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200504014 Notwithstanding anything to the contrary contained in the Balloon Note or Security Instrument, Borrower undertakes as follows: rMW: 74► 1=kTi' T_TW_1►113 *A11411- 1[a]► to] y111114k, It is the intention of the Borrower and Lender that the lien of the Security Instrument shall secure the debt evidenced by this Refinancing Instrument and that the Security Instrument hereby shall be renewed and extended, as of the Refinancing Date, so long as required to secure such debt until it is paid in full. In connection with the foregoing: (i) The maturity date of the debt evidenced by this Refinancing instrument is set forth in section D(3)(a), below. (ii) Lender is expressly subrogated to all rights with respect to the Property, prepayment, and acceleration to which the holder of the Balloon Note was entitled by reason of the Security Instrument. (iii) In the event that any portion of the debt evidenced by this Refinancing Instrument cannot be lawfully secured by the Security Instrument as so renewed and extended, principal payments shall be applied first to that portion not so secured. (iv) Borrower acknowledges that the lien securing the Balloon Note is hereby renewed and extended, amended as provided immediately below, and is in full force and effect until the debt evidenced by this Refinancing Instrument is paid in full. B. AMENDMENT OF THE SECURITY INSTRUMENT AH of'the terms of the Balloon Rider are canceled, null and void as of the Refinancing Date. C. CO- GRANTOR LIABILITY Any party that signs below as a "co- grantor' did not execute the Balloon Note but signs below to grant and convey, under the terms of the Security Instrument, such interest as that party may have in the Property. Such party is not personally obligated to pay the debt evidenced by this Refinancing Instrument and secured by the Security Instrument (as renewed, extended, and amended hereby), and agrees that Lender and Borrower may agree to extend, modify, forbear or make any accommodations with regard to such debt or the Security Instrument (as renewed, extended, and amended hereby) without such party's consent. D. FULLY AMORTIZING NOTE 1. Borrower's Promise to Pay In return for a loan that I have received, I promise to pay U.S. $60,717.95 (this amount is called "principal "), plus interest, to the order of Lender. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder." 2. Interest Interest will be charged on unpaid principal on and after the Refinancing Date until the full amount of principal has been paid. I will pay interest at a yearly rate of 9.50 %. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section D(6)(b) of this Note. Balloon Refinancing Instrument - Single Family - Fannie Mae Uniform Instrument Page 2 of fi Initials: