2009-048-ORD REZONE 1200 BLOCK OF 47TH ST SE

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Flnandrig Addendum COMCCming JTTn cc CIRECT rAwlt Tc1At (a) Buyer may terminats the contract and trio earnest money. loss any Independent conelderallon under Paragraph 713(3)(3) of the conlract, will be refunded to Buyer if the noto holder on assumption rfquirSR (a) Buyer to pay an assumption too In excess of S and Seller dccllnes to pay such excess; (b) 3n Increase In the Intorost rate to more than xl; or (c) any othor modification of the loan documents. (5) Unless Seller is released of liablllty on any assumed note. Seller roqulres a vendors lien and deed of trust to -ccure assumption, which will be automatically roleesad on oxocutlon and delivery of a release by the nolc holdor (e) If assumption approval is required by the note holder, Buyor will apply for assumption approval within days after the effective date of the contract and will make every reasonable offort to obumn assumption approval. AssumpUOn approval Is obtained when the lender dotonnlnos that Buyer has satlsflod all of lendoes flnanclal requirements (those Items relating to Buyors nat worth, Income, and credlbvorthlnesa). If assumption approval Is not obtained within days after the effocllve data, the contract will terminate and the earnest money, loss any independent consideration under Paragraph 7B(3)(s) of the contract will be refunded to Buyer ❑ C. SELLER FINANCING: (1) At dosing, Buyor will execute and deliver a promissory note (the note) from Buyer to Scllor In the amountors , boaring 1% interost per annum. matured, unpaid amounts will bear interest at tho maximum rate of interest allowed by law. (2) The note will be payable as follows: D (a) In one payment, due of ft note. with Interest payable ❑ monthly ❑ after the date ❑ (b) In installments of S ❑ including Intorost ❑ plus Interest beginning after tho date of the note and continuing at ❑ monfnly ❑ Intervals thereafter for when the entire balance of the note will be due and payable. ❑ (c) Inlorest only in ❑ monthly ❑ Installments for the first years and thereafter in installments of S ❑ including Inlerost ❑ plus Interest beginning after the data of the note and condnuing at ❑ monthly ❑ Intervals thereafter for when the entire bafanco of the nolc will be due and payable. (3) The now will be secured by vendors and deed of trust liens and an assignment of leases payable at the place designated by Seller. (4) The noto will provide that If Buyer falls to timely pay an Installmont Buyer within 10 days after the 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 corporals) against the maker In the event of default (a) The note may be prepaid In whole or in part at any time without penalty Any prepayments are to be applied to the payment of tho Installments of principal last maturing and intoroet will immodialoly ciaase an the prepaid principal. (TAR -1951) 2 -6-a2 InMleled for Wanuillcallon by PuyOr Seller Pape 2 Of d /+�� rte. ww�tMM- � � �� V+,.i�1.��14.1� M 1bn,�, � f01, coil 11101.1100 >Y i �l0 L �`- r-- •�ua��.�l...q,M01,