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HomeMy WebLinkAbout888950888950 ~OOK ,~l ~_'~PR PAGE RECEIVED LINCOLN COUNTY CLERK .[Space above This Line For Recording Data] CONSTRUCTION/PERMANENT LOAN MODIFICATION AGREEMENT (Providing for Modification of an Adjustable Rate Mortgage) This Loan Modification Agreement CAgreement"), inade this 19th day of Between Marc A Spetb and Lorna A Spetb, Husband and Wife March 2003 , ("Bolxower") and [rst]:e,d, eral fsl~ beheer), amenos and snpplements (1) the Nlortgage, Deed of Trust, or Security Deed (the "Security Instrument"), dated October 31,2002 and recorded in Book or Liber 504PR , at pages , or as Document Number 885/407 also recorded in Book 505PR on page 182, on , oftheCounty Records of Lincoln and (2) the Note bearing the same date as, and secured by, the Security Instrument, which covers the real and personal property described in the Security Instrument and defined therein as the "Property", located at 1483 Lost Creek Road Thayne, WY 83127 104 Noo885734 [Property Address] the real property described being set forth as follows: Part of Section 8,134N R118W of the 6th P.M,, Lincoln County, Wyoming being more particularly described as follows: Beginning at the Southeast corner of the SEI/4SWl/4 of said section 8 and running thence North 500 feet; thence West 261.36 feet; thence South 500; thence East 261.36 feet to the POINT OF BEGINNIG. In consideration of the mutual promises and agreements exchanged, the parties hereto agree as follows (notwithstanding anything to the contrary contained in the Note or Security InstTunlent): 1. That any Allonge to the Note or Rider to the Note or Security Instrument relating to the terms of the construction financing shall be null and void as of the date of this Agreement, and Bon'ower shall not assert any right of set off, counterclaim or other claim or defense arising out of the Construction Loan Agreement dated October 31,2002 against the obligations of the Note and Security Agreement, as amended by this Agreement (Page I of 3 pages) 2. As of March 19, 2003 , the amount payable under the Note and the Security Instrument (the "Unpaid Principal Balance") is U.S. $ 204,000.00 consisting of the amount(s) loaned to the Borrower by the Lender and any interest capitalized to date, notwithstanding anything to the contrary herein, there is no new or additional indebtedness secured by this mortgage. 3. Before each Change Date, the Note Holder will calculate my new interest rate by adding Five percentage points ( 5.00 %) to the Current Index. The Note Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject to the limits stated in Section 7 below, this rounded amount will be my new interest rate until the next Change Date. 4. The Borrower promises to pay the Unpaid Principal Balance, plus interest, to the order of the Lender. Any initial yearly interest rate of 7.0000 % ("initial interest rate") will be charged on the Unpaid Principal Balance, from March 19, 2003 . The borrower promises to make payments of principal and interest beginning on the 1st day of May 2003 , and continuing thereafter on the same day of each succeeding month until principal and interest are paid in full. If on April 1, 2033 (the "Maturity Date"), the Borrower still owes amounts under the Note and the Security Instrument, as amended by this Agreement, the Borrower will pay these amounts in full on the Maturity Date. The Borrower Will make such payments at First Federalfsb, 201 Main Street South, Hutchinson, MN 55350 or at such other place as Lender my require. 5. The Borrower understands and agrees that the initial interest rate the Borrower pays may change on the first day of April 1, 2006 and on that day every 12th month thereafter. Each date on which the Borrower's adjustable interest rate could change is called a "Change Date". 6. The Borrower understands and agrees that each of the Borrower's monthly principal and interest payments will be in the amount of $ 1,357.22 and that this amount may change if the interest rate changes. If the interest rate changes on a Change Date, the Lender will calculate the amount of monthly payment of principal and interest which would be necessary to repay the Unpaid Principal Balance in full at the Maturity Date at the new interest rate in accordance with the terms of the Note. 7. The interest rate the Borrower is required to pay at the first Change Date will not be greater than 9.0000 % or less than 5.0000 %. The interest rate will never be greater than 13.0000 8. The Borrower also will comply with all other covenants, agreements, and requirements of the Security Instrument, including without limitation, the Borrower's covenants and agreements to make all payments of taxes, insurance premiums, assessments, escrow items, impounds, and all other payments that the Borrower is obligated to make under the Security Instrument. 9. Nothing in this Agreement shall be understood or construed to be a satisfaction or release in whole or in part of the Note and Security Instrument. Except as otherwise specifically provided in this Agreement, the Note and Security Instrument will remain unchanged, and the Borrower and the Lender will be bound by, and' comply with, all of the terms and provisions thereof, as amended by this Agreement. 10. As used herein, "Lender" refers to the original Lender named in this Agreement and to any subsequent Note Holder, as defined in the Note. (Page 2 of 3) 797 In witness whereof, the parties have executed this Agreement. Marc A Speth ..L-~ender: First Federal fsb ~ (Auth~or~ce~me) Paul N. Lohmanh Authorized Officer of First Federal fsb (SPACE BELOW THIS LINE FOR ACKNOWLEDGEMENTS) THIS INSTRUMENT WAS DRAFTED BY: Jim Elstad FIRST FEDERAL FSB 1001 LABORE INDUSTRIAL COURT, SUITE E VADNAIS HEIGHTS, MN 55110 STATE OF MINNESOTA COUNTY OF RAMSEY The foregoing instrument was acknowledged before me this19th day of March 2003 ByPaul N. Lohmann , Authorized Officer of First Federal fsb, a Federal Savings Bank under the taws of the United States of America. STATE OF WY COUNTY OF Lincoln ) ~ J.A~IES ROBERT ELSTAD ~ ~ _NOTARY PUBLIC-MINNESOTA ~ "~My Oof't~n. Explre~ Jan. 31,2006 · v~.*;;.-.,- On this 19th day of March 2003 before me appeared Marc A Speth and Lorna A Speth, Husband and Wife Personally known to be the person(s) described in and who executed the foregoing instrument and acknowledge that ~ ~ executed the same as free act and deed.