⇒Massachusetts General Laws ch. 184 sec. 17B
⇒What you should know about Home Equity Lines of Credit (HELOC)
⇒HELOC Interest Only Important Terms
⇒HELOC Interest Only Investment Important Terms
Massachusetts General Laws ch. 184 sec. 17B
This disclosure is provided to you pursuant to Mass. Gen. Law Ann. Ch.184-17B.
- The responsibility of the attorney for the mortgagee is to protect the interest of the mortgagee.
- Mortgagors may, at their own expense, engage an attorney of their selection to represent their interests in the transaction.
What you should know about Home Equity Lines of Credit (HELOC)
HELOC Fixed Important Terms:
In this disclosure the words “you” and “your” mean the recipient of this disclosure, and the words “we,” “us” and “our” mean Cape Cod Cooperative Bank, the Lender listed above.
IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT
RETENTION OF INFORMATION. This disclosure contains important information about our home equity line of credit, Home Equity Line of Credit Fixed Rate (“Account”). You should read it carefully and keep a copy for your records.
AVAILABILITY OF TERMS. All of the terms described below are subject to change prior to opening the account. If these terms change (other than the Annual Percentage Rate) and you decide, as a result, not to enter into an Agreement with us, you are entitled to a refund of any fees you paid to us or anyone else in connection with your application.
SECURITY INTEREST. We will take a security interest in your home (collateral). You could lose your home if you do not meet the obligations in your Agreement with us.
POSSIBLE ACTIONS. Under certain circumstances, we can terminate your line and require you to pay us the entire outstanding balance in one payment and charge you certain fees, refuse to make additional extensions of credit, and reduce your credit limit. If you ask, we will give you more specific information concerning when we can take these actions.
We can terminate your Account and require you to pay us the entire outstanding balance in one payment if (a) you engage in fraud or material misrepresentation in connection with the Account; (b) you do not meet the repayment terms; and/or (c) your action or inaction adversely affects the collateral or our rights in the collateral.
We can refuse to make additional extensions of credit or reduce your credit limit if: The value of the dwelling securing the Account declines significantly below its appraised value for purposes of the Account; or we reasonably believe you will not be able to meet the repayment requirements due to a material change in your financial circumstances; or you are in default of a material obligation in the Agreement; or government action prevents us from imposing the Annual Percentage Rate provided for or impairs our security interest such that the value of the interest is less than 120 percent of the credit line; or a regulatory agency has notified us that continued advances would constitute an unsafe and unsound practice; and/or the maximum Annual Percentage Rate is reached.
MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit for 10 years (the “Draw Period”). During the Draw Period, payments will be due monthly. Your minimum periodic payment will be equal to the greater of the accrued interest as of the closing date of each billing statement but not less than $50.00, unless your unpaid balance is less than the latter amount, in which case your minimum payment will be that amount. Interest Only Payments – Your minimum periodic payment during the Draw Period may not repay any of the principal outstanding on your account.
After the Draw Period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 20 years (the “Repayment Period”). During the Repayment Period, payments will be due monthly. Your minimum periodic payment during the Repayment Period will be determined based on the outstanding balance of your Account at the beginning of the Repayment Period and using the interest rate in effect at the beginning of the Repayment Period to calculate equal monthly payments which will fully amortize your Account.
MINIMUM-PAYMENT EXAMPLE. If you made only the minimum monthly payments and took no other credit advances, it would take 30 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 9.750%. During the Draw Period, you would make 120 monthly payments varying between $82.81 and $74.79. During the Repayment Period, you would make 240 monthly payments of $94.85.
