HomeMy WebLinkAbout06648. RENEGOTIABLE INTEREST RATE. For ourposes of this
mcrtgage instrumeat and *he NO"_'E secured thereby, the ter.a
"Reneqotiabla" in the title "Reaeqotiable Rats ~iortqaqe"
maans that ths interest rate is subject to adjustment
pursuant to ths faderal requlations (Section 545..6-4a, Title
12, Code of Federal Requlatioas). The Lender is not required
to barqain with the Borrawer(s) as to the interest rate for
aay Renewal Loaa Term. -
I. BALLOON PAYMENT. Should borrower exercise hi9
option to repay the outstandinq balance due under this
mortqaqe ia full rathe= than renew his loan for an additional
Renewal Loan Tazza, then and in such event, the final payment
dud shall be a balloon payment which shall equal the sum of
the last monthly payment due and the outstandinq principal
balance and accrued interest due immediately a=ter receipt
of such paytaent.
IN WIT~iESS WBEREOF , BOR~OWER HAS EXECO'!'ED 'i'HIS RE~TEGOTLaHLE
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