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HomeMy WebLinkAbout1143 FIXED RATE CONVERSIO~ RIDER , (Fixed Rate Conversion Option) ~ THIS FIXED RATE CONVERSION RIDER is made this 26th day of January , 19 90 , and is incorporated into and shall be deemed to amend and aupplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument") end the ~ Adjustable Rate Rider thereto, both of the same date as this Rider, given by the ~ undersigned (the "Borrower") to aecur~ Borrower's Adjustable-Rate Note (the "Note") , as supplemented by the Addendum to Adjuetable Rate Note (the "Addendum"), both of the same date as this Rider, given to Firet Federal Savinge and Loan Association of the Palm Beaches (the'•'iLnnder" ~,and covering property described in the Security Instrument and located at:~ ~ ~ 2490 Harbour Cove Urive Fort Pierce. FL 34949 THE ADDBNDUM CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE, TERM OF THE NOTE AND HONTHLY PAYMENT. ADDITIONAL COVENANTS. In addition to the covenante and agreement made in the Security Instrument and in the Adjustable Rate Rider, Borrower and Lender further covenant and agree ss 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. 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 interes[ 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" vhich I may select, at any time after the first Change Date, but no later than five (5) years from the date of the Note. ; If, however, the loan I am making is for construction purposes on the real ~ estate covered under the "Security Instrument", I may aelect a Conversion Date i ; at such time as the dwelling is complete, final disbursement is made, and the ~ Certificate of Occupancy is delivered to the lender; but no later than five (S) = years from the date of my note. ~ I can convert my interest rate only on the Conversion Date. ~ ~ If I vant to ezerciae the Conversion Option, I~uet first seet ~ertain ~ conditious. 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. c ~ (b) I must give the Note Holder written notice that 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) mortth geriod next prior to the Conversion Date; (d) I must pay the Note Holder a conversion fee. The conversion fee ~ill be ~ payable at the ti~e of conversion. The conversion fee will be $250.00, plus costs incidental t~ updating credit and any other out-of-pocket ~YE ,;F- expenses . ~ s ~ ~ ~ ~ ~ z ~ Rev.l/90 r € ~~~~f ~5 ~;~~F1~43 _ _ -'~m ~.~s~'~r'~~~~ ~~-~x~rb~±z~a~~~~r-~ ;