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HomeMy WebLinkAbout0992 - ~~E CIfRK CIRCUIT COURT -'~"n ~E~iiIED ,1~~ 1 f 1 3i PN'11 No. 26 Should Mortgagor, or any other quiring 3~~2~ person ac title to the real estate encumbered hereby, transfer said title, or should seme be trnnsferred by operation of lav, then at the time of ar~y such transfer or transfers Mortgagee at its opLion and in its sole discretion, shsll have Lhe right to increase the rate of interest prescribed in said promissory note Lo the rate vhich Mortgagee shall then be charging on nev mortgage loan secured by real estste similar to that encumbered hereby. At~y such iacrease in interest rate shall be effective aa of the first dqy of the month next follrn+ing the date of aqy such transfer of ~ title. Such increased rate shall be binding upon the suc- cessor in title and upon all subsequent transferees, and upon Mortgagor. Mortgsgee ahall have the right to effect such rate fnereases upon each such transfer of title, and waiver of this right in ac~y one instance shall not con- ~ stitute s vaiver of such right in sqy other or subsequent instance. Nothing contained herein shall be construed as imposing upon Mortgagee aqy obligation vhatsoever to reduce the iaterest rate, either belov the original rate prescribed ~n said note or belov ar~y. inareased rate. No. 27 Should Mortgagor or any other person acquiring title to the real estate encumbered hereby, transfer said title, or should seme be transferred by operation of lav, ths±n nt thg ti~e! e~f ~tue1Z tr~gfer e~r tra~~~grg ~~~irt~~g~ at its option, in its sole discretion, shall have the right ~ to shorten the number of years for the peyment of the . original indebtedness and increase the monthly payment af . principal and interest to be paid accordingly, ePfective as of the first dey of the month Pollrnring the de~y of an,y such ttansfer to title. No. 28 That if a conveyance~should be made by the Mortgagor - of the premises herein described or any part thereof, the Mortgagee reserves the righ~ to revieW the credit qualiPi- ~ cations of the Grantee in accord vith the standarda required ~ of the Mortgagee and to accept or re3ect such credit ~ I qualifications of the Grantee. In the event the Mortgagee : ~ re~ects the credit qualifications of the Grantee, the ~ Mortgagee reserves the right to accelerate the wnpaid j balance of indebtedness and all sums of money secured hereby ~ shall immediately and concurrently vith such conveyance s become due and p$yable and in default, vhether or not the ~ same are so due and p~yable, a suit me~y be instituted at ~ the option of the Association to foreclose this mortgage. ~ - ~ ~ ~ ~ ~ ~ ~ - ~ - ~ 9 - QOOK ~7~ PA6E C~ o~~ _ ~ ~3 = - -