Common use of Maturity Options for Share Certificates for Auto Renewal Clause in Contracts

Maturity Options for Share Certificates for Auto Renewal. If You choose the automatic renewal option for Your share certificate account and You do not withdraw the funds within the grace period of 7 calendar days after maturity, Your share certificate account will be automatically renewed as of the Maturity Date of the maturing share certificate for a similar term at the dividend rate We are then paying on share certificates with that term. If You elect against automatic renewal of Your share certificate, You must give us written instructions. You must direct us (1) to renew the share certificate for a term which You specify and which We allow; or (2) to deposit the funds to another account You maintain with us. We must receive Your instructions either at the time You open the account or up to (7) days after the end of the term. If the account is closed during the (7) day period, We do not pay dividends from the Maturity Date until the date of withdrawal. If, on the Maturity Date We no longer offer the same type of share certificate as Your maturing share certificate and You do not instruct us otherwise, the funds in the account will be placed in a Member Savings Account. If You renew a share certificate or a share certificate is automatically renewed, all dividends which are on deposit at the time of renewal will become principal of the renewed share certificate. If You have pledged Your share certificate as security for a loan, We may limit Your renewal options as set forth in the loan documents.