HomeMy WebLinkAbout0997 ~ ~ ~f I ~l/
" , r~~_~ 'i~iF~
(i) by the Conversion De~te, I must pay all required recording fees,
intangible taxe$, documen~ary stamps or o~her third party fees and
charges to effect the co~version.
2. Calculation oE Fixed Rates
• ~ My new, fixed interest rate will be equal to the Federal [~me Loan
Mortgage Corporations ("Freddie Mac" or "F'HLMC") required net yield for 30-year,
fixed rate mort~gaq~s covered by 30-day mand~tory delivery catmitme~ts in effect
as of the Conversi~ Date, plus three-eighths of one ~rcent (.375$). If this
required net yield is not available, the Note Ho~der will detexmine my interest
rate by usfng a ca~arabla fig~re. .
3. Deternnination of new Pa~nnent Amount: ~
If~I choose to exercise the Conversion Option, the Note Holder will
deteYmicie the amount of the monthly payment that would be sufficient to repay
the unpaid prir~cipal Y am expected to owe on the Conversion Uate in full on the
maturity date at my new fixed interest rate in substantially equal payments.
? Tfie result of this calculation will be the new amount of my m~nthly payment.
~ Beginning with my first monthly payment after the Conversion Uate, I will pay
~ the new amount as my mon~hly payment until the maturity date.
~ B. TR~INSFER OF TEiE PRaPERTY OR A BENEFICIAL .INfl'EREST IN BORRpWER
;
~
If Borrawer exercises the Conversion Option under the Note as stated in
Section A of this Addendun to A~djustable Rate Rider, the ~nenciment to Unifonn
Cavenant 17 of the Security Instnment contained in the Rider shall cease to be
in effec~, and the provisions of Uniform Covenant 17 of the Security Instrument
shall instead be in effect, as follaws:
Transfer of the Property or a Beneficial Interest in Borrower. If all or
any part ot the Propetty or any interest in it is sold or transfe~ed (or if a
beneficial interest in Horrawer is sold or transferred and Borrcywer is not a
natural.person) without Lende~'s prior written consent, Lender may, at its
option, require imt?~diate payrnent in full of all suns secured by this Security
Instrument. However, this option shall not be exercised by Lender if exercise
is prohibited by federal~law as of the date of this Security Instrument.
If Lender exercises the option to requi~e imnediate payment in full,
Lender shall give Borra~er notice of acceleration. The notice shall provide a
period of not less than 30 days frcm the dat~ the notice is delivered or mailed
within which Borrower must pay all suns secured by this Security Instnment. If
Borrvwer fails to pay these sums prior to the expiration of~this period, Lender
may invoke any renedies permitted by this Security Instnanent withc~ut further
~ notioe or demand on Borrawer.
s C. FAILURE Z~0 CEi006E OONVERSION
If I do not, at least 30 days before the last possible Conversion D~ate
specified in Section A1 abave, give the Lender written notice that I choose to ,
convert my adjustable rate interest payments to fixed rate inte~cest payments and
' do the other things that I must do under Seciton A above, within the applicable
ti~nes specified in such Section; I will no longer have the right to choose a
, oorrversion fran the adjustable interest rate to a fixed interest rate.
~ By signing belaw, Borrawer accepts and agrees to the te~ms and covenants
contained in this Addend~.~n to A~djustable Rate Rider.
. cs~)
8orraw~r LEON T. BOSMANS
~ . . FAI.)
- Co-Borraw~r SUSAN E. BOSMANS
" sszzo2
~ .
.
~ ~Nn ~~e Tr*t ~ r~~~~~t ~ 'gj ~0 ~31 . 0 R 5U0 PAGE ~7~.7U
' ~ 800K
, r~ r,-- ;
. . • Pr. ~T ~t.~.. ....~,.E OOUC~~rs~ ; ~ , ' . '
St. Ll; . . _ .
- ~