HomeMy WebLinkAbout0993 faith contest such lien lsy, or defend a~ainst enforcemcnt of such lien in, legal proaedings which in the opinion of
Lender operace to prevent the enforcement of the lien or forfeiture of the Property or any part thercof: or ( c) shal!
ucure from the holder of such lien an agreement in a form satisfactory to Lender subordi~atin~ such lien to this
Security Instrument.
lf Lcnder d~termincs that a!I or any part of the Property is subject to a lien which may attain a priority over this
Security Instrument, Lender shall give Borrower a notice identifying such lien. Borrower shall satisfy such lien or take
one or more of the actions set forth above within ten days of the giving of the notice.
C. NOTICE
Uniform Covcnant 14 of the Security Instrument is amcnded to read as follows:
ld. Notice. Except for any notice required under applicable law to bc given in another manner, (a) any notict to
Borrower provided tor in this Security Instrument shall be given by delivering it or by mailing it by first class mail to
Borrower at the Property Address or at such other address as Borrower may aes~gnate by nouce to Lender as prov~ded
htrein, 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 Lender may dcsignate by notice to Borrower as provided herein. Any notice provided for in this
Security Instrument shall be deemed to have been given to Borrower or Lender when given in the manner designated
herein.
D. UNIFORM SECURITY lNSTRUMENT; GOVERNING LAW; SEVERABILITY
Uniform Covenant 1 S of the Security Instrument is amended to read as follows:
1S. Uniform Security Instrument; Coverning l.aw; Sererability. This form of Security Instrument oombincs uniform
oovenanu for national uu and non-uniform oovenants with limited variations by jurisdiction to oonstitute a uniform
securicy instrument covering real propeny. This Security Inserumen[ shall be governed by Federal law and the law of
the jurisdiction in which the Preperty is tocated. In the event that any provision or ctauu of this Securiry Instrument
or the Note conflicu with applicable law, such conflict shall not afTect other provisions of this Security Instrument or
the Note which can be given efi'ect without the confliccing provision, and to this end the provisions of this Security
Instrument and the Note are declared co bc severable.
E TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
Uniform Covenant 1~ of the Security Instrument is amended to read as follows:
17. Transfer ot the Property or a Beneficial "Interest in Borrower. If all or any part of the Property or an interest
therein is sold or transferred ( or if a beneficiat interest in Borrower is sold or transfened and Bonower is not a natural
person ) without Ltnder's prior written consent, Lender may, at Lender's option, declare all the sums secured by this
Security Instrument to be immediacely due and payable. However, this option shall not be exercised by Lender if
exercise is not authoriud by Federal law.
i If Lender exercises such option to accelerate, Lender shaU mail Borrower notice of aGxlerauon in acoordanct with
~ ara ra h 14 hereof. Such notice shall rovide a
p g p p period of not tess than 30 days from the date the nodce is mailed
~ within which Bortower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of
such period, Lender may, without turther notice or demand on Borrower, invoke any remedi~s ptrmitted by
~ paragraph 18 hertof.
~
~ Notwithstanding a sale or transfer, Borrowe~ will continue to be obligated under the Note and this Security
~ Instrument unless Lender has releaxd Borrower in writing.
F. LOAN CHARGES
~ If the loan secured by th~ Security Instrument is subject [o a law which sets maumum 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
~ cxceed permitted limits, then: (1) any such loan charge shall be reduced by the amount necessary to reduce the
~ charge to the permitted limit; and ( 2) any sums already collected from Borrower which excteded 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
~ prepaymtnt under the Note.
~
' IN WRNESS WHE~EOF~ Borrower has executed this Adjustable Rate Rider.
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