|
85- 00 349
<br />the real property and the undersigned's identity as a Christian Church, or Church of
<br />Christ, or a qualifying related organization, as presently constituted is a material
<br />inducement to note holder to make this loan.
<br />If (1) title to or control of the security real property shall pass from the undersigned or
<br />the approved successor in interest by deed or otherwise; or (2) the church or church
<br />related property shall be sold on contract or the property ceases to be borrower
<br />occupied, and irrespective of whether or not such change in title or control by customary
<br />lending stan-dard would be deemed to affect the risk of note holder (the borrower
<br />acknowledging such risk would adversely change due to the Foundation's primary loan
<br />policies), IN ANY SUCH EVENT note holder may declare the entire unpaid balance of
<br />principal and accrued interest immediately due and payable or, at its sole option, may
<br />cogent to the change in title or control and may increase the interest rate of the loan to
<br />the prevailing commercial rate of interest for commercial financing in effect at the
<br />time; however, in no event shall the effective interest rate exceed the rate permitted by
<br />law. Stich increase in interest shall entitle note holder to increase monthly payments on
<br />the loan so as to amortize the obligation upon the original stipulated payment adjustment
<br />schedule.
<br />As a further condition to note holder giving its consent to change in title or control of
<br />the property, it may require such information concerning the transferee, purchaser, or
<br />occupier as it would ordinarily require of a new loan applicant and shall be paid a service
<br />fee then customarily charged by note holder reasonably representing note holder's cost
<br />for reviewing, approving, processing such transfer, and affecting such transfer on note
<br />holder's books and records, including note holder's attorney's fees. Said service fee shall
<br />not exceed four percent of the original loan amount. At the option of note holder, a
<br />service fee may be added to the principal balance of the indebtedness.
<br />8. WAIVERS.
<br />Presentment, notice of dishonor, and protest are hereby jointly and severally waived by
<br />borrower and, if any, all other makers, sureties, guarantors, and endorsers hereof. The
<br />changes made by notice from note holder only to borrower, and anv modification of the
<br />terms and conditions of payment or otherwise of this note made at the request of any
<br />person liable on this note, shall not impair any person's liability hereunder. This note
<br />shall be the joint and several obligation of ail makers, sureties, guarantors, and endorsers
<br />and shall he binding upon each of them and their heirs, legal representatives, successors,
<br />and assigns.
<br />9. GIVING N(MCE.
<br />Any notice (including a notice of change) to borrower expressly provided for in this note
<br />shall be given by mailing such notice of change by certified mail, return receipt
<br />requested, addressed to borrower at the address stated below or to such other address as
<br />borrower may designate by notice to note holder. Any notice to note holder shall be
<br />given by mailing such notice by certified mail, return receipt requested, to note holder at
<br />the address stated on page one of this note or at such other address as may have been
<br />designated by notice to borrower.
<br />10. SURVIVAL AND GOVERNING LAW.
<br />10.1. Survival. If anv term or provision is held invalid, it shall not be deemed to
<br />affect any 7ther term or provision rind the remainder of this note shall be fuliv
<br />enforceable.
<br />10.2. Clove >rnin Law. This note shall he subject to fend governed in n1l respects,
<br />'including,' but
<br />not mited to, questions of its nature, eonstruetion, validity,
<br />interpretation, and enforcement, by the laws of the State of Colorado,
<br />including its
<br />choice of law rules. The borrower expressly intend that the laws of the State
<br />of
<br />C'olorade shall in nil oases nnel events he applied to this note* by cony of horrowear's
<br />wemeties, guarantors, endorsers, or any eeurts or similar tribunnis because this loan
<br />tra aetlon hears
<br />to reasonable and aplaropriate relation to this Stnto. the note and
<br />obligations it e^videerieegs have the most significant contacts with this State
<br />�
<br />*, the center of
<br />gravity of this note is in this State, and tPca►tse this is n coinrnereial transaction in which
<br />the ?:r;errnwer ngreen in good faith to the contrnetual -ibligntiorlti ,f this notes nnci irttenrfs
<br />a�
<br />w..c�
<br />
|