EXHIBIT 10.5
ADDENDUM TO NOTE
This addendum is made JUNE 24, 2002 and is incorporated into and deemed to
amend and supplement the Adjustable Rate Note of the same date.
The property covered by this addendum is described in the Security Instrument
and located at:
000 XXXX XXXXXX XXXXX #0, XXXX XXXX, XXXX 00000
AMENDED PROVISIONS
In addition to the provisions and agreements made in the Note, I/we further
covenant and agree as follows:
ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
LIMITS ON INTEREST RATE CHANGES
The interest rate I am required to pay at the first Change Date will not be
greater than 12.375% or less than 2.250%. Thereafter, my adjustable interest
rate will never be increased or decreased on any single Change Date by more than
two percentage points (2.000%) from the rate of interest I have been paying for
the preceding six (6) months. My interest rate will never be greater than
12.375%. My interest rate will never be less than 2.250%.
UNIFORM SECURED NOTE
This Note is a uniform instrument with limited variations in some
jurisdictions. In addition to the protections given to the Note Holder under
this Note, a Mortgage, Deed of Trust or Security Deed (the "Security
Instrument"), dated the same date as this Note, protects the Note Holder from
possible losses that might result if I do not keep the promises which I make in
this Note. That Security Instrument describes how and under what conditions I
may be required to make immediate payment in full of all amounts I owe under
this Note. Some of those conditions are described as follows:
TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER. As used in
this Section 18, "Interest in the Property" means any legal or beneficial
interest in the Property, including, but not limited to, those beneficial
interests transferred in a bond for deed, contract for deed, installment sales
contract or escrow agreement, the intent of which is the transfer of title by
Xxxxxxxx at a future date to a purchaser.
If all or any part of the Property or any Interest in the Property is sold
or transferred (or if Borrower is not a natural person and a beneficial interest
in Borrower is sold or transferred) without Xxxxxx's prior written consent,
Lender may require immediate payment in full of all sums secured by this
Security Instrument. However, this option shall not be exercised by Lender if
such exercise is prohibited by Applicable Law.
If Lender exercises this option, Lender shall give Borrower notice of
acceleration. The notice shall provide a period of not less than 30 days from
the date the notice is given in accordance with Section 15 within which Borrower
must pay all sums secured by this Security Instrument. If Borrower to pay these
sums prior to the expiration of this period, Lender may invoke any remedies
permitted by this Security Instrument without further notice or demand on
Borrower.
In Witness Thereof, Trustor has executed this addendum.
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Witness
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Borrower /S/XXX X XXXXXX Date Borrower /S/XXXXXXXXX E XXXXXX Date
6/24/02 6/24/02
