HomeMy WebLinkAbout0974 B. UNIFORM SBCURI?Y INSTRIR~NT;• GOVBRNINti LAW; SBVBRABILITY
Uniforo Covenant 15 of the Security Instruaent is a~ended to read as
follows:
15. Unifor~ Security Instru~ent; Governiag Law; Seversbility. ?his
for~ of Security Iastru~sent cooebines unifons coveasnts for national we
and noaunifors coveaants with li~uited variations by jurisdiction to
constitute a uaffora~ security iastrwoent covering real property. This
Security Instruaent shall be goveraed~by federal lav and the law of the
3urisdiction in which the Property is located. Ia the event that any
provision or cisuse of this Security Instrusent or the Note conflicts
with applicable law, such conflict shall. not affect other provisioas of
this Security Instrusent or the Note whicti caa be given effect vit]?out
the coaflicting provision, and to t6is ead the proviaions of t6is
Security Instruaent and the Note are declared to be severable.
F. TRANSFSR OF ~THE PROPERTY OR A BSNBFICIAL INIBRBST IN BORROWSR
Unifoim Coveaaat 17 of the Security Instru~ent is asended to read as
folloWS: ~
17. Transfer of the Property or a Beneficial Iaterest in Borrower. If
all or any part of the Property or an iaterest therein is sold or
transferred by Borrower (or if a beaeficiaT interest in Borrowe~ is
sold or transferred and Borrower is not a natural persoa_or persons but
is a corporation, partnership, trust or ot6er legal eatity) Without .
Lender's prior written conseat, escludiag (a) the.creation of a lieu or
~ encuobrance subordinate to the Security Instrwient which does not
relate~to a transfer of rights of occupancy in the property, (b) the ~
~reation of a purchase moaey security interest for household
appliaaces,~(c) a transfer by devise, descent or by operatioa of laW
upon the death of a joint teaant or (d) the grant of aay leasehold
interest of three years or less not containing an optioa to purchase, -
I.ender may, at Lender's option, declare all the sums secured by this
Security Instrument to be immediately due apd payable.
If I.ender ~exercises such optioa to accelerate, Lender shall mail
BorroWer aotice of acceleration ia accordance with paragraph l4-hereof.
Such notice shall provide a period of aot less than 30 days frov the
~ date the notice is mailed Wit6ia which Borroaer osy pay the suns _
declared due. If Borrower fails- to pay~such suvs prior to the
'i expiration of such period, Lender may, without further aotice or de~and
~ on Borrower, invoke any reo~edies permitted by paragraph 18 hereof..
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~ Lender may coasent to a sale or transfer if: (1) Borrower-causes to
be submitted to Lender informatioa required by Leader to evaluate the
~ transferee; (2) Lender reasonably deteroines that Leader's security
~ will not be_i~paired and that the risk of a breach of aay covenant or
~ agreeoeat ia this Security Instrumeat is acceptable; (3) interest is
payable on the sums secured by this Securitq Instrument at a rate
acceptabl~~ to Lender; (4) changes in the terms of the Note and this
Security Iastrument required by Lender are c~ade, including, for
~ euample, periodic ad3ustment in the interest rate, a different final
payoent date for the loaa, and addition of unpaid interest to
principal; and (S) t6e transferee signs an assumption agr~e.eent that
is acceptable to Leader and that obligates the transferee to keep all
the proaises and agreements made ia the Note and in this Security
Instrusent, as modified if required by Lender. To the exteat peroitted
by applicable law, .Lender also ~ay charge a reasonable fee, as a
conditioa to Leader's consent to aay sale or transfer.
Borrower Will continue to be obligated wnder the Note and this Security
~ Instrument unless Lender releases Borrower in writing.
~ G. COVENANT DELETED
~ - Non-Uniforv Covenant 21 of the Security Iastru~ent ("Future Advaaces")
is deleted.
"(FL) FLEX RIDER . PI~ V ~ V
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