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Corner of Loo 286 and H 82 West Commercial Contract Financing Addendum concerning um tion approva (6) If assumption approval is required by the note holder, Buyer will .apply for ass p within _--- days after the effective date of the contract and will v ev ery may gi effort le obtain assumption approval. If Buyer cannot obtain assumption approval, days after the effective date and the contract owi�eermin ate and the written notice within y earnest money, less any independent co eSsuch snot ce within he time Brequired and Buyer doeE refunded to Buyer. If Buyer does not g not close because Buyer is not able to assume the existing note, Buyer will be in default. ❑ C. SELLER FINANCING: closing, Buyer will execute and deliver a promissory note (the note) from Buyer to Seller in tn: (1) At g bearing % interest per annum. Matured amount of $ unpaid amounts will bear interest at the maximum rate of interest allowed by -law. (2) The note will be payable as follows: ❑ (a) In one payment, due of the note, with Interest payable ❑ (b) In installments of $ beginning and continuing at ❑ monthly Cl after the datE ❑ (i) monthly ❑ (ii) ❑ including interest ❑ plus interes after the date of the notE intervals thereafter fo when the entire balance of the note will be due and payable. installments for the first ❑ (c) Interest only in ❑ monthly ❑ ❑ including interest ❑ plus interes' years and thereafter in installments of $ after the date of the note and continuing a beginning intervals thereafter for ❑ monthly L7 able. when the entire balance of the note will be due and pens and an assignment of leases payable (3) The note will be vendor's and deed of trust the placed designated by Sell er. e will provide that if Buyer fails to timely pay an installment within 10 days after to (4) The not P a late fee equal to 5 /o of the installment not paid. installment is due, Buyer will pay against the maker in th (,) The note ❑ will ❑ will not provide for liability (personal or corporate) event of default. penalty. prepayments are to b art at 6 The note may be prepaid in whole or in P of principal a�stomaur rig an n interest will immediate () applied to the payment of the installments cease on the prepaid principal. su erior note describe 7 The lien securing payment of the note will be inferior to any lien securing ed, uye, at Buyer's expense, w () in this addendum. If an owner's policy of title insurance o furnished, furnish Seller with a mortgagee title policy in the amount of the note at closing. Seller, r an art of the Property is sold or conveyed without Seller's prior writteUS accrued interes (8) If all o Y P declare the outstanding principal balance of the note, p Seller's option, may able. Any of the following is not a sale or conveyance of the Property: immediately due and pay (a) the creation of a subordinate lien; (b) a sale under a subordinate lien; (c) a deed under threat or order of condemnation; nation; (d) a conveyance solely between the parties; operation of law. (e) the passage of title by reason of death of a maker or (TAR -1931) 10 -18 -05 by zipLog rr>® ix 18070 Fifteen Mile Road, Fraser, Michigan 48026 w�vw zip Loa_!x C0m Produced with ZipFor Page 2 of: Montgomery -