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Load /3 c /cry 22
<br />201400172
<br />THIS LOAN IS NOT FULLY AMORTIZING. THIS MEANS THAT THIS LOAN WILL NOT
<br />AUTOMATICALLY BE PAID IN FULL DURING ITS TERM IF I TIMELY MAKE ALL OF MY
<br />SCHEDULED MONTHLY PAYMENTS. AS A RESULT, I WILL BE REQUIRED TO PAY
<br />LENDER THE ENTIRE REMAINING PRINCIPAL BALANCE (SOMETIMES CALLED A
<br />BALLOON PAYMENT) AND ANY ACCRUED INTEREST THAT I OWE ON 1st day of May 2036.
<br />LENDER HAS NO OBLIGATION TO REFINANCE THIS LOAN AT THE END OF ITS TERM.
<br />THEREFORE, I MAY HAVE TO REPAY THIS LOAN OUT OF ASSETS I OWN OR I MAY HAVE
<br />TO FIND ANOTHER LENDER WILLING TO REFINANCE THIS LOAN.
<br />ASSUMING THIS LENDER OR ANOTHER LENDER REFINANCES THIS LOAN AT MATURITY,
<br />I WILL PROBABLY BE CHARGED INTEREST AT THE MARKET RATES PREVAILING AT
<br />THAT TIME AND SUCH RATES MAY BE HIGHER THAN THE INTEREST RATE PAID ON
<br />THIS LOAN. I MAY ALSO HAVE TO PAY SOME OR ALL OF THE CLOSING COSTS
<br />NORMALLY ASSOCIATED WITH A NEW MORTGAGE LOAN.
<br />THE AMOUNT OF THE FINAL PAYMENT ON THIS LOAN, ASSUMING ALL SCHEDULED
<br />PRINCIPAL PAYMENTS ARE MADE IN ACCORDANCE WITH THIS MODIFICATION
<br />AGREEMENT, IS $63,232.09.
<br />C. I will be in default if I do not comply with the teens of the Loan Documents, as modified by this Agreement.
<br />4. Additional Agreements. Lender and I agree to the following:
<br />A. All persons, or their authorized representative(s), who signed the Loan Documents have signed this
<br />Agreement, unless (1) a borrower or co- borrower is deceased; (2) the borrower and co- borrower are
<br />divorced and the property has been transferred to one spouse in the divorce decree, meaning that the
<br />spouse who no longer has an interest in the property need not sign this Agreement (although the non -
<br />signing spouse may continue to be held liable for the obligation under the Loan Documents); or (3)
<br />Lender has waived this requirement in writing.
<br />B. This Agreement supersedes the terms of any modification, forbearance, trial period plan, or loan
<br />workout plan that I previously entered into with Lender.
<br />C. I will comply, except to the extent that they are modified by this Agreement, with all covenants,
<br />agreements, and requirements of the Loan Documents, including my agreement to make all payments of
<br />taxes, insurance premiums, assessments, Escrow Items, impounds, and all other payments, the amount
<br />of which may periodically change over the term of my Loan.
<br />D. The Loan Documents are composed of duly valid, binding agreements, enforceable in accordance with
<br />their terms and are hereby reaffirmed.
<br />E. All terms and provisions of the Loan Documents, except as expressly modified by this Agreement,
<br />remain in full force and effect. Nothing in this Agreement shall be understood or construed to be a
<br />satisfaction or release in whole or in part of the obligations contained in the Loan Documents. Except
<br />as otherwise specifically provided in, and as expressly modified by, this Agreement, Lender and I will
<br />be bound by, and will comply with, all of the terms and conditions of the Loan Documents.
<br />I will pay to Lender on the day payments are due under the Loan Documents as amended by this
<br />Agreement, until the Loan is paid in full, a sum (the "Funds ") to provide for payment of amounts due
<br />for: (a) taxes and assessments and other items which can attain priority over the Mortgage as a lien or
<br />encumbrance on the Property; (b) leasehold payments or ground rents on the Property, if any; (c)
<br />premiums for any and all insurance required by Lender under the Loan Documents; (d) mortgage
<br />insurance premiums, if any, or any sums payable to Lender in lieu of the payment of mortgage insurance
<br />premiums in accordance with the Loan Documents; and (e) any community association dues, fees, and
<br />assessments that Lender requires to be escrowed. These items are called "Escrow Items." I shall
<br />promptly furnish to Lender all notices of amounts to be paid under this Section 4.F. I shall pay Lender
<br />the Funds for Escrow Items unless Lender waives my obligation to pay the Funds for any or all Escrow
<br />Items. Lender may waive my obligation to pay to Lender Funds for any or all Escrow Items at any time.
<br />Any such waiver may only be in writing. In the event of such waiver, I shall pay directly, when and
<br />where payable, the amounts due for any Escrow Items for which payment of Funds has been waived by
<br />Lender and, if Lender requires, shall furnish to Lender receipts evidencing such payment within such
<br />time period as Lender may require. My obligation to make such payments and to provide receipts shall
<br />F.
<br />My monthly principal and interest payment for the New Principal Balance reflects amortization of
<br />principal over 480 months from the date of my first modification payment. However, the scheduled
<br />maturity date of my loan will remain unchanged. This means that, even if I make all of the scheduled
<br />payments on time and comply with all other terms of the modified loan agreement, a principal balance
<br />of $63,232.09 will remain unpaid at the time of the scheduled maturity date. This balance will accrue
<br />interest at the Note rate and is sometimes called a balloon payment. I will need to make arrangements to
<br />pay this remaining balance when I payoff my loan, when I transfer an interest in, refinance or sell the
<br />Property, or at maturity.
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