201200145 - Laserfiche WebLink

Browse

20�200�45 FORM E-3 CONVENTIONAL AND USDA RURAL DEVELOPMENT MORTGAGE ADDENDUM The following addenda to the Mortgage shall be incorporated into, and recorded with, the Mortgage. The term "Mortgage° shall be dcemed to include "Dced of Trust,° if applicable. THIS TAX-EXEMPT FINANCING RIDER is made the date set forth below and is incorporated into and shall be dee.rned to amend and supplement the Mortgage, Deed of Trust or Security Dced ("Security Instrument�) of the same date given by the undersigned ("Borrower") to secure Borrower's Note ("Note°) to C'harterWect National Bank ("Lender') of the same date and covering the properly described in the Security Instrument and located at the property and address described as follows: Address: 1309 Marshall St Wood River, NE 68883 In addition to the covenants and agrcements made in the Security Instrument, Borrower and Lender further covenant and agree to amend Paragraph 18 of the Uniform Mortgage Form, entitled "Transfer of the Property as a Beneficial Inter�t in Borrower," by adding additional grounds for acceleration as follows: Lender, or such of its successors or assigns as may by separate instrument assume responsibility for assuring compliance by the Borrower with the provisions of this Tax-Exempt Financing Rider, may require immediate payment in full of all sums secured by this Security Instrument if: (a) All or part of the Property is sold or othervvise transferred by Borrower to a purchaser or other Uansferee: (i) Who cannot reasonably be expected to occupy the property as a principal residence within a reasonable time after the sale or transfer, all as provided in Section 143(c) and (i)(2) of the Intemal Revenue Code; or (ii) W ho has had a present ownership interest in a principal residence during any part of the thre�year period ending on the date of the sale or transfer, all as provided in Sectlon 143(d) and (i)(2) of the Intemal Revenue Code (except that "100 percenY' shall be substituted for "95 percent or more" where the latter appears in Section 143(d)(1); or (iii) At an acquisition cost which is greater than 90 percent of the average area purchase price (greater than 110 percent for Residences in targeted areas), all as provided in Section 143(e) and (i)(2) of the Intemal Revenue Code; or (iv) Who has grass family income in excess of the applicable percentage of applicable median family income as provided in SecUon 143(� and (i)(2) of the Intemal Revenue Code; or (b) Borrower fails to occupy the property described in the Security Instrument without prior written consent of Lender or its successors or assigns described at the beginning of this Tax Exempt Financing Rider, or (c) Borrower omits or misrepresents a fact that is material with respect to the provlsions of Section 143 of the Intemal Revenue Code in an application for the loan secured by this Security Instrument. References are to the Intemal R�enue Code as am�ded and in effect on the date of issuance of bonds, the proceeds of which will be used to finance the Security Instrument and are deemed to include the implementing regulations. BY SIGNING BELOW, Borrower accepts and agrces to the terms and provisions in this Tax Exempt Financing Rider. January 3, 2012 Date January 3, 2012 BoR�� a ton C Tropp Date Non-Purchasing Spouse 1993.CV (12/11) 906501 Date NIFA MRB/FORM E-3 (10/08) GOTO(OO1b2c20)