FEES AND CHARGES. To open and maintain your Account, you must carry insurance on the property securing your Account and pay us the following fees:
| Lender Fees | When Charged | Fee Amount |
| Annual Maintenance Fee | Charged to you annually on billing statement | $50.00 |
| Third Party Fees | ||
| Trust Preparation | If applicable, paid by you at closing | $200.00 (estimated) |
| Additional Recording Fees | If applicable, paid by you at closing | $252.00 (estimated) |
| Check Reorder | Charged if you request additional checks beyond initial starter checks | $15.00 (estimated) |
| Lenders Title Insurance required on Loan amounts $250,000 and greater | Paid by you at closing | $1.75 per thousand of Loan Amount (estimated) |
| Title Examination required on Loan amounts $250,000 and greater | Paid by you at closing | $200.00 (estimated) |
| Appraisal Fee required on Loan amounts $250,0000 and greater | Paid by you at time of application and charged by real estate appraisal firm | $750.00 (estimated) |
If you tell us you have decided not to enter into the Account within three business days of receiving this Disclosure and the Consumer Financial Protection Bureau brochure “What You Should Know About Home Equity Lines of Credit” in person, or within six business days after the day we mail them to you, as the case might be, any fees or charges you might have already paid will be refunded.
TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the Account.
OTHER PRODUCTS. If you ask, we will provide you with information on our other available home equity products.
FIXED RATE FEATURE. This product is subject to a fixed annual percentage rate. An ANNUAL PERCENTAGE RATE of 9.750% has recently been imposed under this product. The annual percentage rate includes only interest and no other costs.
ADDITIONAL PROVISIONS
AUTOMATIC PAYMENT AUTHORIZATION: (If applicable; cannot be combined with other offers) Borrower(s) authorizes the Lender to pay the minimum monthly installment due each month by withdrawing funds from Borrower(s) deposit account during the Draw Period, then the rate of interest on the Note will be lowered by 0.50 percentage point(s) in consideration of the Borrower’s authorization to charge all installments coming due on this Note to the Borrower’s deposit account with The Cooperative Bank of Cape Cod. In the event that the deposit account is closed or there is an insufficient balance in said account to pay a regularly scheduled payment due on this Note, the Holder may terminate such authorization and increase the interest rate payable on the outstanding balance of this Note by 0.50 percentage point(s) after sending notice to the Borrower(s) that such higher rate of interest will be charged.
EARLY TERMINATION FEE: If Borrower terminates this Agreement and requests a discharge of the mortgage within 12 months from the date of this Agreement, borrower shall then be obligated to pay Lender an Early Termination Fee of $500.00. If borrower terminates this Agreement and requests a discharge within 13-36 months from the date of this Agreement, borrower shall then be obligated to pay Lender an Early Termination Fee of $350.00.
HELOC Interest Only Important Terms:
In this disclosure the words “you” and “your” mean the recipient of this disclosure, and the words “we,” “us” and “our” mean Cape Cod Cooperative Bank, the Lender listed above. 752417
IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT
RETENTION OF INFORMATION. This disclosure contains important information about our home equity line of credit, Home Equity Line of Credit – Interest Only (“Account”). You should read it carefully and keep a copy for your records.
AVAILABILITY OF TERMS. All of the terms described below are subject to change prior to opening the Account. If these terms change (other than as a result of fluctuations in the index value) and you decide, as a result, not to enter into an Agreement with us, you are entitled to a refund of any fees you paid to us or anyone else in connection with your application.
SECURITY INTEREST. We will take a security interest in your home (collateral). You could lose your home if you do not meet the obligations in your Agreement with us.
POSSIBLE ACTIONS. Under certain circumstances, we can terminate your line and require you to pay us the entire outstanding balance in one payment and charge you certain fees, refuse to make additional extensions of credit, and reduce your credit limit. If you ask, we will give you more specific information concerning when we can take these actions.
We can terminate your Account and require you to pay us the entire outstanding balance in one payment if (a) you engage in fraud or material misrepresentation in connection with the Account; (b) you do not meet the repayment terms; and/or (c) your action or inaction adversely affects the collateral or our rights in the collateral.
We can refuse to make additional extensions of credit or reduce your credit limit if: The value of the dwelling securing the Account declines significantly below its appraised value for purposes of the Account; or we reasonably believe you will not be able to meet the repayment requirements due to a material change in your financial circumstances; or you are in default of a material obligation in the Agreement; or government action prevents us from imposing the Annual Percentage Rate provided for or impairs our security interest such that the value of the interest is less than 120 percent of the credit line; or a regulatory agency has notified us that continued advances would constitute an unsafe and unsound practice; and/or the maximum Annual Percentage Rate is reached.
MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit for 10 years (the “Draw Period”). During the Draw Period, payments will be due monthly. Your minimum periodic payment will be equal to the greater of the accrued interest as of the closing date of each billing statement but not less than $50.00, unless your unpaid balance is less than the latter amount, in which case your minimum payment will be that amount. Interest Only Payments – Your minimum periodic payment during the Draw Period may not repay any of the principal outstanding on your account.
After the Draw Period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 20 years (the “Repayment Period”). During the Repayment Period, payments will be due monthly. Your minimum periodic payment during the Repayment Period will be determined based on the outstanding balance of your Account at the beginning of the Repayment Period and using the interest rate in effect at the beginning of the Repayment Period to calculate equal monthly payments which will fully amortize your Account.
MINIMUM-PAYMENT EXAMPLE. If you made only the minimum monthly payments and took no other credit advances, it would take 30 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 9.000%. During the Draw Period, you would make 120 monthly payments varying between $76.44 and $69.04. During the Repayment Period, you would make 240 monthly payments of $89.97.
FEES AND CHARGES. To open and maintain your Account, you must carry insurance on the property securing your Account and pay us the following fees:
| Lender Fees | When Charged | Fee Amount |
| Annual Maintenance Fee | Charged to you annually on billing statement | $50.00 |
| Third Party Fees | ||
| Trust Preparation | If applicable, paid by you at closing | $200.00 (estimated) |
| Additional Recording Fees | If applicable, paid by you at closing | $252.00 (estimated) |
| Check Reorder | Charged if you request additional checks beyond initial starter checks | $15.00 (estimated) |
| Lenders Title Insurance required on Loan amounts $250,000 and greater | Paid by you at closing | $1.75 per thousand of Loan Amount (estimated) |
| Title Examination required on Loan amounts $250,000 and greater | Paid by you at closing | $200.00 (estimated) |
| Appraisal Fee required on Loan amounts $250,0000 and greater | Paid by you at time of application and charged by real estate appraisal firm | $750.00 (estimated) |
If you tell us you have decided not to enter into the Account within three business days of receiving this Disclosure and the Consumer Financial Protection Bureau brochure “What You Should Know About Home Equity Lines of Credit” in person, or within six business days after the day we mail them to you, as the case might be, any fees or charges you might have already paid will be refunded.
TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the Account.
OTHER PRODUCTS. If you ask, we will provide you with information on our other available home equity products.
VARIABLE RATE FEATURE. The Account has a variable rate feature. The Annual Percentage Rate (corresponding to the periodic rate) and the minimum payment can change as a result. This Annual Percentage Rate does not include costs other than interest. The Annual Percentage Rate is based on the value of an index. The index is the U.S. Prime Rate published in the money rates section of the Wall Street Journal as of the first business day of the month that most recently precedes the first day of the billing cycle (“Index”). To determine the Annual Percentage Rate that will apply to your Account, we add a margin to the value of the index. The combined index plus margin is rounded to the nearest one-eighth of one percentage point (0.125). Ask us for the current index value, margin, discount or premium, and Annual Percentage Rate. After you open an Account, rate information will be provided on periodic statements that we furnish to you.
RATE CHANGES. The Annual Percentage Rate can change monthly. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.000%. Apart from this rate cap, there is no limit on the amount by which the rate can change in any one-year period, except that under no circumstances will the rate ever be less than 5.000% per annum.
MAXIMUM-RATE AND PAYMENT EXAMPLE. If the ANNUAL PERCENTAGE RATE during the Draw Period equaled the 18.000% maximum and you had an outstanding balance of $10,000.00, your minimum payment would be $152.88. The maximum Annual Percentage Rate could be reached the first time your Annual Percentage Rate changes, unless your initial rate is equal to the maximum, in which case it would be reached immediately. If you had an outstanding balance of $10,000.00 at the beginning of the Repayment Period, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.000% would be $154.33. This Annual Percentage Rate could be reached at the beginning of the Repayment Period.
