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82 West <br />Corner of Loo 286 and H <br />Commercial Contract Financing Addendum concerning ~ f0~ aSSUIllptlon approv2 <br />If assumption approval is required by the note holder, Buyer will app y <br />~6~ days after the effective date of the contract and will mak a; ~B ye an,°ay gllveffSelleC, <br />within rovai. If Buyer cannot obtain assumption app oobtain assumption aPP <br />act, anwlth~'~ <br />written notice within days after the effective date and the contracof terminate <br />earnest money, less any independent consideration under Paragraph 76(1) uired refunded to BuYer. if Buyer does not give such noti withinnotethe be in dB ault doe- <br />not ciose because Buyer is not able to assume the ex <br />❑ C. SELLER FINANCING: note (the note) from Buyer to Seiler in tn; <br />(1) At closing, Buyer will execute and deliver a bear ng ry % interest per annum. Matured <br />amount of $ <br />aid amounts will bear interes t a t t h e m a x i m u m r a t e o f i nterest ailowed by law. <br />unP <br />(Z) The note will be payable as foilows: after the datE <br />❑(a) in one payment, due monthly <br />of the note, with interest payable: ❑(i ❑ interes <br />includingainterest fter the dD ate of Ius <br />the not~ <br />❑(b) In installments of $ intervals thereafter fo <br />beginning <br />and continuing at ❑ monthly ❑ when the entire balance of the note will be due and payable_ <br />installments for the first <br />❑ including interest ❑ plus interes <br />(c) Interest only in ❑ monthly ❑ <br />, years and thereafter in installments of $ after the date of the note and continuing a <br />beginning intervals thereafter for <br />a able. <br />monthly El <br />when the entire balance of the note will be dpens and an assignment of leases payable ~ <br />(3) The note will be secured by vendor's and deed of trust <br />the placed designated by Seller. <br />ide that if Buyer fails to timely pay an installment within 10 days after tn <br />(4) The note wilf prov a late fee equal to 5% of the installment not paid. <br />installment is due, Buyer will pay (5) The note ❑ ainst the maker in th <br />Will ❑ will not provide for liability (personal or corporate) ag <br />event of default. enalt Any prepayments are to b <br />art at any time without p and interest will immediate' <br />(g) The note may be prepaid in whole or in p <br />applied to the payment of the installments of principal last maturing <br />su erior note descnt~ <br />cease on the prepaid principal. <br />The lien securing payment of the note wifl tb1ei~~su~ance syfurnished rlBUyer~ at Buyer's expense, w <br />(7) in this addendum. If an owner's policY o <br />furnish Seller with a mortgagee title policy in the amount of the note at closi.ng. Seller, ~ <br />ert is sold or conveyed without Seller's prior written consent, <br />(8) If all or any part of the Prop Y <br />Seller's option may declare the outstanding princiPal balance of the note, plus accrued interes <br />due and payable. Any of the following is not a sale or conveyance of the Prope y: <br />immediately , <br />(a) the creation of a subordinate lien, <br />(b) a sale under a subordinate lien; <br />(c) a deed under threat or order of con a~ esat°on; <br />(d) a conveyance solely between the p eration of law. <br />(e) the passage of title by reason of death of a maker or op <br />(fAR-1931) 10-18-05 ~8070 Fifteen Mile Road, Fraser, Michi9an 48026 www ziPL~ix com <br />Produczd with ZipForrr~ bY ZiPLo9iX . <br />Page 2 of : <br />Montgomery <br />