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HomeMy WebLinkAbout0922 ~ nterest rate may (depending on prior interest raie ci~anges) result in luwer payme~ts after a Change Date, subject to the limitations set out in Section 2(D} of this Nots. in setting the amount of the monthly payment due after each Change Date, as provided in Section 4(B) of this Note, the Note Holder will assume ihat the (Vote interest rate will not change again prior to the Final Payrnent Oate. 8. 9ETTlNG THE NEW PAY T~/lMO1lJ,~~ ~ Begi~in~ 1~ y~ and an the day of the month every ~Iti~~ thereaRer (the "Change Date"), the Note Holder wi!I determine the monthly payment amount that will be sut(icient to repay the principal balance in full on the Final Payment Date, at the new interest rate, in substantia!!y equal paymenis, assuming that there is np further change in the interest rate. The result of this catculation w+ll be my new monthly payment. The first monthly payment due after the Change Date wili be the new amount. 5. NOTICE OF CHANGES The Note Holde+ will mail me a notice by first class mail at least thirty (30) and no more than one hundred and twenty (120) days helore each Payment Change Date if th~ payment is to change. The notice will advise me of: (i) the new interest rate on my loan; (ii) the amount of my new monthty payment; and (iii) any additional matters which ttie Note Holder is required to disclose." B. CHARGES;l1ENS Uniform Covenant 4 of the Mortgage is amended to read as fol(ows: 4. Charges; Llens. Borrower shall pay aIl taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Security tnstrument, and leasehold payments or ground rents, if any. Borrower shall pay these obligations ~n the manner provided +n paragraph 2, or if not paid in that manner, Borrower shafl pay them on time directly to the person owed payment. Borrowershall promptly furnish to Lender all notices of amounts to be paid under this para~~aph. If Borrower makes these ~ayments directly, Borrower shall promptly furnish to Lender receipts evidencing the payments. Borrower shall promptly discharge any Lien which has prioriry over this Securiry Instrument unless Borrower: (aj agrees in writing to the payment of the obligation secured by the Lien in a manner acceptable to Lende~; (b) contests in good faith the f ien by, or defends against enforcement of the lien in, legal proceedings which in the Lenders opinion operate to prevent ihe enforcement of the lien or torteiture of any part of the Property: or (c) secures from the holder of the lisn an agreement satisfactory to Lender subordinating the lien to this Security tnstrument. if Lender determines that any part of the Property is subject to lien which may attain priority over this Security Instrument, ~ender may give Borrower a notice identifying the lien. Borrower shall satisfy the lisn or ~ take one or more af the actions sei forth within tp days of the giving of notice. C. NOTICE Uniform Covenant 14 of the Mortgage is amended to read as follows: 94. Notlces. Any notice to Sorrower provided tor in this Security Instrument shall be given by delivering it or by mailing it by first class ma~l unless applicable law requires use of another method. The notice shall be directed to the Property Address or any oiher address Borrower designates by notice to lender. Any notice to Lender shall be given by first class mail to Lender'saddress stated herein or any other address Lender designates by notice to Borrower. Any notice provided for in this Security Instrument shall be ~ deemed to have been given to Borrower or Le~der when given as provided in this paragraph. D. UNIFORM SECURtTY INSTRUMENT;GOVEANING LAW; SEVERABILITY Uniform Covenant 15 of the Security lnstrument is amended to read as follows: 15. Governing Law; Severabflity. Shis Security Instrument shall be governed by federal law and the law of the jurisdiction in the Property is located. In the event that any provision or clause of this Security Instrument or the Note conflicts wifh applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without :he conflicting provision. To this end the provisions of this Security Instrument and the Note are decfared to be severab!e. E. TRANSFER OF THE PROPERTY OR A BENEFICIAL iNTEREST iN BORROWER Uniform Covenant 17 of the Security instrument is amended to read as follo:n~s: : 17. Transier ot the Property or a Beneflcla! Interest in Borrower. If all or any part of the Property or any interest in it is sold or tranferred (or if a beneficial inierest in Borrower is sald or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fult of alI sums secured by this Security tnstrument. However, this option shall noi be exercised by Lender if exercise is prohibited by federal law as of the date of this Security Instrument. If Lender exercises this option. Lender shall give Borrower notice of acceleration. The notice shall provide a period oi not tess than 30 days from the date t~e notice ~s delivered or mailed within which Borrower must pay aIt sums secured by this Security I nstrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. Lender will consent to a sale or transier if, prior to any such sale or transfer: (1) Borrower causes to be submitted to Lender ~nformation required by Lender to evaluate the transferee as if a new loan were being made to the transferee; ~2) the transferee submits upon Lender's standard application form a written application for permission to assume the loan; (3) the transferee qualifies under Lender's loan underwriting standards in effect at the time of submission of transferee's appfication for assumption in the same manner as if a new loan were being made to the transferee as of the proposed assumption date; (4) the transferee signs an assumption agreement that is acceptable to Lender and that obligates ihe transferee to keep all the promises and agreements made in the Note and in this Security Instrument; (5) ihe transferee pays alt ~equired fees and charges including, but not limited to, an assumption fee as a condition to Lenders consent to the proposed assumption; and (6} no defauli exists under the terms of the 1Vote and this Security tnstrument and ail payments requ+red thereunder have been made and the loan account is then current. Borrowerwili continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing." F. LOAN CHARGES If ihe 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 laan exceed permitted limits, then: (1) any such loan charge shall be reduced by the amount necessary to reduce the charge tothe permitted limits; and (2) any sums already collected from Borrower which exceeded permitted limits will be refunded to Borrower. ~ender may choose to make this refund by reducing the principal owed under the Note or by makfng direct payment to Borrower. If a refund reduces principal, !he reduction will be treated as a partial prepayment under the Note. go~~ 49S ~A~E ~22 Peqe 2 d 3 GF F150320 7-84 NOTE PLAN 46 L~N ~ 0815076 . - . - . ' - ~ .s ; .,zxi;s```,~ ~s,^s" ' -~y:~:~. .