HISTORICAL EXAMPLE. The following table shows how the Annual Percentage Rate and the minimum payments for a single $10,000.00 credit advance would have changed based on changes in the index over the past 15 years. The index values are from the rate as published in The Wall Street Journal on the last business day of January of each year. While only one payment amount per year is shown, payments would have varied during each year. The table assumes that no additional credit advances were taken, that only the minimum payments were made, and that the rate remained constant during each year. It does not necessarily indicate how the index or your payments will change in the future.
| Year | Index | Margin1 | ANNUAL PERCENTAGE RATE | Minimum Periodic Payment |
| 2010 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2011 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2012 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2013 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2014 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2015 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2016 | 3.500% | 0.500 | 5.000%4 | $50.003 |
| 2017 | 3.750% | 0.500 | 5.000%4 | $50.003 |
| 2018 | 4.500% | 0.500 | 5.000% | $50.003 |
| 2019 | 5.500% | 0.500 | 6.000% | $50.003 |
| 20202 | 4.750% | 0.500 | 5.250% | $58.04 |
| 2021 | 3.250% | 0.500 | 5.000%4 | $58.04 |
| 2022 | 3.250% | 0.500 | 5.000%4 | $58.04 |
| 2023 | 7.500% | 0.500 | 8.000% | $69.20 |
| 2024 | 8.500% | 0.500 | 9.000% | $73.73 |
1. This is a margin we have used recently.
2. Draw period ends after the 10th year. Repayment Period principal and interest payment reflected in years 2020-2024
3. Minimum Payment is $50 since this is greater than the estimated monthly interest accrual.
4. The Annual Percentage Rate has been adjusted to reflect any applicable interest rate caps.
ADDITIONAL PROVISIONS
AUTOMATIC PAYMENT AUTHORIZATION: (If applicable; cannot be combined with other offers) Borrower(s) authorizes the Lender to pay the minimum monthly installment due each month by withdrawing funds from Borrower(s) deposit account during the Draw Period, then the rate of interest on the Note will be lowered by 0.50 percentage point(s) in consideration of the Borrower’s authorization to charge all installments coming due on this Note to the Borrower’s deposit account with The Cooperative Bank of Cape Cod. In the event that the deposit account is closed or there is an insufficient balance in said account to pay a regularly scheduled payment due on this Note, the Holder may terminate such authorization and increase the interest rate payable on the outstanding balance of this Note by 0.50 percentage point(s) after sending notice to the Borrower(s) that such higher rate of interest will be charged.
EARLY TERMINATION FEE: If Borrower terminates this Agreement and requests a discharge of the mortgage within 12 months from the date of this Agreement, borrower shall then be obligated to pay Lender an Early Termination Fee of $500.00. If borrower terminates this Agreement and requests a discharge within 13-36 months from the date of this Agreement, borrower shall then be obligated to pay Lender an Early Termination Fee of $350.00.
Bankers Group Purchasing – 781-891-0303 – (02/24) 40145
HELOC Interest Only Investment Important Terms:
In this disclosure the words “you” and “your” mean the recipient of this disclosure, and the words “we,” “us” and “our” mean Cape Cod Cooperative Bank, the Lender listed above. 752417
IMPORTANT TERMS OF OUR HOME EQUITY LINE OF CREDIT
RETENTION OF INFORMATION. This disclosure contains important information about our home equity line of credit, Home Equity Line of Credit – Interest Only (“Account”). You should read it carefully and keep a copy for your records.
AVAILABILITY OF TERMS. All of the terms described below are subject to change prior to opening the Account. If these terms change (other than as a result of fluctuations in the index value) and you decide, as a result, not to enter into an Agreement with us, you are entitled to a refund of any fees you paid to us or anyone else in connection with your application.
SECURITY INTEREST. We will take a security interest in your home (collateral). You could lose your home if you do not meet the obligations in your Agreement with us.
POSSIBLE ACTIONS. Under certain circumstances, we can terminate your line and require you to pay us the entire outstanding balance in one payment and charge you certain fees, refuse to make additional extensions of credit, and reduce your credit limit. If you ask, we will give you more specific information concerning when we can take these actions.
