Original Contract 12/2004

KNIGHTVISUAL

Jeanne and david knight vs. bank of america
Jeanne and david knight vs. sps select portforio servies

jknight@knightgroup,com
​813-600-8377

BANI< OF AMERICA EQUITY MAXIMIZER AGREEMENT AND DIStLOSURE
STATEMENT
ACCOUNT 
CREDIT LIMIT: $100,000.00
lender: Bank of America, N.A.
100 North Tryon Street
Charlotte, NC 
DATE OF AGREEMENT: December 1, 2004
Introduction. This Bank of America Equity Maximizer Agreement and Disclosure Statement ("Agreement") governs your line of credit (the
"Credit Line" or the "Credit Line Account") issued through Bank of America, N.A .. In this Agreement, the words "Borrower," "you," "your,"
and "Applicant" mean each and every person who signs this Agreement, including all Borrowers named above. The words •we," "us," "our,"
and "Lender" mean Bank of America, N.A .. You agree to the following terms and conditions:
Promise to Pay. You promise to pay Bank of America, N.A., or order, the total of all credit advances and FINANCE CHARGES, together with all
costs and expenses for which you are responsible under this Agreement or under the "Mortgage" which secures your Credit Line. You will pay
your Credit Line according to the payment terms set forth below. If there ls more than one Borrower, each Is jointly and severally liablo on this
Agreement. This means we can require any Borrower to pay all amounts due under this Agreement, including credit advances made to any
Borrower. Each Borrower authorizes any other Borrower, on his or hor signature alone, to cancel tho Credit Line, to request and receive credit
advancos. and to do all other things necessary to carry out tho terms of this Agreement. We can release any Borrower from responsibility under
this Agreement, and tho others will remain rosponsiblo.
Term. The term of your Credit Line will begin as of the date of this Agreement ("Opening Date") and will continue until December 1, 2029
("Maturity Date"), All Indebtedness under this Agreement, if not already paid pursuant to the payment provisions below, will be due and
payable upon maturity. The draw period of your Credit Line will begin on a date, after the Opening Date, when the Agreement is accepted by us
In the State of North Carolina, following the perfection of the Mortgage, and the meeting of all of our other conditions and will continue es
follows: 120 months. You may obtain credit advances during this period !"Draw Period"). After the Draw Period ends, the repayment period
will begin andyou w!II no longer be able to obtain credit advances. The length of the repayment period Is as follows: up to 180 months
depending on the payment schedule set forth below. You agree that we may renew or extend the period during which you may obtain credit
advances or make payments. You further agree that we may renew or extend your Credit Line Account.
Minimum Payment.
During the Draw Period. The "Total Minimum Payment Due" is equal to the Variable Rate Balance Minimum Payment (below), the payment due,
if any, for any outstanding Fixed Rate Option and any past due amounts from prior billing periods. (Some Fixed Rate Options may have a
different due date and are not figured in the calculation of the Total Minimum Payment Due.) At any time you may pay more than the Total
Minimum Payment Due, make additional payments or pay In full or in part the Outstanding Balance. The "Outstanding Balance" is the new
balance of the Credit Line (which, if applicable, includes principal, accrued interest on tho outstanding principal, fees and charges, Property
Expenses [defined as any expense which we incur because you do not fulfill all obligations of this Agreement or if you or another party doe1, not
fulfill all obligations of the security Instrument for the property which secures this Agreement] and any voluntary insurance or Borrowers
Protection TM" Plan.) We reserve the right to apply payments in any manner we choose, without notice. Your "Variable Rate Balance" Is all of
your Outstanding Balance that i s not part of a Fixed Rate Option.
Ycu may choose any of the following monthly and quarterly Draw Period payment options. Your billing statement will reflect the option you
have chosen. You may also change your Draw Period payment option at a later time.
Variable Rate Balance Minimum Payment • Depending on what payment schedule option you choose for the Draw Period, the Variable Rate
Balance Minimum Payment may vary. The Variable Rate Balance Minimum Payment will not be less than the amount of accrued interest and
any voluntary insurance, plus any unpaid fees.
