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ADDENDUM TO ADJUSTABLE RATE/GRADUATED PAYMENT RIDER I
(Fixed Rate Convers~o~ Option)
TNIS ADDENC)UM TO ADJUSTABLE RATE RIDER OR GRADUATEO PAYMENT RIDER is me<le th~s 30 day uf
March . t9 88 , and is ~ncc~ipoiated ~nto and shall be cleemed to amend and supplement the Ad~ustable Rate R~der or
i;raifuated Payment R~der (the "R~der"? to thr_ Mortgage, Deed of Trust or Secunry Derd Ithe "SPCUnty Instrument"I, each dated the
,.~me date as th~s Addencium and g~ven t~y the unders~gned (the "Borrower") to secure Borrower's Adjustable Rate Note or Graduated
P;~yment Note, with Addendum To Adjustable Rate'Graduated Payment Note, to
UUVAL FEDERAI. SAVINCS AND LOAN ASSOCIATION OF JACKSONVILLE Ithe "Lender"?
,nc1 dated the same date as th~s Addendum (the "(Vote"I, covrnng the property descr~bed ~n the Security ir~strument and loca±ed at
1541 Empire Str~et, Port St. Lucie, Ftarida 34983
jP~C(~rri~• Add+,rts; ~
ADUITIONAL COVENANTS In d~id~hun to the covenants and aqr~ements maeie ~n the Sect~niy Instrument and the R~der, ~
H:,rrower and ~ender fur,her covenant ~nd agree as tollows
1. FIXED INTEREST RATE CONVERSION OPYION
The Note prov~dc s for the Borrower's opt~on to convert from a:~ aci~ustabl~r ~nterest rate to a f~xed ~nterest rate, as fo!lows
(A) Option to Convert to Fixed Rate
I have a Convers+on OPt~on wh~ch I can <~zerc~se i;nless I am ~n cletault or th~s Sect~on 1 IA) ~v~ll not perm~t me to cto so. The
C~nv~rs~on Opt~on" ~s my opi~on to convert the ~nterest rate I am rr~qu~red to pay by Ih~s Note trom an ad~ustal~le rate w~th ~nte~est
~.it~ iuT~~ts !o the t~xed rate calculatr.d un:ier Sect~cn 1(BI tu~lo~4
The conver;~on can only iake piecr on a c:ate S{,ec~t~ed by the Note Holder ~fur~nq the period heginning an the f~rzt chdnge da[e
a-xi endi~g on the frfth Change Qate. Each <fate on wh~ch my ad~ustable interest rate can com~ert to the new f~xed rate ~s ca~ied the j
Convers~on ~ate." ~
It i wa«t to ~'XPfC~SP the Ce~nv~rrs~on Opt~on, I mi~st f~rst meet certa~n cond~t~ons. Those Condrt;ons ar2 that i:l I must g~ve the '
~~~~te Hoider nohce that I v:ant to da so, I;~j c,n the Conv.nrs~o~7 Date, I must not be :n default Lnder the Note or the Secunty ~nstru j
~~.•nt, (~~~'r bY a date sp?c:f~ei1 by the (~iote Holder. I mi:st pay the Note Halcfer a conv~rs~on fee equal to Q__ _______1 O ~~i ot ;
•r,~ or~y•r.ai prmapal of lh,s Note nlus U S 5 25~.00 and (,v1 ! must s~gn dnd g~ve the Note Holder any document, ~
.•r flote Hnld?r requ~res to ?f'ec! ihf~ ccinversic~n
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(B) Calculation of Fixed Rate i
h1y new, f~xe,l ~nterest rate tir~ll t~ eq;:e, te th~~ Fecie~a~ Nat~onai ;lnrtqaye AsSnc;at:on's re(~UifP(~ ,iet y:eici as of a date and t~me of
i:i; sperf,ecf by the Not2 Holcler !or j;f the or~quiat term of th;s N~rte ~s qreater than 15 years. 30-year f~xed rate mortgages covered
; appl~cable 60 day mandatory cfel,very comm~tmrnts, pfus seven e+qhths o! e~ne ~rcentage po~~t 10.875~), rouncfed to the nearest
.r;yh;h of orte p?rcentoqP po;nt (0 125 c1, ~r i~~i :f the or,y~« al term c~f th,s ~lote ~s 15 years or less. 15-year i~xed rate mortgages
~~vered by appl~canle 60 day mandatory del~very comm~tmrtnts, plus ser•cn e~qhths of one percNntage po~nt (Q875 =.1. ~ounded to the
! ~•a~es~ cne e;gh;h of one ~>ercentaqe po~nt (0.125 ` 1 If ih~s ~v~lu~red net y~~~it1 ca~nnt t>e rieterm~ne~! beca~se the aPOI~Cdble commit- '
I ~~~}ts are not dva:lab!r, the Note Holder ~:.~{I drie'tfTl~r~~• rtt•1 nt~'r~~St rat• by ut;r,y ccrnparabie ~nformai~on. I
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~ (C) New Payment Amount and Effective ~ate
~
I~ I chno;e io exe~C:se th+• Cc~ri,;e!i~on ~~i(~rin, ~he N~!ir ti~~1.1?~ ti•„li i1~•h~rm;r,r. *,he amr;imt ~t th~ monthiy peym:>nt that v:ouid k~e
c:ent to r~E~ay ?h~• unprd Fir•nc pal I arr~ ~x~x~cted i~ n•.•.P t~n ,he Contie{s~c;n Ddte ~n fesU on the matunty da[e at my ne+v f~xed
'~~~~'S~ rdlB ~f~ SuhSld~tj~d~ly .'tj'.id~ pdy~~li~'~t(S Thn rrgulT Of Ih~S fd~CUidl~(i.^. Wsll [W th.' +~Nw amount of my monthly paymer,L BP9~nn~~1C]
rr, my t,r5i mr~nthi•; peym~~nt attr•r thr• (;~~n,crs;~~n Date, I:~nil ;~ay thr~ new amount as my mpninly paymant unLl the maturity ddte.
