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~ 13. ~ ;
I and any other perecr~ ~ho hes vb~Iigations urder this Notre ~+eiva the rights o! ~
presentment ar~d notiae o~ diehorar. "Ac~eeentment" means the riyht b~ require
the Note 8older !ro de~aaud p~ayn+ent o!~~
ts due. "Notioe o~ Dishon4r" means
the right to require the Note Holder m giv+b notios ~ that ~ts due hav~e not -
been paia. -
14. ~IS N(riS S~QTti~ HY A S~QIRTTlf INSTIi[JtrENr ~
~
In addition b~ tbe protections given to the Note_Bold~r under this Note, a
Mortgage. Deed of Trust, or Deed to Secure Debt ( the "3ec.vrf ty Instxtanent" )
Mith a Graduated Payment Rider, dated the aame day as thia Note, protects
the Note eolder from possible 2,os~es which might s~esult i! I d~ rat loeep the
promises vhich I make iri this Note. That 3ecvr~ty Ir~stnmient de~rribes h~o~w
and under what vonditione i~ay be required to n~lce inrnediate payment in
full of all amounts I owe urcler this Note, Some of ttwse conditions are
described as follawas ~ '
~ _
"Tranefer of the Pr~erty ar a Beneficial Interest fn eorrower. ~ ~
If all or any part of the Property ot an interest therein is ~ld ~
or transferred 6y ecrrower tar ff a beneficial interesC in Barrower ~
is sold or transferred and eorrower fa not ~ na~ur.al person or
persons~but is ~t oorporation, p~a~rtnerahip, truat or other legal
entity.~ without Lenaer's priar Written con~ent, excluding (a) the
creation of a lien a~ encuabranoe s~~bo~r~dinate bo rigrte of ocxvpar~cy
~ in the pro~erty, (b~ tt~e creation of a puzchase money security
interest for t~ousehold ~pliar~oes, (c) a transfer by devise, des~ent
or by operation of law upon the death of a joint tenautit or id) the
grant of any leaseh~ld intereat aF three years o~ lesa not c~ontainirg
an optio~n t~o purchase, Lender mary, at Lender's cpticn, declare all
the sums secured by this Secucfty 2rsstruaent b~ be immediately ch~e
ar~ pay~b2e.
If Lender exercises such aption to accelerate, Lender shall mail
Borrower notive of acceleration in accordance with pa~agraph 14
. hereof. 3uch noti~ce 8ha11 provide a periocl of not less than.30
days fran tt~e date the notice is mailed within ~hicfi eorrnw~er may
pay the su~ns declared:due. If Borrower fails to pay-such-sums
prior to the expiratian of such periocl, Lende~ nay, ~?fthout. further
notice or demand on Borrow~er, invoke any remedies permitted 6y
Paragraph.l8 hereof. . .
t
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I~ender mey consent bo a sale ar tranafer if: (1) 8arrower causes bo ~
be submittea to I.enr~e~ informatian requirea by Lerder b~ evaluate tt~e - i
trar~sferee as if a nea loan w~ere being m~cie bo the transEeree; (2) ~
Lender reasonably determines that Lender's eecurity will not be s
impeired an8 that the risk o~ a breach of any eoMenant oc agreenent ~
in this Security Instrument is aceeptablet t3) intetest is payable
on the sums ~ by this Secvrity Instrunent at a rate acoeptable
to Lender= ( 4) changes in the tierms of the Nobe ar~d this Secvrity
Instrument required by Lender are made, including, for example,
periodic adjustment in the interest rate,. a different final payment
date for the loan, ,and adaitian of unpaid iriterest ~o principal and
( 5) the tranaferee signs an ass~anptian agreement that is acoeptable
- ~ ~
to Lender ar~ that obligates the trarisferee to loeep al! the pramises~ ~
and agreements macle in the Note ard in this Secvrity Instrrment, as .
~ niod i f ied f f requ i red by Lender. ~b tt~e extent permitted by appl io- ~ .
ab2e laW, Lender alao nay charge a rea~o~nable tee as a oonditia~ t~o
I~x]er's aonsent bo any sale ar tr~nsfer.
,
Borrower will continue to be obligatea under the Note anc] thfs
Security Instrument unless Lender releases Borrower in writing."
( Fi+) F'IF.X N0~1'E ~
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