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RENEGOTIA.BLE RAT :' RIDER
Z'$IS RENEGOT?ASLE RATE RIDER is made this ~2 T~ day of
FEBRUARY , 19 81 and is incorpo=ated into and shall be
deemec~ to aaend nd supplement a mortqaqe (herein "security
instrwaent") dated of even date herewith, qiven by the
undersiqned (herein "Borrower") to secure Borrower's Vote to
Heritaqe Federal Saninqs and Loan Association (herein "Lender")
aud coverinq the PrQpK tv, ds sc~.,~b ScT.~.U~~~d ~~~F~g~geP~PT- ST. LUC I E,
located at ~OT 1, BL 47
(property ac~dress~. FLORI~A, 33452
REDiEGOTIABLE RATE COV~iANTS. In addition to the covenants
and aqreements made in the security instrument, Borrower and
Lender further covenant and aqree as follows:
A. TERMS OF NO'i'E AND KORTGAGE. Borrower and Lender
acknowledqe that the security instrument shall be deemed a
Renegotiable ?~ate Mortgaqe ("RRN." ). The term of the RR"i
loaa is 3 years, and tr.e tezn of the ~ortqaqe securi.zq
said loan is ~ years. Borrower and Lender 3gree that
the initial loaa term may be up to six (6) months lonqer
than Later t~~s _
8. v~TE AOTOMATICALLY R~+IEWABLE. 3arrower and Lender
agree that the P=omissory vote (":tote") secured by the
mortgage instrument is automatically renewab?e ~or a aeriod
equal to the term of the mortgage instrument (up to 30
years) . T'~e interest rate may i.ncrease or decrease at each
renewal o: the short-ter~ ( 3 years) loan, which may
result i.n aa increase or~decrease in the amount of the
~onthly payment due under the Note:
C. MODIFIC~,TIONS aT RE.VEWAL.. Lender aqrees *~at ~'~e
only provisicn of said note which ~ay be aodi~i~d at renewa?
i.s the contsact i.nterest rate set forth therein, toqet'~er
with any cha.nqe ia the amount of the :nonthly installaents o~
princzpai ana interest necessarv zo amorzize a ioan witn t:ze same
principal and at the same interest ~ate over the remaininq tera
of t~iis mortqaqe. Bonower and Lender aqree that the inter~st
rste oifered at renewal shall be based upon a monthly index
rate comnuted by the Federal Home I,oan Bank Board, as set
forth in the Yote. Interest rate decreases and iacreases
are mandatory and are not discretionary or optional with `.he
Lender.
D. HORROWER'S R2GH'" OF REFIISAL. Horrower and Lender
ackncwledqe that Horrower has the right to decline Lender's
offer af renewal, in which case the remaininq balance of t'~e
unpaid principal and interest secured by the mor*_qage becames
due and cayable upon the ~aturity day of the Initial Loan
Term, or any Renewal Loan Ter•a, as the case r~al be.
E_ NOTIC~. At least ninety (90) days before the en~
of the Initial Loan Term and any ~enewal Loan '"erms, exce~t
for the final Renewal Loan Ter.a, the Lender must send to the
Borrower a~cenewal aotice which states , amonq ot'~er ~inqs ,
the renewal interest rate and new monthly install~ent ror
the next Renewal Loan Ter.n.
F. PREPAYMENT. The unpaid principal ~alance secured
by the security instrument 3ay be prepaid in full or in ~art
~ithout ~enalty at any time.
G. RE.~DIES. If Borrower brsaches Borrower's covenants
and agreements he~~under, then Lender may invoke any remedies
provided under ~'~e secu~ity instrvment, includinq, but not
limi.ted to, those orovided under Qnifor.u Covenant 7.
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