HomeMy WebLinkAbout2843147 024036
RENEGOTIABLE RATE RIDER
TSIS ~RENEGOTIABLE RATE RIDER ie made this 30TH day o~
JANUARY , 19 8~, and is incorporated into and sza 1 be
deemec~ to amand and supplemeat a mortqaqe (hsrein "security
inatrvn~ent") dated o! ~ven date herewith, qiven by the
underaiqned (harsin "Borrower") to sscura Borrower'a Note to
Seritaqe Federal Savinqs and Loan Association (herein "Lender")
and coverinq the propert deacribed in said mortqage and
located at LOT 4, MINOR~A AVENUE, PORT ~T. LUCIE, FLhRIDA 33452
(property adc~ress) .
RENEGOTIABLE RATE COVENANTS. In addition to the covenants
and aqreements made in the security instrwaent, 8orrower and
Lender further covenant and aqree as follows:
Reneqotiab~e Rate Mortqaqe ("RRM"). The term of the RRK
B. NOTE ALITOMATICALLY RENEWABLE. Borrower and Lender
aqree that the Promissory Note (":vote") secured by the
mortqaqe instrument is automatically.renewable for a period
equal to the term of the mortqaqe instrument (up to iS
years). The interest rate may increase.or decrease at each
renewal of the short-tena ( 3 yea=s) loan, which may
result in an increase~or decrease in the amount of the
monthly payment due under the Note.
A. TERMS OF NOTE AND MORTGAGE. 8orrower and Lender
acknowledqe that the security instrwnent shall be deemed a
loan is years, and the tena of the mortqaqe securinq
said loan~s _~_ year9. Borrower and Lender aqree that
the initial loan term may be up to six (6) months lonqer
than later terma.
C. MODIFICATIONS AT RENEWAL. Lender agrees that the
only provision of said note which may be modified at renewal
is the contract intereat rate set forth therein, toqether
with any chanqe in the amount of the monthly installments of
principal and interest necessary to amortize a loan with the same
principal and at the same interest rate over the remaining term
of thfs mortgage. Borrower and Lender aqree that the interest
r3te offered at renewal shall b~e based upqn a monthly index
rate computed by the Federal Home Loan. Bank Board, as set ~
forfili in the Note. Interest rate decreases and ~ncreases
are mandatory and are not discretionary or optional with the
Lender.
D. BORROWER'S RIGHT OF REFUSAL. Borrower and Lender
acknowledqe that Borrower has the right to decline Lender's
offer of renewal, in which case the remaininq balance of the~
unpaid principal and interest secured by the mortqaqe becomes
due and payable upon the aaturity day of the Initial Loan
Term, or any Renewal Loan Term, as the case may be.
E. NOTICE. At least ninety (90) days before the end
of the Initisl Loan Term and any Renewal Loan Terms, exceot
for the final Renewal. Loan Term, the Lender must send to the
Botrower a renewal notice which states, amonq other things,
the renewal interest rate and new monthly installment for
the next Renewal Loan Term.
F. PREPAYMENT. The unpaid principal balance secured
by the security instrument may be prepaid in full or in part
without penalty at any time.
G. REMEDIES. If Borrower breaches Borrower's covenants
and aqreements hereunder, then Lender may invoke any remedies
provided under the security instrumPnt, includinq, but not
limited to, those provided under unifor.n Covenant 7.
LCS -6 9
~ ;:~.;_ -__ , . _ - .. ..;
- ~~~-~-~~'.~,~~.~~~~.s-..:n.:~-, ::...= -=~
R~~K3~7 ~~U~2~
-- .~ ~~_.
`-~~~