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HomeMy WebLinkAbout906557 RECEIVED 2/17/2005 at 2:38 PM RECEIVING # 906557 BOOK: 579 PAGE: 204 MODIFICATION AGREEMENT JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, VV' (C. ohstruction Phase Modified/Additional Funds/Work Change) Drawn By and Mail To: L' (; 0 2 0 4 THIS MODIFICATION AGREEMENT, made this 29th day of December, 2004 modifies the Note with Construction Loan Rider Amending Note (the "Note") and any Flow Down Option Rider to Note, the Security Instrument with Construction Loan Rider Amending Security Agreement, recorded at the Lincoln County Register of Deeds ("Security Instrument") the Construction Loan Agreement and the Addendum to the Construction Loan Agreement each dated May 26, 2004 (collectively the "Loan Documents"), previously executed by the undersigned (the "Borrower") in favor of CitiMortgage, Inc. (the "Lender"). The Loan Documents evidence a construction loan (the "Loan") which has both a construction loan phase (the "Construction Phase") and a permanent loan phase (the "Permanent Phase"), Ail terms defined in the Note, the Security Instrument and Construction Loan Agreement shall have the same meaning in this Modification Agreement. The terms of this Modification Agreement preceded by a "~" are part of this Modification Agreement only if the box is checked. [] I. CONSTRUCTION PHASE MODIFIED This Modification Agreement modifies the Loan Documents to change the Completion Date, the Permanent Mortgage Date, and the Maturity Date. In consideration of the mutual promises and agreements exchanged, with the intent to be legally bound, Borrower and Lender agree as follows: I. CONSTRUCTION PHASE. The Completion Date of the Construction Phase is changed from November 30, 2004 to December 8, 2004. 2. CONSTRUCTION PHASE INTEREST. Borrower will continue to pay interest at the rate stated in the Note (the "Note Rate") on the amounts advanced during the Construction Phase as provided in the Construction Loan Rider Amending Note. 3. PERMANENT PHASE. A. Beginning on the first day of the month following the Completion Date (the "Permanent Mortgage Date"), the Principal amount of the Loan, together with interest at the Note Rate, will be repaid over a 360 month period. The Note is modified so that Borrower will make monthly payments of Principal and interest on the 1st day of the month beginning on February I, 2005, and every month thereafter. B. The Note is modified so that the Maturity Date of the Note is January 1, 2035. [] II. AD31JSTMENT IN FUNDS This Modification Agreement modifies the Loan Documents to (1) change the Principal amount of the Loan, (2) restate the number and amount of monthly payments of Principal and interest due under the Note, and (3) change the amount of Principal secured by the Security Instrument. In consideration of the mutual promises and agreements exchanged, with the intent to be legally bound, Borrower and Lender agree as follows: 1. NEW LOAN TERMS. The Loan is modified to change the Principal amount from Two Hundred Eighteen Thousand Two Hundred Dollars ($218,200.00) to One Hundred Eighty-Eight Thousand Dollars ($188,000.00). 2. NOTE. The Note, as amended by the Construction Loan Rider Amending Note, is modified to restate the "Borrower's Promise to Pay" and "Payments" as follows: PROTOTYPE FORM Loan Number: 2001709101 Page 1 of 4 Rev. 11/14/02 MO~)IFICATION AGREEMENT BORROWER'S PROMISE TO PAY In return for a loan that I have received, I promise to pay U.S. One Hundred Eighty-Eight Thousand Dollars ($188,000.00) (this amount is called "principal"), plus interest, to the order of the Lender. The Lender is CitiMortgage, Inc. I understand that the Lender may transfer the Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder." PAYMENTS - CONSTRUCTION PHASE Payments during the Construction Phase will be as provided in the Construction Loan Rider Amending Note. PAYMENTS - PERMANENT PHASE (A) Time and Place of Payments I will pay principal and interest by making monthly payments every month. I will make my monthly payments on the 1st day of each month beginning on February 1, 2005. I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. My monthly payments will be applied to interest before principal. If, on January 1, 2035, I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the "Maturity Date." I will make my monthly payments at 1000 Technology Dr. MS P-929 O'Fallon, MO 63304 or at a different place if required by the Note Holder. (B) Amount of Monthly Payments My monthly payment will be in the amount of U.S. If my loan is an adjustable rate loan, this payment is my initial monthly payment of principal and interest and subsequent payments may vary based on changes in the interest rate and the principal balance of my loan. [] III. INTEREST RATE MODIFIED This Modification Agreement modifies the Loan Documents to change the rate of interest and the amount of monthly payments of principal and interest during the Permanent Phase. NOTE. The Note, as amended by the Construction Loan Rider Amending Note is modified to restate the "Interest" and "Amount of Monthly Payments" as follows: SECTION 2. INTEREST - PERMANENT PHASE Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest at a yearly rate of 5. 125%. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note. SECTION 3. (B) AMOUNT OF MONTHLY PAYMENTS - PERMANENT PHASE My monthly payment will be in the amount of U.S. $ I~02~ 64. If my loan is an adjustable rate loan, this payment is my initial monthly payment of principal and interest and subsequent payments may vary based on changes in the interest rate and the Principal balance of my loan. [] IV. MONTHLY PAYMENTS MODIFIED This Modification Agreement modifies the Loan Documents to change the amount of monthly payments of principal and Page 2 of 4 PROTOTYPE FORM Rev. 11/14/02 Loan Number: 2001709101 MODIFICATION AGREEMENT interest. The Note is modified so that each of the Borrower's monthly payments will be in the amount of U.S. $1,023.64. If the loan is an adjustable rate loan, this payment is the initial monthly payment of principal and interest and subsequent payments may vary based on changes in the interest rate and the Principal balance of the loan. [] V. CONSTRUCTION LOAN AGREEMENT. Exhibit D of the Construction Loan Agreement is modified to restate the Schedule of Advances as listed in attached document. [] VI. MODIFICATION FEE. Borrower will pay a modification fee of ($) to Lender. [] VII. OTHER TERMS UNCHANGED. Except as provided in this Modification Agreement, the terms of the Note, the Security Instrument and the Construction Loan Agreement remain unchanged, and the Borrower and Lender by this Agreement ratify, confirm and agree to the Loan Documents as modified and changed by this Modification Agreement. CitiMortgage, Inc. ("Lender") PROTOTYPE FORM Loan Number: 2001709101 Page 3 of 4 Rev. 11/14/02 MODIFICATION AGREEMENT BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Modification Agreement. Diane G. Doherty ' ~ ST^TE OF 'VqqOm b,.3 ) ) SS.; COUNTY OF [.~¢0 \~ ) On this 3 day of (JO. ~t.&6b,t~ ,,,2OO,,~ , before me the subscriber personally appeared Kevin F. Doherty andDiane G. Doherty to me known and known to me to be the same person(s) described in and who executed the foregoing instrument, and (s)he/they duly (jointly and severally) acknowledged to me that (s)he/they executed the same. Notary Signature Notary Printed Name Notary Public; State of Qualified in the County of My commission expires: Official Seal: PROTOTYPE FORM Loan Number: 2001709101 Page 4 of 4 Rev. 11/14/02 ..ii!: ?ii,' x,x,x Exhibit A Property Address: 1500 9th West Avenue Kernmerer, WY 83101 Legal Description: LOT 3 OF NINTH WEST ADDITION TO THE CITY OF KEMMERER, LINCOLN COUNTY, WYOMING AS DESCRIBED ON PLAT NO. 794006 FILED NOVEMBER 23, 1994 IN THE RECORDS OF LINCOLN COUNTY CLERK.