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Home My WebLink About2557 , , i Hul~ier, I must pa~ the Note Holder a ~umenion fee oi~ U.S. S 100,00 ; aiid (i~1 I mus; ~ign anJ ~i~c th~ Note Ni~lder any documents thc Note Holder requires to et~Fect the con~~ersion. (B) Calculalion oi Fixed Rate \t}• neH~, tixed interest rate Hill be equal to the Federal National hlortgage Association's required net yield as uf a date and time of day sperified by the Note Holder for (i) if the original term of this Note is greater than 15 years. 30-y~ear fixed rate martgages co~~ered by applirable 60-day mandatory delivery commitments, plus five-eighths of one perrentage paint (O.S25Q~o), rounded to the nearest one-eighth of one percentage point (0.125~'0), or (ii) if the original term of tt~is Note is 15 years or less, IS-year f~ixed rate mortgages covered by applicable 60-day mandatory delivery ~~ommitments, plus five-eighths of one ~ercentage point (0.625°Io), rounded to the nearest one-eighth of one perctntage point (0.125~'0). tf tl~is required net ~~ieid cannot be detesmined because the applicable commitments are not available, the Note Nolder ~~~il) determine my interest rate by using comparable information. My ne~~~ rate calcu(ated under this Section 5(B) w•ill not be greater tha? the Maximum Rate stated in Section 4(D) abo~~e. (C) New~ Pa~~ment Amount and Effective Date ii i chause [o exercise the i:onversion Option, [he (vo[e Hoider «~iii determine the amount of the monthiy pay- ment that ~~~ould be sufficient to repay the unpaid principal 1 am expected to owe on the Conversion Date in full on the ti1aturity Date at my new• fixed interest rate in substantially equal payments. The result of this calculation H•ill ` be the new amount of my monthly payment. Beginning w~ith my first monthly pay~rnent after the Conversion Date, I will pay the new~ amount as my monthty payment until the ~9aturity Date. ~ C. TRANSFF:R OF THE PROPFRTY OR A BENEFtCIAL INTEREST IN BORROWER 1. Lintil Barrower exercises the Conversion Option under the conditions stated in Section B of this Adjustable Rate Rider, Uniform Covenant 17 of the Security Instrument 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 interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lenaer may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is pro- hibited by federal law as of the date of this Security Instrument. Lender also shall not exercise this option if: (a) Bor- ro~~~er causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new~ loan w~ere 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 Security Instrument is acceptable to Lender. To the extent permitted by applicable law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan 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 Securi- ty 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 shall give Borrower notice of accelera- tion. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borro~~~er must pay all sums secured b~~ this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Szcurity Instrument without further notice or demand on Borrower. 2. If Borrower exercises the Com~ersion Option under the conditions stated in Section B of this Adjustable Rate Rider, the amendment to Uniform Covenant 17 of the Security Instrument contained in Section C 1 above shall then cease to be in effect. and the provisions of Uniform Covenant 17 of the Security Instrument shall instead be in effect, as follows: ' Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of 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 a natural person) without Lender's prior ~vritten consent, Lender may, at its option, require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if exercise is pro- hibited by federal law as of the date of this Security Instrument. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is delivered or mailed within which Borroa•er must pay all sums secured by this Security Instrument. [f Borrower fails to pay these sums prior to the expiration of this period, Lender may in~~oke any remedies permitted by this Security Instrument ~~~ithout further notice or demand on Borrower. BY SIGNING BELOR', Sorrow•er accepts and agrees to the terms and covenants contained in this Adjustable Rate Rider. ~ ~-C/' i~~?l~Q~_ (Seal) CHARLES W. KRUS~ Borrower 10 2 2 8? 6 , o~ _(Seal) ~E~ ..1 P 1:5~'~ HARRIET KRUSE Borrowe~ , _ _ , (Seal) ; ~ ~ _ so«oWe~ . { (Scal) ~ f3orrower ~ ~ » ~ ~ ~CC1~fdT~~ ~ I~rr. - • T~` ; . . . ~ . . i , . i i ~ ~ b~~K6 ~5 P~~E2557 ~ 'r~'';,. . ~~~d- ~ ~ ~~~'~'_'.dy,,._~ ~~~~~~Y"§~'J~~^Sa~~i+- _ -