HomeMy WebLinkAbout0959 ~ . _ c__~ ~
~
~
~
s
s
G. BORROWER'S OPTIqN TO CONVERT
t3orrower may. at Borrower's option, modify the repayment terms of the indebtedness secured hereby on the Crst Change
Date. At that time, Bonower may conven the Adjustabte Rate [.oan evide~u.-ed by the Note into a fixed interest rate loan to
be fully repaid in equal monthly payments of principal and interest o~~er the remaining term of the loan.
H. I.ENDER'S NOTICl: TO BORROWER
Lender's "Notice of Changes" to Borrower pursuant to paragraph 4(E) of the Note given prior to the first Change Date
shall also contain the following additional information pertaining to Barro~+•er's option to convert:
(i) the fxed interest rate payable b} BorroH~er if Borrower converts into a fixecl interest rate loan;
(ii) the amount of Borrower's new monthiy payment at the tixed rate of interest; and
(iii) a date. not more than 15 days from the date the nolire is gi~•en, by ~~~hirh Barrower mus~ exe~:ute and deliver to Lender
a document in the form required b~~ Lender e.idencing the modiliration of the Note to provide a tixed interest rate.
1. SFLECTION OF FIXF.D INTERE,ST RATF: ANU A10\"I'llll' PA1"NF:NT AUJUSTMElVT
Lender shall sei the fixed rate o1 interc~st payabic by l3orro~ver at a ratc identiral to the sum of the Fecleral Home Loan !~'lort-
gage Corporation's Requireci Net Yield for 60-da>~ drliven oi~ ~0 y~car, lixeci rate mortgages available 45 days prior to ihe
frst Change Date plus three-eighths af onr ~e~rent (.3?S~n). If nu surh Req~rirecl Net Yield is a~~ailabte. Lender ~~~ill deter-
mine the ~ixed interest rate bj~ using a romraraMc tigure. ~fhe nc~~- lixed interest rate ~~~ill bc~ome efferti~~c on the tirst
Change Date iF Borrow~er choo.~~c to ronvrrt tu a ti~~Yl intere•t ratc.
E3orrower's monthly payments at the ne«~ fixeci interc~t ratc ill begin as uf the tirst momhl~~ payment after the firsi Change
Date. The monthi}~ pa}~meni ~?~i!! bc the amuunt that i. ~~c~:e~.an~ to repay in full the principal Borro~+~er is expe~:ted to oH~e
on 1he Change Datc in substanualh• equal ~a~~mcntti h}~ the maturity date at the fixed interest rate.
J. 'BORRO«'FR'S F:LECTIO\ \O'1' ~f0 ('O1~'F:K'T
l3orro«~er must cx~~ute and deli~~er to i_cndrr the dorum~nt e~idcnri~zg the mociiti~ation of the-Note ~~ithin the ~eriod set in
[_ende~'s nutire a~ provided in paragra~h H atx?~~e. IF Borro~cer dck~ not do thi. ~~~ithin the s~ified date. Rorro~ver ran no
longer exercise the option to conreri. In thi~ ~a,e, the tern~. of Borr~~ser's Note ~+ill continue in effc~:t ~~~ithout an~~ change.
K. EFFFCTI~'E\ES4 OF PKO~ ltill)~5 .
Upon Borro~cer's delicen~ ol thc ~~c~utc~l mu~iiGr:uiun t~? the ti~~tr. raratira~h r~ abo~e shail reasr to be effective.
1~ Wir~f.~ ~~'iirkt~n. Borrowcr ha+~~ecuted Ihic ('omerlible AR;~t Rider.
/~7~ ,
- . . . .
' .....(Seal)
YVONNE R H I PLE -Borrower
~ .....j.. .
....~~ai~
ROBERT L H t PLE ~ Borrower •
......................:.................................~-----=--............-•--~----........(kal) .
-Borrower
(Sign Onginal Only)
'~4 MAY 18 A 9 :30
_
FILEO r•.-~. . : _u 0" ~
ROGER ROi ~ ~ : ~LRK
ST. Ll1C1~ CCr:+Ni ~ Fl,_
656'763
B~~!( YJ~ t~lGE ~
- - -
_ ~ ; ;-x~ ~ -
_
x ~ ~~.r ~ ~