200011038 - Laserfiche WebLink

Browse

" 10'' EXHIBIT E MORTGAGE ADDENDUM The following are addenda to Ilia Mortgage. Pleaso check ilia applicable addendum. The addendum checked shall be incorporated into, and recorded with, ilia Mortgage. The lerm "Mortgage' shall be deemed to include "Deed of Trust," if applicable. X_ FHA, USDA RURAL DEVELOPMENT and HUD ADDENDUM ONLY 1 -1-IIS TAX - EXEMPT FINANCING RIDER is made this 20th day of December, 2000and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security.Deed ( "Security Instrument ") of the same dale given by Ilia undersigned ( "Borrower") to secure Borrower's Note ( "Note ") to Mountain West Financial,Inc. ( "Lender ") of the same date and covering the property described in the Security Instrument and located al: 2416 West Koenig, Grand Island, NE 68803 (Property Address] in addition to the covenants and agreements made in the Security Instrument, Borrower and Lender further covenant and agree to amend Paragraph 9 of the Model Mortgage Form, entitled "Grounds for Acceleration of Debt" as by adding additional grounds for acceleration as follows: Lender, or such of its successors or assigns as may be 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 pail of the Property is sold or.olherwise transferred by Borrower to a purchaser or other transferee: (1) 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 (1)(2) of Ilse Internal Revenue Code; or (ii) Who has had a present ownership interest in a principal Residence during any. part of.the.three -year period ending on the date of ilia sale or transfer, all as provided in Section 143(d) and (1)(2) of the Internal Revenue Code (except that `100 percent' shall be substituted for "95 percent or more" where the latter. appears in Section 143(d)(1)); or (iii) Al an acquisition cost which is grealer.lhan 90 percent of the average area purchase price (greater than 110 percent for targeted area Residences), all as provided in Section 143(e) and (1)(2) of Ilia Internal Revenue Code; or (iv) Who has a gross family income in excess of the applicable percentage of applicable median family income as provided In Section 143(f) and (1) (2) of the Internal Revenue Code; or