Common use of Mortgage Modification Clause in Contracts

Mortgage Modification. a. If the mortgagor has f ully complied with the terms of this Arrangement and HUD has determined that it is financially feasible, as of January 1, 2003 HUD agrees to recast the then existing mortgage and accrued interest at 10 1/2% percent interest amortized over the remaining term of the mortgage (11- 30-22). b. The mortgagor agrees to modify the note and mortgage to insert a call provision. The call provision gives the mortgagee the option to declare the entire indebtedness due and payable at or after (ten years) (the longer of ten years or the remaining term of the Section 8 contract) from the date of the modification.

Mortgage Modification. a. If the mortgagor has f ully complied with the terms of this Arrangement and HUD has determined that it is financially feasible, as of January 1, 2003 HUD agrees to recast the then existing mortgage and accrued interest at 10 1/2% percent interest amortized over the remaining term of the mortgage (11- 11-30-22). b. The mortgagor agrees to modify the note and mortgage to insert a call provision. The call provision gives the mortgagee the option to declare the entire indebtedness due and payable at or after (ten years) (the longer of ten years or the remaining term of the Section 8 contract) from the date of the modification.