HomeMy WebLinkAbout0945 ~ 1+ . ~
G. BORROWER'S OP'PION TO CONVERT
Borrower may, at Borrower's option, modify the repayment terms of the indebtedness secured hereby on the first Change
Date. At that time, Borrower may convert the Adjustable Rate Loan evidenced by the Note into a fixed interest rate loan to
be i~lly repaid in equal monthly payments of principal and interest over the remaining term of the loan.
H. LENDER'S NOTICE TO BORROWER
Lender's "Notice of Changes" to Borrower pursuant to paragraph 4(E) of the Note given prior to the first Change Date
sha11 also contain the following additional information pertaining to Burrower's option to convert:
(i) the fixed interest rate payable by Sorro~•er if 8orrower converts into a fixed interest rate loan;
(ii) the amount of Borrower's new monthly payment at the fixed rate of interesr, and
(iii) a date, not more than 15 days from the date the notice is gi~-en, by ~~•hich Sorro~~•er must exew:ute ar.d deliver to Lender
a daument in the form requirecl by Lender e~~idencing the moditiration of the Note to provide a fixed interest rate.
L SELFCTION OF FIXF.D INTERFST RATE AND MONTHI.Y PA1'MENT ADJUSTMFI~T
Lende~ shal[ set the fixed rate o! interest pati~able by BorroHer at a rate identical to the sun~ of' the Federal Home Loan Mon-
gage Corporation's Required Net Yield loc GO-da}~ acliver}~ of 30 year, tixeci rate mortgages available 45 days prior to the
first Change Date plus threc-eighths oi~ one pcrrent (.375°'0). If no such Rec~uired Net Yield is available. Lender will detcr-
mine the fixed interest rate b~• using a comparable figure. The nc~~~ fixed interest rate ~rill be~:ome effeetive on the first
Change Date if Borro~•er choo~es to ron~~ert to a ti~ecl interest rale.
Borrower's monthly payments at the neH ~red interest rate will begin as of the f rst monthly payment after the first Change
L~~te. The manthly payment w•ill be the amount that is necessar~~ to repay in fult the principal BorroH•er is expected to owe
on the Change Date in substantiaily equat paymems by the maturit}~ date at the fi~ed interest rate.
: J. BORROWER'S ELF:CTIO~i 1'OT TO CO~Vl~:RT
Borrower must execute and deli~~er ro Lender the document e~~idencing the mociifiration of the Note ithin the period set in
Lender's notice as provided in paragraph N abo~e. If f3orro~ser does not do this Kithin the s~ifieci date, Borro~~er can no
longer exercise the option to com~ert. In thiti rase, the terms of Borrow•er's Note ti~ill continue in effert ~rithout any change.
~ K. EFFEGTIVF:NF.SS Of' PROV[5t0\S '
Upon Borrow~er's deli~~er~~of the e~eruted mo~iifi~atic~n to the !~ote, paragraph A aho~e ~hall rease to be effective.
I~ w'i~~F.+~ W'FiFH4.~~t, B~rrower hati executed Ihis C'onvertible AitM Rider.
•~-u -2... . . ...1~'v~
.........................(Sea!)
RODGE bf D -Borrower
. -.i!~~~ ..................(Seal)
EVEI.YN J 410pD -Barrawer
..............................................................................................(Seal)
- B~rrower
ISign Original Only)
~~tV
~ ~P 13 A6 :54 ~
frtEO -.,,e~
R ER Poiir~:;.,. °~_~~x
, ~ S . LUCIE CUUNT ~L.
. ~
BOOK 47(~ PAGf c7~~
- ..~.w.~.._ . . . _
- _ _ : _ . . _
. . _ . .
_ ~ m ~r_ ,r_