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' (Fixed Rate Corneicsion Option) •
' THIS ADDENDUM TO ADJt)STABLLa RATbI~ ~pER ia made this day o~
SEPTF~MBER ~ 19 , and i~ ii~cdrporated into and s a deesned to
amec~d and supplemen~. the
A~u$table Rata Rider to the Mortgage, Desd of Trust or
security Deed (the "Securfty Tnstrunent"), each dated the sane date as this
Addendun and given by the underaigned (the "Hoicraaer") to secure Borrvwer's
Adjustable Rate Note (the "Note") to INDIAN RYVER FEDERAL S~VINC~S BANKi (the ~
. "Lender") and dated the same date as this A~cldendun oovering the property
described in the Security Instrument arid located at: _
XXX DeGOWEA TBRRACE PORT ST. LUCIE FL 34983
~ Property ress •
14DDITIONAL CONCNANTS: In addition to the covenants and agreanents made in
the Securfty Instrument~and the Rider, eorrower and I~ender further covenant and
agree as follaws: •
A. FIXED RATE OPTION -
The Note provides for the Borrawer's option to convert fran an adjustable
~ ir?terest rate to a f ixed interest rate, as foll.ow3:
1. tion to Convert to Fixed Rate:
I have a Conversion Option which I~ can exercise unless I am in default or
this Section A1 belaw will not pern?it ~ to do so. The "Conversion Option" is
my option to oonvert the interest rate I am required to pay by the Note fran an
adjustable rate to a fixed rate.
~e conversion can on2y take place on the ffrst day of the month during
the fifth through the 25th month following the date o£ this Adderxiun on which my
interest rate can oonvert fran an adjustable rate to a fixed rate. Each date on
which my interest rate can oonvert fran an adjustable rate to a f ixed rate is
called a"Conversion Date." I can convert my interest to a fixed rate only on .
one of these Cornersion Dates..
I .
; If I want to exercise the Conversion Optior~, I must first meet certain
f conditions. Those corxiitions are that:
i (a) I must give the Note Holder written notice that I am doing so at
least 30 days before the next Conversion Date that~
(b) On the Cornersion Uate, I am not in default under the Note or the
Security Instrument; - '
tc) On the Canversion Uate i£ a Construction Loan A~greement was made
a part of the Security Instnunent, all terms and oonditions of that
agreement applicable to the Owner and Corttractor, must be satisfied; ~
(d) On the Conversfon Date, at the request of the Lender, I must
provide at my expense a Satisfactory Cunpletion CertiEicate prepared by a
qualified appraiser cho~en by the Note Holder evidencing the satisfactory
aanpletior~ of buildings, fmpravements and property repairs;
(e) On the Conversion Date,.I (the "Borrawer") and the security property
~ must qualify according to the requirements, on the Conversion ~te, as set
forth my the Federal Hane Loan Mortgage Corporations ("Fredd~e Mac" or
"FHIMC") for the fixed interest rate progr~n then available under this
~~F
:r:'r:- . . . . OptiO(l; .
.+~'f'•'~""'' . . - . _ - - . - - . • .
(f) 30 days prior to the Conversion Date, I must pay the Note Holder a
conversion £ee of U.S. $100.00;
, (g) ay the Conversion Date, if the unpaid principal I aan expected to pay
~ will be greater than the original principal amount of my loan, Z must pay
~ the Note Nolder an anaunt sufffcient to reduce my unpaid principal to the
original amount of my loanf
<
(h) Within. ten i10) days of the Conversion Uate, I rcwst sign and deliver
to the Note Holde~ a modification of the Note and any other documents and
.
`t~~~ ~ inforn~ation the Note Holder requires to effect the conversion; and
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~ ~ ~p 995
~ . . BOOK PAGE
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