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HomeMy WebLinkAbout0954 . . . fiith ooatat such l~en by. c?t defend s~~inst enforoement of such lite in, legsl pr~ooeedints w~bich ia the opinion of Leader opente co prcvent the enfoooement of the liea or forfeiturc of the Property or any pan thercof; or (c) shall ~ securc from the holder of such lien an a~rcemeat ia a fornn satistactory to Lender subordinaan~ such liea to this Securiry lnstrume~t. If Lcader determines that ail or any part of the Propeny is subject to a lien which may attain a prioricy over this Security lastrumeat. L.ender shall give Borrower a noaa identifyin~ such lien. Borrower shall satisfy such lien or take one or morc of the actions ut fonh above withi~ cen days of the giving of the nocia. C. NOTlCE Uniform Covenant 14 of the Security Instrument is amended to read as follows: 1~. Notiee. Except for any notice required under applicable law to be given in anocher manner, ( a) any notice to Borrower provided for in ehis Security Instrument shall be given by delivering it or by mailing it by first class mail to Bornower at the Property Address or at such other address as Borcower may designate by notice to Lender as provided herein, and {b) any notice to Lender shail be given by first class mail to Lender's address stated herein or to such other address as Lende~ may designate by n~tict to Borrower as provided herein. Any notice provided for in this Security lnstrumenc shall be deemed to have been given to Bomower or Lender when given in the manner designated herein. D. UNIFORM SECURITY 1NSTRUMENT; GOVERNING LAW; SEVERABILlTY . Uniform Covenant I S of the Security Ir~strument is amended to read as follows: 1S. Unitorm Security Instrument; Gorerning La~; Severability. This form ofSecurity Instrument oombines uniform oovenants for national use and non-uniform oovenants with limited variations by jurisdiction to oonsatute a uniform security instrument covering real property. This Security lnstrument shalt be governed by Federal law and the law of the jurisdiction in which the ~ru~«y is ;~,.:a~c~. ;ri ii c c~c~t ~~~at a~~y prris~:~~~ o. c~n~x ~f :::s - or the Note oonflicts with applicable law, such conflict shall not atfect ocher provisions of this Security Instrument or the Note whi~h can be given eifect without the conflicting provision, and to this end the provisions of this Securiry Instrument and the Note are declared to be severable. E. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER ~ Uniform Covenant 17 of the Security Instrument is amended to read as follows: I 17. Transter of the Property or a Beneficial laterest ia Bono~er. If all or any part of the Property or an interest therein is sold or transferred ( or if a beneficial ineerest in B~rrower is sotd or transferred and Borrower is not a natural I person ) without Lender's prior written consent, Lender may, at l.ender's option, declare all the sums secured by this ~ Security Instrument to be immediately due and payable. Nowever, chis option shall not be exercised by L.ender if ~ exercise is not authoriud by Federal law. ~ If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceteration in acoordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed ~ within which Borrower may pay ehe 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. Notwithstanding a sale or transfer. Borcawer will oontinue to be obligated under the Note and this Security Instrument unless Lender has released Borrower in w ri[ing. ~ F. LOAN CHARGES ~ If the loan secured by the Security Instrument is subjea 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 oonnection with the loaa ~ exceed permitted limits, then: (1) any such loan charge shall be reduced by the amounc neoessary to reduce the ~ charge to the permicted limit; and ( 2) any sums already oollected from Borrower which exceeded permitted limits will ~ be refunded to Borcower. Lender may choose to make chis refund by reducing the principal owed under the Note or ; by making a direct payment to Borrower. If a refund reduces principal, che reduction will be treated as a partial ~ prepayment under the No[e. z Ilr WRNES.S WHE~eoF, Borro~er has executed this Adjustable R~t Rider. r i x . . ...,~~::~4:~:~~~~ Seal ) ~ R - Spencer ~ ° ..................................L~.. ' , .~,~!~......r.......(Sca1) ~ ~ Florence Y.W. Spencer . ~ ~O1N"~ ~ Seal ) ~ -sorrower ~ _.,':~411 PaGE 953 `S`°~ a~,~., 3 , • . _ ~ - , ~ • ~ • ~ ~ ~ ~t - g~~~ . _ v » _ ~ ~ u, r-_ ~'~zl-~a' .