HomeMy WebLinkAbout2952H. RENEGOTIABLE INTEREST RATE. For purposes of this
mortgage instrument and the NOTE secured thereby, the term
"Renegotiable" in the title "Renegotiable Rate Mortgage"
means that the interest rate is subject to adjustment
pursuant to the federal regulations (Section 545.6-4a, Title
12, Code of Federal Regulations). The Lender is not required
to bargain with the Borrower(s) as to the interest rate for
any Renewal Loan Term.
I. BALLOON PAYMENT. Should borrower exercise his
option to repay the outstanding balance due under this
mortgage in full rather than renew his loan for an additional
Renewal Loan Term, then and in such event, the final payment
due shall be a balloon payment which shall equal the sum of
the Iast monthly payment due and the outstanding principal
balance and accrued interest due immediately after receipt
of such payment.
IN~WITNESS WHEREOF, BORROWER HAS EXECOTED THIS REYEGOTIABLE
RATE RIDER.
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HELEN C. BEDDING
(SEAL)
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