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Commercial Contrad Financing Addendum concerning Corner of Loo 286 and Rion 82 West (6) If assumption approval is required by the note holder, Buyer will apply for assumption approva within days after the effective date of the contract and will make every reasonable effort tc obtain assumption approval. If Buyer cannot obtain assumption approval, Buyer may give Selle- written notice within days after the effective date and the contract will terminate and thE earnest money, less any independent consideration under Paragraph 76(1) of the contract, will b_ refunded to Buyer. If Buyer does not give such notice within the time required and Buyer doeE not close because Buyer is not able to assume the existing note, Buyer will be in default. ❑ C. SELLER FINANCING: (1) At closing, Buyer will execute and deliver a promissory note (the note) from Buyer to Seller in tn: amount of $ , bearing % interest per annum. Matured unpaid amounts will bear interest at the maximum rate of interest allowed by law. (2) The note will be payable as follows: after the datE ❑ (a) In one payment, due of the note, with interest payable: ❑(i) monthly ❑(ii) ❑(b) In installments of $ ❑ including interest ❑ plus interes beginning after the date of the notE and Continuing at D monthly ❑ intervals thereafter fo when the entire balance of the note will be due and payable. . installments for the first C) (c) Interest only in D monthly ❑ years and thereafter in installments of $ ❑ including interest ❑ plus interes beginning after the date of the note and continuing = ❑ monthly D intervals thereafter for when the entire balance of the note will be due and payable. (3) The note will be secured by vendor's and deed of trust liens and an assignment of leases payable e the placed designated by Seller. (4) The note will provide that if Buyer fails to timely pay an installment within 10 days after tn installment is due, Buyer will pay a late fee equal to 5% of the installment not paid. (5) The note ❑ will ❑ will not provide for liability (personal or corporate) against the maker in th event of default. (6) The note may be prepaid in whol of pnnctime ipal a'stomatur ng a dnlnterestyw II immediate applied to the payment of the installments cease on the prepaid principal. note (7) The lien securing payment of the note if tbleiinsuance s fuen hed, riBUyeryat Buyers expensenw in this addendum. If an owner's policy o furnish Seller with a mortgagee title policy in the amount of the note at closi.ng. 8) If all or any part of the Property is sold or conveyed without Seller's prior writte eaccuedSnteres ( Seller's option, may declare the outstanding principal balance of the note, p us immediately due and payable. Any of the following is not a sale or conveyance of the Property: (a) the creation of a subordinate lien; (b) a sale under a subordinate lien; (c) a deed under threat or order of condemnation; (d) a conveyance solely between the parties; or . (e) the passage of title by reason of death of a maker or operation of law. (TAR-1931) 10-18-05 Produced with ZipForrtnS by zipLogix 16070 Fifteen Mile Road, Fraser, Michigan 48026 www zipLoaix com Page 2 of : Montgomery - , - 000090