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Home My WebLink About0992 of this Note. ZYiis rounded amount will be my new interest rate until the next Cha~ge Date. Zt~e Note Holder will then c3etermine the mrount ot the monthly payment that would be sufticient to repny the prir~cipal I am expected to owe at the Chai~ge Date in full on the maturity date at my new interest rate in substantially equal payments. The result of this calculation will be the new airount of ~y nnnthly payment. (D) Interest Rate Caps Tt~ere is a maxim~m limit (up or ~ow~) on interest rate charges at any one time, as well as a maxinum limit (t~ or down) on interest rate charges over the life ot the laan. These rate caps work as follows: The maxim~n interest rate char~ge or down) at artiy Char~ge Date is t~ao perc~tage points (2~) above or belaw my interest rate for the precedir~g three (3) year period. T~e maxim~m limit on interest rate ir~creases or decreases over the tecm of my loan is f ive percentage points f Si) above or below my initial interest rate of 10.75 per cent per annum. (E) Effectiv~e Date of Charges My new interest rate will become effective on Each Charige Date. I will pay tt~e amount of my new monthly payment beginning on the f ir s t cronthly payment date af ter the Chang e Date unt il the amount of my rmnthly payment charges again. . (F) Notice of C~anges The Note Eblder will deliver or mail to me a notice af any char~ges in my interest rate and the amount of my m~nthly gayment before the effective date of ar~ change. Tt~e notice will include infotmation required by law to be giv~en me ar~d also the title and teleQhone nurnber of a person who will answer ar~y ~ question I may have regarding the notice. i B. CONVF.RSION TO FI7~D INT~RFS~ RAZE ' Zhe Note also provides the Borrower an option to convert the E adjustable rate loan into a fixed interest rate loan as follaws: "`s ~ 5. UDNVE•RSIOt~I ZO FII~ INTER~ST RATE i ~ (A~ My Option to Convert Provided that: (i) my loan is in good standir~g and I am not in default ur~der any of the teims, covenants or conditions of this Note or the t~ortgage of the same date given by the ur~dersiqned to LerxiEr in connection with this loan, secured by certain real ~ property situate in st. Lucie O~unty, Florida, as more ~ ~rticularly described ~n the Mortgage, (ii) my loan has not been delinquent more than one time in the previous tw~elve ~ months, and (iii) the outsta~dir~g prir~cipal balar~ce of my loan ~ does not exceed tt~e maxinum loan airount bein~ aocepted by the F~deral National Mortgage Association on single-family ~ properties in Florida at tt~e time ot conversion, then on the f irst day of any m~nth during tt~e tet~na ot my loan~ I may oonvert ° the adjustable rate loan evidenced by this Note into a fixed interest loan to be fully repnid in substantially equal monthly ~ payments of prir,cipal and interest over the remainin~ term of ~ the loan. Each date as ot which I can choose to eonvert my loar~ ~ into a fixed interest loan is called a"Conversion Dnte.' ~ ~ (B) Fiees for Cbnversion and Haw to Qonvert ~ ~ If I ch4ose to vonvert, then, on a date not more than thirty ~ (30) days, but at least titteen days beLore t.he Cbnversion Dnte ~ on which I aia requesting that the conversion into a lixed interest loan will be effectiv+e (the 'Etfective O~nversion ~ Date") , Note ~lder nust receive a oa~leted conv+eraion request ~ • -z- :~,K 4~8 P~~f 9~~ ~ - ~ ~ : ~ . ~ r ~ = 'r~ '~~~.~is~:~~,;.~;~~~~~s_~-~~~~,~'~~~~~