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201004813
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7/14/2010 2:47:57 PM
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7/14/2010 2:47:55 PM
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DEEDS
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201004813
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201004813 <br />or June 11 shall be due on the first day ofthe immediately succeeding January or July, as applicable. <br />Thereafter, consecutive semi-annual installments of interest, each in the amount required to pay the unpaid interest <br />accruing through the applicable period (i) December 12 through and including June 11 or (ii) June 12, through and including <br />December 11 shall be due on each January 1 and July 1 at the Variable Rate until the Maturity Date (as defined below) or the <br />Conversion Date (as defined below) as the case maybe. Any remaining indebtedness, if not sooner paid, shall be due and <br />payable on the Maturity Date (as defined below). <br />(d) IfLender at any time determines, in its sole but reasonable discretion, that it has miscalculated the amount <br />of any interest payment (whether because of a miscalculation ofthe Variable Rate or otherwise), then lender shall give <br />notice to Borrower of the corrected amount of the interest payment (and the corrected Variable Rate, if applicable) and (i) if <br />the corrected amount of the installment payment represents an increase, then Borrower shall, within 30 calendar days <br />thereafter, pay to Lender any sums that Borrower would have otherwise been obligated under this Note to pay to Lender had <br />the amount ofthe installment payment not been miscalculated, or (ii) if the corrected amount ofthe installment payment <br />represents a decrease thereof and Borrower is not otherwise in breach or default under any ofthe terms and provisions ofthis <br />Note, the security instrument or any other Loan Document evidencing or securing this Note, then Borrower shall thereafter be <br />paid the sums that Borrower would not have otherwise been obligated to pay to Lender had the amount ofthe installment <br />payment not been miscalculated, <br />Borrower may make payments of principal in any amount on any business day of Lender during such time as the principal is <br />accnaing interest at the Variable Rate. <br />(e) if Borrower timely exercises Borrower's option to (i) convert the interest rate on this Note to another rate <br />and (ii) cancel the Revolving line of Credit provisions ofthis Note pursuant to Section C ("Conversion Option") of this <br />Note, the applicable interest rate under this Note, beginning on the date the conversion becomes effective and continuing <br />until the Maturity Date, shall not be the rate determined in accordance with subsection (a) ofthis Section 1 above, but shall <br />be the rate established in accordance with Section 3 "Canversion Option" below. Such rate shall be reflected in an <br />"Agreement to Convert" substantially in the form attached as IJxhibit A to this Note. If Borrower has not earlier exercised <br />the Conversion Option, the Revolving Line of Credit Provisions will expire on January 1, 2016 and the Conversion Option <br />will be deemed to be exercised by selecting the Default Product (as defined below). <br />(f) The following definitions shall apply to this Note: <br />Current Index: The Index that is published in The Wall Street Journal on the applicable Rate Change Date. <br />Index. Beginning with the Initial Adjustment Date, the adjustable interest rate will be based on an Index. The <br />"Index" is the One Month "London Interbank Offered Rate " (LIBOR) as published in the Wall Street Journal as ofthe date <br />ofthe applicable rate change date. The Index percentage will be added to the Margin and then rounded to the nearest one <br />thousand of one percent (.001) subject to any limits. This rounded amount will be my new interest rate until the next rate <br />change date. If the Index is no longer available, the Note Holder will choose a new Index that is based on comparable <br />information. <br />MULTISTATE ADJr_1STABLE RATE RIDER--Farmer Mac UNIFORM Form 6008r 11-05-2007 <br />INSTRUMENT <br />~PeirsonPatterson, LI,P.-Arlington, Texas 2007-2009 <br />1808080710 [Doc Id 9713 Rev. 05.06.10] <br />
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