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ADDENDUM TO ADJUSTABLE RATE/GRADUA'i'~D PAY11~E~f1'T RID~:R '
(Fixtd Rate Co~rer~sio~ O'tiwi) `
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THIS ADD~NDUM TO ADJUSI'ABLE RATE R1DER OR GRADUATED PAYMENT RtDER is made this
....~.~4h day of ~rch +9 .83.., and is inoorporatod into aod shal! be doemed to amcnd and supplement the
Adjustable Rate Rider or Graduated Payment Rider (the "Rider") to the Mortgagc, Dad of Tcust or Sacurity Deod
(~he "Security Instrument"). each dat~d the same date as this Addendum and given by tht undersignod (the "Bar-
rower") to s~cure Borrower's Adjustable Rate Note or Graduatod Pa ment Note, w'th Addendum To Adjustable
Rate/Graduated Payment Note. to ....Standard Federal .8av~tn~~ and Loan lesoeiation ~
(the "Ltnc~er")
artd dated the same date as this Addendum (the "Note"). covering th~ propcrty describod in the Socurity lnstrument and
located at:
5213 Paleo Pinea Circle Ft. Pierce, Florida 33450
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~ [Propertr Aedressj
ADDITfONAL COVENANTS. In addition to the oovenants and agreements made in the Security instrument and the
Rider. Borrower and Lende~ further oovenant and agra as foltows:
w. FIXED INTEREST RATE OPTION
The Note provides for the Borrower's option to conv~rt from an adjustable interest rate to a fixed intcrest rate, as
follows:
l. Optioa to Co~vert to Fixe~ Rate
[ have a Conversion Option which I can eaercisc unless I am in default or this Soctian A~ w Section A3 below will
not permit mt to do so. Tht "Conversion Option" ia my option to conv~rt the inte~t r~te i am roquirod to pay by the
Note from an adjustable rate to a fixed rate.
The conversion can only take plaet on the third, fourth or fifth Change Date. Each Change Date on whech my
interest rate can oonvert from an adjustable rate to a fixad rate also is callod a"Convtrsion Date." [ ca~ coinert ~y
ieterest ratt oe~ o~ a~e of t6ese t~ree Canersioa D~ata.
It' I want to exercise the Conversion (?ption. 1 must first mat certain conditiona. Thvse conditions are that: (a) 1
must give thc Note Hol~er notice that I am doing so at least 15 days before the next Conversion Date; (b) on the
Conversion Datc, I am not in default under thc Note ot the Security Instrument; (c) by tbe Conversion Date, l must pay
the Note Holder a conversion f~8qy~ to one peroent (1.0%) of thc unpaid principal i am espocted to ow~ on that
Conversion Date plus U.S. 5 (d) by the Conversion Date. if an appraisat nport is required by
Section A3 below, the Note Holder has r~oeivod thc repon and I have paid the appraisal fa and any amourtt nrassary to
reduce unpaid principat; and (e) i must sign and give the Note Holder any documonts the Note Holder roquira to effect
the conversion.
t Cakulatios of Fixed Rate
My new, fuced interest rate will be oqual to the Federal Nateonal Mortgage Association's requirod net yietd for 30- ;
year. fixod rate mortgages covered by 30-day mandatory delivcry commitments in effect as of t6e date 45 days beiore the '
Conversion Date, ptus five-eighths of one percent (Q.625%). If this requirod net yield is not available, the Note Holder
will det~rmincmy interest rate by using a comparable figure.
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3. Rtductioa of P~iacipal BaVp~~e ~etort Co~rersiat; A~rais~l
~ If the unpaid principal 1 am expated to owe on the Conversion Datc will be graater than the original principal
amount of my loan, the Note HAlder may require an appraisal roport on the ~•aiue of the property describ~d in the
Security Ins~rimcnt. The appraisai report must be preparod by a qualified appraiser chosen by the Note Holder. I will
pay the Note Hofder a rcasonabl~ ~a for this appraisal report.
r Th~ unpaid principal ~I a?n expectod to owe on the Conversian Date oould be an amount groatsr than 9596 of the
appraisal rGport's stated value of the propeny securing my loan. It so, I ca~eot exerc[se tLe CoRrersio~ Optioo roie~ I
p~y tbe Note Holder ae amouot suflic~ent to rednce ny ~paid priacipal to a~ at~on~t eqnal to 9596 of t~e stated ~~e of
r t~e pro~erty.
Determinatiou of New Payaaent Amo~mt
If I choose to extrcise the Convtrsion Option, the Not~ Holder will determine the amount of the monthly payment a
that would be sufficient to repay the unpaid principal I am ezpected to owe on the Conversion Date in fuU on the maturity ~
date at my new fixed interest rate in substantially equal payments. The result of this calculation wiU be the new amount
of my monthly paym~nt. Beginning with my first monthly payment after the Conversion Datc. I will pay tbe new amount ~
as my monthly payment until the maturity date.
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B\,~RANSFER OF THE PROPERTY OR A BEtiEF'[CIAL INTEREST [N BORROWER
If Borrower exercises the Conversion Option under the Note as stated in Section A of this Addendum To Adjustabie
Rate/Graduated Payment Ridcr, the amendment to Uniform Covenant 17 of the Socurity Instrument containod in the
Rider shall cease to be in efi'ect, and the provisions of UniCorm Covenant l7 of the Security Instrument sha!! instead be in ~
eff'ect, as follows:
Trar~ster oi the Property or s iiene~icial [nterest iA BoROwer. If ail or any part of thc Propcrty or any intetesi in it is
sold or transferrcd (or if a beneficiai interest in Borrower is sold or transferrod artd Borrower is not a natural person)
without Lendcr's prior written conscnt, t~cnder may, at its option, rcquire immediate payment in full of all aums socured
by this Sccurity Instrumtnt. Nowev~r, this option shall not be exercised by Lender if exercise is prohibited by federal law
as of the datc of this Security Instrument.
FlXEQ RATE OPTION ADOE~IDUM ISEt~JRITY Ml~TFiUAAENT)-1 Y~+~r Trwu~Y Yid~x--Sr~gle Famly-FarMiN MM ll~cn~ In~trt~M
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