HomeMy WebLinkAbout2127 471769
RIDER TO MORTGi1GE
(CONSTRUCTION/PERMANENT LOAN)
The foregoing mortgage is subjact to the terms of a Construction loan Agreement datEd
JANUARY 30. 1990 , vvhich is incorporated herein by reference. This disbursement of funds
evidenced by the Mortgage and the Nate which it secures is governed by the Construction Loan Agreement.
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period are governed by ihe Construction Loan Agreement.
This rider and the Construction Loan Agreement shall be daemed to be of no further force and effect
on the later of the foliowing dates (1) the date of satisfactory completion of construction of the improvements
to be cc,nstructed under the Construction Loan Agreement, or (2) AUOUST 1, 1990
(the "Scheduled Termination Date"), unless prior thereto the Lender named as the mortgagee in the Mortgage
either (1) fites a lis pendens in an action to foreclose ihe mortgage, or (2) extends the Scheduled Termination
Date by filing one or more notices of ~ecord in the officiai public records where the mo~tgage 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 Lentier may
unilaterally extend the Schedul~ Termination Date on one or more occasions without the joinder or consent
of Martgagor.
Notwithstanding the foregoing, this Rider shall automatically terminate and deemed to be of no further
force and sffect on the date the Note and Mortgage are assigned to Federal National Mortgage Association,
Government Natioral Mortgage Association, Federal Home Loan Mortgage Corporation, or other federal
government corporation or agency which usually and customarily purchases residential mortgage loans in
tt~ secondar~r- market.
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