200412197 - Laserfiche WebLink

Browse

20041`197 PREPAYMENT RIDER (Multi- state) TOBERER LOAN #: 16600704 MIN: 100030200166007045 This Prepayment Rider is made this 20TH day of DECEMBER, 2004 and is incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or Security Deed (the "Security Instrument ") of the same date given by the undersigned (the "Borrower ") to secure Borrower's Note (the "Note ") to CHERRY CREEK MORTGAGE CO., INC. (the "Lender ") of the same date and covering the property described in the Security Instrument and located at 2622 NORTH WEBB ROAD, GRAND ISLAND, NE 68803 (the "Property"). Additional Covenants. Notwithstanding anything to the contrary set forth in the Note or Security Instrument, Borrower and Lender further covenant and agree as follows: Borrower has the right to make payments of principal at any time before they are due. A payment of principal only is known as a "prepayment." A "full prepayment" is the prepayment of the entire unpaid principal due under the Note. A payment of only part of the unpaid principal is known as a "partial prepayment." If, within the 3 -year period beginning with the date Borrower executes the Note (the "Penalty Period "), Borrower makes a full prepayment, or partial prepayment in any twelve (12)- month period that exceeds 20 % of the original principal loan amount, Borrower will pay a prepayment charge as consideration for the Note Holder's acceptance of such prepayment. The prepayment charge will equal the amount of interest that would accrue during a six (6) -month period on the amount prepaid that exceeds 20% of the original principal balance of the Note, calculated at the rate of interest in effect under the terms of the Note at the time of the prepayment, unless otherwise prohibited by applicable law or regulation. No prepayment charge will be assessed for any prepayment occurring after the Penalty Period. 603B2 Multi -State Rider 11/15/99 DOCUPQM 1 Page I of 2 DOCUPQMI.VTY 06/17/2004