HomeMy WebLinkAbout0975 • .
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Rzn~ To ~oRTCacE •
(CONSTRUCTION ~ PERMANSNT LOAN)
The foregoing mortgage is subject to the terms of a Construction
Loan Agreement dated rJULY 21. 198Z , which is incorporated herein
hy reference. The d~sbursement of ~unds evidenced by the Mortgage
and the note which it secures is qoverned by the Construction Loan
Agreement. Notwithstandi~g the terms o~ the Note and Mor~gage, the
~ interest rate and payments durinq the construction period ~tre governed
by the Construction Loan Aqreement,
This rider and the Constructi.on Loan Agreement shall be deemed
to be of no further ~orce and effect on that date which is
February 1, 1988 ( the "Rider Terminatfon D~te" unless
~ prior thereto the Lender named as the mortqaqee in the Mortqage
either (1) fi~es a lis pendens io an action to forecl.ose the mortgage, ~
or t2) extends the ltider Termi~atin Date by filing one or moze natices
of record in the official public records where the mortgage is
recorded stating that this rider remains in effect and statinq therein
a new Rider Termination date after which this rfder shall no longer
. be deem~d of any force and effect. It is understood and agreed that
Lender may unilaterally extend the Rider ermfnation~Date on one or•
' more occasions without the oinder or co s nt of Mortgagor.
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J seph . Stei r
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Betsy J. Steier
1
8~8280 -
'87 ,~.27 Iq0:44
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: ~ 8~K551 P~ 974
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