Loading...
HomeMy WebLinkAbout0993 ~ddres,xd ta ~orruwer at ~he Praperty Addre~s or at wch othe~ addrcss as Borrov?•cr n~ry designate by notice to l,ender as p~o~~dcd hcrr~~, and ib) any ~ouce ~~i Lcnder shall br given hy fint cla~s mail to Lende~'s addre~s stated herein or to such other adJress as Lender may~ drs~gna~r hy ~u~i~r t~~ &~rn,w-cr as pn?.idrJ hcrrin. Any nouct providcd tor in this Security ln~~rument shall be dcemed to havc bern g~~ en l3urrow er or Lender w hrn g~ven m the manner designatcd herc~n. D, UNIF()RM SECURITY INS'TRUMENT; GOVERNiNG LAW; SEVERABILITY ` Un~farm Covenant 1 S of the Serurity Instrument is amendrd to read as follow~s~ 1S. Unitorm Security Instrumenh Governing I.aw; Severability. This form of Security Instrument combines uniform cuvenants for national use and non-uniform ravenan~s w~th limited variat~ons by jurisdiction to eonstitute a uniform security instrumcnt covering real property. This Secunty Instrur:ient shall be governed by federal law and the law otthe _ jurisdiction in w~hich the Property is located. In the event that any pro~~ision or clause of this Secunty Instrument or the t Note conflicts with applicable law, such conflict shall not aflect other provisions of this Security Instrument or the Note ' which can be given efi'ect without the conflict~ng pro~•ision, and to th~s end the provisions of this Security Inslrument and ~ ~ the Note are declared to be severable. i E. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER ~ Uniform Covenant 17 otthe Security Instrument is amended to read as follows: 17. Transfer of tbe Property or a Beneficisl Interest in Borrower. If all or any part of the Property or an interest therein is sold or transferred by Borrower (or iPa beneficial interest 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 t~ this Security Instrument which does not relate to a - transfer of rights of occupancy in the property, (b) the creation of a purct~ase maney 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 interat of three years or less not containing an option to purchase, Lender may, at I.ender'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 in aecordance 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 the sums declared due. tf Borrower tails to pay such sums prior to the eapiration of such period. I.ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. t Lender may consent to a sale or transfer if_ (1) Borrower causes to be submitted to Lcnder information required by Lender i 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 ~f 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 ~r~ made. including. for example, periodic adjustment in the interest rate, a different final payment date for the loan, and addition of unpaid interest to principal; and (S) the transferee signs an assumption agreement that is acceptable to Lender and that obligata 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 conditio~ to ~ Lender's consent to any sale or transfer_ ~ Borrower will continue to be obligated under the Note and this Security (nstrument unless Lendtr releases Borrower in writing. F. COVENANT DELETED Non-Uniform Covenant 21 of the Security Instrument ("Future Advances") is deleted. G. LOAN CHARGES ` If the loan secured by the Security Instrument is subject to a lau• w~hich 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 exceed permitted limits, then: (1) any such loan charge shall be reduced by the amount necessary to reduce the charge to the ~ permi~ted limits; and (2) any sums already collected from Borrower which eaceeded permitted limits will be retunded to € Borrower. Lender 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 partial prepayment under the Note. r H. LEGISLATION [f, after the date hereof, enactment or expiration of applicable laws have the effect either of rendering the provisions of the No1e, 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 uncol)ectable, as otherwise provided in the Security [nstrument and this Graduated Payment Rider, or of diminishing the value of Lender's security, then Lender, at Lender's option. may declare all sums secured by the Security Instrument to be immediately due and payable. f IH W~TNESS WHErtEOF. Borrower has executed this Graduatrd Payment Rider. ~~29689 ~ , K~~-„~-e- s~, ..............~...........................---...__........................................c ~ 1~83 OCY 31 PE 09 ~~t w. Ritchie -Borrower c': r( ' '~n+,,,,i,pcJ " .~$t2~~ 5 : , ~ ':tt ~ : • ~ ~ Piira r1:~Rit ~ }i~ie. . .Borrower ;~"c:. • ~ • , ; . /~7 ~ .~sea~~ -aa«.. ~ ~s,~~ o~,~,~ o~~r~ . (iR 415 ~ ..I~ P».,E ~ , . . _ . .-~7...