HomeMy WebLinkAbout06511E0 024132
RENEGBTIASLE RAT~; 4IDER
TSIS R..~NEGOTIABLE RATE ~DER is made this 1RTy~_ day of
FERRt!ARY , 1981 , aad is incorporated into and -s~ia~l be
deemea to amend and supplement a mortqaqe (hereia "security
iastrumsat") dated ot evea date hereWith, qiven by the
undersiqned (herein "Borrower") to secure Borrower's vote to
Heritaqa Federal Savinqs and Loaa Association (hereia "Lender")
and coverinq thn p=operty described in said mortqaqe and
located at 1:E2 S.E. CLEARPRQOK, PGPT ~T, LUCiE, FL~ItI~A 33b5?
( property actdress ~ .
RE~TEGOTIA.BLE RATE COV~iANTS . Zn addition to the covenants
and aqreements ~de i.t~ ~ie se~~iL~ inszr~¢aent, ~vrrb~ve~r ana
Lender further covenant and aqres as follows:
A. TERMS OF ~iOTE r~ND KORTGAGE. 3orrower and Lender
acknowledqe that the security inst~-~.iment shall be deemed a
Reneqotiable ?tate ytortgaqe ("RRH:" ). The term oE the RR*i
loart is 3 years, and tte ter~ oi tae ~ortqaqe securinq
said loan is 3~ years. Borrower and Lender aqres that
the initial loan ter.n may ce up to s ix { 6) mont~s 2onqet
t~an later te~s .
B. NOTE AOTaMATICALLY REYEWA3Lc. 3orrower and Lender
aqree that the Promissory Note (*vote") secured by the
mortqaqe instrument is automatical~ly renewab?e ~or a~eriod
equal ta '-~e term of the ~ortqaqe instre.ment fup to 30
years). T!~e interest rate may increase or decrease at each
renewal of the short-term ( 3 years} loan, whic.~_may
result in a.n increase or decrease in the amaunt of t.he
monthly oayment due under t:~e Vote.
C. MODIFICATZONS ~T RE.~iEWAL.. ~.ender agrees that the
only provision of said note wh~ch may be ~odified at renewa?
~s the contract interest rate set forth therein, toqet~er
wi.th any chanqe- in the amount oi the ~onthly ir:stall~ents of
principal and interest necessar~ to amortize a loan with t~e same
crincipal a.nd at the same interest rate over the reiaairiinq ter.a
of this mortgaqe. Borrowe= and I.ender aqree that the interest
r3te o=fered at renewal shall be based upon a aonthly index
rate comnnted by the ~ederal Home Loan Hank Board, as set
forth i.n the vote. Interest rate decreases and incr~ases
are mandatory and are not discretionary or optional with ~he
Lender.
~ D. BORROWER'S RIGHT OF ~USAL. Horrower and *_,ender
acknawledqe that Borrower has the right to decline Lander's
offer of renewal, in which case ~e rea~aininq balance of t'~e
unpaid pri.*~cipal and interest secured by the mor±gage bec~mes
due and oayable upon the naturity day of tiie Ini~ial Loan
Term, ~= any Renewal Loan Ter•a, as t~e case ~ay be .
E. NOTICE. At least ni.nety (90) days before the end
of t:~e Initial ~an Ter.a 'and any Renewal Loan Terms , excegt
for the final Renewal Loan Ter.a, ~e Leader must send to the
Borzawer a~cenewal aotica which states, amonq ot~er thinqs,~
the renewal intere9t rate and new :aonttz~ly i.~stall~ent Lor
}..he next Renewal Loan Term.
F. PREPAYME:~iT. The unpaid princ=pal balance secure3
by the security inst_~ument may be prepaid in f•sll or i.~ ~art
without penal ~~ at any time .
G.` ~DIES. If 3or~ower breaches Borrawer's covenaats
and aqr~ements hereunder, :hen Lender may invoke any remedies
provided under the secu=ity inst~~naPazt, inclLdinq, but net
limited to, ~ose provided under Uni~or.a Coveaant 7.
~'1~'1K~~,~ P~uE ~~
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