Monthly Payment Options:
Interest Only (Plus Insurance) Option • The Minimum Payment will be the amount of accrued interest, plus any voluntary Insurance and
unpaid fees.
1.5% of Variable Rate Outstanding Balance Option • The Minimum Payment will be one and one half percent (1.5%} of the Variable Rate
Outstanding Balance plus any unpaid fees, or fifty dollars ($50), whichever is greater, or the Variable Rate Outstanding Balance If less than
the Minimum Payment.
Fixed Payment Option • The Minimum Payment will be at least one and one half percent (1.5%) of the Credit Line plus any unpaid fees, or
fifty dollars ($50), whichever is greater, or the Variable Rate Outstanding Balance if less than the Minimum Payment.
Quarterly Payment Options:
Interest Only Option • The Minimum Payment will be the amount of accrued interest and unpaid fees.
4.6% of Variable Rate Outstanding Balance Option. The Minimum Payment will be four and one half percent (4.6%) of the Variable Rate
Outstanding Balance plus any unpaid fees, or one hundred fifty dollars ($150), whichever Is greater, or the Variable Rate Outstanding
Balance if less than the Minimum Payment,
Fixed Payment Option • The Minimum Payment will be at least four and one half percent (4.5%) of the Credit Line pius any unpaid fees, or
one hundred fifty dollars ($1501, whichever is greater, or the Variable Rate Outstanding Balance If less than the Minimum Payment.
During tho Repayment Period. The payment frequency you select for the Draw Period Is the same for the repayment period. The length of the
repayment period will vary depending on the Outstanding Balance at the beginning of the repayment period, if any Property Expenses are
incurred during the repayment poriod and If you have any Fixed Rate Options. The amount of the Total Minimum Payment Due may vary due to
increases or decreases in the Index or if there are any Fixed Rate Options that remain unpaid at the beginning of the repayment period.
You may choose either the following monthly or quarterly repayment period payment option. Your billing statement will reflect the option you
have chosen. You may also change your repayment period payment option at e later time.
Monthly Payment Option - The Total Minimum Payment Dua will be an amount equal to the greater of eight hundred thirty-three thousandths
of one percent (0.833%) of the Variable Rate Principal Balance remaining on the last day of the Draw Period, plus accrued Interest, unpaid
fees, unpaid Property Expenses and any voluntary insurance, or fifty dollars ($50). If there are any Fixed Rate Options that remain unpaid at
the start ot the repayment period, the Fixed Rate Option payment previously establlshed will continue to be billed.
Quarterly Payment Option• The Total Minimum Payment Due will be an amount equal to the greater of two and one-half percent (2.500%) of
00272112000067032200
BANK OF AMERICA EQUITY MAXIMIZER AGREEMENT AND DISCLOSURE STATEMENT
Loan No: 682 1 1 044387799 {Continued) Page 8
Protection Plan.
The Borrowers Protection Plan is optional and not required to obtain a new Fixed Rate Loan Option. For each Fixed Rate Loan Option, you must
specifically request the Borrowers Protection Plan, and you must sign a separate Addendum to this Agreement, even i f you obtained credit lifo
insurance for the Variable Rate Balance or the Borrowers Protection Plan for a prior Fixed Rate Loan Option.
Fees for the Borrowers Protection Plan are based on and payable with the regularly scheduled monthly payment of the Fixed Rate Loan Option.
Fixed Rate Loan Options with quarterly payments are not eligible for the Borrowers Protection Plan. Interest is not charged on the fees for
Borrowers Protection Plan.
The maximum term of the Borrowers Protection Plan ls the shorter of the Fixed Rate Loan Option term or 1 20 months.
We may allow you to exceed the Credit Limit temporarily and from time to time, to accommodate the premiums for credit life insurance or the
fees for Borrowers Protection Plan.
