The association at any time may enter into a written agreement with the borrower to modify, in any manner not inconsistent with the provisions of this chapter, the terms of a loan as to the amount, time, or method of the payments to be made, the interest rate, and any other provisions of the loan contract, and the loan contract and the security instrument shall not be prejudiced by the making of any such modification, even if such a modification was not provided for in the loan contract.

Terms Used In Arizona Laws 6-450

  • Association: means every association to which this chapter applies as defined in the section concerning scope of chapter. See Arizona Laws 6-401
  • Contract: A legal written agreement that becomes binding when signed.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
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