HomeMy WebLinkAbout2349 •
i
.NOW, THEREFORE, for and in consideration of the above described premises and
other good and valuable considerations., the parties hereto agree as follows:
1.
As of the first day of Deter 1, , 19 the Note shall bear interest at
the rate of ~~„n & p'1g hdlf percent ( 1t . ~p $ ) per annum.
2.
Zfie principal arxi interest payment due No~r~r t 19 shall be
in the amount of $ 668.95 Beginning with the principal and interest payment
due on pew 1 , 9 all monthly installments of principal and
interest all be 2n a amount of $ 839.41 . and the prepayment penalty
percentages inserted in the two blanks in the fourth printed paragraph of the Note shall
be deleted and 5.75 $ and 38, respectively, substituted therefore.
3.
ARVIDiA and CIIJB agree to release the Original Borrower from any and all obliga-
tions Original Borrower has under the above described Note and IrSortgage~~ux~ dgrce to
accept New Borrower as the "Borrower" (as defined in the Note, the Mortgage and aII
other loan documents), provided (a) the Note is brought current through the install-
ment due October 1, 19 by the payment to ARVIUA of $ ~~_RR
and (b) an endorsement upon such terms as CINB and ARVIDiA may, in the exercise of
sound banking discretion, determine is provided. New Borrower agrees to pay for the
cost of said endorsement upon demand.
4.
New Borrower assumes and agrees to pay the r~naining principal balance of the Note,
namely $ 84,223.76 ,according to the terms as amended hereby,-and further agrees
to assume and abide by all other loan doc.~wnents executed by Original Borr~awer in
connection with said loan.
5.
Original_Borrawer agrees that ARVIOA and CINB may transfer all escrowed funds
and loan documents from the name of Original Borrower to the name and account of
New Borrower. All parties acknowledge that in executing this Agreement in Chicago,
Illinois, CINB is merely permitting an amendment to the Note and other loan documents
and that CINB is not lending any funds to any other party hereto.
6.
This Agreement shall not take effect until an assumption processing fee of $ 8
is remitted to ARVZDA, said fee to be evenly shared by CINB and ARVIIaA.
New Borrower also agrees to remit to ARVIDA all other costs associated with this
transaction upon demand.
7.
In all other respects all other terms of the Note shall remain the same and in
full force and effect.
8.
ARVIUA hereby reaffirms to CINB all warranties contained in that certain Omnibus
Agreement dated December 11, 1978, as amended by Amenctnent to Omnibus Agreement dated
as of April 9, 1979.
t
-2-
f
E~~f~1323 PAGE ~~JJey