HomeMy WebLinkAbout0956 addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as
-~rovided herein, and (b) any notice to Lender shall be given by hrst class mail ro l.ender's address stated herein or to such
other address as Lender may designate by notice to BorroY•er as Fvovided herrin. Any notice provided for in this Security
lnstrument shaU be deemed to have bten given so Borrower or Lender w~hen gi~•en in the manner designated herein.
D. UNIFORM SECURITY INSTRUMENT; GOVERNING LAW; SEVERABILITY
Uniform Covenant 1 S of the Security- Instrument is amended to read as follow~s:
15. Uniform Security Instrument; Governing Law; Severability. This form of Security Instrument combines uniform
covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform
security instrument covering real property. This Security Instrur:ient shall be governed by federal law and the law of the
jurisdiction in which the Property is located. ln the event that any provision or clause of this Security Instrument or the
Note conflicts with ap~plicable law, such conflict shall not aflect other pro~-isions of this Security Instrument or the Note
w~hich can bz given efTect without the conflicting provision, and to this end the provisions of this Security Instrument and
the Note are declared to be severable.
E. TRANSFER OF 1HE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
Uniform Covenant 17 of the Security Instrument is amended to read as follows:
17. Transfer of the Property or a Beneficisl Interest in Borrower, tf all or any part of the Property or an interest there~n
is sold or iransferred by Borrower (or if a beneficial interest in $orrower is sold or transferred and Borrower is not a natural
person or persons but is a corporation, partnership, trust or other legal entity) without ~ender's prior written consent,
excluding (a) the creation of a lien or encumbrance subordinate to this Security Instrument which does not relate to a
transfer of rights of occupancy in the property. (b) the creation of a purchase money security interest for household
appliances. (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any
leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option, declare all
the sums secured by this Security Instrument to be immediately due and payable.
If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration ~n accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within
whi~h Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
Lender may consent to a sale or transfer if: (1) Borrower causes to be submitted to Lender information required by Lender
to evaluate the transferee as if a new loan were being made to the transferee; (2) Lender reasonably determines that
Lender's security will not be impaired and that the risk of a breach of any cavenant or agreement in this Security
Instrument is acceptable; (3) interest is payable on the sums secured by this Security lnstrument at a rate acceptable to
Lender; (4) changes in the terms of the Note and this Security Instrument required by Lender are made, including, for
example, periodic adjustment in the interest rate, a different 6nal payment date for the loan, and addition of unpaid interest
to principal; and (S) the transferee signs an assumption agreement that is acceptable to L,ender and that obligates the
transferee to keep all the promises and agreements made in the Note and in this Secunty Instrument, as modified if
required by Lender. To the eatent permitted by applicable law, Lender also may charge a reasonable fee as a condition to
Lender's consent to any sale or transfer.
Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in
writing.
F. COVENANT DELETED
j Non-Uniform Covenant 21 of the Security Instrument ("Future Advances") is deleted.
' G. LOAN CHARGES
j If the loan secured by the Security Instrument is subject to,a law which sets maximum loan charges, and that law is finafly
~ interpreted so that the interest or other loan charges collected or to be collected in connection with the loan exceed
permitted limits, then: (1) any such loan charge shal) be reduced by the amount necessary to reduce the charge to the
permitted limits; and (2) any sums already collected from Borrower which exceeded permitted limits will be refunded to
Borrower. Lender may choose to make this refund by reducing the principaf owed under the Note or by making a direct
payment to Borrower. If a refund reduces principal, the reduction will be treated as a partial prepayment under the Note.
H. LEGISLATION
If, after the date hereof, enactment or expiration of applicable laas have the effect either of rendenng the provisions of the
Note, the Secunty Instrument ar this Graduated Payment Rider (o:her than this paragraph H) unenforceable according to
their terms, or all or any part of the sums secured hereby uncollectable, as otherwise provided in the Security Instrument
and this Graduated Paymeni Rider, or of diminishing the value of Lender's security, then Lender, at Lender's option, may
declare all sums secured by the Security lnstrument to be immediately due and payable.
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Itv W~7!vESS WHEREOF. Borrower has ezecuted this Graduated Payment Rider.
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