Agenda - 05-04-1999 - 3b - Laserfiche WebLink

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9 The parties desire to modify the Original Documents to reduce the interest rate payable by the County on its financing obligations to the Beneficiary. This Modification Agreement provides for no additional advance of funds to the County. The scheduled date for the County's final repayment of amounts advanced under the Original Agreement remains on or about July 17, 2009. The security interest evidenced hereby and by the Original Documents is a "construction mortgage" within the meaning of N.C. Gen. Stat. § 25-9-313. This Modification Agrcemcnt affects the same property as is encumbered by the Deed of Trust. Now, therefore, for and in consideration of the premises, the County covenants and agrees with the Deed of Trnst Trustee and Beneficiary (and their respective heirs, successors and assigns), as follows: 1. The interest rate payable by the County on its financing obligations to the Beneficiary under the Original Documents is hereby reduced from 5.71% to 4.59%, effective as of May 1, 1999. 2. The second paragraph of Section 2.1 of the Contract is hereby amended to read as follows: 2.1 Ad~ces by Lender. .. , . The Financing Proceeds shall be used solely for the purpose of constructing the Improvements. Interest shall accrue on the total amount of the advanced Financing Proceeds outstanding from time to time at a fixed rate of 4.59%, based upon a year having 365 days (or 366 days, as the case may be), for the actual number of days in any interest calculation period, and shall be paid in accordance with the provisions of Section 3 below. 3. Exhibit A to this Modification Agreement sets forth the County's regularly-scheduled Installment Payments payable under the Original Documents, as modified by this Modif cation Agreement. Exhibit A to this Modification Agreement replaces Exhibit A to the Contract. 4. Beneficiary shall attach a copy of this Modification Agreement to the original copy of the Contract, and shall provide for the following legend to be inscribed at the top of the first page of the Contract: `"Phis Contract has been modified pursuant to a Modification Agreement dated as of May 1, 1999." The County shall cause a fully- executed original copy of this Modification Agreement to be recorded in the real estate records in the office of the Register of Deeds of Orange County, North Carolina. _ ~_ r. ..~ ..,. ~~ .,.t..