Adjustable Rate Home Equity Contracts Sample Clauses

Adjustable Rate Home Equity Contracts. If an Adjustable Rate Home Equity Contract, it is covered by an American Land Title Association lender's title insurance policy, with an adjustable rate mortgage endorsement, such endorsement substantially in the form of ALTA Form 6.0 or 6. 1. The applicable terms of the Adjustable Rate Home Equity Contract pertaining to adjustments of the Contract Interest Rate and the monthly payment and payment adjustments in connection therewith are enforceable and will not affect the priority of the lien of the related mortgage. The Contract Interest Rate and monthly payment on the Adjustable Rate Home Equity Contract have been timely and appropriately adjusted, if such adjustment is required, and the respective Obligor timely and appropriately advised.