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Home My WebLink About0670 ~ aDDENDUM TO~' DJliSTABLE RATE/GRADU~'"'~D PAY~IE`T RIDER . - 1 Fixcd Rtte Come~sion Option 1 , , ' ' ~ , THIS ADDENDUh1 TO ADJUSTABLE RATE RIDER OR GRADUATED PAY~IENT Ri~ER is made this ~ day of , 19 86 , and is incorporated into and shall be deemed to amcnd and suppicment the ~ Adjustable Rate Rider or Graduated Payment Rider (the "Rider") to the Mortgage, Deed oP Trust or Sccurity Dccd - (the "Security Instrument"), each dated the same date as this Addcndum and given by the undersigned (the "Bor• ; rower") to secure Borrower's Adjustable Rate Note or Graduated Payment Note, with Addendum To Adjustable ~ Rate/Graduated Payment Note, to FIRST NATIONAL BAI~IIC AI~ID TRUST ~'IPANY/ST. Lt7CIE OOLR~TI'Y ( the "Lender" ) i and dated the same date as this Addendum ( the "Note" covering the property described in the Security Instrument and ~ locaced ac: 2181 Bayshore Blvd. , Fort St. Lucie, Florida 33452 ~ ~ ~Propcrty Addresc~ I ~ ~ ADDITIONAL COYENANTS. In addition to the covenants and agrcements made in the Security Instrument and the ~ Rider, Borrower and Lender furthcr covenant and agree as follows: ~ A. FIXED INTEREST RATE OPTION ! The Note provides for the Borrower's option to convert from an adjustable interest rate to a fixed interest rate, as S follows: i ~ 1. Option to Conrert to Fixed Rate i 1 have a Conversion Option which t can exercise unless I am in default or this Section A 1 or Section A3 below will ~ not permit me to do so. The "Conversion Option" is my option to convert ihe interest rate ( am required td~y by the ' Note from an adjustable rate to a fixed rate. j The convcrsion can only take place on the third, fourth or fifth Change Date. Each Change Date on which my ~ interest rate can convert from an adjustable rate to a fixcd rate also is called a"Conversion Date." I can conrert my ~ ( interest rate only on one o! these three Conrersion Dates. j ~ if 1 want to exercise the Convcrsion Option; 1 must first meet certain conditions. Those conditions are that: (a) 1 1 ' must give the ~lote Holder notice that 1 am doing so at least I S days before the ncxt Conversion Date; (b) on the ; Conversion Date, I am not in default under the Note or the Security Instrument; (c) by the Conversion Date, 1 must pay ' ; the Note Nolder a conversion fee equal to onc perceni ( i.09b) of the unpaid principal I am expected to owe on that ; I Conversion Date plus U.S. S 75.00 ;(d) by the Conversion Date, iFan appraisa! report is rcquired by 's ! Section A3 below, the Note Holder has received the report and 1 have paid the aPpraisal fee and any amount necessary to j ~ reduce unpaid principal; and (e) 1 must sign and give the Note Holder any documents the Note Holder requires to eflect ? l the conversion. 1 i ~ ' 2. Calculation of Fixed Rste i My new, fixed interest rate will be equal to the Federal National Mortgage Association's required net yield for 30- ~ ; ~ year, fixed rate mortgages covered by 30-day mandatory delivery commitments in effect as of the date 45 days hefote the ~ Conversion Date, plus five-eighths of one percent (0.625`~0). If this required net yield is not available, the Note Holder will determine m interest rate b usin a com rable fi ure. i i Y Y 8 Pa 8 3. Reduction ~f Principal Balance Before Conversion; Appraisal i ; ~ i If the un a~d r~nci al I am ex cted to owe on the Conversion Date will be reater than the ori inal r~nci al P~ P P Pe B 8 P P amount of my luan, the Note Holder may require an appraisal report on the ~~alue of the property described in the E; Security Instrument. The appraisal report must be prepared by a qualified appraiser chosen by the Note Holder. I will j ~ pay the Note Holder a reasonable fee for this appraisal report. ~ The unpaid principal 1 am expected to owe on the Conversion Date could be an amount greater than 95`70 of the appraisal report's stated value of the property securing my loan. (f so. t cannot exercise the Conrersion Option unless [ pay the Note Nolder an amount sufficient to reduce my unpaid principal to an amount equal to 95~'0 of the stated r~lue of ~ the property. ~ 4. Determination of New Payment Amount ~ If I choose to exercise the Conversion Option, the Note Holder will determine the amount of the monthly payment ` that would 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 substantially equal payments. The result of this calculation will be the new amount ~ of my monthly payment. Beginning with my first monthly payment after the Conversion Date, I will pay the new amount ~ as my monthly payment until the mawrity date. ~ I ~ ; B. TRANSFER OF THE PROPERTY OR A BENEFiCIA[, [NTEREST [N BORROWER I ' . lf Borrower exercises the Com~ersion Option under the Note as stated i~ Section A of this Addendum To Adjustable Rate/Graduated Payment Rider, the amendment to Uni(orm Covenant 17 of the Security Instrument contained in the Rider shall cease to be in efTect, and the provisions of Unifotm Covenant 17 of the Security Instrument shall insttad be in efTect, as follows: ' Transfer of the Property~ or a Beneficial Interest in Borrower. If all or any Part of the Property or any interest in it is ~ sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural pcrson) ~ without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured ~ by this Securit}~ 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. . ~ ~ 3oRR 49~ 29~ G FIXED RATE OPTION ADOENDUM (SECURITY INSTRUMENT)-t Year Treasury Index-S~ngle Fam~ty-Fannie Mae Unilo~m Instrument Form 3109 11~84 ! ~ eor+souo~rco eus~r+ess cowws, ine. ~ir~sruoo ow ~oo-~e~-r:~~ i '$23 V M? CO~~UTER FO M!. INC. )OY{N-7~2I O!1 ~OpNI-f{3~ - ~FLORIDA ONItT O ~ F'~r ~ !=x ~ ~ ,.Yi`;:C veyar. ~ _ _~mm„ _ ' ' z~ -