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that the Borrower seeks to obtain permanent mortgage
secured financing from a local US bank or lending
institution to facilitate a portion or all of the costs
of the intended improvements to The Property.
Thus as of the time of this signing, in order to
cooperate with the Borrower for this potential source
of borrowing, the requirement of a recorded mortgage in
favor of the Lender, shall not be immediately
necessary.
This does not excuse the Borrower from any repayment
liability however, and in the event of the obtaining of
institutional funding, the Borrower agrees to repay of
portion or all of the funds loaned by the Lender. In
either case, Lender shall retain a First Priority
position for repayment of monies obtained.
(8) The Lender reserves the right to require a First
Mortgage to be recorded in his favor as he deems
necessary. Further, in the event of failure to repay
the funds borrowed, Borrower agrees to deed The
Property over to the Lender for use and or disposal as
he deems necessary.
(9) The Term of this loan shall be Twenty-years from
the date of this agreement, wherein on or before the
25th of January 2019, the total sum loaned, plus
interest accrued to date on any outstanding balance,
shall be due and payable in full. In the event the
full amount is not paid by this date, the Lender shall
exercise his right for foreclosure on The Property.
(10) This loan agreement shall be governed under the
Laws of the State of Oregon, USA, wherein The Property
is located, and Borrower intends to establish residency
in due course on The Property.
The loan agreement was signed by petitioner and by Mr. Seki on
behalf of NCPL.6 The loan agreement did not have a signature line
for Kumiko Talmage and was not signed by her. At the time this
document was signed, Kumiko Talmage was unaware of its existence
6 Mr. Seki has been represented by petitioner to be the
owner of NCPL. Kumiko Talmage testified that Mr. Seki worked for
petitioner. Mr. Seki could not read or write English.
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Last modified: March 27, 2008