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Home My WebLink About0954 If i w~nt to exerc33a the Conv~rslon Option, ! must flrst meet certain conditiops, Thos~ cop~itipns aro that: (i) ~ .,.r 1 must give the Note Holder notkx ttu~t i want to do w; (i1) on th~ Conversion Dstte~ ~ must not b~ irt default under ~ the Note or the Security Iastrumentt (iii) by a date s'fiod by thc Note Holdcr, l must pay tbe Note Hotdec a conve~sion fee oqwit to U.S. ~ 100.00 ; and (iv) I must sign and give the Note Holder any documents the Note Hotder requt~ to effect tha convers~on. , . te) C~fcnbaos o! Fiud Rsee' - My ncw, fixed inter~at rate wip be equal to the, Federal National Mortgage Association's roquirod net yietd as of a datc and time of day apecifted by the Notc ~iolder foc (i) if the original term of thls Notc is grcater than iS ycars, 30-ycar fixed rate mortgagcs covered by applicabla 60-day mandatory dettvery commitments, plus five-eighths of on~ ~ percerttage poIrtt (O.bZS~fr}, roundod ta the nearcat dn~eighth of one ~ercentage poiat (0.125l4r). or (ii) {f the original term of thIs Note is 1S yrars or less~ ]S-year f~xaf rate mortgages covered by appiicabl~ 6Q-day mandatory dclivery comm~tments. plus five-elghths of one percentage point (0.62~li)~ roundod to the nearest ane-eig,hth of one percxntage point {0.125li). If this required net yield cannot te determincd becausc thc appiicable commitments are not available, - the Note Nolder wip determino my intercst rate by using comparable informatit~n. tCl New P~yme4! Amoanl ~ad El~ectlve D~te If I choose to exercis~ thc Conversion Option. the Note Halder wlll determine thc amaunt of thc monthly payment that would be suf~icient to repay the unpald principal l am expected to owe on the Conve~sion Date in full on the maturit~r date at my now !'ixed interest rate in substantially equai payments. The result of thIs calcutation wili be the new amount vf my monthly payment. Beginning with my firsi monthty payment aftcr the Conversion Date~ i wili pay tha new amount as my monthly payment until the maturity dat~. ~ C. TRANSFER UF TNE PROPERTY OR A BENEFICIAI. INTERI~:ST IN BORROWER 1. Until Borrower exercises the Conversion Option uader the conditions stated in Stetion B of this Adjustabte - Rate Rider~ Uniform Covenant 17 of the Socurity Instrument is acitended ta read as foltows: Tnnsitr oi the Pwperty or a Beuettcial [ateresl in Bortowe~. If all or any part of the Property or any interest . in it is sold or transfened (or if a bencCdal interest in Ho~rower is sold or transferred and Borrower is not a natural person) without Lender's prior written-conseat, Lender may, at its opiion, require immediate payment in fuU of all sums secured by this Sccurity Instruraent. However, this option shall not !x exerases~ by Lender if exercise prohibited . by federal law as of the date of this Security lnstrument. Lender also shall not exercise this option if: (a) Barrower causes to be submitted to Lende~ information required by Ltnder to evaluate the intended tranaferee as if a new loan wtre being made to the transferee; and (b) Lender reasonably dttermines that`Lendcr's security wiil not be impaired ~ by the loan assumpuon and tt?~t the risk of a breach of any covenant or agreement in this Secur~ty instrument is ` acceptable to Lender. To the extent permitted by applicablc law, Lender may charge a reasonable fce as a condition to Lender's consent to the loat~ assumption.. Lender may alsa require the transferee to stgn an assumptton agrcement that is aoceptable to Lender and that obGgates the transferee to keep a!t the promises and agreements mad~ in the Note and in this Securiry Instrument. Borrower will continue to be obtigated under the Notc and this Secnrity Instrument unless Lendcr releases , Bonower in writing. lf Lender exercises the option to reqnire immediate payment in futl, Lender shall give Bonrower notice of acceleration. The notice shal! provide a period of Aot tess than 3Q days t'rom the date the notice Is delivered or mailed within which Bonower must pay ali sums secured by this Security Instrume~tt. If Borrower fails io pay these sums prior to the expiration of this period~ Lender may invoke any remedles permitted by this Sexurity Instrument without ~ further notice or demand on Bonower. 2. If Bonowcr exercises the Conversion Option under the canditions statod In Sectiun B of this Adjustable Rate Rider. the amendmenf to Uniform Covenant t~ of the Security Instrument contained in Section C t above ahall then cease to be ia tffect~ and the provisions of Uniform Covenant l7 of the Security instrument shall instead be in effoct, as follows: Trasifer oi tbe Ptoperty or s~ Beattidai later+rsi ta Borrower. If a!1 or any part of tt~e Property or any interest in it is sold or transfcrred (or if a beneficia! intertst in Borrower is sold or transferred and Borrower is not a natural . persanj withoat Lender's prior written constnt~ Lender may. at its option, require immediate payment in fuU of a!1 sums securod by thes Security Instrument. However, this option shall not be exer~ised by Lrnder if exercise is prohibited by federal law as af the date of this Security Instrument: If I.ender exercises this option, LeRder ahal! geve Honower nfltia of accekration. The notice shall provide a psriod of not less than 30 daya trom ihe clsie the notia is deGverod or mailed _within which Bonower must pay all sums sawred by th~sSecurity Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permittod by this Security Instrument vr~thout further notice or dernand on Botrower. BY SIGMNCi BEI.OW, Burrower accepts and agrees ~o the terms and covenants contained in this Adjustabl~ Rate Rid~r. . B~~~G?i~,c7 - ~ '87 QE~ -1 P 2 ~36 . B°!`°'"" ' _ ~ ~ j . FIL , _ . , , 00~: ` H~pts. F. ~ ST. ` ~ ~ , ! PLEASE RETURN T0: . Borrwrar ' TREI?SUItE COAST ABSTRACT & TITLE INSURANC'P C0. ~ ~ ; vtA CouRTxous$ sox R~~j' ppGE 9~ ~ (1'SL 1~II,E ~ 4585 Ti) ~ $QQ~( . , _ ~ , __s., - _ , : . _ • . < _ • ~ - ;a_ - ~ ---------_-----c----_.,. . . _ .r------_.,~_. - : . _ - . _.:...4_.. . ~g., _ _ _ _ . . ~