We can terminate your Account and require you to pay us the entire outstanding balance in one payment if (a) you engage in fraud or material misrepresentation in connection with the Account; (b) you do not meet the repayment terms; and/or (c) your action or inaction adversely affects the collateral or our rights in the collateral.
We can refuse to make additional extensions of credit or reduce your credit limit if: The value of the dwelling securing the Account declines significantly below its appraised value for purposes of the Account; or we reasonably believe you will not be able to meet the repayment requirements due to a material change in your financial circumstances; or you are in default of a material obligation in the Agreement; or government action prevents us from imposing the Annual Percentage Rate provided for or impairs our security interest such that the value of the interest is less than 120 percent of the credit line; or a regulatory agency has notified us that continued advances would constitute an unsafe and unsound practice; and/or the maximum Annual Percentage Rate is reached.
MINIMUM PAYMENT REQUIREMENTS. You can obtain advances of credit for 10 years (the “Draw Period”). During the Draw Period, payments will be due monthly. Your minimum periodic payment will be equal to the greater of the accrued interest as of the closing date of each billing statement but not less than $50.00, unless your unpaid balance is less than the latter amount, in which case your minimum payment will be that amount. Interest Only Payments – Your minimum periodic payment during the Draw Period may not repay any of the principal outstanding on your account.
After the Draw Period ends, you will no longer be able to obtain credit advances and must pay the outstanding balance over 20 years (the “Repayment Period”). During the Repayment Period, payments will be due monthly. Your minimum periodic payment during the Repayment Period will be determined based on the outstanding balance of your Account at the beginning of the Repayment Period and using the interest rate in effect at the beginning of the Repayment Period to calculate equal monthly payments which will fully amortize your Account.
MINIMUM-PAYMENT EXAMPLE. If you made only the minimum monthly payments and took no other credit advances, it would take 30 years to pay off a credit advance of $10,000.00 at an ANNUAL PERCENTAGE RATE of 9.000%. During the Draw Period, you would make 120 monthly payments varying between $76.44 and $69.04. During the Repayment Period, you would make 240 monthly payments of $89.97.
FEES AND CHARGES. To open and maintain your Account, you must carry insurance on the property securing your Account and pay us the following fees:
| Lender Fees | When Charged | Fee Amount |
| Annual Maintenance Fee | Charged to you annually on billing statement | $50.00 |
| Third Party Fees | ||
| Trust Preparation | If applicable, paid by you at closing | $200.00 (estimated) |
| Additional Recording Fees | If applicable, paid by you at closing | $252.00 (estimated) |
| Check Reorder | Charged if you request additional checks beyond initial starter checks | $15.00 (estimated) |
| Lenders Title Insurance required on Loan amounts $250,000 and greater | Paid by you at closing | $1.75 per thousand of Loan Amount (estimated) |
| Title Examination required on Loan amounts $250,000 and greater | Paid by you at closing | $200.00 (estimated) |
| Appraisal Fee required on Loan amounts $250,0000 and greater | Paid by you at time of application and charged by real estate appraisal firm | $750.00 (estimated) |
If you tell us you have decided not to enter into the Account within three business days of receiving this Disclosure and the Consumer Financial Protection Bureau brochure “What You Should Know About Home Equity Lines of Credit” in person, or within six business days after the day we mail them to you, as the case might be, any fees or charges you might have already paid will be refunded.
TAX DEDUCTIBILITY. You should consult a tax advisor regarding the deductibility of interest and charges for the Account.
OTHER PRODUCTS. If you ask, we will provide you with information on our other available home equity products.
VARIABLE RATE FEATURE. The Account has a variable rate feature. The Annual Percentage Rate (corresponding to the periodic rate) and the minimum payment can change as a result. This Annual Percentage Rate does not include costs other than interest. The Annual Percentage Rate is based on the value of an index. The index is the U.S. Prime Rate published in the money rates section of the Wall Street Journal as of the first business day of the month that most recently precedes the first day of the billing cycle (“Index”). To determine the Annual Percentage Rate that will apply to your Account, we add a margin to the value of the index. The combined index plus margin is rounded to the nearest one-eighth of one percentage point (0.125). Ask us for the current index value, margin, discount or premium, and Annual Percentage Rate. After you open an Account, rate information will be provided on periodic statements that we furnish to you.
