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Home My WebLink About0667 . ADDENDUI~1 TO ~ 1USTAQLE RATE/GRADUAT ~ PAl'tiiF;~T tiOTE ~ Fi~ed RAte Con?ersion Oplion 1 ? TNIS ADDENDUM TO ADJ.UST/1E3LE RATE NOTC OR GRADUATFD PAY!~1EtiT tiOTE is madc tt~is ~ ~ day of , 19 86 , and is incorporatcd into and ~h:?II bc dccmcd to ~mcnd and cupplcmcnt the djustable Rate Note or Graduated Pavment Note madc by thc undersiEncd (thc "Borrowcr") to FIRST P]ATIONAL Bd1NK AIVD TRUST aON~ANY/St. Lucie County (the "Lender") and datcd the same date a~ ~n~s Adaenaum (the "Nute"). . ADDITIONAL COVENANTS. In addition to thc covcnants and agreemcnts m~de in the Nute, Eiorrowcr and Lcndcr further co~•enant and agree as follows: A. fl\ED INTEREST RATE OPTION 1 1. OpUon to Comert to Fixed Rate - ; a I ha~•e a Conversion Option ~~hich I can exercise unless I am in default or this Section AI or Section A3 below will ~ not permit me to do so. The "Conversion Option" is my option to convert thc interest rate ( am required to pay by the ~ Note ~rom an adjustable ratc to a fixed rate. The conversion can only take place on the third, fourth or fifth Chan e Date. Each Change Date on which my ; interest rate can con~•ert from an adjustable rate to a fixed rate also is called a"Conversion Date_" 1 can conrert my ~ interest rate only on one of these three Comersion Dates. ~ If 1 want to exercise the Convtrsion Option, I must first meet certain conditions. Those conditions arc that: (a) 1 must give the Note Holder notice that I am doing so at least IS days bcfore the next Conversion Date; (b) on the j Conversion Date, 1 am not in default under the tiute or the Sec~rity Instrument; (c) by~ the Conversion Date, I must pay ! the Note Holder a conversion fee equal to one pcrcent (1.O~o) of the unpaid principal I am expected to owe on that ~ ~ + Convcrsion Date plus U.S. S 75.00 ;(d) by the Com~ersion Date, if an appraisal report is requircd by Scction A3 below, the Note Nol~er has recei~~cd the report and 1 have paid the appraisal fee and any amount neccssary to , reduce unpaid principal; and (e) I must sign and give the Notc Holder any~ documents the Note Holder requires to efTect the conversion. 2. Calculstion of Fixed Rate ~1y ncw, fixcd interest ratc will bc cqual ta thc Federal \ational ~lortgage Association's rcquircd nct }~ield for 30- year, fixed rate mortgages covercd b}~ 30•da~• mandatory dcliver~~ commitments in efTect as of thc date ~i5 days bcfore the Com~ersion Date, plus five-ei~hths of one percent (0.625`7~). If this required net ~icld is not arailablc, the Note Holdcr will dctermine my interest rate by using a comparable figurc. 3. Reduction of Principal Balance Betore Con.ersion; Appraisa) If the unpaid principal 1 am expected ~c ow~e on the Conversion Date ~ill be gre~ter than the originai principal amount of my loan, the Note Holder may rcquire an appraisal report on the value of the property describcd in the Sccurit}- lnstrument. The appraisal report must be prepared by a qualified appraiser choscn b~~ the Noie Holder. I will pay the ~lotc Holder a reasonable fee for this appraisal report. The unpaid principal I am expected to owe on the Conversion Date could be an amount grcater than 95`7 of the appraisal report's statcd value of the propcrty securing my loan. If so. I cannot exercise the Con+ersion Option unless 1 pay the \ote Holder an amount sufi'icient to reduce my unpaid principal to an amount equal to 95 `"ro ot the stated ~alue of the property. 4. Uetcrm'srai6~n os '.~lzw Pa~~me~~t A~~unt If I choose to exercise the Conversion Option, the \ote Holder w•ill determine the amount of the monthly pa}•ment ; that W ould be sufficient to repay the unpaid principal I am expccted to owe on the Conversion Date in full on the maturity date at my new fixed interest rate in substantiall~~ cqual payments. The result of this calculation w~ill be the new amount ' of my monthly payment. Beginning with my first monthly paymcnt aftcr the Comersion Date, 1 w~ill pay the new~ amount ~ as m~• monthly payment until the mawrity date. t 5. Transfer of the Property or a Beneficial Interest in Borro~er j If my interest rate is converted to a fixed rate, some of the conditions under which I may be required to make ~ immediate payment in full of all amounts 1 owe under the l\ote, v?~hich are described in the section of the `ote captioned "Uniform Secured Note," shall cease to be in eRect. Instead, some of these conditions will be described as follow~s: i Trsnsfer of the Propertv or a Beneficial [nterest in Borrower. If all or any part of the Property or am• ~ interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrow~er is ~ not a natural person) without l.ender's prior written consent. Lender may, at its option, require immediate ~ payment in full of all sums secured b}~ this Security Instrument. However, this option shall not be excrcised b}~ t Lender if exercise is prohibited b~• federal law as of the date of this Security Instrument. ~ If Lender exercises this option, Lender shall give Borrower notice o( acceleration. The notice shall provide ~ a period of not less than 30 da~~s from the date the notice is deli~~ered or mailed within which Borrowcr must pa}• ~ all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the ezpiration of this pcriod, Lender may invoke an}• remedies permitted b~• this Securi[y Inst~ument w•ithout further notice or k demand on Borrow•er. s ~ ~ B~ Sic;~i~c SFiLO~~'. Burroµer accepts and agrees to tii~ ter:-~s and eo~•en~nts contained in this ~~ddendum To F Ad~ustable Ra~e/Graduated Payment `ote. [ ; ' . ( i ~ _ `t . Gc-vc, . (Seal) ~ , C~'~~5~~~. , . , ` ~ -e.~~?.,,.« . . ~ \ .C[. ~L.......... ~ , ' i r (Se~ll JAN E: 1~'SF.S / -6orroNe? ~ , s f s ~ ( SC3~ ~ x -BJffUMCf ~ ~ ~ (Stal) ~ ~ -Burrowcr F /Sr,qn OriRinal Onl?'f FIXED RATE OPTION ADDENDUM (NOTE)-1 Year Treeaury Index-S~ng~e Fam~+y-Fannie Mae Unitorm tnstrument Form 3256 11 • 84 ~ F~n~aaa~ la. fcvrny'• ium 13?' ~ doox ~7~ ~ fi67 ~v. - ~ ~ - ~ - ~ ,"r°'Q~H~ ~'~x~~~~ '•v:~ w~.. . ~ _