HomeMy WebLinkAbout03198. RENEGOTIABL$ INTEREST RATE. For purpoaes of this
mortqaqe instruraent and the NOTE secured thereby, the term
"Renaqotiable" ia tha title "Reneqotiable Rate Mortqaqe"
means that the interest rate is subject to adjustment
pur9ua~cit to the federal requlations (Section 545.6-4a, Title
12, Code of Federal Requlations). The Lender is not required
to barqain with tha Borrower(s) as to the interest rate for
any Renewal Loan Term.
t~
~ I. B,ALLOON PAYMENT. Should borrower exercise his
option to repay the outstandinq balance due under this
mortqaqe 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 swn of
the last monthly payment due and the outstandinq principal
balance and accrued interest due im~aediately after receipt
of such payment.
IN WITNESS WSEREOF, BORROWER HAS EXECO'd'ED THIS RE~TEGOTIABLE
RATE RIDER.
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