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HomeMy WebLinkAbout2229 . . • ~ FIXED RATE CONVERSION RIDER (Fixed Rate Gonversion Option) TNIS FIXED RATE CONVERSION RIDER ia made this 18th day of Januarv ? 1990 , and is incorpprated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Inatrument") 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 Ad en~u~ to Adjustable Rate Note (the "Addendum"), both of the same date as thi9 Ri~d~r`, given to First Federal Savings and Loan Association of the Palm Beaches (the "LQnder") and covering property described in the Security Instrument and located at: XXX Fore~ost Drive Port St. Lucie. FI. 34953 THE ADDENDUM CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THB INTEREST RATE, TERM OF THE NOTE AND HONTHLY PAYMLNT. ADDITIONAL COVENANT5. In addition to the covenanta and agreement made in the Security Instrument and in the Adjustable Rate Rider, Borrower and Lender 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 at~ follows: 1. Option to Convert to Fixed Rate. I have a Conversion Option which I can exercise unless I cannot meet the conditions of this Rider. The "Converaion 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 (5) years from ' the date of the No[e. ~ If, however, the loan I am making is for construction purposes on the real ~ estate covered under the "Security Instrument", I may select a Conversion Date ' at such time as the dvelling is complete, final disbursement is made, and the ~ Certificate of Occupancy is delivered to the lender; but no later than five (5) E years from the date of my note. . ~ I can convert my interest rate only on the Canveraion Date. ~ ~ - ~ s ~ If I vant to eaercise the Convereion Option, I~ust first seet certain conditiors. 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 Chat I am doing so at least ~ thirty (30) days before the Conversion Date; ~ - (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. E ¢ k € ~ , . ~ Rev. 2/88 ~ ~ € 640K U7~ PAGE~2~ ~ ~w..~J:~-~.a~'~r~a~.a ~ '~"~~-:sk ~'~7r>"~~..~~ ~ _ _ _ . . ~ ° ~ '