HomeMy WebLinkAbout2162 fee ot 1..5. 5....... and I i~~ ? I must sign .~nd ~i~e the \ote Holder an~ d~:umrnts the \cte H~ider
reywres t.~ et~ect the conveniun.
i B? Calculation of Fixed Rate
~1~~ new, fixed imerest rate ~~ill be eyual to the Federai v3tionai ~lortg~ge Ass~xiaiiun'i reyuired net ~iei~i as ul a
date and time uf day specitied by the ~lote Holder for ( i) iC the original term of this ~iote is greater than l~}ears. ?0-~rar
rixed rate mortgages covered bv 3pplicable 60-day mandatory deliven~ commitments, plus hve-eighths ol one percent~ge
point (0.6?~"~ rounded tu the nearest une-eighth oi one percentage point 10.12~ or (ii) if the original term of chis I
~ote is I~}ears or less, I~-~ear tixed rate mortga~es covered b}• appiicable 60-day mandaton~ deli~•ery ~ummitmenu. ,
plus tive-eighths ot une percentage point 10.625"0 rounded to the nearest one-eighth of une percentage point 10.1'~`
If this reyuired net yield cannut be determined because the applicable commi[ments are nat available, the \ote Hulder ,
~~ill determire my interest rate by using c~mparable information. ~t}~ new~ rate calculated under this Secuon B 1«ill
not be greater than the ~taximum Rate stated in Section -tl D) above.
1 C i Vew Pavment .~mount and EfTectire Date
i'[ i cnoose to exerc~se cne i:om•erswn i.ipi~un, 1i1C .`~UtC t"tUiUCE N'tll UCIC~Ii?1I1C llt2 11IIVUlit UI t1iC filU[1tllt~ Na:~iicr~i ,
~hat wuuld be sut~'icient to repay the unpaid principal I am expected to uwe un the Conversion Date in full on !he m~turi[~
date at m}~ new hxed interest rate in substantially equal payments. The result of this calculation will be the ne~~ amount
~f my monthly payment. Beginning with my hrst monthly payment aiter the Conversion Date. 1 will pay the new 3maunt I
as my monthly payment until the maturity date.
G TRa~SFER OF THE PROPERTY OR a BENEF[CIaL I~TERFST IN BORROwER I
1. l; ntil Borrower exercises the Cunversion Option under the conditions stated in Section B of this Adjustable Rate
Rider, l,'niform Covenanc 17 of the Security lnstrument is amended to read as follows:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any intere~t in it is
sold or transfcrred lor if a benehcial interest in Borrower is sold or transferred and Borrower is not a natural persun )
without Lender's prior written consent, Lender may, at its option, require immediate payment in full of alt sums secured
by this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibited by federal la~v
as of the date ~f this Security Instrument. Lender also shall not exercise this option if: (a) Borrower causes to be
submitted to Lender information required by Lender to evalua[e the ~~~.er~ded transferee as if a new loan were being made j
~a the transferec: and LLnder reasonably determines that Lender's security Kifl not be impaired by the lusn ~
..ssumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to ~
;
~ Lender.
i
To the extent permitted by applicabte law, Lender may charge a reasonable fee as a condition to Lender's c:onsenc tu
the luan assumption. Le~der alsu 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 ~lott and in this Securit~
Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases
Borrower in writing.
If Lender exercises the option to require immediate payment in full. Lender shal! ~ive Borrower natice uf accelera-
tion. The notice shall provide a period of not less than 30 days from the date the notice is deiivered or mailed within
; w hich Borrower must pay~ all sums secured by this Security Instrument. if Burrower fails to p-a~ these sums prior co che
j expiration of this period, Lender may invoke any remedies permitred bv this Security Instrument without iurther notice
f or demand on Borrower.
" If Borrower exercises the Conversion Option under the conditions ~tated in Section B o( this Adjustable Rate
~ Rider. the amendment to l;niforrn Covenant 17 of the Security Instrument contained in Section C i atwve ~hall then
( cease to be in ePFect, and the provisions of l;niform Convenant l ~ o( the Securitv [nstrument shall instead be in eti-ect, a~
e "
~ fulluws:
Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Propert}~ or an~~ interest in it u
~old or transferred (or if a benehcial interest in Borrower is sold ur transferred and Borrower is nut a nawral persun r
~ without Lender's prior written consent, Lender may, at its option, require immediate payment in full of aU sums secured
i
` by this Security (nstrument. However, this option shall not be ezercised by Lender if exercise is prohibited by feder~l la~~
~ ss uf the date of this Security Instrument.
~ If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a periu~i
~ uF not less than 30 days from the date the notice is delivered or mailed within a~hich Borrower must pay all sums .ecured
~ b~• this Security Instrument. If Borrower tails to pay these sums priur to the expiration of this period, Lender ma~ im~~l~~
~ am~ remedies permitted b~ this Security {nstrument without further notice or demand on Borrower.
~ Bti~ Sic.~~~c BEt.c», Burrawer accepts and sgrees to the terms and cuvenants cuntained in this :~djust.~blr R.~e~
~ Rider.
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