200608998 - Laserfiche WebLink

Browse

0004874822 200608998 CONSTRUCTION/PERMANENT RIDER THIS CONSTRUCTION/PERMANENT RIDER is made this 28thdayof September ,2006 , 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 to National City Mortgage a division of National City Bank (The" Lender") of the same date and covering the property described in the Security Instrument and known as: 5926 W BELLA VISTA, CAIRO, Nebraska 68824 Hall (Property Address Including County) ADDITIONAL COVENANTS: In addition to the covenants and agreements made in the Security Instrument and Note, Borrower and Lender further covenant and agree as follows: 1. Borrower and Lender have executed a Construction/Permanent Loan Agreement of even date. The terms of said Construction/Permanent Loan Agreement unless otherwise stated are incorporated herein by reference. 2. Borrower as owner, will construct a residence in accordance with the plans and specifications set forth in the Construction/Permanent Loan Agreement on the real property described in the Security Instrument. 3. Construction of the residence set out above shall be completed on or before 3/14/2007 . If construction is not completed on that date, upon request of Lender, Borrower agrees to execute a modification agreement in form and substance satisfactory to Lender. 4. Borrower agrees that during the time of the construction of the Improvements as set forth in the Construction/Permanent Loan Agreement, interest only will be charged on the amounts of the Loan actually disbursed. Upon completion of construction of the Improvements, but in any event no later than 3/14/2007, , whether or not the construction of the Improvements is completed, Borrower agrees to make payments of principal and interest set forth in the Note. 5. Borrower agrees that the proceeds of the loan evidenced by the Note will be disbursed pursuant to the Construction/Permanent Loan Agreement and Borrower further agrees to provide Lender with all documentation required under the Construction/Permanent Loan Agreement prior to requesting any disbursement. 6. Borrower agrees that this Construction/Permanent Rider will be null and void upon completion of the construction of the Improvements and/or the beginning of the amortization of principal as set forth in the Note and in any event at the time the loan is sold in whole or in part to Federal National Mortgages Association, Government National Mortgage Association, Federal Home Loan Mortgage Corporation or any other purchaser which so requires. NCM Form 1138 CONSTSl (12/04)