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RENEGOTIABLE s2ATE RIDER
MARCHIS RENEGOTIASI"E RATE RIDER is made this 3'~~ day of
, 1981, and is incorporated iato and s a 1 be
deamec~ to amend nd supplement a mortqaqe (herein "security
i.astrumsnt") dated ot even date herawith, qiven by the
undersiqaed (herein "Borrower") to secure Horrower's Vote to
Seritaqe Federal Savinqs and Loan Association (herein "Lender")
and coveriaq tha proparty described in said mortqaga and
located at 6000 TANGELO OR., FORT PIERCE, FL 33450
( property adc~ress ) .
RENEGOTIASLE RATE COV~iANTS. In addition to the covenants
and aqreements made in the security instrument, Borrower and
Lender fv.sther covenant and aqree as follows:
A. TERMS OF NO'!'E AND KORTGAGE. Horrower and Lender
acknowledqe that the security instrument shall~be deemed a
Reneqotiab~e ~ate Mortgaqe ("RRH:"). The term of the RR*i
B. NOTE AOTOMATICALLY R~IEWABLE. Borrower and Lender
aqree that the Promissory Note (":tote") secured by the
mortqaqe i.strvment is automatically renewable .-".or a~er:od
equal to the term of the mortqaqe instrument t~sp to 30
years). T~:e~interest rate may increase or decrease at each
renewal of the short-tens ( 3 years) loan, which may
resu-lt in an incrense or- decrease in the amount of *he
monthly payment due under the Vote.
loari is years , and tr.e tera of the mortqaqe securi.zg
said loan is ~ years. Borrower and Lender 3gres that
the initial loan ter.n may be up to six ( 6) months lonqer
than later te_*~cts _
C. MODIFICATIONS AT RENEWAL.. Lender aqrees that the
only provision of said note which may be ~odified at renewal
is the contract ,interest ~ate set forth therein, ~oqettzer
with aay chanqe in the amount of the monthly installaents o~ ~
orin~ipal and interest necessar: to amortize a loan with *1~e same
principal aad at the same i.nter~st rate over the remaininq ter.n
of this mortqage. Borrower and Lender aqree that the interest
r3te offered at renewal shall be based upoa a monthly index
rate computed by the Federal Home Loan Bank Board, as set
forth in the Vate. Interest rate 3ecreases and increases
are mandatory and are not discretionary or optional with the
Lender.
,D. BORROWER'S RIGH'!' OF ~EFIISAL. Borrower and Lender
ackncwledqe that Horrowet has the right to decline Lander's
offer of renewal, in which case the re~aininq balance of t'~e
unpaid principal and interest secured by the mor±qaqe becomes
dne and payable upon the ~aturity day of the Initial Loan
Term , or am Renewal Loan Tesm, as the case raay be .
E. NOTICE. At least ninety (90) days before the end
of the In~.tial~Loaa Term and aay Renewal Loan Terms, excent
for the final Renewal Loan Ter.n, the Lender must send to the
Borrower a Tenewal aotice which states, amonq ot'~er thinqs,
the reaewal i~terest rate and new ~uaathly instalL~ent for
the next Renewal Loan Term.
F. PREPAYMENT. The uapaid principal balance secured
by the security instrument may be prepaid ia f•sl+ or ia aart
aithout ~enalty at any time.
G. RE."sEDIES . If 3or_-ower br~aches Horrower's covenants
and aqreements he=eunder, :hen Lender may invoke any remedies
provided under t'~e secu~ity inst~~~ument, includinq, but not
limi.ted to, those provided under Unifor.a Covenant 7.
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