201101311 - Laserfiche WebLink

Browse

2011013�1 Margin: 2.440%. First Interest Payment Date: July 1, 2011. Revolving Loan Provisions Termination Date: July 1, 2016 . First Principal Payment Date: January 1, 2017 Maturity Date: July 1, 2041. INTEREST RATE OPTION follows: The Note provides for the Borrower's option to convert from an variable interest rate to another interest rate, as 3. Interest Rate Conversion Option. (a) Option to Cancel Multiple Advance Provisions and Convert to Another Interest Rate. Borrower may exercise the Conversion Option unless Borrower is in default under this Note or the security inshument if the conditions of this subsection 3(a) are met. Borrower will be conclusively deemed to have exercised the Conversion Option upon the date the Revolving Loan Provisions Termination Date. The "Conversion Option" is the Borrower's option to (i) cancel and convert the interest rate specified in this Note from a variable rate with no interest rate limits to the rate calculated under Section 3(b) below; and (ii) terminate and cancel the Revolving Loan provisions. The conversion can only take place on a date a scheduled payment is due. The date on which the Borrower converts the variable interest rate to the converted rate is called the "Conversion Date." The Borrower's ability to exercise the Conversion Option is conditioned upon and no conversion shall be effective without: (i) the $orrower giving the Lender written notice at least 21 days prior to the Conversion Date (at 11:00 a.m. Louisville, Kentucky time) that the Borrower wants to exercise the Conversion Option; (ii} at the Conversion Date, the Borrower must not be in default under the terms of this Note or the security instrument; (iii) payment to the Lender at or prior to the Conversion Date of all of Lender's out of pocket expense of completing such Conversion while maintaining its lien priarity, and (iv) the Borrower's completion and execution of any documents the Lender requires to effect the conversion. (b) Calculation of Converted Rate. Upon request from the Borrower, the Lender shall provide a list ofthe loan products then offered by the Federal Agricultural Mortgage Corporation ("Farmer Mad') with a maturitydate similar to the maturity date of this Note subject to a four week mandatory delivery commitment, including any prepayment restrictions and yield maintenance provision applicable to such products. The description of loan products shall contain the then current rates applicable to such products, but the actual rate may be higher or lower and will be set as described in this paragraph. The Borrower may then give written notice of the Borrower's election to convert this Note to one of those products for the remaining term of this Note to the Maturity Date by selecting one of the listed products and requesting conversion of this MULTISTATE ADJUSTABLE RATE RIDER—Farmer Mac UNIFORM Form 6008r ll-OS-2007 INSTRUMENT �PeirsonPatterson, LLP.-Arlington, Texas 2007-2009 1614140211 [Doc Id 9713 Rev. 07.15.10]