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OWNER FINANCE ADDENDUM
SELLER______________________________________________________________________
BUYER_______________________________________________________________________
PROPERTY:___________________________________________________________________
(PLEASE PR/NT ALL OF THE ABDVE)
MORTGAGE NOTE:_________________________________________________ DOLLARS
($______________ ) of the purchase price shall be in the form of a NOTE from BUYER payable
to SELLER and secured by a purchase money mortgage/deed of trust on the Properly, executed
by BUYER and spouse, if any said mortgage/deed of trust shall be inferior to any existing
mortgage/deed of trust which BUYER is assuming by the terms of h1s Contract.
2. PAYMENT TERMS: The above described Note shall be payable as follows: (Check and
complete applicable paragraphs.)
a. AMORTIZED over a period of___________ years and payable in equal monthly
installments of $_______________ including interest at the rare of ________percent (
) per annum, beginning on _______________________ and continuing on the _______
day of each succeeding month thereafter until the entire principal sum and any accrued
Interest is paid in full. Each installment shall first be applied toward interest accrued on
the unpaid balance and the remainder toward reduction of principal.
b. BALLOON PAYMENT: Provided however, the entire unpaid principal balance, and
accrued interest, wilt be due and payable in full on
____________________________________ .
c. TERM NOTE: Principal plus accrued interest at the rate of ________ % per annum,
shall be due and payable on or before the ___________ day of
_____________________________
d. OTHER PAYMENT TERMS:_____________________________________________
3. LATE CHARGE: BUYER shall pay a charge of 5% of the monthly installment for each
payment not received by Note holder within 10 calendar days after its due dare,
4. PREPAYMENT: BUYER shall have the right to prepay the principal or any portion thereof at
any interest paying dale without penalty. However, any such prepayment shall not reduce the
amount of monthly payment stated above unless otherwise agreed by BUYER and the Note
holder in writing.
5. DEFAULT/RIGHT TO CURE/ACCELERATION: If any monthly installmentt under the
NOTE is not paid when due and remains unpaid for a period of ________ days (minimum of 30
days on second mortgages) after notice to BUYER, the entire principal balance outstanding and
accrued interest thereon shall at once become due and payable at the option of the NOTE holder.
NOTE holder’s option to accelerate hereunder is subject to and limited by any statutory rights to
cure afforded BUYER under the applicable laws of Kansas and/or Missouri in effect on the date
of execution of the Note.
