HomeMy WebLinkAbout0915 PSL-3-2041
ADDE`DU1~~1 TO ADJUSTABLE RATE/GRADUATED PAYMENT RIDER
. (Fi~ed Rate Cunvusion Optiun)
TH1S ADDENDUM TO ADIUSTADLE RATE RIDER OR GRADUATED PAYMENT RIDER i.
madt this ..29.th... day of .....1~IAx 19..~. and is i~~o~porated into and shall be deemed to amend ~nd ~
suppltment ~he Adjustable Rate Rider or Graduated Aaym~nt Rider (the "Rider") ro the Mortgage. Deed of T~ust, or Y
Drrd to Srrure Debt (the "Securit~• Instrument"), each of ~vhieh bears the same date shown above and is given by chr ~
undrrsienrd lthr "Borrower") to secure Borrowe~ s Adjust~blt Rate Note or Graduated Payment Note to
- . (~tFAT FIAIAI!~[AL FII~~RAL (the "Lender") ~
of the samr date (the "Note") and covering the property dacribed in the Security lnstrumet?t and located at:
2250 SOUl'H WEST.PAMONA..S`!'REF~T.... ........R4?~..5.~....~UG~~...FL~ORIDA....33452.
.
(Properry Address~
In addition to the provisions contained in the Ride~, fhis Addendum may
permit fhe Borrowe~ to conveH the adjustable ~ate loan into a fixed rate, levei
payment, fully amorfizing loan.
ADDITIO~AL COVE1`A:r'tS. In addition to the covenants and agreements made in the Security lnstrument and the
Rider, Borrower and Lender further eovenant and agree as follows:
A. OPTIOti TO COWERT TO FIXED RATE; CONDITIONS TO OP?ION
1. Except as provided in Section A 2 below and notwithstanding anything to the contrary in the Note or the Rider, I ma~~
choosr co conven my adjustable rate interat payments [o fixed rate interat payments, as of the 6rst day of
....a
..N[._~.1+ 19 or as of that day of the same manth of each of the following .~!p.......... cale~dar ~ ears. Each
date 3s of w•hich I can choose to convert my interest payments is called a"Conversion Date." The last possible Conversion
Date is a~.l:......., 19 . -
If I cha»e to make this convenion. I must give the Lende~ notice that I am doing so at least 30 days before che netit ~
Con~~er~ion Date (the "Effective Conversion Datc 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 necessary to give effect to the conversion. Beginning with the
EH'ecu.~t Conversion Date. if such conversion has been chosen, my interat rate will be equal to the Federal National
Mortgage Association's published required Net Yicld for 30-year. fixed rate mortgages covered by 60-day mandatory
deliv commitments that was in effect as of the date 45 days before the Effective Conversion Date, plus
~ of one percent ~ 9'0). If such required Net Yield is not available. Lender will determine mv
ne~t, fiaed interest rate by using a comparable figure. ~
2, If tht unpaid principal balance of my loan on the Eflective Conversion Date wiU be greater ttian the original principai
amount of my loan. the I.ender may require that a qualified real atate appraiur. chosen by the I.ender. prepare an
appraisal repon on the value of the secured property. I will pay the I.ender a reasonable fee for this appraisal report. if the
~ unpaid principal balance of my loan on the Effective Conversion Date will be an amount gr~ater than 9S% of the value o~
i the property securing my loan. as atablished by the appraisal report. I will not have the option to convert my adjustable
~ rate interest payments dacribed in Section A 1 above unless I pay the L.ender an amount sufficient to reduce the unpaid
! principal balance to that amount.
~
~ ~ B. DETER~II~TATION OF NEW pAYV1ENT AMOU~IT
E -
~ If 1 choose to convert to a fixed rate of interat as provided in Scction A above, the Lender will then determine the amount
of a mon[hly payment that would be suffici~nt to repay the unpaid principal balance of my loan 1 am txpectcd to owe on the
ERecti~~z Conversion Date io tull 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 Amount"). •
C. PAl'~1E~T OF NEW pAYME`T A~10U~T; COYTINUATION OF FIXED RATE
Beginning with my first monthly payment after the ERective Conversion Date, I will. if I have chosen the forgoing
com~ers~on, pay the New Payment Amount as my monthly payment. and the interat rate I pay will not change from the
fiaed ratr rscablished as of the Eff'ective Conversion Date. ~ ~
~ D. PAY~iE~T OF CONVERSION FEE
~
For choosing to convert my adjustable interest rate payments to fixed rate payments. as provided above. I witt pay the
Lender a conversion fee equal to percent (....1~~..........%) of that part oC principal that. as of the E~'~ctive
~ I~ ........(not to exceed 5100.00). I wili pay the
Con.~ersion Date, has not bun paid plus U.S. 5.....~~
com~ersion iee on or before the date of my first monthly payment after the Eflective Conversion Date.
~
E. \OTICE BY LENDER
~ Before ~he date of my 6rst monthly payment after the Effective Conversion Date, the I.ender will mail or deliver to me: a
' notice of m~ new interat rate as of the Effective Conversion Date; the amount of my New Monthiy Payment; the amount
4 of the con~er~ion fee: and a date (not later than I S days from the date the Lender gives me the notice) by which I must sign
~ and gi~~t thr Ltnder a document making the changa to the Note that are necessary to provide the new fixed interest rate.
~ The no~ice ~.~ill include all information required by law to be given me and aiso the title and telephone number of a person
a~ho will ans~.~r any quation I may have regarding the notice.
~ ~ eoo~ 433 PaGE 915
ADDENDUM TO ADJUSTABIE RATE/GRADUATED PAYMENT RIOER-1 Yeor Treosury index with Conrersion Option-10~83
~ ~For u?t -~tA iNMA ARM'GPARM Pions A-1, A•~, A•~ ond 6•1)
}
. . r ~ rc~~
' ~ s. ~ ~
~ _