HomeMy WebLinkAbout0949 - RIDER TO NO~PE
BOkF~JWF~t: MICHAEL A. SUCATO, a single adult and MICHELE A. WILLIAMS, a single adult
L,F~IDER; FIRST FIDELITY SAVINGS AND LOAN ASSOCIATIQN
RATE OF NOiPE: MARCH 13, 1985 ~
HIE~REAS, Borraw~er has excuted the NO?I'E ( the~~NO~I~E~~) to which this Rider is made
togett~_.r with a M~R`IC'~AGE A,1D~~~) of even date therewith securing the NCyI'E, in
connectian with a loan to Borrow~er by I~der.
The Parties agree as follaws:
1, PAYN~3~Tr QF PItINCIPAL AND II~'T: Interest shall be payable at tY~ rate
Uf.iJC + o T i i 1.. L.-.l 1 L... L.l r~~~l ~s r.r~Y*rer~ni nR ~
oi one and t 1.5U . 1n~.eiGs~ Giu.y s„a~~ ~y~:.,..~~ „~.,.,u.Y,
April 1 , 19g~, and continuing on the first day of each m~nth until
the " AA7USIi~NP DATE " as hereinafter determined at which t.im~e p~incipal and interest
shall be paid in acxordance with the modification ( as provided in ga.ragraph 2 of this
rider) to the Note.
2. IlJI~'T RATE AMfJRTI ZATIOIJ AI~ID TERM AA7iJSZi~T'P : Borrvwer and Lender agree that
the NO?I'E and MOR`IGAGE shall be modifie3 by a M~dification Agree~nent to be executed
by Borr~wier at Lenders reguest, upon the date of the first to occur of the follaaing
events ( referred to herein as the"Adjustment Date
(i) The firlal inspection by the ap~ropriate governmental authority c:ertifying
ca~lianoe of the ca~pleted i~ovemexits with applicable goverru~ntal regulations, or ,
:
~ (ii) Ooc~zcY bI' the bozr~ower of the subject pr~nises, or
~iii) Six Nbnths fran the date of this NC7~. I
This Modification Agre~nent shall modify the tenns of the NO?rE as follaws:
(iv) ~"t~e interest rate shall be adjust~d at the end of the first 12 months in ~
accordanoe to the index and marqin as provided for in the Nbdification agrePSre..nt ~
as decribed herein.
~ (v) Z'he maturity date shall be adjusted so as to provide for 354 m~nt~~s ,
~ relnaining te~n of the MOF~PC~AGE. ~
€
; ;
; (vi) The airortization shall be modified so as to provide amQrtization of f
` principal and inter~st over the full remainin~g ~54 mc~nths term of the MO~PGAC~ ~
~ in accordanoe with the requirements of lender/ or provide for negative Amoxtization _
F
as the case may dictate. :
~ ~
~ 3. PII~LTY: Failure of borra~aer to execute the Mod..ification Agre~nent and
~ such other instnanents as shall be reasonable required in connection therewith by
the Lender, within fifteen (15) days of the Adjustment Date shall cause the NO~I~ ;
and MORTC',AGE to becane i~m~ediately di,e and Payable without further notice to borraw~..r ;
and Le.nder shall be entitled to exercise ail r~redies prwided in the M~JRTGAGE ;
and NCl?il~, or as is othe~wise available to it as ~ or in ~cn~; ty, in ttie event of ;
default of the borrvwer. ~
~ 4. I~NDr."'ft'S RDCISSIUN RIC~iT: If any pravision of this Rider shall be oontrary
~ to the recn.~irements nvw or hereafter established for sale af this NC7~ and the
~ MORPC~ securing it tA the Federal Hare I~oazi Nbrtgage c.;orporation, this FuL~:tc s'naii
be d~red null and void and the proviszons hereof shall tenninate i~diately.
; 69`~314 '
'85 MAR 19 P 1 :18 ~
~
FIL~~ ~ _
` ROGEh ~ ~ f ~ /'7- ~ _~~a-~ ( SEAL )
- ST. LUC~c ' .
. AT
~ 6~93~
5 ~ -2 P ~ :35 ~ . '
~ ~ n.?-~LC"'' . , -
~ ~ ~ l~ ' ~L L!'L~ L
~ ~
_ _ ~ ~~7>C sr.~ )
FILL_ r
ROGE~I ~ ~ , . '
ST. LUCir ~ ~ ' -
ano~ PecE ~9 ~,R
~ aoox PeGE
~ F3-~it^?~
dt„
' - ~ ~
_ ~?s~~~,. *~2i-.a~~-:~:'-~~ _