Fixed Rate Loan Option Payment Information. A Fixed Rate Loan Option, which may also be referred to as a Fixed Rate Option in this
Agreement, has a fixed interest rate and fixed term and is payable monthly. You may convert part or all of the Variable Rate Principal Balance,
along with accrued interest, fees, the Fixed Rate Loan O ption conversion fee and any voluntary insurance charge to a Fixed Rate Loan Option at
any time during the Draw Period or the repayment period. We will help you establlsh the amount of principal and interest sufficient to amortize
the Fixed Rate Loan Option over the term you select. The maximum term of any Fixed Rate Loan Option may not exceed the repayment period
maturity date of this Credit Line. The minimum amount for a Fixed Rate Loan Option is $5,000. You may have up to three (3l Fixed Rate Loan
Options open at any one time, but may not have more than four (4l Fixed Rate Loan Options open during any one statement period. You may
convert all or part of the Variable Rate Balance, plus any applicable Fixed Rate Loan Option conversion fee to a Fixed Rate Loan Option unless
you are in default or if your credit advance privileges are suspended or terminated. If you request a Fixed Rate Loan Option, but the Variable
Rate Balance is less than the amount requested, we will hold your request at the fixed interest rate offered to you for up to five (6) business
days, If by the end of the fifth day the Variable Rate Balance is still less than the amount of your request, it will not be processed. There may
be a conversion fee c harged for the establishment of each Fixed Rate Loan Option. Please refer to "Conditions Under Which Other Charges May
Be Imposed" elsewhere I n this Agreement for information about the conversion fee, The Fixed Rate Loan Option ANNUAL PERCENTAGE
RATE is the Prime Rate plus the Fixed Rate Loan Option margin of 8.00%. However, we may make lower Fixed R ate Loan Option rates available
from time to time. Please contact your Banking Center or Customer Service for the Fixed Rate Loan Option rate currently offered. Your payment
will be a fixed dollar amount to be determined at the opening of the Fixed Rate Loan Option. You may arrange a different payment date for
each Fixed Rate Loan Option. Fixed Rate Loan Option payments will be billed separately from your Regular Payment i n accordance with the
schedule you have arranged. For Fixed Rate Loan Options, you may choose to receive a separate bill. However, the Variable Rate Balance
statement w!II show all activity, including payments.
FL Creditlinos Only: Booking/Maintenance Fee. A portion of the Bank Fee (an amount equal to the lesser of $60 or 2% of the Amount of the
Line), if any, disclosed in the Security Interest Charges, is a booking/maintenance fee as provided by Section 658.49, Florida Statutes (as
amended from time to time). Any amount above the booking/maintenance fee ls either a loan fee or an origination fee. All fees, charges and
other expenses of this Account are authorized pursuant to Chapter 665, Florida Statutes and Chapter 687 . 1 2 , Florida Statutes.
Monthly and Quarterly Payment Options. Notwithstanding anything to the contrary in this Agreement, during the repayment period, the monthly
and quarterly payment options are as follows:
Monthly Payment Option - The Total Minimum Payment Due will be an amount equal to the greater of 1 1 1 80th of the Variable Rate Principal
Balance remaining on the last day of the Draw Period, plus accrued interest, unpaid fees, unpaid Property Expenses and any voluntary insurance,
or fifty dollars {$50). If there are any Fixed Rate Loan Options that remain unpaid at the start of the repayment period, the Fixed Rate Loan
Option payment previously established will continue to be billed.
Quarterly Payment Option • The Total Minimum Payment Due will be an amount equal to the greater of 1 160th of the Variable Rate Principal
Balance remaining on the last day of the Draw Period, plus accrued interest, unpaid fees, and unpaid Property Expenses, or one hundred fifty
dollars ($ 1 60) . If there are any Fixed Rate Loan Options that remain unpaid at the start of the repayment period, the Fixed Rate Loan Option
payment previously established will continue to be billed.
