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~ RIDER TO MORTGAGE
(CONSTRUCTION/PERMANENT LOAN)
The foregoing mortgage is subject to the terms of a Construction Loan Agreemeni dated
.TAAIIARY 3~ 1990 . which is inoorporated herein by refierence. This disbursement of funds
evidenced by the Mortgage and the t?lote which it secures is govemed by the Constniction Loan Agreement.
NoM?ithstanding the terms of the Note and Mortgage~ the interest rate and payments during the oonstruction
period are governed by the Construction Loan Agreement.
This rider and the Construction Loan Agreement shall be deemed to be of no furthe~ force and effect
on the later of the folbwing dates (1) the date of satisfactory completion of construction of the improvements
to be constructed under the Construction Loan Ag~eement, or (2) __IA~IQJST 1. 1990
(the "Scheduled Tertnination Date"). unless prior thereto the Lender named as the mortgagee in the Mortgage
either (1) Tiles a lis pendens in an action to foreclose the mortgage~ or (2j extends the Scheduled Temiination
Date by filing one or mo~e notit:es of record in the off'icial public records where the mortgage is recorded
stating that this rider remains in effect and stating therein a new Scheduled Termination Date atter 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 oonsent
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 Mo~tgage Associ~tion,
Govemment National Mortgage Association, Federal Home loan Mortgage Corporation~ or other fede~al
government corporation or agency which usually and customarily purchases residential mortgage loans in
the secondary market.
Sylv Heron
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~ `90 .IAN 15 A 9 :37 ~ ~
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