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Mendng Addendum COnczmino d7TN co crqcn ►AAIC TGIIAC <br />(a) Buyer may tcrminate the canlract and trio opmost money, lou ony Indopondeni coneldarellDn <br />undar Peragraph 7B(3)(3) of the conlrsct, wlll be re(unded to 6uyer d iho nolo holQar on essumption <br />rsquirna <br />(n) Duyor to pay an aseumptlon teo In ezcasa oF S 3nd Scllcr dcdines to pey such excese; <br />(D) an Inrreme In the Irtwroat mte Io more chan 'X-; or <br />(c) any othor modl0catlon of the loan documonts. <br />(5) UNoss Seller tR ralease4 0l lipblllry on any aswmed nole. Sollcr roQulros a vendors lien nnd tleed <br />of uust lo sewrc aesumption, which wdl be eutomatiaAily roleasad on owcuUon and delHery of a <br />relaaBa bY the noto holdor <br />(8) If aesumptlon apprwel is requirad by the note holder, Buyor wlll apply lor assumptlon epDroval <br />witNn deye enar the effedive dete of the conbecl and will mBkA Bv6ry f'0zi9onq0l0 nHOrt CO <br />obtam ossumpUon approval. Aseumpuon approval la obtemed when tt,e lendor dotorminos sfwt <br />euyer has s3tlsflod ali of lcndor'e flrmnclal rcqulromcrtts (lhose ttems relatm8 w Buyofa net worth, <br />Inmme, and credlbwoMineas). If assumption npproval Is not oDlalncd wltnin dayo after !he <br />GffOCtlve dgte, the conVecl wlll terminBle end the oorngal money, IoSS Any indepCndont <br />mnsltlaratlon undcr Paragraph 7B(3)(a) of the contracL Will be retunded 1n euyer <br />❑ C. SEIIER FINANGING: <br />(1) Al doslng, 8uyor w111 exacuce an4 delluer a pmmisoory note (the nole) from Huyor ta Scllor In (ho <br />emount of 5 , boarlnp intcroet per snnum. Matured, <br />unpafC amountsi wnl bear intereal et lho ma:(mum raie of intorosl allowed by low <br />(Z) Tho note wlll bc payablo as follows: <br />D(a) In one paymont, due aftcr the dato <br />of !ho nole. wl(h Inleresl payablo O monlhiy ❑ ~ <br />O(b) In inefatlmenfa ot $ ❑ IncJudVnO Intorost O plus Intereart <br />boplnning after !no datc of the notc <br />nnd mMlnwnB et ❑ monfhly ❑ InlCrvnlit tharwnRer fw <br />wnen lne antire belance df the nota wlll bo due end payablo. <br />❑(c) inlortst only In O monthiy ❑ Inet811rnBna (or the Orst yoors <br />ana Thoronhor In mecatlmertts od 5 ❑ includin8 Irtlemsc O plus Iniarost <br />boglnning aRer the date ot the note ond condnulnp nt <br />monthly ❑ inlervel6 lhereeRor <br />for when the entlre Delonto of Iha nolc wlll bc due and payable. <br />(3) Tho noto wlll be secvred by Vendors and daed of bust lienc and an eceignment of toesos payaDle <br />at the plere doslAnated Dy 5ollor. <br />(4) The nolo wlll prwlde ttwt If Buycr tnils- let tlmoly pay an Installmonl Duyor wilhYn 10 day9 after the <br />Installmont Is due, Buyer will pay a late fee oquel trD 594 of the mstallment nol peid. <br />(5) Tho note ❑ wlll ❑ wlil not prowida fnr Ileblllry (poraonal or corporale) agamat lhe maker in the <br />event Df dgfgulL <br />(9) The noto may bc prcpald in whole or in paR at nny time w+4hout penalty Any propayments ara to <br />be epplied to tho paymont of tho Installmcnls of prlnclpol laet maluring nncl mtoroet wiu immodialeiy <br />cvaeo on lha prepeid principel. <br />(rnA-t 891) 2d-Q2 inlVOlaa br IoanlAlcmbn by Auror Pspe 2 or a <br />/M~...~~~..d~..~Y~.~b~r~r~tin+~ r+1U+.r~ V..n.~.~...r~ rl.~+nr.-✓fl.~fY~r ~~~~01.n.m <br />~ <br />?11 ` <br />y J ~ ~ <br />