Automatic Payment Additional Information (If Applicable). If you have authorized automutic payment above, then the following shall apply:
I hereby authorize Lender to draft the described account for my loan payments. I agree to the Recurring Automatic Payment Authorization Terms
and Conditions which will be enclosed with my Automatic Payment confirmation notice, unless I otherwise notify Lender.
If you choose to establish automatic payment to draft your designated Bank of America account, the authorization will remain In full force and
effect until the Bank has received written or verbal notification from you of its termination in such time and in such manner as to afford the Bank
a reasonable opportunity to act on it. If at any time you select to terminate your automatic payment, your Margin will increase by 1 /4%.
Miscellaneous • The Mortgage or Deed of Trust and all other documents held or maintained by Lender in connection with the Mortgage o r Dead
of Trust (and any prior renewal/extension/modification/consolidation thereof) have been properly perfected and are fully enforceable In strict
accordance with the terms thereof. Any consent to j u risdiction previously executed by Granter shall unconditionally be fully effective end fully
oxtend to this Modification and any document executed in conjunction herewith. To the extent that any provision of this Modification contll.cts
with any term or condition set forth in the Mortgage or Deed ot Trust, or any agreement or security document executed in conjunction herewith,
the provision of this Modification shall supercede and control. Grantor acknowledges and agrees that, as of the date of this Modification, the
Mortgage or Deed ot Trust is fully enforceable in strict accordance with the terms thereof, and there are no claims, setoffs, avoidances,
counterclaims or defenses or rights to claims, setoffs, avoidances, counterclaims or defenses to enforcement of the Mortgage or Deed of Trust
or the Note or Credit Agreement. This Modification has been duly executed by Granter under seal. Grantor acknowledges receiving a full and
completed copy of this Modification (regardless whether Grantor's signature appears on the copy). "Grantor" means, jointly and severally, each
person who executed or executes the Mortgago or Mortgage Modification or Deed of Trust or Deed of Trust Modification. Any litigation arlsin9
out of or relating to this Modification or the Note or Credit Agreement shall be commenced and conducted in the courts ond in tho Statos as
specified in the Mortgage or· Deed of Trust. Grantor hereby waives the right to trial by jury in nny action brought on this Modification or on any
other m atter arising in connection with this Modification or the Noto or Credit Agreement.
Governing Law. In addition to applicable federal law, this Agreement will be governed by and intorpreted in accordanco with federal law and the
laws of tho State of Florida, except for matters related to the exportation of interest las defined by federal law) which will be governed by and
Interpreted in accordance with tho laws of tho State of North Carolina• .H owever, if there ever ls a question about whether any provision of this
Agreement is valid or enforceable, the provision that is questioned will be governed by whichever state or federal law would find the provision to
be valid and enforceable. The loan transaction which ls evidenced by the Credit Agreement and this Agreement hes been approved, mode, and
funded, and all necessary loan documents have been accepted by us in the State of North Carolina.
Garnishment, You consent to the issuance of a continuing writ of garnishment or attachment against your disposable earnings, in
accordance with Section 222 . 1 1 , Florida Statutes, in order to s atisfy, i n whole or in part, any money judgment entered in favor of us.
Provision to change from
variable to fixed interest rate
and visa versa.
BANK OF AMERICA EQUITY MAXIMIZER AGREEMENT AND DISCLOSURE S,TATEMENT
Loan No: 6821 1 044387799 (Continued) Page 6
Credit Information and Related Matters . You authorize us to release information about you to third parties as described In our privacy policy and
our Fair Credit Reporting Act notice, provided you did not opt out of the applicable policy, or as permitted by law. You agree that, upon our
request, you will provide us with a current financial statement, a new credit application, or both, on forms provided by us. You also agree we
mey obtain credit reports on you at any time, at our sole option and expense, for any reason, including but not limited to determining whether
there has been an adverse change in your financial condition. We may require a new appraisal of the Property which secures your .Credit Line at
any time, including an internal Inspection, at our sole option and expense.
