HomeMy WebLinkAbout0959 8. TRANSFER O~ THE PROPERTY OR A BENEFIClAL IIdTEREST IN BORROWER
Uniform covenant 17 of the Secu~ity Instrument Is amended !o read aa follows
Tranaf~~ ot th~ prop~rty or a B~n~ficlal l~t~r~st fn 6orrow~r. If all or any part of the Property or any
intere$t in it is sold or transfened (ar if e beneficial interest fn Bo~~owe~ is soid or transferred a~d Borrower is not a -
natural person) without Lenders prior written Consent~ Lender may~ at its option. ~equire immediate payment ln tull
of all sums secured by this Securiry Inatrument However~ this option ahall not be exerclsed by Lender if exercise is
prohibited by federal law as of the date of this Secu~ity instrument Lender also ahali not exercise this option if:
Borrower causes to be submitted to Lender information ~equired by Lender to evaluate the intended transferee as
if a new loan were being made to the transferee; and Lender reasa~aby determines that Lenders security will
not be impaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security
Instrument is accept+able to Lender.
To the extent permitted by applicable iaw~ Lender may cha~e a reasonable fee as a condition to Lenders
consent to the loan assumptioR Lende~ may also require the transferee to sign an assumption agreement that is in
acceptable to Lende~ and that obliflates the transferee to keep all the promises and agreements made in the Note
and in this Security Instrument Borrowerwill continue to be obliqated underthe Note and this Security Instrument
uniess Lender releases 8orrower in writin~
If Lender exercises the option to require immediate payment in ful~ Lender shall give borrower notice of
acceleration The notice shall provide a period of not less than 30 days from the date the notice is delivered or
mailed within wh~h bonower must pay ali sums aecured by this Secu~ity Instrument If borrower fails to pay these
sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security I nstrument
without further notice or demand on Borrower.
BY SIGNING BELOW, Borrower accepts and agrees to the terms ~nd covenants contained in this
Adjustable Rete Rider. ~
. . . . . . . . . .~`i.~. . . . . (Sea~
Jo. n Ferraro -sor?owe?
.........................(Seaq
. An el~raro -eo~roWe~
, 9
1
~
~
i
E
~
~
~
~
~
~
~
E
~
~
~
~
~
c
~
~
~
~
~ ~ ~ ~ ~ a~"jK~~8 ~aUE 955
~
~
~ -
i ~ r ~ ~ x ''-~'~~-y ~
~ ~