HomeMy WebLinkAbout0927 (9~) percent interest with payments of SEVEN HUNDRED
Tw0 ArID 44/100 t$702.44) DOLLARS for the first twelve
month period. Upon the first aniversary of this loan,
the interest rate shall be adjusted to the then .
prevalent cost of funds of the Association based on the
annualized cost of funds on the last day of the month
preceding the month in which notice of adjustment is
provided to the Borrower. The new monthly payment
shall be sufficient to amortize the remaining principal
balance over the remaining term of the Ioan at the new
adjusted interest rate. All other terms and conditions
shall remain the same.
4. The MORTGAGOR hereby reaffirms all of their
obligations set forth in NOTE and MORTGAGE and agrees to
perform each and all of the covenants, agreements and
obligations in MORTGAGE and NOTE and to be bound by each and
all of the terms and provisiQns of NOTE and MOR~1'GAGE, as
herein modified.
5. All of the property described in biORTGAGE, shall in
all respects be subject to the lien, charge and encumbrance
of MORTGAGE and nothing herein contained or done shall
affect the lien, charge or encumbrance affected by MORTGAGE,
or the priority thereof over other liens, charges,
encumbrances or conveyances.
6. Nothing herein invalidates or shall impair or
release any convenant, condition, agreement or stipulation
in NOTE and biORTGAGE and the same, except as herein
modified, shall.continue in full force and effect and the
undersigned further convenant and agree to perform and
comply with and abide by each and every of the covenants,
agreements, conditions and stipulations of NOTE and MORTGAGE
which are not inconsistent herewith.
7. In case any installment of interest or principal of
NOrE be not promptly paid as they come due and payable
according to the terms and tenor thereof, or if each and
every of the stipulations, agreements, convenants, and
conditions of NOTE and MORTGAGE, as herein modified, and of
; these presents, any or either, are not duly performed
r complied with, and abided by, then anc3 in either of such
events, the balance then unpaid of the principal sum of NOTE
as herein modified, with accrued interest, and all other
E ' sums provided for in and by NOTE and riORTGAGE, shall without
~ notice at the option of MORTGAG.EE, becor:le immediately due
` and payable and suit may be brought on NOTE and/or MORTGAGE
; may be foreclosed in the manner and as fully and completely
` and withr the same affect as if the said indebtedness of NOTE
~ were originally stipulated to be paid on that date or had
E otherwise matured, an-ything in NOTE and MORTGAGE, or herein,
~ to the contrary notwithstanding.
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~ 8. All MORTGAGEE'S rights against all parties,
, including but not limited to all parties secondarily liable,
are hereby reserved.
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f 9. This Agreement shall be binding upon and shall
inure to the benefit of the heirs, executors, administrators
and assigns, or successors and assigns of the respective
parties hereto.
10. All pronouns and all variations thereof shall be
construed so as to refer to the masculine, feminine, neuter,
singular and plural from thereof as required by the identity
~ of the person or persons or the situation.
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