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Home My WebLink About0371 ire ~t l.~. .~nd i n 1 1 must ii~n snd _~~e the \~te H~ider .im d~cumrnt~ the \~t~ H~I~er reywres t.~ .t~~c< <he wnversion. i B? C:~Iculation of Fixed Rate `t~ new, tixed interest rate ~i11 be eyual to the Federal \at~onal \lortgatie .-~ss~x;iatiun's reywred net ~ield .~s ot dste snd time of da~~ specihed b}~ thr \ute Hulder for 1 i) if the origina! term of this ~ote is greater than I~~ears. 3Q•~e~r rixed rate murt¢ages cu~•ered b~ applicable 60-day mandatory deliver~ wmmitments, plus hve-ei¢hth~ ot one percentage point ( 0.6?~ rounded tu the r.eare~t one-eighth ot one percentage point 10.1 1, or 1 ii 1 if the original term ot this \ute is 1~~ears ~r less. 1~-~ear tixed rate mortgages cuvered b~ spplicable 60-day mandaton deli~en .:ommitments. plw tive-eighths ol one percentage point 10.6?S`~ 1, rounded to the nearest one-eiehth of one percentage point 10.1'~'% 1. If this reywred net }ield cannot be determined because the applicable commitments are nut available, the `ute Holder ~~ill determine my interest rate by using comparable information. ~1~ new rate calculated under this Sect~un Bl ~~ill not be greater than the `taximum Rate stated in Section ~ll D) atwve. i C i Vew Pavment amount and EfTectire Date lf I choose to exercise the Conversion Option, the Vote Holder ~vill determine the amount of the munthl~ pa~ment that w•ould be sut~icient to repa} the unpaid principal t am expected to oH~e un the Conversion Date in full on the matunt~ ds~e at my new hred interest rate in ~ubstantially equai payments. The result of this calcutation wi11 br the new ~muunt ~f my monthly payment. Beginning with my hrst monthl}~ payment aiter the Conversion Date, I will pay the neµ~ smuunt as my monthly payment until the matunty date. C. TRA\SFER OF THE PROPERTY OR BEVEFICIAL lyTEREST Iti BORROWER I. l; ntil Borrower exercises the Conversion Option under the conditions stated in Section B of this ~~djustable Rste Rider, l;niform Covenant l7 oF the Security [nstrument is amended to read as follows: Transfer of ihe P~operty or a Beneficial [nterest in Borrower. If all or any part of the Property or any interest in it i, ~old or transferred (ur if a btnchcial interest in Borrower is sold or transferred and Borrower is not a natura! persun! without Lender's prior written consent, L~nder may, at its option, require immediate payment in full of all sums secured L_ _l' C`_ 1_ t v: iiiis J~~ui ii~ iliJtl UfilGiii. iiO~+~'vct, ii~iS O~ilt)i'i ~i~dii iit7i Uc ~iici'CiSe~ iSV L2iiQC~ i( CXf:~C1St l5 pfO111b1Ie4 U}' led~flf (1µ' as of the date of this Securitp [nscrument. Lender also shalf not exercise this option if: ( a) Borrower causes to be ~ubmitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were beine macie 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 scceptable to ~ Lender. ~ 1'o the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the iuan 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 Securit~ i Instrument. Borrower will continue to be obligated under the ;Vote and this Security Instrument unless Lender releases j Borruwer in writing. i If Lender exercises the option to require immediate payment in full, Lender shall give Borrower notice oi accelera- ~ :ion. The notice shall provide a period of not less than 30 days from the date the notice is delivered ur mailed «ithin ~ which Borrower must pay all sums secured by this Security (nstrument. If Borrower fails to pa~~ these sums priur to the ~ exp~ration of this period, Lender may invoke any remedies permitted b}~ this Securitv Instrument withuut further nu~ice 9 or demand u~ Borrower. If Borrower exercises the Conversion Option under the conditions ~tated in Section B of this .-~djustable Rate ~ Rider, the amendment to Lniform Covenant 17 of the Securitv Instrument contained in Section C 1 atw~~e shall then ~ cease to be in eti'ect, and the provisiuns of l; niiorm Convenant i 7 of the Securit~~ [nstrument shall instead be in eti~ect. ~ IU~~OwS: ~ Traosfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or an~ interest in it i, ~uld ur transferred ( or if a benehcial interest in Borrower is sold or transferred and Borrower is not a nawral per,un 1 € without Lender's prior written consenc, Lender may, at its option, require immediate payment in full of all sums :ecured ~ b} this Security (nstrument. Nowever, this option shall not be exercised by Lender if exercise is pronibited b} federal la~? ~ as of the date of this Securitv Irstrument. ~ If Lender exercises this option, Lender shal! give Borrower notice uf acceleration. The nutice shall provide 1 peri~d ~ uf' not less than 30 days from the date the notice is deiivered or mailed within which Borrower must pa~ sl! sums ~erur~d : b} this Security Instrument. If Borrower fails to pay these sums priur to the expiration of this period. Lender ma~ im ~~i.r ~ any remedies permitted by this Security Instrument without further notice or ~emand on Borrower. ~ B~ Sic;~i`~; BE~o~~. Borrower accepts and agree to the terms n covenants contained in this .~djust.~bl~ R.~<< ~ Rider. ~ ~ ~ ~ ' ....r'........ . ~ J~:i! ~ ALAN D~ E \ _ . o ~ . Y / ~ ~ ~ ~ L t ~ 4~. t~ > ~ . . . ~ 5<i~i ~ J ~ ~ NANCY DIVEF~S ' - ~ c, 10218~6 w~ y~ ~ ~ G; = '9U JAN 26 P 3~5 7~ ~ a~ ` W ~ ~ ~ ~ ~y c~ ~ ~ C.~ O ~ I ~L:. i` . ~ ' : ' t~.. n ~ ?.a- p~ I.' ri' i ~ _ ~ ~ ~ ~~14t L~C p ~ , ~ , .I ~ y t a ~y ~ ` " ~1 ~ ~ ~ 6+.. n 1~~ ;`1 L~ l ~ Bo~K675 r~ ~3~. 37! , ~