HomeMy WebLinkAbout2466H. RENEGOTIASLE INTEREST RATE. For purpoaes o! this
uartqaqa ins.trumsnt aad the NO'"S secured thareby, the ter.a
"Rensqotiable" in tha titla "Reaeqotiabls Rats Mortqaqe"
means that ths intersst rats is.subjsct to adjustmant
pursuaat to tht ~ederal regulations (Section 545.6-4a, Title
12, Code o~ Faderal Regulations). The Lender is no~.required
to barqain with the Borrowsr(s) as to ths intsrest rata tor
aay Re.naval Loaa Te=m. -
t. BALLOON PAYMENT. Should borrower e~cercise his
optioa to repay the outstandinq balance due under this
mortqaqe in tull rather than reaew his loan ~or an additional
Reuewal Loan Tetm, then and in such event, the fiaal payment
due shall be a ballooa paymeat which shall equal the sum of
the.laat monthly payment due aad the outstandinq principal
balance and accrued interest due immediately after receipt
of such payment.
IN WITNESS W~REOF, HORROWER 8AS EXECO'~'ED '!`HIS RE:TEGOTI.~BLE
RA~ RIDER.
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