Transfer or Assignment. Without prior notice ,or approval from you, we reserve the right to sell or transfer your Credit Line Account and our
rights and obligations under this Agreement to another lender, entity, or person, and to assign our rights under the Mortgage. Your rights under
this Agreement belong to you only and may not be transferred or assigned. Your obligations, however, are binding on your heirs and legal
representatives. Upon any such sale or transfer, we will have no further obligation to provide you with credit advances or to perform any other
obligation under this Agreement.
Tax Consequences. You understand that neither we, nor any of our employees or agents, make any representation or warranty whatsoever
concerning the tax consequences of your establishing and using your Credit Line, including the deductibll!ty of interest, and that neither we nor
our employees or agents will be liable in the event interest on your Credit Line is not deductible. You should consult your own tax advisor for
guidance on this subject.
Use of the Credit Line. There are some additional rules about how Borrower uses the Credit Line:
A. Legal Transactions. Borrower agrees that Borrower will only use the Credit Line for transactions that are legal where Borrower resides, For
example, Internet gambling transactions may be illegal in Borrower's state. Display by an on-line merchant of either Lander's logo or a Card
Company's logo does not maan that an Internet transaction is legal where Borrower resides. Lender will not be liable if Borrower engages In an
illegal transaction.
B. Authorizations. Some transactions require Lender's prior authorization. For security purposes, Lender may from time to time place or
change limits on the number or amounts of transactions Borrower makes in a day at ATMs or point of sale terminals. Such limitations may not
be the same at every ATM or point of sale terminal. The limitations placed on a "Bank of America ATM Card" or "Bank of America Check Card"
when using an ATM or point of sale terminal may not be the same as the limitations placed on an Account Access Card used at the same ATM
or point of sale terminal. No such limits are placed on the number or amounts of transactions Borrower makes: at Lendar's banking centers, by
writing a Special Convenience Check, by conducting an Overdraft Protection transaction (subject to the ATM limits, above), or by telephone. In
addition. Lender may deny authorization to any method of accessing the Credit Line if the Credit Line has been suspended or terminated or if
Lender suspects fraudulent activity, Lender shall not be liable for any failure to authorize a transaction for any of these reasons. However,
Borrower is liable for any transaction Lender authorizes even if Lender should not have authorized it because Borrower ls or would be in default
as a result of the transaction.
C. No Security Interest on Purchases. This Agreement does not grant Lender a security interest in purchases Borrower charges to the Credit
Line.
D. Transactions With Merchants (a) If a merchant discloses a policy such as "no returns", "no refund", "no return or credit without receipt",
"as is", "store credit only", or "all sales final" , or similar language, Borrower will be bound by that policy when Borrower uses the Credit Line to
buy goods or services from that merchant. (b) When using the Credit Line to make travel or lodging reservations, Borrower must obtain the
merchant's cancellation policy and follow it if Borrower cancels. If Borrower cancels, Borrower must obtain the cancellation number that the
merchant is required to give Borrower. The merchant may charge Borrower for a cancelled transaction unless Borrower can provide Lender with
a correct cancellation number. If Borrower makes reservations or purchases of any kind, such as a lodging reservation for several nights stay or
a mall order purchase, the Credit Line may be immediately charged for the full amount of the reservation or purchase, regardloss whether
Borrower has received the goods or services requested at the time the Credit Line is charged. (c) If Borrower authorizes a merchant to charge
the Credit Line for repeat transactions without the Account Access Card, then Borrower must notify the merchant when Borrower wants to
discontinue the repeat transactions or If the Credit Line is closed or if a new Credit Line or Account Access Card number is issued by Lender.
