac ~:/P
5~.~------------- (Seal)
~ VERA WILLIAMS GORE -Borrower
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~ -Borrower
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(Sign Original Only)
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