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HomeMy WebLinkAbout0959 ' t E. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTERE&T IN 80RROWER j , Un~form Covenant 17 of the Security Instrument is amended to ~ead as loliows: ~ 17. T~ansl~~ ot th~ P~op~rt~? or a B~Ikial lnttnst in 8onow~~. If a!1 or any pan ot ihe Propeny or an interest therein is sold or transferred by Bo~rower (or if a beAef icial interest in Borrowe~ is sold or transfe~red and Borrower is not a natural person or persons ~ but ~s a corporation, partnership, trust or other legal entity) without Lender's prior written consent, excluding (a) the creation ot a I~en or encumbrance subordinate to thi3 Securiry Instrument which does not relate to a trans(er of rights of ocCUpan~y in the prop- erty. (b) the creation of a purchase money securiy interest tor household appliances. (c) a t~anster by devise. descent o~ by op- e~ation of law upon the death af a joint tenant or (d) the grant ot any leasehold interest of th~ee years or lesa not containing an ? option to purchase. lender may, at Lender s opt+on, declere all the sums Secu~ed by this Secu~ity Instrument to be immediately 4 due and payable. ~:r~ ~uer exerc~ses such option to accelarate. Lender shall mail Borrower notice ot acceleration in acco~dance with paragraph t4 hereof. Such notice shall provide a period of not less than 30 days irom the date the notice is mailed within which Borrower may pay the sums declaretf due. If Borrower tails to pay such sums prior to the expiratio~ of such period. Le~der may, without furiher notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof. ~ } Lender may consent to a sale or transfer if: (t) Borrower causes to be submitted to Lender informetion required by lender to ~ evaluate ihe t?a~sferee as if a new loan were being made to the trensferee. (2) Lender reasonably determines that Lenders se- cunty will 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 Lenderare made, inctuding, forexample, periodic adjustment in the interest rate ~ 1 a different final payment date for the loan and addition of unpaid interest to principal, and (5) the transieree signs an assumption i agreement that is acceptable to Lender and that obligates the t~ansieree to keep all the promises and agreements made in the Note ~ and in this Security Instrument, as modified ii.required by Lende~. To the extent permitted by applicable law, Lender also may ~ charge a reasonable tee as a condition to lender's consent to any sale or transfer. Borrower will continue to be obligated under the Note and this Secu~ity Instrument uniess Lende~ releases Borrower in writing. F. LOAN CHARGES It the loan secured by the Securiry Instrument is subject to a law which sets maximum losn charges, and that law is finally in- terpreted so that the interest or other loan charges collected or to be collected in conriection with the loan exceed pe~mitted limits. _ then_ (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 irom Borrower which exceeded permitted limitswill be retunded to Borrower. Lender may choose to make this retund by reducing the principal owed under the Note or by making direct payment to Borrower. If a refund reduces ~ principal. the reduction will be treated as a partial prepayment under the•Note. ~ G. LEGISLATION - If, after the date hereof, enactment or expiration of applicable iaws have the effect either of rendering the provisions of the Note. the Mortgage o~ this Adjustable Mortgage Loan Rider (other than this paragraph G) unenforceable according to their terms, or all or any pa~t of the sums secured hereby uncollectable, as otherwise provided in the Mortgage and this Adjustable Mortgage Loan Rider, or of diminishing the value oi Lender's security, then Lender, at Lender's option, may declare atl sums secured by the ~ Mortgage to be immediately due and payable. In such event. Borrower shall not have the right to reinstate otherwise provided in i Nonuniform Covenant t9 of the Mortgage. ~ ~ IN WITNESS WHEREOF. Borrower has executed Adjustable Mo~tgage Loan Rider. ; f k ~ ~ '~1 .~I 2? P 2 ~7 - ` M i ~ . (sE~4l) f :1f ~ ' Borrower fILED h~;{ r~.;-: ~L~ IVAN A. SCHAICH ~ ST~L~CiFiCO Nj i~FRK (SEAL) 6~i2648 SOPH A J. HAICH Borrower - ~ (SEAL) Borrower (SEAL) Borrowe~ (Sign Original Only) ~ ~ K ~ ~ 067438-2 ~ ~ s ~ ~ . ~ ~ o . r ~ , ~ BOQK PGGE ~ ~ - ~ ~ GF fLS0137 10-q t Y/ F6[~d ~ Na. ~.n ~ v.~. s a ~ ! s ~ s _.~fi ..'Si:- ' ' . w~.p _ , ~u"y~;. ' _ . ~ ~::t,:.o. ' ' . _ . - ' '