Otherwise, Borrower will be responsible to Lender for the amount of all such repe;it transactions. (d) If Borrower disagrees with a transaction
on Borrower's statement or has a dispute with a merchant as a result of a transaction, Borrower wtl! provide Lender with information or
assistance Lender reasonably requests. Otherwise, Borrower will pay Lender for any resulting loss Lender has, unless Lender is prohibited by
applicable law from holding Borrower liable for Lender's loss. (e) If, Borrower makes a transaction in a currency other than U.S. dollars, Visa will
convert the charge or credit into a U .S. dollar amount. The conversion rate will be determined using Visa currency conversion procedures that
are disclosed to institutions issuing Visa cards. The conversion rate on the processing date may differ from the rate on the date of Borrower's
transaction. Currently, Visa uses a currency conversion rate of either: { 1 1 a wholesale market rate or 12) a government mandated rate, Increased
by 1 % ("Foreign Currency Margin"), In each case, Visa uses the rate in effect one day before the conversion date. The U.S. dollar amount and
the "rate" shown on the Statement for each foreign currency transaction include only the 1 % retained by Visa. In the event Visa chooses to
change the Foreign Currency Margin, the currency conversion rate, or the day on which the currency conversion rate is determined, then
transactions on the Credit Line made in a foreign currency and processed after the change will reflect the change.
E. Special Rule for Account Access Cerd Purchases. If Borrower has a problem with the quality of goods or services that Borrower purchased
with an Account Access Card, and Borrower has tried in good faith to correct the problem with the merchant, Borrower may not· have to pay the
remaining amount due on the goods or services. Borrower has this protection only when the purchase price was ,more than $50 and the
purchase was made in Borrower's home state or within 1 00 miles of Borrower's mailing address. (If Lender owns or operate the merchant, or If
Lender mailed Borrower the advertisement for the property or services, all purchases are covered regardless of amount or location of purchase.).
Overdraft Protection and Linked Accounts. If the Credit Line Account is not blocked, suspended or terminated, you may request that the Credit
Line Account be set up to provide overdraft protection for an associated checking or Money Market Savings account. If the total amount of
checks, debit card or ATM transactions or other debits for a business day exceeds the available associated account balance, then an advance
will be made from the Credit line Account ("Overdraft Protection"). If the Credit Line Account is used for Overdraft Protection, the minimum
transfer amount is one hundred dollars ( $ 1 001 and incremental transfer amounts will be in multiples of one hundred dollars ( $ 1 00). However, if
there is not $ 1 00 available. but the available Credit Line amount can cover the overdraft transaction, then the amount of the available Credit
Line will be advanced to cover the overdraft. For Idaho and Washington, the incremental advance is $25. lf the available credit on your
creditline will not allow a $25 increment to be advanced, no transfer will be made. If the associated account is closed or blocked, Overdraft
Protection will stop. If you request that the Credit Line Account be connected to or "linked" to another Bank of America product, you
understand and agree that a user on the "linked" account can make a transaction that exceeds the available balance on the "linked" account and
cause an advance to be made. Also, if an ATM access card is given to a user on the " linked" account, that user when using the ATM access
card may access the Credit Line Account and obtain an advance without making a transaction directly on the "linked" account. That user may or
may not be a party obligated tor this Agreement.
Skip Payment Feature. At our discretion, from time to time we may offer a feature that will allow you to skip one or more payments. FINANCE
CHARGES will continue to accrue on the principal balance at the applicable interest rate. At the end of the skip payment period, the payment
BANI< OF AMERICA EQUITY MAXIMIZER AGREEMENT AND DISCLOSURE STATEMENT
Loan No: 68211044387799 (Continued) Page 4
HOW THE RATE USED TO CALCULATE THE FINANCE CHARGE IS DETERMINED. The inltial Variable Rate Principal Balance dally periodic rate
used to compute the Variable Rate Principal Balance FINANCE CHARGE is 1/365 of the initial Variable Rate Princlp;il Balance ANNUAL
PERCENTAGE RATE (as indicated under "Periodic Rate and Corresponding Annual Percentage Rate"). The Variable Rato Principal Balance
ANNUAL PERCENTAGE RATE is a variable rate involving both an index and a margin, both described under "Periodic Rate and Corresponding
Annual Percentage Rate". Finance Charges will accrue on an actual 366 day year basis (366 day year basis for leap year), If, however, you
participate in a relationship account with a Bank of America Corporation affiliate (as offered from time to time), the Variable Rat11 Principal
Balance Daily Periodic Rate and the Variable Rate Principal Annual Percentage Rat11 may be reduced below the rates stated in this Agreeinant.
