Examples of Adjustable Rate Loan in a sentence
If the Lender makes a new agreement with another borrower or person, corporation or entity who is obligated to pay the Adjustable Rate Loan or any part of the Indebtedness, the Borrower will not be released from the Borrower’s obligations under this Contract, even if the Borrower does not sign or is not advised of such new agreement.
In such instance, the Borrower must sign the Lender’s conversion agreement and pay the Lender’s then current administration and processing fee for converting the Adjustable Rate Loan.
CONVERTING THE ADJUSTABLE RATE LOAN The Borrower has the option to convert the Interest Rate from the adjustable rate to a fixed rate if the Borrower has always met the Borrower’s obligations for a term equal to or greater than the remaining term of the Adjustable Rate Loan.
The Adjustable Rate Loan, and if renewed each renewal term, is closed to prepayment except as described in this Contract.
The amount of each Regular Payment Amount, which includes principal and interest, is based on the Interest Rate; The Regular Payment Amount will change with each adjustment in the Interest Rate to an amount sufficient to pay all interest that will accrue up to the next payment date, plus the amount of principal which the Lender determines is required to be paid to maintain the amortization of the Adjustable Rate Loan, as adjusted for any prepayment the Borrower has made, if any.