201101311 - Laserfiche WebLink

Browse

2011013�1 or Jnne 11 shall be due on the first day of the immediately succeeding January or July, as applicable. Thereafter, consecutive semi-annual installments of interest, each in the amount required to pay the unpaid interest accruing through the applicable period (i) December 12 through and inctuding June 11 or (ii) June 12, through and including December 11 shall be due on each January 1 and July 1 at the Variable Rate until the MaturityDate (as definedbelow) orthe Conversion Date (as defined below) as the case may be. Any remaining indebtedness, if not sooner paid, shall be due and payable on the Maturity Date (as defined below). (d) If Lender at any time deYermines, in its sole but reasonable discretion, that it has miscalculated the amount of any interest payment (whether because of a miscalculation of the Variable Rate or otherwise), then Lender shall give notice to Borrower of the corrected amount of the interest payment (and the corrected Variable Rate, if applicable) and (i) if the corrected amount of the installment payment represents an increase, then Borrower shall, within 30 calendar days thereafter, pay to Lender any sums that Borrower would have otherwise been obligated under this Note to pay to Lender t�ad the amount of the installment payment not been miscalculated, or (ii) if the corrected amount of the installment payment represents a decrease thereof and Borrower is not otherwise in breach or default under any of the terms and provisions ofthis Note, the security instrument or any other Loan Document evidencing or securing this Note, then Borrower shall thereafter be paid the sums that Borrower would not have otherwise been obligated to pay to Lender had the amount of the installment payment not been miscalculated. Borrower may make payments of principal in any amount on any business day of Lender during such time as the principal is accruing interest at the Variable Rate. (e) If Borrower timely exercises Borrower's option to (i) convert the interest rate on this Note to another rate and (ii) cancel the Revolving Line of Credit provisions of this Note pursuant to Section C("Conversion Option") of this Note, the applicable interest rate under this Note, beginning on the date the conversion becomes effective and continuing until the Maturity Date, shall not be the rate determined in accordance with subsection (a) of this Section 1 above, but shall be the rate established in accordance with Section 3"Conversion Option" below. Such rate shall be reflected in an "Agreement to Convert" substantially in the form attached as Exhibit A to this Note. If Borrower has not earlier exercised the Conversion Option, the Revolving Line of Credit Provisions will expire on July 1, 2016 and the Conversion Option will be deamed to be exercised by selecting the Default Product (as defined below). ( fl The following definitions shall apply to this Note: Current Index: The Index that is published in The Wall Street Journal on the applicable Rate Change Date. Index. Beginning with the Initial Adjustment Date, the adjustable interest rate will be based on an Index. The "Index" is the One Month `Zondon Interbank Offered Rate "(LIBOR) as published in the Wall Street Journal as of the date of the applicable rate change date. The Index percentage will be added to the Margin and then rounded to the nearest one thousand of one percent (.001) subject to any limits. This rounded amount will be my new interest rate until the next rate change date. If the Index is no longer available, the Note Holder will choose a new Index that is based on comparable information. MULTISTATE ADJUSTABLE RATE RIDER—Farmer Mac UNIFORM Form 6008r 11-OS-2007 INSTRUMENT �PeirsonPatterson, LLP: Adington, Texas 2007-2009 1614140211 [Doc Id 9713 Rev. 07.15.10]