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FIXED RATE CONVERSION RIDER
(Fixed Ra[e Conversion Option)
THIS FIXED RATE CONVERSION RIDER is made this 19th day of ,lanuarv .
19`~~ , and is incorporated into and shall be deemed to amend and supplement the
Mor[gage, Deed of Trust or Security Deed (the "Security Instrument") and the
Adjustable Rate Rider thereto, both of the same date as this Rider, given by the
undersigned (the "Borrower") to secure Borrower's Adjustable Rate Note (the "Note") '
as supplemented by the Addendum to Adjus[able Rate Note (the "Addendum"), both of '
the same date as this Rider, given to First Federal Savings and Loan Association
of the Palm Beaches (the "Lender") and covering property described in the Security
Instrument and located at:
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2~1(t0 So. Ucean Uri~•Er. Lnit 2:35t '
Fort Pierce. FL 34J~~9
THE ADDENDl1M CONTAINS PROVISIONS ALLOWING FOR CHANGES IN ~
THE INTEREST RATE, TERM OF THE NOTE AND ?iONTHLY PAXI~NT. ~
ADDITIONAL C01/ENANTS. In addition [o the covenants and agreement made in ~
the Security Instrument and in the Adjustable Rate Rider, Borrower and Lender i
further covenant and agree as follows:
A. FIXED INTEREST RATE OPTION.
The Addendum provides for a one-time option to convert to a fixed interest
rate and to change the term of the Note and the monthly payments as follows:
1. Option to Convert to Fixed Rate. ~
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I have a Conversion Option which I can exercise unless I cannot meet ;
the conditions of this Rider. 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 take place on a"Conversion Date" which I may select, ,
at any time after the first Change Date, but no later than five ~S) years from ~
the date of the Note. i
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If, however, the loan I am making is f+or construction purposes on the real ,
; estate covered under the "Security InstrumQnt", I may select a Conversion Date
~ at such time as the dwelling is complete, final disbursement is made, and the
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~ Certificate of Occupancy is delivered to the lender; but no later than five (5)
; years from the date of my note.
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~ I can convert my interest rate only on the Conversion Date.
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~ If I vant to esercise the Convereion Option, I muet first ~eet certain
~ conditions. Those conditions are that:
~ (a) I must be occupying the subject property as my primary or second home
~ at the time of conversion request/approval.
~ (b) I must give the Note Holder written notice that I am doing so at least
~ thirty (30) days before the Conversion Date;
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~ (c) I must not have been in default under the Note or the Security Instrument
at any time during the twelve (12) month period next prior to the
Conversion Date;
(d~ I must pay the Note Holder a conversion fee. The conversion fee will be
payable at the time of conversion. The conversion fee will be $250.00.
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~ Rev. 2/88 '
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ao~ 674 ~~E 7~.2
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