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HomeMy WebLinkAbout0969 File No. 15000FLC-622FLC - (lap) CONSTRUCTION RIDER TO NOTE AND SECURITY INSTRUMENT [;.5. ~41,600.00 . THIS CONST~tUCTION RIDER is made Auqust 20 , 19 85 , and is incorporated by ' reference into Borrower's Note and Security Instrument to CAftTEBET SAVINGS AND LOAN ASSOCIATION, F.A., (Lender) in the original principal amount of ~41,600.00, of even date herewith as fully and to the same as if included within the text of the Note and Security Instrument. THIS RIDER is execut~d by Borrowers (and if guaranteed, by guarentors) in furtherance of a constructi~n loan from Lender to Borrower. All disbursements shall be made pursuant to a construction loan Agreement between Borrower and Lender, the terms of which are incorporated herein by reference. The parties hereby agree that SIX (6) months from date hereof (the Cor~truction Period) is a reasonable period to complete the construction of Borrower's proposed improvements. During the Construction Period, Lender shall charge interest only on the amount of the loan proceeds actualiy disbursed from the construction fund at a rate 4NE and ONE-HALF (1.50) Percentage Points ~i above the Prime 8ate as established by the Chase Manhattan Bank of New Yark, as it's Prime Rate, in ~ effeet from day to day during the Construction Period. Rate chartges shall be immediate. Interest shall be paid monthly, and shall be due within 15 days of b~ling. Failure to pay the construction interest payments when due shall be a defau~t herein. While in default, interest on disbursed funds st~all accrue at a rate FIVE (5.00) Percentage Poir~ts above the Prime Rate. Upon expiration of the Construction Period: (a) Lender shall charge interest on the full amount of Borrower's Note regardless of the extent ~f disbursements from the cor~structian fund, and the indebtedness oR the loan shall begin amortization accoeding to the schedule set forth in the Note. (b) THE INTEREST ItATE TO BE CHARGED ON THE LOAN AFTER SIX (6) MONTHS, NOW SET AT ELEVEN AND ONE-QUARTER (11.259i6) PERCENT PER ANNUM, SHALL BE ADJUSTED TO ~ A RATE EQUAL TO THE THEN CURKEAIT RATE OFFERED BY LENDER OR CARTERET ? MORTGAGE CORPORATION OAi FIFTEEN (15) YEAft FIXED RATE MORTGAGE LOANS. IN THE EVENT SUCH LOAN TERMS ARE NOT OFFERED BY LENDER OR CARTERET MORTGAGE CORPORATION AT THE EXPIRATION OF THE CONSTRUCTION TERM, THE INTEREST RATE SHALL BE SET AT A RATE DETERMINED BY LENDElt OR CAftTERET MORTGAGE CORPORATION, IN ITS SOLE JUDGMENT, AS ftEPRESENTATIVE OF THE THEN CURRENT MARKET RATE FOR SIMILAR LOANS IN THE COUNTY IN WHICH THE PROPERTY IS LOCATED. PROVIDED, HOWEVER, IN NO EVENT SHALL THE INITIAL INTEREST RATE CHARGED ON THE vOTE BE RIXED AT A RATE IN EXCESS OF 13.759~6 PER ANNUM. In the event that the Note and Security Iristrument are sold or assigned, or the Property is sold or transferred and the Note and Seeurity Instrument are assumed with Lender's approval, this Rider shall become null and void and of no further effect, and the terms contained in the Note, excluding the terms of this Rider, shall be in full foree and effect. ~ ~ 2~ Aa :~2 ~ - _ , , , , Ftlti7 ~ ' ~i.: / J : ' (SFAL) ROGER Violet M. Ingra am, a sipgle woman ST. LUC~E. - Borrower ~~1t~`74 CONSTRUCTION RIDER TO FHL~IC UNIFORM INSTRUMENT/ THI! 1M5TRUM[NT rR[rAl~tO ~Y BOTOS & OLIVER ATTORNEVS AT LAW r't~ 474 1~~ isoo co,vo?.c. v~~« Er1~K P~GE 1200 NoRh F~G~r~i Fifphway Bou Raton, Florida 33432 . > . ~~~rr ,~.,~._x,.-~,-~.,.....~ . . : ~2~..