HomeMy WebLinkAbout0948 S.9 L4nder hereby agrees to waive its option ca
accelerate the Indebtedness as set forth in paragraph 17 of the
. master form o! mortgage referred to in the Original Mortgage and
agrees to allow an assumption of the Original Note and Mortgage
as modified herein by a subsequent purchaser whose credit is
satisfactory to and approved by Lender only it, prior to a sale
ox transfer o! the property, Lender and the person to whom the
property is to be sold or transferred enter-loco a written
assumption agreement in form and cQnte~t satisfactory to Lender.
In such event, Lsn~it ahali release. eorrawer from-all obligations -
under the Original Note and Mortgage and this Modificat-ion
Agreement and shall allow assumption at the interest rate then -
~ being charged upon the Indebtedness evidenced by the Original
Note and this Modification Agreement, subject, however, to
subsequent changes in the interest rate andJor the loan term, as
provided in this .Modification Agreement. Lender shall be ~
entitled to receive its. uniform processing fee in effect at the
time of assumption.
5.10 Whfle it is the intent of the Borrower and. the
Lender that the Borrower in no event pay interest in excess of -
the maximum rate permitted to be paid under-the laws of the State -
- of Florida, both parties recognize that .the holder of the
Original Note and this Modification~Agreement is a savings and
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 modify said exempt-ion.
- 5.11 Notwithstanding anything to the contrary con-
twined 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 Mod•ifieation Agreement shall not exceed the naximum
effective rate of interest permitted to be paid under the laws of
j the- State of Florida.- Without limiting the generality of the
foregoing,-in the event the calculation of interest or the
j 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 construed 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 1
i 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 i
recalculated over the actual life of the loan based upon the
amounts outstanding, and if the total amount of •int-crest
theretofore paid, inclusive of the sums hereinabove referred to,
exceeds the amount permitted to be paid under the laws of the
State of Flotilla, the excess shall be r redited to principal, or
if such excess exceeds the principal amount then d ue hereunder,
refunded to the undersigned.
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f In all other respects, the terms of the 'Original Note and
Mortgage are. hereby ratified , a f f i rmed and mad e a par t he r eo-f ; -
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~ (EXECUTION CONTINUED ON PAGE FOUR} ;
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