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HomeMy WebLinkAbout2436 ' b28437 ~ RIDER TO MORTGAGE (CONSTRUC'~OON/PERMANENT LOAN) The foregoing mortgage is subject to the terms of a Constructwn Loan Agreement dated 1~22~40 . which is incorporated herein by reference. This disbursement of funds evidenced by the Mortgage and the Wote which it secures is governed by the Construction Loan Agreement. Notwithstanding the te~ms of the Note and Mortgage. the interest rate and payments during the construction period are governed by the Const~uction Loan Agreement. This rider and the Construction Loan Ag~eement 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 t im ro ements to be constructed under the Construction Loan Agreement, or (2) August 1~9~ (the "Scheduled Termi~ation Date"). unless prior thereto the Lender named as the mortgagee in the Mortgage either (1) files a lis pendens in an action to foreclose the mortgage, w(2) extends the Scheduled Termination Date by filing one or more notices of record in the official public records where the mortgage is reco~ded stating that ihis 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 automatica{ly 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 Mortgage Corporation, or other federa! government corporation or agency which usually and customarily purchases residential mortgage loans in the secondary market. h ~ ~ Nicholas A. Logiodice V ctoria Logiodice i I i ~ i 102I3_90 ~o ,~w 2s ~ ~ ~4 ~rl FILED A!~^ ~=t'~._-;: l ~OUGt_ ~S Oi x ON r<< ~ ~ S1. LUGi~ ~"{;E;N + ~ t ~ ~ € ~ ~ ~ ~ ~ ~ ~ E ; ~ooK674 Pac~243~? ~ . _ - . .-~~x ~Y~-.~'SF .s~' ~'~.t=+;~~. -:=~i='^ ,.r-~.v_:.~?_.