HomeMy WebLinkAboutPrepayment Rider PREPAYMENT RIDER 0159217728
THIS PREPAYMENT RIDER is made this 20th day of APRIL 2007 , and is
incorporated into and shall be deemed to amend and supplement the Mortgage, Deed of Trust or
Security Deed (the "Security Instrument") of the same date given by the undersigned (the
"Borrower") to secure Borrower's Note to
WELLS FARGO BANK, N.A. of the same
date and covering the Property described in the Security Instrument and located at:
252 SOUTH COURTLAND ST, ARROYO GRANDE, CA 93420
(Property Address)
PREPAYMENT COVENANTS. In addition to the covenants and agreements
made in the Security Instrument, Borrower and Lender further covenant and agree as follows:
I have the right to make payments of principal at any time before they are due.
A prepayment of all of the unpaid principal is known as a "full prepayment." A prepayment of
only part of the unpaid principal is known as a "partial prepayment"
Except as provided below, I may make a full prepayment or a partial
prepayment at any time without paying any penalty. However, if within the first .tWQ ( 2 )
year(s) after the execution of the Security Instrument I make full prepayment, I will pay a
prepayment charge as follows:
If within the first year after the execution of the Security Instrument I make full prepayment, I
will pay a prepayment charge in an amount equal to three percent (3%) of the original
principal amount. If within the second year after the execution of the Security Instrument I
make full prepayment, I will pay a prepayment charge in an amount equal to two percent (2%)
of the original principal amount. If within the third year after the execution of the Security
Instrument I make full prepayment, I will pay a prepayment charge in an amount equal to one
percent (1%) of the original principal amount.
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Prepayment Rider PP010A Rev. 09/13/05
h w •
0159217728
x If within the first year after the execution of the Security Instrument I make full
prepayment, I will pay a prepayment charge in an amount equal to three percent (3%) of
the original principal amount. If within the second year after the execution of the Security
Instrument I make full prepayment, I will pay a prepayment charge in an amount equal
to two percent (2%) of the original principal amount.
If within the first year after the execution of the Security Instrument I make full
prepayment, I will pay a prepayment charge in an amount equal to three percent (3%) of
the original principal amount.
In the event the maturity of the Note is accelerated for any reason during the applicable
period of the prepayment charge, then the prepayment charge set forth herein shall be
due and payable.
All interest, fees and other amounts charged or accruing in connection with the Note
which are considered "interest" within the meaning of Section 85 of the National Bank
Act (12 USC 85; 12 C.F.R. & 7.4001(a)) shall be governed by and interpreted under South
Dakota law. In all other respects, the Note and all related documents, as well as the
rights, remedies, and duties of the Lender and the Borrower(s), shall be governed and
interpreted by federal law with respect to national banks and, to the extent not
preempted by federal law, the consumer protection laws of the state in which the real
estate is located.
BY SIGNING BELOW, Borrower accepts andagrees to the terms and provisions
contained in this Prepayment Rider.
(Seal)
ALFONSO A VARGAS -Borrower
(Seal)
ALEJANDRA VARGAS -Borrower
Prepayment Rider PP010C Rev.05/31/06
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