RATE CHANGES. The Annual Percentage Rate can change monthly. The maximum ANNUAL PERCENTAGE RATE that can apply is 18.000%. Apart from this rate cap, there is no limit on the amount by which the rate can change in any one-year period, except that under no circumstances will the rate ever be less than 5.000% per annum.
MAXIMUM-RATE AND PAYMENT EXAMPLE. If the ANNUAL PERCENTAGE RATE during the Draw Period equaled the 18.000% maximum and you had an outstanding balance of $10,000.00, your minimum payment would be $152.88. The maximum Annual Percentage Rate could be reached the first time your Annual Percentage Rate changes, unless your initial rate is equal to the maximum, in which case it would be reached immediately. If you had an outstanding balance of $10,000.00 at the beginning of the Repayment Period, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.000% would be $154.33. This Annual Percentage Rate could be reached at the beginning of the Repayment Period.
HISTORICAL EXAMPLE. The following table shows how the Annual Percentage Rate and the minimum payments for a single $10,000.00 credit advance would have changed based on changes in the index over the past 15 years. The index values are from the rate as published in The Wall Street Journal on the last business day of January of each year. While only one payment amount per year is shown, payments would have varied during each year. The table assumes that no additional credit advances were taken, that only the minimum payments were made, and that the rate remained constant during each year. It does not necessarily indicate how the index or your payments will change in the future.
| Year | Index | Margin1 | ANNUAL PERCENTAGE RATE | Minimum Periodic Payment |
| 2010 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2011 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2012 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2013 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2014 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2015 | 3.250% | 0.500 | 5.000%4 | $50.003 |
| 2016 | 3.500% | 0.500 | 5.000%4 | $50.003 |
| 2017 | 3.750% | 0.500 | 5.000%4 | $50.003 |
| 2018 | 4.500% | 0.500 | 5.000% | $50.003 |
| 2019 | 5.500% | 0.500 | 6.000% | $50.003 |
| 20202 | 4.750% | 0.500 | 5.250% | $58.04 |
| 2021 | 3.250% | 0.500 | 5.000%4 | $58.04 |
| 2022 | 3.250% | 0.500 | 5.000%4 | $58.04 |
| 2023 | 7.500% | 0.500 | 8.000% | $69.20 |
| 2024 | 8.500% | 0.500 | 9.000% | $73.73 |
1. This is a margin we have used recently.
2. Draw period ends after the 10th year. Repayment Period principal and interest payment reflected in years 2020-2024
3. Minimum Payment is $50 since this is greater than the estimated monthly interest accrual.
4. The Annual Percentage Rate has been adjusted to reflect any applicable interest rate caps.
ADDITIONAL PROVISIONS
AUTOMATIC PAYMENT AUTHORIZATION: (If applicable; cannot be combined with other offers) Borrower(s) authorizes the Lender to pay the minimum monthly installment due each month by withdrawing funds from Borrower(s) deposit account during the Draw Period, then the rate of interest on the Note will be lowered by 0.50 percentage point(s) in consideration of the Borrower’s authorization to charge all installments coming due on this Note to the Borrower’s deposit account with The Cooperative Bank of Cape Cod. In the event that the deposit account is closed or there is an insufficient balance in said account to pay a regularly scheduled payment due on this Note, the Holder may terminate such authorization and increase the interest rate payable on the outstanding balance of this Note by 0.50 percentage point(s) after sending notice to the Borrower(s) that such higher rate of interest will be charged.
EARLY TERMINATION FEE: If Borrower terminates this Agreement and requests a discharge of the mortgage within 12 months from the date of this Agreement, borrower shall then be obligated to pay Lender an Early Termination Fee of $500.00. If borrower terminates this Agreement and requests a discharge within 13-36 months from the date of this Agreement, borrower shall then be obligated to pay Lender an Early Termination Fee of $350.00.
Bankers Group Purchasing – 781-891-0303 – (02/24) 40145