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81004683
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Last modified
1/14/2010 7:40:06 PM
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1/14/2010 7:40:00 PM
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DEEDS
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81004683
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''81`~ O04683 <br />~_ <br />~' <br />MORTGAGE ADDENDUM FOR <br />REPAYMENT OF SECTION 235 ASSISTANCE <br />The rights and obligations of the parties to the attached tortgage _ <br />are expressly made subject t4 this Pdd2ndum. Zf there is any conflict <br />betw~n the provisions of this Pddendum and the provisons of the <br />Mortgage, the provisions of this Pddendum shall mnt=ol. <br />1, the debt secured by this instztarent shall include not only the <br />Note recited above but also any assistance paid by the Secretary <br />in accordance with Section 235 of t)ie National dousing Act on <br />bpbalf of any party to the Mortgage _:._ (including any party who <br />takes title to the property subject to the said Mortgage or <br />assares said Mortgage ) identified as FHA Case No. 321-088462-256 <br />(Insured Mortgagee )• <br />2. The debt will be due and payable when the first of the following <br />occurs: <br />(a) Title to the Property is conveyed to a party wtio is not <br />eligible for Section 235 crortgage assistance pay^pnts, or <br />(b) Payments rer~,;*ed under the Insured Mortgage are not <br />made for a period of 90 continuous days, or <br />(c) The property covered by the Insured Mortgage is rented <br />for a period longer than one year. <br />3. If the Insured Mortgage _ is not paid in full when Payment <br />is due under paragraph 2, the Secretary may defer palrtrent until <br />the Insured Mortgage is paid in full. Zf payment is deferred, <br />the debt will bear interest at the rate of Sixteen & One-ha~ieroent <br />per year from the date the debt is due under paragraph 2 until the <br />full amount of the debt and interest is paid. <br />In witness whereof, Bor'zvysr has executed this Addendum to the <br />Insured_Mortgage, <br />September 11, 1981 <br />Gate <br />~ ~~~~~ <br />Borrower <br />_ u <br /> <br /> <br />J <br /> <br />
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