The addition of a fee may cause the actual Variable Rate Principal Balance Annual Percentage Rat!! for the monthly billing cycle to exceed the
Variable Rate Principal Balance Annual Percentage Rate stated in this Agreement.
If the Index is unavailable for any monthly billing cycle, we will use the Index for the most recently preceding monthly billing cycl11 in which the
Index was available. If the Index ceases to be published during the torm of this Agreement, we will select a substitute index and margin. The
substitute index will be a historical mov11ment substantially similar to the Index, and the substitute index and margin wlll result In an Annual
Percentage Rate at the time it is substituted that is substantially similar to the rate in eff11ct at the time the Index became unavailable.
There is no llmltation on the slz11 of any interest rate adjustmant or the number of interest rate adjustments that may be made on the Credit Line
so long as the maximum Annual Percentage Rate is not exceeded. Any increase or decrease in the Index that occurs would cause a
corresponding increase or decrease in the Daily Periodic Rate, Annual Percentage Rate, Finance Charges and possibly the Total Minimum
Payment Due. You understand that adjustments based on an Index change will be applied automatically to the Credit Lin11 and you wlll not
receive. advance notice of that adjustment.
The Finance Charge on a Fixed Rate Option is determined on a simple interest basis. If you make a Fixed Rate Option payment(s) before or after
any date, either the amotint of your originally scheduled final payment may be lower or higher than the amount initially established or additional
payment(s) may be required.
Under some circumstances, your payment will not cover the Finance Charges that accrue and negative amortization will occur. Negative
amortization will increas11 the total amount you may pay us and reduce the equity in the Property.
Periodic Rate and Corresponding ANNUAL PERCENTAGE RATE. We wlll determine the Periodic Rate and the corresponding ANNUAL
PERCENTAGE RATE as follows. We start with an independent index which is the Prime Rate as published daily in the "Money Rates" table of
The Wall Street Journal. When a range of rates has been published, the higher of the rates will be used. Changes in the Annual Percentage Rate
will be based on the Index published the last business day prior to the first day of the next monthly billing cycle, plus the Margin, and will be
effective on the first day of the next monthly billing cycle (the "Index"). We will use the most recent Index value available to us as of the date
of any ANNUAL PERCENTAGE RATE adjustment. The Index is not necessarily the lowest rat!! charged by us on our loans. If th!! Index
becomes unavailable during the term of this Credit Line Account, we may designate a substitut11 index after notice to you. To determine the
Periodic Rate that will apply to your First Payment Stream, we add a margin to the value of the Index, then divide th8 value by the number of
days in a year (daily). To obtain the ANNUAL PERCENTAGE RATE we multiply the Periodic Rate by the number of days in a year (daily). This
result is the ANNUAL PERCENTAGE RATE for your First Payment Stream. To determine the Periodic Rat!! that wlll apply to your Second
Paym11nt Stream, we add a margin to the value of the Index, then divide the value by the number of days in a year (dally). To obtain the
ANNUAL PERCENTAGE RATE we multiply the Periodic Rate by the number of days fn a year (daily). This result is the ANNUAL PERCENTAGE
RATE for your Second Payment Stream. The ANNUAL PERCENTAGE RATE includes only interest and no other costs.
The Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE on your Credit Line will increase or decrease as the Index Increases or
decreases from time to time. Any increase in the Periodic Rate will take the form of higher payment amounts. Adjustments to the Periodic Rata
and the corresponding ANNUAL PERCENTAGE RATE resulting from changes in the Index will take effect monthly. In no event will th11
corresponding ANNUAL PERCENTAGE RATE be more than the lesser of 18.000% or the maximum rate allowed by applicable law. Today the
Index is 5.000% per annum, and therefore the initial Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE on your Cmdlt Line are
as stated below:
Rango of Balance
or Conditions
All Balances
Range of Balance
or Conditions
All Balances
Current Rates for the First Payment Stream
Margin Added ANNUAL PERCENTAGE
to Index RA TE
0.500% 5.500%
Current Rates for the Second Payment Stream
Margin Added ANNUAL PERCENTAGE
to Index RATE·
0.500% 6.500%
Notwithstanding any other provision of this Agreement, we will not charge Interest on any undisbursed loan proceeds.
