HomeMy WebLinkAbout0979 RIDL•'[t T~ Id012TGAGE
(CONSTRUCTION/PERMANF.NT LOAN)
The foregoing mortgage is suUject to the terms of a Construction Loan
Agreement dated D~en~bEr 9, 1986 , wt~ich is incorporated herein by
reference. The disbursement of funds evidenced by the Martgage and the
Note which it secures is governed by the Construction Loan Agreement.
Notwithstanding the terms of tt~e Note and hlortqage, the interest rate and
payments. d~iring the construction period are governed by the Construction
Loan Agreement.
This Rider and the Constr~iction Loan Agreement shall be deemed to be
of no further force and effect on the later of the following dates (1) the
date of satisfactory completion of construction of the improvements to be
constructed under the Construction Loan Agreement, or (2) June_9, 1987 _
(the "Scheduled Termination Date"), unless prior thereto the lender named
as the mortgagee in the htortgage either (1) fi2es a lis pendens in an
action to foreclose the mortgage, or (2) extends the Scheduled Termination
Date by filing one or more notices of record in the official public records
where the mortgage is recorded stating that this rider remains in effect
and stating therein a new Scheduled Termination Date after which this rider
shall no longer be deemed of any force and effect. It is understood and
agreed that Lender may unilaterally extend the Scheduled Termination Date
on one or more occasions without the joinder or consent of Mortgagor.
Notwithstanding the foregoing, this Rider shall automatically
terminate and deemed to be of no further force and effect on the date the
' Note and Mortgage are assigned to Federal National Mortgage Association,
Government National Mortgage Association, Federal Home Loan Mortgaqe
Corporation, or other federal government corporation agency which usually
and customarily purchases residential mortgage loans in the secondary
market.
, ZID T CORPO ~
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(bor ower) It's President
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(borr wer ) ~B~`I' L• SCfTWEIC~R
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a~, er ) SG'~NJEI
~~525 PAGE0979