HomeMy WebLinkAbout0929 _
~
r
i
F
E30RROµ'E:RS OP'ftOV TO CO:~iVERT i
[3orrow~er may, at Borro~~~er's option, modit~y the repayment terms of the indebteciness secured hereby un the iirst Change ~
Date. At that time, Borro~~~er ma~~ ronvert the Adjustable Rate Loan evidenced by the Note into a fixed interest rate loan to ~
b~ full~• repaid in equal monthh• payments ot~ rrinripal and intrrest ovcr the remaining term ~f the loan.
~
~
H. LENDF.R'~ tiOTI('E TO BORRON'F:R ~
3
l.ender's "Notice ot~ C'hanges" to Borrower pursuant to paragraph 4(E) of the Note given prior to the first Change Date {
,hall also ~ontain the iollowing additional information pertaining to Borro~cer's option to com•ert:
(i) the tired interest rate pa~•able b}~ Borro~~~er if ~3orra~~er romerts imo a tised interest rate loan; '
i
~
;ii) the amount of Borro~rer'~ ne~+ monthly rayment at the fi~ed rate of interest; and k
(iii) a date, nat more than 1 S da~s lrom the ~iatc the notir~ i~ ~i~en, by ~~hirh t3orro~+er mu~t ~xc~ute and deli~~er to Lender ~
a dcxuntent in the t~orm rryuired h~• Lender r~iden~in~ th~ mu~liti~ation uf the Note to pro~•ide a ti~ed interest rate. ~
~
1. ~F:I.F.(.TIO~i Ot~ ~'IXE:U 1\"I~t:REtiT RAT1~: Atil) MO\TN1.1 PAl'11t:\T ADJI`tiTMF.1T ~
Lender shall ~et the fixed rate <~t~ inierr~t ~a~~~hle b~ Burre»tier at a ra~e identi~al tu the sum ut'the Federai Home Loan ti4ort-
eage Corporaiion'~ Reyi~irr~i Net Yiel~l f~~r h0-da~ ~1rli~rn ~~t iO ~~,ir. ti~ea ratr mortgage, a~•ailable ~i5 days prior to the }
lir~t Change Date ~luti threc-ei~hth~ ~~f ~,n~ ~~ercent ~.37S~b1. It n~~ ~uch Reyuirrcl Net }'ield i~ a~ailable. Lender ~~ill deter- ~
~nine the tixed intere.t rat~ h~ u~ing a ~umrarahie ligur~. The n«? ti~eif intrrr,t rate ~~ill hercm~e ett~ecti~e on the tirst z
~
Change U:~IC if t3urru~~~r ~ho~~,~~ tu ~~~t?~erl tt~ a ti~~~l int~r~~t rat~.
~
Borro~+er's monthh ~a~~ment~ at the ne~~ ti~~ei inter«t rate iil he~:in a> ~~f the fir;t monthh• pa~~ment after the f rst Change ~
[)ate. The montht~~ ~a~~ment ~~ilt hr th~ amuunt that i~ ne~c~.ar~ tc~ rer;ie i?~ full th~ prin~i{~al Burro~scr iti expe~ted to o~~~e #
c,n the Chaner Date in ,ubstar~tiall~~ eyual ra~ment~ h~ t}~~ ~»aturit~ ciaic at t}~r li~ed in~ere~t rate.
_ #
J. fZORRON'I-:R'ti F:I.f:("rl()\ \()T T() ('(f~~ H:RT ~
13e~rro~~er ?nust e~ecute and deli~er t~, Lenci~r tlie ~l«~ument r~ iden~ing tiie m~~difi~ation ~~f thr'`~te ~~iti~in the ~<riai set in
t~nder's notice as ~ro~i~leci in ~ara~ra~h Ft ah~~~r. If }3~~rm~~er du~. not dc~ rhi, «ithin th~ ~~r~ilicel ~tatr, f3<~rro~~er rai~ no
l~~n~er exerritie the o~tiun to ~cm~ert. tr~ thi. ~,t.~, tli~ t~rrn. ~~t t3urr<naer', \~ne uill ~i~ntin~~e in ~f1«t ~~ithuut ar?~ chan~e.
f~. f~:~'F~E:CTI~'i~:\F:~~ ()F~ PN(1~'Itil()\ti
~'~un Borro«~r'. c1~li~er~ uf thr ~~e~utr~i nu,.liti~a[i~,n t~~ th~ ti~~t~. ~~:ira;~ra~~h ah~,~~ .hall ~ra,r tu h~ clf«ti~<. ~
3
1~ i~ ~t•• nt ktut. Burni~cr ha, e~eci~ted thi~ (~umertible ~~R~t Rider.
.
6~965 a.~ . . . . . . . . . . . .L-'t . : _ C~...~-1.~--~.~-~~. . . _ . . . . . . .l S~ al ?
3orrcwer
24 9 ' BEL I NDA G HARR I S
~ . . . . _ ..~Seal)
Borrower
FILEO - ' - ~
.
ROGEk P:~ , _ _
ST.LUCIE. • , ................~s~a1)
~ -
Borrower
iSign Orrq~nal Onty)
~~1~K
. 454 ~M~,F ~2?
~ ~r-s: z." 'k`ti-''.,~,%~ ~"W~ y`-~^ _",yf'
~r~~ ~y,~s`~~:~