Daily Periodic
Rate
0.01507%
Daily Periodic
Rate
0.01507%
Forgo Rate Increases. If we forgo an ANNUAL PERCENTAGE RATE increase, at the time of a later adjustment we may return to the full Index
value plus margin.
Conditions Under Which Other Charges May Be Imposed. You agree to pay all the other fees and charges related to your Credit Line as s11t forth
below:·
Scheduled F11a Changes. To the extent allowed by applicable law, we may increase any or all of the fees and charges described In this
Agreement by 20% of the existing fee each cal11ndar year.
Other Charges. Your Credit Line Account may be charged the following other charges: Miscellaneous Charges. The amount of this other
charge is: To the extent allowed by applicable law, any other amount incident to the application for and the opening, administration and
termination of the Credit Line Account, including, but not limited to, reinstatement of Credit Line account privileges, processing of
nonconforming payments, processing and additional expense if a Credit Line advance occurs in· a foreign country, express courier charges,
taxes and any penalties or interest thereon, imposed on this Agreement or on any transaction effected pursuant to this Agre11ment. We may
advance any such cost or tax and any penalty or interest.
Miscellaneous Photocopying - If you request a copy of any document, we may charge your Credit Line Account $0.00 per copy, plus
applicable sales tax for the time it takes us to locate, copy, and mail the document to you. If your request is related to a billlng error (see
BANK OF AMERICA EQUITY MAXIMIZER AGREEMENT AND DISCLOSURE STATEMENT
Loan No: 68211044387799 (Continued) Page 10
BILLING ERROR RIGHTS
YOUR BILLING RIGHTS
KEEP THIS NOTICE FOR FUTURE USE
This notice contains important information about your rights and our responsibilities under the Falr Credit Billing Act.
Notify us in case of errors or questions about your bill.
If you think your bill is wrong, or if you need more information about a transaction on your bill, wrlte us on a separate sheet at the address listed
an your bill. Write to us as soon as possible. We must hear from you no later than sixty (60} days after we sent you the first bill on which the
error or problem appeared. You can telephone us, but doing so will not preserve your rights.
In your letter, give us the following information:
Your name and account number.
The dollar amount of the suspected error.
Describe the, error and explain, if you can, why you believe there is an error. If you need more Information, describe the item you ere
not sure about.
If you have authorized us to pay your bill automatically from your savings or checking account, you can stop the payment on any amount you
think is wrong. To stop the payment, your letter must reach us three (3) business days before the automatic payment is scheduled to occur.
Your rights and our responsibilities after we receive your written notice.
We must acknowledge your letter within thirty (30) days, unless we have corrected the error by then. Within ninety (90) days, we must either
correct the error o􀇻 explain why we believe the bill was correct.
After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. Wo can continue to bill you for the
amount you question, including finance charges, and we can apply any unpaid amount against your Credit Limit. You do not have to pay ony
questioned amount while we are investigating, but you are still obligated to pay the parts of your bill that are not In question.
If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we dldn't
make a mistake, you may have to pay finance charges, and you will have ta make up any missed payments on the questioned amount. In either
case, we will send you a statement of the amount you owe and the date on which it is due,
If you tail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and
you write to us within ten (10) days telling us that you still refuse to pay, we must tell anyone we report you to that you hava e question about
your bill. And, we must tell you the name of anyone we reported you to. We must tell anyone we report you to that the matter has been
settled between us when it finally is.
If we don't follow these rules, we can't collect the first $60 of the questioned amount, even if your bill was correct.Type your paragraph here.