HomeMy WebLinkAbout0948 N~te conflicts with appiicable law, sueh confliet shall not affc~t other provisions of this Secunty Instrument or the Note
which can be given effect without the conflicting provision, and to ihis end the provisions of this S~:urity lnstrument and
the Note are declarcd to be severable.
E. TRANSFER OF THE PROPERTY; ASSUMPTION
Uniform Covenant 17 of the Se~:urity lnstrumEnt is amended to read as follows:
17. Transfer of the Property; Assumption. If all or any part of the Yroperty or an interest therein is sold or
transferred by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance
subordinate to this Security Instrument w•hich dces 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 upc~n the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option
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to purchase. Lender may, at Lender's o~:d~n a..,.~~~~ ~s_==s =z_--:, ce,._ . ~
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dve and payable.
If Lxnder exercises such option to accelerate, Lender shall mail Borrower 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 dectared due. If Bonower fails to pay such sums prior to the expiration of such period,
L.ender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
I,ender may c~~~xni to a sale or transfer if: (1) Borrower causes to be submitted to Lender information required by
L,ender to evaluate the transferee as if a new loan were being made to the transferee; (2) L.ender reasonably determines that a
I.ender's security will not be impaired and that the risk of a breach of any covenant or 3greement in this Security
Instrument is acceptable; (3) interest will be 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, tor
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 the promises and agreements made in the Note and in this Security Instrument, as modified if
required by Lender_ To the extent permitte~ by appiicabie iaw, Lenaer also may charge a reasonable fee as a condition to
L.ender's consent to any sale or transfer.
Borrower will continae to be obligated under the Note and this Security Instrument unless Lender releases Borrower
in writing.
F. BORROWER'S RIGHT TO REINSTATE '
Non-Uniform Covenant 19 ("Bonower's Right to Reinstate") is amended to read as follow~s: '
' 19. Borrower's Itig6t to Reinstate. Notwithstanding I.ender's acceleration of the sums secured by this Security
~ Instrument, &~rrower shall have the right to have any proceedings begun by Lender to enforce this Security Instrument
` discontinued only iF applicabie law so provides. Any right to reinstate shall be exercised in the manner required by such
law.
G. NO FL~'T'I;RE ADVANCES -
Non-Uniform Covenant 21 of the Security Instrument {"Future Advances") is deleted.
H. LOAN CHARGES
! 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 exceed
; permitted limits, then: (1) any such loan charge shall be reduced by the amount necessary to reduce the charge to the
j permitted limits; and (2) any sums already collected from Borrower which exceeded permitted limits will be refunded 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.
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~ I. LEGISLATION
~ If, after the date hereof, enactmFr~. a; expiration of applicable laws have the effect either of rendering the provisions of the
~ Note, the Security Instrument or this Adjustable Rate Rider (other than this paragraph I) unenforceable according to their
g terms, or all or any part of the sums secured hereby uncollectable, as otherwise provided in the Security Instrument and
~ this Adjustable Rate Rider, or flf 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.
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IN WlTNESS WHEREOF. Borraw•er has executed this Adjustable Payment Rider.
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-Borrower
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-8orrower
(Sign Or~ginal Only)
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