HomeMy WebLinkAbout0919 other address as Borrower may_designate by notice to Lender as provided ~
harein, and (b) any notice ta Lender shell be given by first class mail to '
Lsnder's address stated herein or to such other address es Lender may ~
dssiaaate by notice to 8orrower as provided herein. Any notice provided for
in this Security Instrwosnt shall be deemed to hava beaa givaa to Borrower
or Lander whan givea in ths manner desigaated herein.
8. UNIFORN SECURITY INSTRUMENT; G0~'ERNING LAY; SEVERABILITY ~
Uniform Covenant 15 of the Security Instrwnent is a~ended to read as ~
follows:
~S. Uniform Security Instrument; Governing Lew; Severabilitq. This fors of . '
Security Instrument combines uniform covenants for national use and ~
nonuniform covenants with limited rariations by jurisdiction to constitute a
uniform security instrument covering real property. This Security
Instrument shall be governed by federal law and the law of the jurisdiction
~ in which the Property is located. In the event that any provision or clause
- Df this Security Instrument or the Note conflicts with applicable law, such ;
conflict shall not affect other provisions of this Security.Instrument or ;
the Note which can be given effect ~:ithout the conflicting provision, and to
this end the provisions of this Security Instrument and the Note ar$
daclared to be severable.
F. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORR01?'ER
~Uniform Covenant 17 of the Security Inscrument is amended to read as
follows: ~
17. Transfer of the Property or a Beneficial Interest in Borrower. If ell
or any part of the Property or an interest therein is sold or transferred by
Borrower (or if e 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) kithout Lender's prior written ~
consent, excluding (a) the creation of a lien or encumbrance subordinate to
x.he Securit~ 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 b3•
this Security Instrument to be immediately due and payable.
~ ~ If Lender exercises such option to accelerate. Lender shall mail Borrower
j notice of acceleration in 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 which Borrower may pay the sums declared due. If Borrower '
fails to pey such sums prior to the expiration of sucli 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; (2) Lender reasonably determines that Lender's security will
not be impaired and thet the risk of a breacl~ 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 ncceptable 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 final payment date for the loan, and addition of unpaid
interest to principal; and (5) the transferee signs an assumption agreement
that is acceptable to Lender and that obligates the transferee to keep all
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the promises end agreements made in. the Yote and in this- Security
Instrument, es modified if required b~ Le~~der. To tlie extent permitted by ,
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applfcable law, Lender also may charge a reasonable fee, as a condition to
s Lender's consent to any sale or transfer.
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~ Borrower ~?~ill continue to be obligated under the !~ote and this Securit} ~
~ Ii?strument unless Lender releases Borrower in c:riting.
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