200500482 - Laserfiche WebLink

Browse

200500482 RIDER TO SECURITY INSTRUMENT This rider supplements the attached Security Instrument ( "Security Instrument, ") dated November 8th, 2004. The terms of this rider shall Supersede any language to the contrary located in the attached. Security Instrument or any other document executed in connection with this transaction. This rider SHALL apply unless, the Security Instrument and'or Note are assigned to a government sponsored entity such as Fannie Mae or Freddie Mac ( "GSE's ") and file provisions are not permitted by the GSE's; OR 2) the provisions are prohibited by applicable law. If any provisions are prohibited the prohibited portions shall be removed, but the remaining terms shall be effective. 1) Prepayment penalty: Notwithstanding anything to the contrary in the Note regarding Borrower's Right to Prepay, in the event the debt secured by the mortgage /security instrument is prepaid, the borrower will be subject to a prepayment penalty as follows... file Debt secured by this mortgage may be prepaid, in whole or in part, at any time. However, should such prepayment be made within the first three years from the date of the loan, there shall be paid to the holder of this mortgage a sum equal to � "i, of the amount prepaid. If borrower prepays up to 10 "0 of the unpaid principal balance in any 12 month period the prepayment penalty is in effect, there shall be no prepayment penalty. However, if the borrower prepays any amount more than 10% in any 12 month period the prepayment penalty is in effect, the penalty is calculated on the entire amount prepaid. 2) Funds for Escrow Items: Said funds may be commingled with the funds of the Lender, and are not required to be held in an institution whose funds are insured by a federal agency, instrumentality or entity, unless the law requires otherwise. 3) Arbitration: The language in the Security instrument does not supersede any contrary provisions in the arbitration agreemunt doled the same date as this Security Instrument. 4) Bankruptcy: In the event that Borrower declares Bankruptcy, Borrowcr shall be liable for all reasonable legal fees and disbursements incurred by Lender to protect its interest or enforce its rights under the Note and Security instrument. In the event that Borrower is permitted to cure a detault to the Note and /or Security instrument pursuant to the United States Bankruptcy Code (Title I I U.S.C. or as otherwise codified) or other applicable law, the parties hereto specifically agree that the amount necessary to cure the default shall include the Srllm of all the amounts past due Linde- the terms of the Note and /or Security instrument, including all principal, interest, late charges, and all amounts advanced by Lender pursuant to the terms of the Note and /or Security instrument, including all attorneys' Ices and costs, plus interest on such sums calculated at the annual interest rate required by the Note and /or Security instrument from the date on which Borrower elects to cure the default to the date on which the default is fully cured. Nothing herein shall be construed to allow Borrower the right to cure any default of the Note and /or Security instrument except as specifically authorized under the United States Bankruptcy Code (Title 1I USC or as otherwise codified) or other applicable law. 5) Additional Charges: I agree to pay all reasonable charges in connection with the servicing of this loan including but not limited to obtaining tax searches and bills, processing insurance loss payments, ownership transfers, releases, easements, consents, extensions, modifications, special agreements, assignments, reduction certificates, asset recovery, property inspection, and satisfaction of mortgage. In the event Borrower directs Lender to order any reports, appraisals, searches, examinations and /or the like, I agree that the expense for same is to be added to the balance of the cxisting Note /Security Instrument, if same is not paid within 30 days of written notification. ('21258 Page I of