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G. BORROW~t'S OPTION TO CONVERT
Bonower may, at Borrower's opcion, modify the repayment terms of the indebtodness seeured hereby on the first Changt
Date. At ~hat time, Borrower may convert the Adjustable Rate I.oan evidenad by the Note into a fixed intenst rate loan to
be fully repaid in equal monthly payments of principal and interest over the remaining term of the toan.
H. LENDER'S NOTICE TO BORROWER
Lender's "Notice of Changes" to Borrower pursuant to paragraph 4(E) of the Note givcn prior to the first Change Date
shall also contain the following additional information pertaining to Borrower's option ta convert:
(i) the fixed interest rate payable by Borcower if Borrower converts into a fixod interest rate loan;
(ii) the amount of Borrower's new monthly payment at the fixed rate of interest; and
(iii) a date, not more than 1 S days from the date the notice is given, by which Borrower must execute and deGver to L:ender
a document in the form required by Lender evidencing the modification of the Note to provide a fixed interest rate. ~
1. SELECI'ION OF FIXED INTEREST RA~1'E AND MONTHLY PAYMENT AD]USTMEhT
Lender shall set the Gaed rate of interest payabie by Borrower at a rate identical to the sum of the Federal Home Loan Mort-
gage Corporation's Required Net Yield for 60-day delivery of 30 year, fixed rate mortgages available 45 days prior to the
first Change Date plus three-eighths of one percent (375~10). If no such Required Net Yield is available, Lender will deter-
mine the fixed interest rate by usir.g a comparable figure. The new Cxed interest rate ~a~ill become eff~.tive on the first
Change Date if Borrower chooses to convert to a fixeci interest rate.
Borrower's monthly payments at the new fixed interest rate will begin as of the first monthly payment after the first Char_ge
Date. The monthly p3yment will be the amount that is necessary to repay in full the principal Borrower is expected to owe
on the Change Date in substantially equ~l payments by the maturity date at the fixed interest rate.
J. BORROWER'S ELECTION NOT TO CONVERT
Borrower must execute and deliver to Lender the document evidencing the modification uf the Note w~ithin the period set in
Lender's notice as pro~ ided in paragraph H above. If Borrower does not do this within the specified date, Borrower can no
longer exercise the option to convert. In this case, the terms of Borrov?•er's Note will continue in effec:t without any change.
K. EFFECTiVENFSS OF PROVlSIOtiS
: Upon Borrower's deliver}• of the executed modification to the Note, paragraph A a~ve shall cease to be effecti~~e. ~
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I\ WITVF_~ti WNF:RF:I)F, Bc~rrower has execuled this Convertible ARM Rider. ~ !
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% , . . ...................................(SC3~)
~ -Borrower
KENNET POC '
..............~---............(Seal) ~
• Borrower a
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~ SHERRY C. POCSI -Bo«o~~ ~
~ (Sign Original Only)
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F 69~'28
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~ '85 MAR 21 P 2 ~40
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. ROGER F~: ~ ~ .
ST. LUC!E C ~ ~ _ :
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