HomeMy WebLinkAbout0928 MDFNUUPt TO ADJUSTABLF. RATF. RIDF.R
• (Fixed Rate Conversian Option)
TtIIS ADA i0 ADJUSTe1BLE RATE RIDER is made this f~T day of
FEBRUARY r~~ , 1988 , and is incorporated into and shall be deemed to
amend and sup lement the Ad~ustable Rate Rider to the Mortgage, Deed of Trust or
Security Deed (the "Security Instrument"), each dated tt~e same date ns this
Addendum and given by the undersigned (the "Borrower") to secure Borrower's
Adjtistable Rate Note (the "Note") to INDIAN RIVER FEDERAL SAVINGS BANK, (the
"Lender") and dated the same date as this AddendLm covering the property
described in the Security Instrument and located at:
XXX DRIFTWOOD STREET, PORT ST. LUCIE, FLORIDA 34984
~Yroperty Addressj
ADDITIONAL COVENANTS: In addition to the covenants and agreements made in
the Security Instrument and the Rider, Borrower and Lender further covenant and
agree as follows:
A. FIXF.D ItATE OPTION
The Note provides for the Borrower's option to convert from an adjustable
interest rate to a fixed interest rate, as follows:
1. Option to Convert to Fixed Rate:
I have a Com~ersion Option which I can exercise unless I am in default or
this Section A1 below will not permit me to do so. The "Conversion Option" is
my option to convert the interest rate I am required to pay by the Note from an
adjustable rate to a fixed rate.
The conversion can only take place on the first day of the month during the
fifth through the 25tn month following the date of this Addendum on which my
interest rate can convert from an adjustable rate to a fixed rate. Each date on
which my interest rate can convert from an adjustable rate to a fixed rate is
called a"Conversion Date." I can convert my interest to a fixed rate only on
one of these Conversion Dates.
If I want to exercise the Conversion Option, I must first meet certain ~i
conditions. Those conditions are that: 1
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(a) I must give the Note Holder written notice that I am doing so at . ~
least 30 da~rs before the next Conversion Date that;
(b) On the Conversion Date, I am not in default under the Note or the
Security Instrument;
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(c) On the Conversion Date if a Construction Loan Agreement was made
' a part of the Security Instrument, all terms and conditions of that
agreement applicable to the Owner and Contractor, must be satisfied;
(d) On the Conversion Date, at the request of the Lender, I must
provide at my expense a Satisfactory Completion Certificate prepared by a '
qualified appraiser chosen by the No[e Holder evidencing the satisfactory ~
completion of buildings, improvements and property repairs; ~
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(e) On the Conversion Date, I(the "Borrower") and the security property i
must qualify according to the requirements, on the Conversion Date, as set
forth by the Federal Home Loan Mortgage Corporations ("Freddie Mac" or
"FHI,MC") for the fixed interest rate program then available under this
option;
(f) 30 days prior to the Conversion Date, I must pay the Note Holder a
conversion fee of U.S. ~100.00;
(g) Ey the Conversion Date, if the unpaid principal I am expected t,o pay
will be greater than the original principal amount of-my loan, I znust pay the
Note Holder an amount sufficient to reduce r~y unpaid principal to [he
original amount of my loan;
(h) Within ten (10) days of the Conversion Date, I must sign and deliver
to the Note Holder a modification of the Note and any other documents and
information the Note Nolder requires to effect the conversion; and
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