Conversion from Variable Loan to Fixed Loan Clause Samples

Conversion from Variable Loan to Fixed Loan. Except as provided in Section 1.08 and subject to the terms of Section 1.12, Borrower shall have the right, from time to time during the Conversion Availability Period, to convert all or any portion of any Variable Loan to a Fixed Loan on the first date of a month. If any Variable Loans are converted to a Fixed Loan, the maturity date shall be extended to 7 or 10 years from the date of conversion. A new 7 year term will have either a 5 year or 6.5 year yield maintenance period. A new 10 year term will have either a 7 year or 9.5 year yield maintenance period. Borrower shall be obligated to pay an interest rate and fees in connection with a conversion as determined in accordance with the applicable requirements of the F▇▇▇▇▇ Mae product line then in effect.