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Home My WebLink About1911 Notder, I must pay the Note Holder a conversion fee of U.S. S 100.00 ; and (iv) 1 must sign and give the Note Holder any documents the Note Nolder requires to effect the conversiun. (B) CxiculAtion of Fixed Rate My new, fixed interest rate will be equal to the Federal National Mortgage Association's required net yield as of a date and time of day specified by the Note Holder for (i) if the original term of this Note is greater than 15 years, 30-year ~xed rate mortgages covered by applicable 60-day mandatory delivery commitments, plus ~ve-eighths of one percentage point (0.625%), rounded to the nearest one-eighth of one percen~age point (0.125%), or (ii) if the original term of this Note is 15 years or less, 15-year ~xed rate mortgages covered by appiicable 60-day mandatory delivery commitments, plus five-eighths of one percentage point (0.625%), rounded to the nearest one-eighth of one percentage point (0.125°/0). !f this required net yietd cannot be determined because the appiicable commitments are not available, the Note Holder will determine my interest rate by using comparable informatior~: Iv~y ne~ rate~calculated under this Section S(B) will not be greater than the !~laximum Rate stated in Section 4(D~ above. (C) New Ps~yment Amount And Effective DAte ^ If 1 choose to exercise the Conversion Option, the Note Holder will determine the amount of the monthly pay- ment that would be sufficient to repay the unpaid principal I am expected to owe on the Conversion Date in full on the Maturity Date at my new fixed interest rate in substan;ially equal payments. The resutt 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 Maturity Date. C. TRANSFER OF THE PROPERTY OR A BENEFICIAL lNTERFST IN BORROWER 1. Until Borrower exercises the Conversion Option under the conditions stated in Section B of this Adjustabie Rate Rider, Uniform Covenant 17 of the Security lnstrument is amended to read as follows: Transfer of the PropeNy or a BeaeCcis~l Iaterest in Borrower. If al! 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 person) without Lender's prior written consent, Lenaer may, at its option, require immediate payment in full of ail sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is pro- hibited by federal law as of the date of this Security Instrument. Lender also shail not exercise this option if: (a) Bor- rower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the toan assumption. Lender also may require the transferee to sign an assumption agreement that is acceptable to Lender and that obligates the transferee to keep all the promises and agreements made in the Note and in this Securi- ty Instrument. Borrower will continue to be obl~gated under the Note and this Security Instrument unless Lender releases Borrower in writing. ~ If Lender exercises the option to require immediate payment in futl, Lender shall give Borrower notice of accelera- tion. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay ali sums secured by this Security Instrument. If Borrower fails to pay these sums prior to i the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. j 2. If Borrower exercises the Conversion Option under the conditions stated in Section B of this Adjustable Rate ~ Rider, the amendment to Uniform Covenant 17 of the Security [nstrument contained in Section C 1 above shall then ~ cease to be in effect, and the provisions of Uniform Covenant 17 of the Security Instrument shall instead be in effect, ~ as follows: ~ Transfer of the Property or a Bene~rial Interest in Borrower. If a!1 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 ~ person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all ~ ~ sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is pro- ~ hibited by federal law as of the date of this Security Instrument. ~ If Lender exercises this option, Lender shall give Borrower notice of acceteration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured ~ by this Security Instrument. [f Borrower fails to pay these sums prior to the expiration of this period, Lender may ~ invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Adjustable ~ Rate Rider. ~ ~ ~ ~ / (Seal) F. WILLIAM LEONA -so«owe~ (Seal) -Borrower F (Seal) ~ -Borrowet ~ ~ ~$~a~~ ~ -Borrower ~ PREPARED UNDER THE SUPERVISIOI3 OF: ~ STEPHEN HOYT > SOUTHEAST MORTGAGE COMPAIv~ ~ r k 2500 NW 79TH AVENUE 600K ~~O PAGE2041 MIAMI, FL 33122 . s~~~6?4 PAGE191i ~4. ~ _'.w _ _ _ . . 4r~..~~~.~~F3a.i~ 4~ ~ ~~`„c~-~ ~~~F.:M.~ ~~~?v~~ ~:"~G'i.~