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Home My WebLink About1527 fee of U.S. 5.........250~~ and (iv) 1 must sign and give th~ Note E~olde~ any documents the Note Holder requires to eRect the conve~sion. ~ g? ai~~i~t~~ or ~x~ a.t~ My new, fixed interat rate will be equal to the federa) National Mortgage Assoc+ation's required net yield as of a date and time of day speciRed by the Note Nolder for ( i) if the origina) term of this Note is greatu than 1 S years, 30-year fixed rate mortgaga covered by applicable 60-day mand9tory delivery zommitments. plus fivt-eighths of one percentage point (0.6259b)~ rounded to the nearest one-eighth of one percentage point (O.i25`~,), or (ii) if ihe original term of this Note is 1 S years or less, 1 S-year fixed rate mortgagu co~ered by applicable 60-day mandatory delivery commitments, plus five-e+ghths of one percentage point (0.62596), rounded to the nearest one-eighth of one percentage point (0.125~0). If this rcquircd net yietd cannot be dete~mincd because tfie applicable commitments are not avaiiable, the Note Holder will determine my interest rate by using comparable information. My n~w rate calculated under this Section S( B) will not bt greater than the ~vlaximum Rate stated in Section d(D) above. (C) New plymenf Ainount !nd ~Rectire Dlte If I choose to exercife the Conversion Optio~t, the Note Holder w;11 dttermine tht amount of the monthly payment that would be sufficient to repay the unpaid principal 1 am eicpected to owe on the Conversion Date in ful{ on the maturity date at my new fixed interest rate in substantially equa) payments. The result of this calculation will be the new amount of my monthiy payment. Beginning with my first monthiy payment after the Conversion bate, [ will Qay the new amuunt as my monthty payment until the maturity date. C. tRANS~ER Ol~ THE PRUPERTV OR A g~NE~1C1A1. INTEREST [N gORRdWER 1. Until Borrower exercisa the Conversion Option under the conditions stated in Section 8 of this Adjustabte Rate Rider, Uniform Covenant 17 of the Security Instrument is amended to read as follows: Tr~nster oi fh! Property o~ !~eneAct~l lnterest IA gorrower. lf all or any part ot 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 g natural personj without l.ender's prior written cons~nt. Lendc~ may, at its option, require immediate payinent in ful! o( all sums secured by this Security lnstrument. However, this option shaU not be exercistd by Lender if exercise is ptohibited by federai law as of the date of this Security tnsi~ument. Lander also shall not exercist this option it: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intendcd transferet as if a new toan 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 Stcur':ty Instsurneni is acctptabit to Lender. To thc extent permitted by applicable law, Lender may charge a reasonable Fee as a cortdition to Lender's rnnsent to the loan assumption. i.endcr also may require the transferee to sign an assumption agreement that is acceptable to Lender and tfiat obtigales the trans~e~ee to keep all the promises and agrcements made in the Note and in this Security Instrument. Borrower wil{ continue to be obligated under the Noie and this Security [nStrument unfess Lendtr releases Borrower in w{iting. i tf [.ender exercises the option to require immediate payment in full, Lender shall give go~rowu notice o~ accelera- ~ tion. The notice shall pravide a period of not less than 30 days from the date the notice is d~livered or mailed within , F which Borrower must pay all sums secured by this Security Instrument. tf Sorrower faits to pay these sums priar to the ~ expiration oF this period, Lender may invoke any remcdies permitted by this Security Instrument without further notice ~ or demand on ~orrower. [ 2. If Borrower exercisa the Conversion Option under the conditions stated in Section B of this Adjustable Rate k Rider, the amendment to Uniform Covenant 17 of the Security Instrument contained in Section C I above shatl then ~ cease to be in eRect, and the provisions of Uniform Convenant 17 of the Security Instrumertt shall instead be in eRect, as follows: ~ T~~nster o1 the Property o~ ! genelici~il Interesf in gorroMe~. (f al) or any part of the Prope~ty or a~y interest in it is ~ sofd or transferred (or iF a beneficial interest in Borrower is sold or transferred and Borrower is not a natu~al person) ~ without [.ender's prior written conunt, Lender may, at its option, rcquire immediate payment in tul) of all sums secured ~ by this Security Instrument. Nowever, this eption shail not be exercised by Lender if exercise is prohibited by kdcral law as of the date af this Security Instrument. ~ If Lender exercises this option, Lender shai) give $orrower notice of acceleration. The notict shall provide a period ~ of not less than 30 days frosr? the date the notice is detivered or mailed within which gorrower must pay all sums secured G by this Security Instrument. If ~orrower fails to pay these sums prior to the expiration of this period, Lender may in~oke ~ any remedies permitted by this Security (nst~ument without furths~ notice or demand on 8orrower. ~ $Y SIG~fiNG gEIOW, Borrowcr accepts and agrees to the terms and covenants contained in this Adjustable Rate ~ ~tider. ~ , ' , , ` 1 a' 2 2~ 15 C~ • al~l-l lC.~~, es~a~~ "yU JAN 31 A 3:44 ~ s~r A. sc~rD~ ao.,o.,o, . . . ~ ........!..Q.1M~. . (Seal) ` ~ ~ . ` ` PAUL J . S~IDER -Horrower jlf'Ili;i ! r , ~ .:~i ~ c ! ; ! . • , E ~ s ~ ~ ~ °~AK675 PAGE1527 ~ : . ~ .L. W~~~:~~,.__..~~~..:~~