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GMAC Bank
Construction Lending Division
1100 Virginia Drive
Fort Washington, PA 19034
RECEIVED 1/27/2009 at 3:40 PM
RECEIVING # 944911
BOOK: 713 PAGE: 737
JEANNE WAGNER
LINCOLN COUNTY CLERK, KEMMERER, WY
000737
(Space Above this Line for Recording Data)
LOAN MODIFICATION AGREEMENT
(To Extend the Time for the Completion of Construction)
This Loan Modification Agreement is made effective as of January 29, 2009 by the undersigned
DANIEL T. SUTTON
and
JESSICA H. SUTTON
("Borrower"), in regard to that certain Mortgage Deed, Deed of Trust or Security Instrument (hereinafter
"Security Instrument") made by the BOlTower in favor of GMAC Mortgage, LLC, 100 Witmer Road,
P.O. Box 963, Horsham, PA 19044-0963 and assigned to GMAC BANK ("Lender"), which is dated
May 7, 2008 and which secures the debt of the Borrower, as set forth in a Fixed Rate Promissory
Note of even date therewith (hereinafter "Note") in the original principal amount of $ 205,000.00
against the property of the Borrower located at
Lot 69, Plat 16, Star Valley Ranch, Wyoming 83127
as more fully described in said Security Instrument, and which Security Instrument is recorded at
Book or Liber l cq L_(
of the -P. R. .
(Name of Records)
/ì~~ 1
, at Page(s) '*:,Y, ,
Records of 'L\ VlLQ i n Co lly\J\'J vJ Y
(County and State, or other JuriJiiJion)
WHEREAS, the BOlTower wishes to extend the time for the Borrower to complete the
construction of the buildings or improvements that is set forth in the loan documents, including particularly
the Construction Rider To Promissory Note and Security Instrument, that was originally executed by the
Borrower and attached as a Rider to the Note, and that was recorded with such Security Instrument (both
copies of which are hereinafter referred to as "Construction Rider" and the Construction Loan Agreement;
and
WHEREAS, the BOlTower wishes to extend the period for construction without the establishment
of a Delayed Construction Holdback Account at this time, but prefers instead to modify the executed and
recorded documents to exend the Construction Completion Date, without limiting or altering the right of
the Lender to establish the Delayed Construction Holdback Account at a future time, if the Lender shall
deem it necessary;
NOW THEREFORE, in consideration of One ($1.00) Dollar and other valuable consideration
and of the terms hereof, the parties hereto do hereby modify and amend the aforesaid Construction Rider
only as follows:
LOAN MODIFICATION AGREEMENT To Extend Construction Period - Single Family
WYOMING
185520301 -
ZCjaPB
00&738
1. The terms of the loan documents, Construction Loan Agreement and said Construction Rider
are hereby altered and amended to change the date described as the "Construction Completion Date"
from January 29, 2009 (wherever it appears therein) to April 29, 2009.
2. In accordance with the terms of paragraph 3 of the Construction Rider, as amended hereby, the
Borrower shall continue to make monthly payments of interest only, at the interest rate required under the
terms of the Note, in an amount based upon the outstanding principal balance all as therein provided until
May 1,2009. On June 1, 2009, the Borrower shall commence the payment of principal and interest,
in the amount of $1,359.64.
3. Nothing contained herein shall limit or amend any of the the rights of the Lender in any way,
including without limitation, the right to establish a Delayed Construction Holdback Account at a future
time, if the Lender shall deem it necessary.
4. Except as modified hereby, the aforesaid Note, Security Instrument, Construction Loan
Agreement, Loan Documents and Construction Rider remain unchanged and in full force and effect, and
the modifications and amendments made herein shall not serve to extend or alter the final maturity date
described therein.
BY SIGNING BELOW, I accept and agree to the promises, agreements, terms and covenants contained in
this Loan Modification Agreement.
Witnesses:
..-----."
'j /1 ./rf~
_____/.--v~ 771-1,"
.- DANIEL T~UTTON
~dlE~
'. JESSICi H. SUTTON
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Seal)
-Borrower
(Space Below This Line For Acknowledgement)
ST A TE OF WYOMING,
County ss:
The foregoing instrument was acknowledged before me this
) ..,~)j /~ <.7':"
,./,..Y(/
date
by
DANIEL T. SUTTON
and
JESSICA H. SUTTON
)~
My Commission Expires:¡\. \ ,
<~\.I....\\('
DyClMO Parker . Notary Public
County of . State of
Lincoln Wyoming
My commlalon ExpIreI June 29. 2011
·.\C "\. ~\\\
,,-j l. d(
.'-. _. "-- .-.
otary Public
LOAN MODIFICATION AGREEMENT To Extend Construction Period - Single Family
WYOMING
185520301 -
ZCjaPB
00&739
IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day
and year first above written.
GMAC BANK
lEf~01ll ~)
~CJ:~~
Name:
(SEAL)
STATE OF PENNSYLV ANIA
COUNTY OF MONTGOMERY
)
)
ss. Fort Washington
On the 20th day of January
and for said State, personally appeared
, 200~, before me, the undersigned, a Notary Public in
Irina Burns
personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that she executed the same in her capacity, and that by
her signature on the instrument, she acted on behalf of the Corporation and executed the instrument as its duly
authorized Assistant Secretary.
WITNESS my hand and official seal
(This area for Official Notarial Seal)
~~./~.
Nofary Public .
My Commission Expires:
(SEAL)
'~-"'''''''' 'J"""'~---":
NOTARIAL SEAL
Î . SA~!D9A 1\. PACINI, NOTARY PUBLIC
:i :-!ORSHAM TWr~, MONTGOMERY COUNTY
jP,' ,~f)~!Hl~!RS!ON EXPIRES MARCH 14 2010
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