HomeMy WebLinkAbout0943 :;1,:rtsscd to BortoN•cr at the Propcrty Address or at such othc~ address as Dorfoucr may dcsigriatc by noticc to Lcndu as
o~idcd hcrci~, and (b) an~ noiicc to Lcndcr shal! hc ~i~cn by first class mail to l.cndcr's address sta~cd hcrcin or to such
c~~hrr address as Lendcr ma~~ dcsiEnalc by no~ict lo Borrow•tt as ~ro~idcd hcrcin. Any noticc pro~idcd for in this Sccurity
! nstrumcnt sha11 tx d~cmc~ to ha?c bccn gi~cn to E3orroK~cr ar Lcndcr whrn givcn in thc manncr dcsignatcd hucin.
1). U:~IFOR~i SECURlTY II~STRUTIE~'T; GO~'ERNINC LA~V; SEVERAIIILITY
L?n~~orm Covenant 1 S of thc S~curity Instrument is amcndcd to read as follows: -
15. Uniform Security Instrument; Coverning LaK~; Se~erebility. This form of Sccuriry Instrumrnt combines uniform
co~cnants for national use and non-uniform co~cnants with limitcd ~~ariations by jutisdiclion to consti~ute a uniform
~•ccunty instrumcnt co~•cnng real propcrty. This Sccurity lnslrumcnt shall be gov~rncd by fcdtra) law and the law of thc
;urisdiction in which the Propert~• is locatcd. 1n the c~•~nt that any pro.•ision or clausc of thisSecurity i~strumcnt or the
'~7ot~ conflicts N~iih applicablc 1aw, such conflict shall not affcct othcr pro~•isions of this Sccurity Instrumcnt or thc Note
N h;ch can bt gi~cn cfTcct w~ithout thc conflicting provision, and to ifiis cnd thc provisions of this Sccurity Instn:mcnt and
thc Notc arc declarcd to bc sc~crable.
E. TRANSFER OF T1iE PROPERTY OR A BE1`'EFICIAL ItiTEREST IN BORRO~i'ER ~
Uniform Covcnant 17 of thc Sccurity Instrumeni is amcnded to rcad as foll~ws:
17. Transfer of t6e Property or a Beneficial Interest in Borro~er, lf a11 or an}' part of the Pto~xrty ot an interat thcre:n
~s sold or transfcrred by Borrower (or if a bcneficial inttrest in Borrowtr is sold or lrans(erred and Borrower is not a natutal
~crson or p~rsons but is a corporation, partncrship, trust or othcr lcgal cntity) without Lcnder's prior writ~cn consent.
cxcluding (a) the cr~ation of a lien or cncumbrancc subordinate to this Sccurity lnstrumcnt vvhich does not relat~ to a
transfer of rights of occupancy in the propcn~~. (b) the creation of a purchase money securily interest tor household
a}~pliances, (c) a Iransfcr by dcvise, daccnt ot by opcration ot laa~ u}~on thc dcath of a joint tenant or (d) the grant of a~y
lc~tehold inter~st of three years or Iess not eontaining an option to purehase, Lender may. at L.ender's option, dcclare all
the sums securcd by this S~curit~~ lnstrument to be immediately due and payable.
;f Lcnder cxcrcisa such option to accclcratt, Lcndcr shall mail Borrowcr notice of accclcration in accordance with
~aragraph l4 hercof. Such notice shall provide a~eriod of not Iess than 30 days from thc date thc notice is maiicd within
w hich Borrower may pay thc sums declar~d duc. It Borrower fails to pay such sums prior to the expiration of such period,
Lcndcr may, a•ithout furthcr noti:.c or dcmand on.Borrower, in~•oke any rtmedies pcrmitted by paragraph 18 heteof.
Lcndcr may conscnt to a salc or transfer if: (1) Borrou~cr causes Io bc submi~tcd to Lcndcr intormation requircd by L.ender
. to c~•aluate the transferee as if a neK~ loan were being made to the transfctce; (2) Lender reasonably detcrmina that
Ltndcr's sccurity w~i11 not bc impaircd and that ihc risk ot a brcach of any covcnant or agrccmcnt in this Scc~rity
Inslrument is acceptable; (3) interesl is pa~•able on the sums secured by this Security~ Instrument at a rate accepiable t~
L.cndcr; (4) changes in the tcrms ot the Note and this Security Instrument requircd by Lcnder are made, including, tor
cxample, periodic adjustmcnt in thc interest rate, a diE~erent final pat•ment datt tor the 3oan, and addilion of unpaid interest
to principal; and (5) the transferee signs an assumption agrecment that is acceptablc to L.ender and that obligates the
trensfcree to kccp all thc promises and agrecmcnts made in the Note and in this Sccurity Instrum~nt, as modifi~d if
rcquired by Lender. To the extent pcrmitteti by applicab)t law, Lender also may charge a reasonablc fee as a condition to
' L.cndcr's conscnt to any salc or transfcr.
Borroµ•er will eontinue to be obligatcd under thc Tv'ote and this Security Instrument unless Lender rdeases Borrower in
riting.
F'. COVE;tiA:~iT DELETED
*:~n-Unitorm Couersant 21 of the Security Instrument ("Future Ad~~ances") is dcleted.
G. LOAN CHARGES
if thc ioan sccurcd by thc Sccurit~• Instrumcnt is subjcct to a law w~hich sets mazimum loan charga, and that law is finally
intrprcted so that the inte~est or other loan charga collectcd or to be collected in conncction w•ith the loan exceed
;~-rmittcd limits, thcn: (1) any ~uch loan chargc shall bc rcduccd by thc amount n~ccssary to rcducc the chargc to the
;~rmittad )imits; and (2} an~~ sums alrcady collcctrd from Borrowcr w•hich cxcccdcd pcrmittcd limits will bc refunded to
f~~rrowu. L,cndcr may choose to ma1:e ~his refund by rcducing the principal owcd under the Note or by making a direct
,:::ymcnt to Borrower. lf a rcfund reduces principal, the rcduction will be trcat~d as a partial prepayment under the Note.
Fi. LEGISLATION
1.°, aftcr thc datc hcrcof, cnactmcnl or cxpiration of aprlicablc laws havc thc cffcct cithcr of rcndcring thc provisions of the
":utc, the Sccurit}• Instrumcnt or this Graduatcd Paymenl Ridet (other than this paragraph H) unenforceable aceording to
;;~~cir tcrms, or att or any part of the sums ~ecurcd hucby uncoliecta~ie, as otherw~ise provided in the Security Instrument
~;~d this Graduatcd Paymcnt Ridcr, or of diminishing thc valuc of i~cndcr's sccurity, thcn Lrndcr, at I.cndcr's op2ion, may
d~clarc all sums sccurcd by thc Sccurity Instrumcnt to bc immcdialtly duc and pa~•able.
IN W17?:ESS ~'•'NEP.EOF. Borrowcr has cxccutcd this Gradua~cd Paymcnt Ridcr.
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