HomeMy WebLinkAbout0964 B. ('t1AK(;t:.~; I.IF:\ti
Unilorm Ca~enant 4 of the k;curity Instrur.~ent i~ amendeci to re~d as fc~Uu~~~: ~
4. Charges; l.iens. Borrower shall pa~~ all taxes, asscssments, and other charge., t~inc~ and im~~itions attributable to the
Property ~~hirh may attain a priority o~e~ this Security Instrument, and leasehold payments or ground rents, if any. in the
manner provided under paragraph 2 hereof or, if not paid in such manner, by BorroHer maaing payment. when due,
directly to the payee thereof. kiorrower shall promptly furnish to Lender all notices of amounts due under this paragraph,
and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such
payments. Borrower shall promptly discharge any lien wnich has priority over this Security Instrument; however, Borrower
shall not be requireyd to discharge any such lien so long as Borrower: (a) shall agree in writing to the payment of the
obligation secured by such lien in a manner acceptable to Lender; (b) shall in good failh,cont~st such lien by, or defe~d
against enforcement of such lien in, legal proceedings which in the opinion of Lender operate to prevent the enforcement of °
the lien or forfeiwre of the Praperty or any part thereof; or (c) shall secure from the holder of such lien an agreement in a
form satisfactory to Lender subordinating such lien to this Security Instrument.
If Lender determines that all or any part of the Property is subject to a lien which may attain a priority over this Securiry
Instrument, Lender shall give Borrower a notice identifying such lien. Borrower sh~!I satisfy such lien or take one or ator~t
of the actions set forth above within ten days of the giving of the notice.
C. NOTICE
Uniform Covenant 14 of the Security lnstrument is amended to read as follows:
14. Notiee. Except for any notice required under applicable law to be given in another manner. (a) any notice to Horrower
provided for in this Security lnstrument shall be given by delivering it or by mailing it by first class mail to Borrower at the
Property Address or at such other addre~s as Borrower may designate by notice to Lender as provided herein. and (b) any
notice to Lender shall be given by first class mail to Lender's address stated herein or to such other address as I.ender may
designate by notice to Borrower as provided herein. Any notice provided for in this Security lnstrument shall be darixd to
have been given to Borrower or Lender when given in the manner designated herein.
D. UNffORM SECURI'I'Y INSTRUMENT; GOVERNING LAW; SEVERABILITY
Uniform Covenant 15 of the Serurity lnstrument is amended to read as follows:
15. Unfform Security InsWment; Governing Law; Severpb9lity. This form of Security instrument combines uniform
covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform
security instrument covering real property. This Security Instrument shall be governed by Federal law a~d the law of the
i jurisdiction in which the Property is located. In the event that any provision or clause of this Security Inswment or the
~ Note conf]icts with applicable 1aw, such conflict shall not affect other provisions of this Security Instrument or the Note
~ which can be given effect without the conflicting provision, and to this end the provisions of this Security Instrument and
~ the Note aze declared to be severable.
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; E. TRANSFER OF THE PROPERTY OR A BEtiEFIC1AL INTEREST IN BORROWER
~ Uniform Covenant 17 of the Security Instrument is amended to read as follows:
~ 17. Transfer of the Property or a BeneficiAl Interest in Borrower. If all or any part ~f the Property of an interest therein is
~ sold or transfened (or if a bene~cial interest in Borrower is sold or transferred and Borrower is not a natural person) ~
~ w~thout Lender's prior written consent, Lender may, at Lender's option, declare all the sums secured by this Security
Instrument to be immediately due and payable. How~ever, this option shalt not be exercised by Lender if exercise is nat 3
authorized by Federal law. $
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceteration 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 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, Borrower will continue to be obligated under the Note and this Security Instrument
~ unless Lender has released Borrower in writing.
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F. I.OAN CHARGE.S
: lf the loan secured by the Security lnstrument 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 exc~d permitted
limits, then: (1) any such loan charge shall be retluced by the amount necessary to reduce the charge to the permitted limit;
and (2) any sums already collected from Borrower which exceed permitted limits will be refunded to Borrower. I,ender may
choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Bonower. If a
~ refund reduces principal, ttie reduction wiil be treated as a partial prepayment under the Note.
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