HomeMy WebLinkAbout0925 F. TRANSFER OF THE PROP~RTY; ASSUMPTION.
- ~If this box is checked, Uniform Covenant 17 of the Mortgage is amended to read as foliows:
17. Transter of the Property; A~sumption. If all or any part of the Property or an interest therein is sald or trans(erred by Bor- ~
row~er, the person to whom the Property is sold or transferred may take over all rights and obligations under this Mortgage if certain i ~
conclitions are met. Those conditions are: i
(a) Barrawer gives Lender written notice of the sals or transfer, f
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(b) Lender agrees that the person meeis the Lender's then current underwrting standards; !
(c) The person agrees to pay interesx on the amount owed to Lender under the Note arxl Mortgage at such rate of '
;rterest as may apply pursuant to the provisions of the Note, and such person pays the LQnder a reasonable assumptian fee as
determined by Lender's then current lending policy;
(d) The person signs an assumption a~reement provided by Lender that obligates the person to keep all of the pro- I
m~ses and agreements made in the No!e and in the Mortgage.
(e) The person assuming this obligation must also quali to assume the rivate mort a e insurance if riv t m r-
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?gage insurance is part of the original Mo~tgage loan.
If the conditions of (a), (b), (c), (d), and (e) above are satisfied, Lender will release Borrower from all of Borrower's obligations
under the Note and under the Mortgage. ;
An taxes or levies im '
y posed by the State of Florida on the mortgage loan assumption procedure here described, shall be paid i
by the person assuming the loan.
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If ali or ary part of the Property or an interest therein is soid or transferred and the conditions in (a), (b), (c), {d), and (e) are not ,
satisfied, Borraw~er shali remain obligated under the Note and Mortgage and l:ender may, at Lender's option, dedare all sums sec,~ured
by the Mortgage to be immediately due and payable. However, Lender shall not ha•re the right to accelerate as a resuft of certain `
t~ ansfers. Those transfers are: the creation of a lien or other encumbrance subordinate to this Mortgage which does not relate
~ ~o a transfer of rights of oc;cupancy in the Property, (i) the creation of a purchase money securiry interest for household appliar~ces,
(,:i) a transfer by devise, descent or operation of law upon the death of a joint tenant or tenant by the entirery, (iv) a transfer to a
relative resulting from the death of Borrower, (v) the grant of a leasehofd interest of three years or less not containing an option
to purchase, (vi) a transfer where the spouse or children of Borrawer become an owner of the Property, (vi) a transter resulting
from a decree of a dissolut;on of marriage, legal separaGon agreement, or from an incidental property sett{ement agreement, by
' ~.vhich the spouse of the Borrower becomes an awner of the Property, or (viii) a transfer into an inter vivos trust in ~vhich the Borrower
' 's and remains a t~eneficiary and which dces not relate to a transfer of rights of occupanc,y in the Property.
; G. LOAN CHARGES.
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f If the loan secured by the Mortgage is subject to a law which sets maximum loan charges, and that law is finally interpreted
i so ihat the interest or other loan charges coliected or to be collected in eonnection with the loan exceed permitted limiis, then:
~ ;1) any such loan charge shall be reduced by the amount necessary to reduce the charge to the perm~tted !imits; and (2) arry sums
; aiready collected from Borrow~er which exceeded permitted timits will be refunded to Borro~wer. Lender may choose to make this
= refund by reducing the principal ow~ed under the Note or by making a direct payment to Borrowe~ If a refund reduces principal,
i ~~e reduction will be treated as a partial prepayment under the Note.
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H. LEGlSLATION.
E If, after the date hereof, enactment or expiration of applicable laws have the effect either of rendering the provisions of the
~ ~'~~ote, the Mo~tgage or this Rider (other than this paragraph H) unenforceable according to their terms, or all or any part of the
~ s~:ms secured hereby uncolleciab{e, as atherwise provided in the Mortgage and this Rider, or of diminishing the value of Lender's
F securiry, then Lender, at Lender's option, may declare all sums secured by the Mortgage to be immediately due and payable. In
; ~~ch event, Bc~rrow~r shall not have the right to reinstate otherwise provided in Non-Uniform Covenant 19 of the Mortgage.
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!N WITNESS WHEREOF, Borrower has executed this A~I~ustable Rate Ridec
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:-g-l~ (SEAL) -
ROSSELL R. SYKES ~8oro"~`
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(SEAL)
BARBARA E . SYKES ~BO"O'"~` ~
ASSOCIA7ED LAND TtTLE GROUP, INC,
(SEAL)
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'85 ,11~J 24 P 3 :50 ~
(SEAL)
Borrower
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