During the Adjustable Rate Term

Requirements

The Borrower BorrowerPerson who is the obligor per the Note. must make payments of P&I P&IPrincipal and interest based on changes to the Index IndexBasis for determining an ARM Loan Gross Note Rate or entering a Streamlined Treasury Lock on a fixed rate Mortgage Loan, including any required alternative index deemed necessary by Fannie Mae because the prior Index: is no longer widely accepted; or was replaced as the index for similar… :

• on the 1st day of the month immediately following the Hybrid ARM Conversion Date Hybrid ARM Conversion DateDate when the UPB of a Hybrid ARM Loan automatically converts from accruing at a fixed interest rate to accruing at an adjustable interest rate. ; and
• on the 1st day of each month thereafter, until the Maturity Date Maturity DateDate all Mortgage Loan amounts become fully due and payable per the Loan Documents. .

On the Rate Change Date, a new P&I P&IPrincipal and interest installment will be calculated to be in effect on the 1st day of the following month.

Monthly installments of P&I P&IPrincipal and interest , due on each payment date during the adjustable rate term, must equal the amount needed to repay the UPB UPBUnpaid Principal Balance

• in substantially equal payments over the amortization term at the variable rate,
• based on a 30/360 interest accrual method.