HomeMy WebLinkAbout0980 ,
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13 , 1~?IV6E~3
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I and anY othe~c person who hsa obligaticns under this Note ~aive tt~e rights o!
pre8ent~nent ard ~otiae of disha~ar. "Preaentment" m~ar~a the right b~ reguire •
the Note Holder to demand p~yme~t o~ ama~t.~ due. 'tiotioe o~ Dishonor" meacls •
~r~igia: t~o requ3rs the Note Holder en giv~e notiae that amants due hav~e not ~
14. ~flI8 N0~1'R 3~WIt~ BY A SBQJRITY It~U~ .
2n Addition to ttie protectioas giv~en to the Notie Ho2dgr uncl~c this Note, a
Mosrtqage; D?eed of Trust, or Deed to Secure Debt ( the "3ecwcity instnment" )
Mith a Graduated ~Payment Rider, dated~ the san~ day as this Note, -p~+otects
the Note Holder ~ posaible lASee~ ~hich might result i! i cb not laaep the
promises which I make i~ this Note. That Sea~rity instruoent deecribes t~aw
and under what a~nditians I may be required to malce immediate pay~aent in
fu21 of all a~mounts I owe under this Note. Some of those conditions are
aescr~t~ea as rollo~,8: .
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~"Transfer- of the Property or a Beneficial interest in 8orro~rer.
r-~ If all or any p~rt of the Property or an interest therein is soid
or tranaferred by eorr~owec (cir if a b~efici~al interest in earrow~er
is sold or tranBEerced and eorrower is not a natural persvn ox
persons but is a c~orporation, partnership, trust or other-legal
entity) without Lender's prior written ~on~ent, excluafng (a) the
creatio~ of a lien ar en~vnbranoe subo~rclinate bo rights of oca~pancy
in the property, (b)~the creation of a purcbase mo~ey security
interest for-hou~eho2d applianoea, tc) a transfer by devfse, desoent
or by operaticn of law upon the death of a joint tenant or ~d) the
grant of a~rYy leasehold interest af three years of less not oontaining ;
. an option t~o purahase, Lender m~y, at Lenaer's opticn, c~clare all
the sums secured by .this Security Instr~snent 1~o be imnediately d~ie
arxl payable. ~ .
If Lender exercises such aption to accelerate, Lender sh~Il m~i2
Borro~er notioe of acceleration in accor8an~e with,paragraph 14
bereof. Such~notic~e aha21 pcovide a period of not less than 30 ~
days fraa the date the notfce fs mailed~ rrithfn Mfifch Borz+a,~er may
pay the sums declared due. If eorrower faile to gny such sums
prior . to ~tbe expiration of . s~ich perivd, _ Lender may, vithout further
notice or demand on Borrow~er, invoke any remedies permitted by
Paragraph 18 hereof. .
~ I~enaer n~y aonsent bo a sale or transfer if: (1 ~ Aarc~aaer causes to .
be su~Caitted bo Lender informa~ian required by Lerder b~ evalua?te tl~e ~
transferee as if a new ~oan~ w~ere befng m~3e bo the transfereej (2) ~
Lender reasonably determines that Lenaer!s security will not be ~
impaired and that the risk of a breach of any ao~enant ar agreement - ~
in this Security Inetnm+ent is ac~eptable= (3) interest is payable
on the sums se~cured by this Security Instnmer?t at a rate acoe~table
to Lender= (4) changes in the tera~s of the Note ana this Secvrfty
Instrument required by Lender~are made, including, for example,
periodic adjustnrent in the fnterest rate, a different final payment ~
date for the loan, ,~nd aaditian of u~p~aid interest to principal and
( 5) the transferee signs an assuiqitian aqreeR~ent that is a~ceptable
to Lenc]er anc] that vbligates the tran~feree b~ loeep all the p~+omises ~
-anc~ aqreen~nts made fn the Note arx9 - in this Sec.vrity Instnmient, as .~i~.
modified if required by I~erx3er. Zb the extent penaitted by applic-
able law, Lender aleo may charge a reagonable fee as a oonditian to
Lender's aonserit bo any saZe ar transfer.
eorrower will continue to be obligated under the tdote arx] this
Security Instrument unless Lender releases Borrow~er in writing." ~
c~t•) Fr~c cao?~
1016 Paqe 5 of 6
. ~395 ~~E 979
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