HomeMy WebLinkAbout0983 addressed to Borrower at the Propeny Addr~ss or at such other address as Horrower may designate by notice to Lender u
provided herein, and (b) any notice to Lender shap be given by first class mail to Lenaer's addras statcd herein ar to such
other address as Lender may designate by notice to Borcowtr as providod herein. Any notice provided for in this Socurity
tnsirument shall be deemcd to have bern given to Borrower or Lender when given in the manner designated herein.
D. UNIFORM SECURITY 1NSTRUMENT; GOVERNING LAW; SEVERABILITY
Uniform Covenant 1 S of the Security Instrument is amended to read as follows:
1S. Uaiform Security lnstrumea~ Governing L.aw; Se~erabili~ty. This form of Security Instrume~t combines uniform
covenants for nationa) use and non-unitorm covenants with limited variations by jurisdiction to constitute a uniform
security instrument covering real property. This Security lnstrument shall be governod by federal law and the law of th~
jurisdiction in which the Property is located. In the event that any pravision or clause of this Security Instrumcnt or the
Note conflicts with applicable law, such conflict shall not affect other provisions of this Security lnstrument or the Note
which can be given etfect without the conflicting provision, and to this end the provisions of this Security lnstrument and
the Note are declared to be severable.
E. TRANSFER OF THE PROPERTY OR A BFNEFICIAL INTEREST IN BORROWER
Uniform Covenant 17 of theSecurity Instrument is amended to read as f~llows:
17. Tnasfer of t6e Piroperty or a Beneficiai Interest in Borrower. If all or any part of the Property or an interest therein
is sold or transferred by Borrower (or if a beneficial ic~terest in Borrower is sold or transferred and Borrower is not a natural
person or persons but is a corporation, partnership. trust or other legal entity) without Lender's prior written consent,
excluding (a) the creation of a lien or encumbrance subordinate to this Security Instrument which dces not relate ta 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 Qr by operation of Iaw upon the death of a joint tenant or (d) the grant of any
~ leasehold interest of three years or Iess 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 acceleratian in accordance with
paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notiee is maiied within
which Borrower may pay the sums declared due. lf Borrower fails to pay such sums prior to the eapiration of such period,
Lender may, without further noticc 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 L.end~r information required by Lender
~ to evaluate the transferee as if a ncw loan were being made to the transferee; (2) L,ender reasonably determines that
' I,ender's security wiU not be impaired and that the risk of a breach of any covenant or agreement in this Security
Instrument is acceptable; (3) interest is payable on the sums secured by this Security Instrument 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 6na1 payment date for the loan, and addition of unpaid interest ~
to principal; and (S) the transferee signs an assumption agreernent that is acceptable to Lender and that obligates the ~
transferee to keep all the promises and agreements made in the Note and in this Security Instrument, as modified if ~
required by Lender_ To the extent 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 i
writing. '
F. COVENANT DELETED
~ Non-Uniform Covenant 21 of the Security Instrument ("Future Advances") is deleted.
~ G. LOAN CHARGFS
~ If the loan secured by the Security Instrument is subject to a law which sets maximum loan charges, and that law is finally
interpreted so that -the interest or other loan charges collected or to be collected in connection with the loan exceod
permitted limits, th~n: (1) any such loan charge shall be reduced by the amount necessary to reduce the charge to the
permitted limits; and (2} any sums already collected from Borrower which taceeded permitted limits will be refunded to
Borrower. L.ender may choose to make this refund by reducing the principal owed under the Note or by making a direct
payment to Borrower. If a refund reduces principal, the reduction will be treated as a panial prepayment under the Note.
H. LEGISLATION
If, after the date hereof, enactment or expiration of applicable laws have the eflect either of rendering ihe provisions of the
Note. the Security Instrument or this Graduated Payment Rider (other 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
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; and this Graduated Payment Rider, or of diminishing the value of Lender's security. then Lender, at L.ender's option, may
& declare all sums secured by the Security Instrument to be immediately due and payable.
IN WITNESS WNEREOF. Borcower has executed this Graduated Payment Rider.
. ...............................................($CB~~.
TVEFi~J~A. NEWHOUSE -aorrower
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' L RI L. N USE -eorrower
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, -Borrower
(Sign Origina/ Onh'J
Ba~K 401 Pa~E 979 ~ 402 P~~74
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