~ 2 TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROYYER
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€ If Borru.v«-r t~r.~•rus~~s th+= ConLers:-,n OPt~on ur.der the N~te as stated :n Sec.hon A oi th~s Adcfendum To AC~Ji/SId~)iP Rate
~ ,•ecfuated Paymer~t R+~1?~, thv am~ndment to U~~~fprm Covenant 17 of the Sf'CU~ity Instrt~meni can?a:ned in the R~der shd~~ ceaie to
~ n rff?ct, end thr prov~s~ons t>f Un~forrn C~~~•enant 17 ot the $ec.u~~ty lnstrument Shdll ~nsteatl tW ~n effect. as follows
~ T?ansfer of the Propeity or a f3eneficiai Interesi ~n Borrower. If atl or any pa~t ot the Property ar any ,nterest ~n ~t ~s soid or trans
~ in. ~,i ~~,.~nF~f~:C~.3~ :r1I?:•r51 :~l gcl"O.Y~tr :S SOIf~ O• itdflSfBrr~f~ d~'ld BC~!i0`.tiPr iS r1Q2 o naturdl ~!riOn) withoui Lender's ~r~or wrrtten
~ •~,~~;.•nf L~n,1e~ may, dt ~tt o~~T.rin, r«>r~u~rv ;mm~•rl.dte' payrn~tnt ~n }t;ll nf efl iums s?c:ure~1 by th+s Security ir.strument. Ho:vever, ttns
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~ .~•.nn s~~d!' ^o! :W ~•xs•rr i•°rf hy L~nr1~., ex:~rc ,sr S Pr~ih~b tt~!1 by fY~ierat la~i as of ~Izv rfate o} this Seturi!y Inst!:imen;
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~ If Len~fer ~rxerGS~s ;h~S oph~in, Len.le~ Shel{ ~,~e 8orrt~wer not~Ce nf acceieraLOn The noSiCB Shalf prOV:de a p?r~pd of noi irss
~ 'nan 3O days from ihe :fate th~ nut,c~ ~s ~f~•f~:?red o! ma~ieci vrth~n ~ohiffl BUflOWP.7 must pay alI sums secured by th~z Secuntv Insiru
E '•~~~t If Br~rr~~:r~~ fa:ls to pdy ihe;N Sums ;»>or to th~ ?xp ~ai~On of Th~s t?F'{~od, Lerder may invoke any remed~es pe~m~Ited t~y th~5
,•~~.~~~~ty Iri~Uum+rr~ .v }hr~!,t f.r',h~tr r0[ C° O~ ~;~~mdncl Un g~rr;~w;•r
BV S~GNING E3E LU4':, B~~•'~i..~~~ arcrpii d;~~1 eqr~•••S `hr~ r.•rrn~ dnrl C;:v~~:~en!s Cuntd ned ;n t~~s A~;den~lum To Adjus±ab~e Rdi<
' '~~aduated Payment R:rtPr
i ti I S I.L'STKU'iE ~T PREPARF:U BY :
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;)L'~'~U. FEDERAI. Sr\VIti(;S t~ LaA` ~ -~1~ iSea11
t vSU ~ustralian Avenue, Sui[e 1()U
'~est P:~lm Beach, FL 334U1 Richard P. Hall ~«"~~~C'
$ RE-REC;ORD '8g ,~,q. 11 A10 :32 ~ ~ ;
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$t. luc~e Cou^ty ~ 9U2bE~3 - ~s~a~~
i f . Sha ron F. Na 1 1
FIxED RATE OaTION ADOENDUM ISECURI~Y; {f~9T~tJTNENTI-1 Vear Trs~sury Ind~a-5 ~ y:~ Fa'*~ ,
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