A conversion agreement is entered into between a mortgage company and the borrower for conversion of the interest rate from one mode to another. The agreement comes into existence when the lender that is the mortgage company gives the option of converting the interest rate from flexible interest rate to a fixed rate of interest.
The agreement specifies the terms that the borrower has to agree in order to avail the conversion of interest rate provided by the lending mortgage company. The terms that are specified in the agreement are date of exercise of conversion by the borrower, expiry of the conversion period, conversion option that has been opted by the borrower, terms on account of default by the borrower, payment terms of converted interest option every month, the change in maturity date after conversion etc. The agreement also specifies other terms of the original mortgage agreement that have undergone a change after this conversion agreement and obligations that need to be fulfilled by the borrower.
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