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S.9 Linder hereby agrees to waive its option ca
accelerate the Indebtedness as set forth in paragraph 17 of the
master forty of Aortgage referred to in the -Original Mortgage and.
agrees to allow ea assumption of the Original Note and Mortgage i
as modified heeein by a•subsequent purchaser whose credit is
satisfactory to and approved by Lender only i f , prior to a sa 1 e .
or transfer of the property, Lender and the person to whom the
property is to be sold ar transferred enter into a written
assumption agreement in torn and content satisfactory to Lender.
1n such event, Iwrider shall releasa. Borrower from ai i obligations -
under the Original Note and Mott;gage and this Modification
Agreement and-shall allow assumption at the interest rate then '
P being charged .upon the Indebteddess evidenced by the Original
Note and this Modification Agreement, subject, however, to
subsequent changes in the interest rate and/or the loan term, as ~
provided in this Modification l?gceement. Lender shall be ~
entitled to receive its uniform .processing fee in effect at~the
time of assumption. -
5.10 While it is the intent of the Borrower and the
Lender that the Borrower in no event pay interest in excess of
the maximuat rate permitted to be paid under the laws of the State
of Florida. both parties recognize that 'the holder of the-
Origiaal Note and this ModificationsAgreement is a .savings and i
loan association and therefore, by virtue of tRe provisions of
Chapter 665 of the Florida Statutes, is exempt from the
provisions of the usury laws of the State of Florida . Nothing
contained in the Original- Note and Mortgage, or any other
agreement between the Borrower and the Lender shall be construed
to waive or awdify said exemption.
- 5.11 Notwithstanding anything to the contrary con-
tained herein and/or within the. Mortgage or any other agreement
•---•------between--•the Borrower and•the Lender, the effective rate of
interest on the indebtedness evidenced by the Original Note and
this Modification Agreement shall not exceed the naximum
- effective rate of interest permitted to be paid under the laws of
- the State of Florida:--- -Without limiting the generality of the
foregoing. in the event the calculation of interest or the
imposition of the increase in the rate of interest after
- acceleration due to default or the payment of any fees or other
charges which are egnstrued to be interest under the laws of the
State of Florida result in an effective rate of interest higher
than that permitted to be paid under the laws of the State of
Florida, then such charges shall be reduced by a sum sufficient
f to result in an effective rate of interest no greater than the
maximum effective rate of interest permitted to be paid. under the
laws of the State of Florida. Upon maturity of this loan,
whether by acceleration or in due course, interest shall be
- recalculated over the actual life of the loan based upon the
amounts outstanding, and if the total amount of interest
theretofore paid, inclusive of the .sums hereinabove referred to,
exceeds the amount permitted to be paid under the laws of the
State of Florida, the excess sha-11 be credited to pr i nc i pa 1 , or
if such excess exceeds the principal amount then due hereunder,
• refunded to the undersigned.
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In all other respects, the terms of the-Original Note and
~ _ Mortgage are. hereby ratified, affirmed and made a part .hereof;
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(EXECUTION CONTINUED ON PAGE FOUR) '
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