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Home My WebLink About0996 interest rete may (depending on prior intgreat rate changes) result in fower payments aftar a Change Date, subject to the limitations set out in Section ~(D) of this Note. tn 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 sssume that the Note int8rest rate will not change again prior ta the Final Payment Date. B. BETTIN~3 THE NEW PAYMENT AMOUNT innin or~ Q1~ Z987 . and on the ~~T day ot the month every A~~ thereafter (the "Change Dale"), the Note Holder v~il l determine the monthly peyment amount that wi!! be safftcfent to repay the principa! belence in full on the Final °eyment Date, et the new interest rete, in aubstantially equal payments, aasuming thet there is no furiher change in the interest rate. The result oi this calculation will be my new monthly payment. The firat monthly payment due after the Change Date will be the new amount. 5. NOTICE OF CHANCiES The Note Holder will mail me a notice by fi rst ctass mail at least thirty (30) and no more than one hundred and twenty (120) days before each Payment Change Date ii the payment is to change. The notice will advise me of: (i) the new interest rate on my loan; (ii) the amount of my new monthly payment; and (iii) any sdditional matters which the Note HoldE+r is required to disclose." B. CHARIiES;LfENS Uni1`orm Covenant 4 of the Mortgage is amended to read as follows: , 4. Char~s; Ll~ns. Borrower shall pay atl taxes, assessments, charges, fines and impositions attributable to the Property which may attai~ p~iority over this Security Instrument, and leasehold payments or ground rents, it any. Borrower shati pay those abligetions in the manner provided in paragraph 2, or it not paid in that menner, Borrower s~ali pay them on time d'+rectly to the person owsd payment. Borrower shall promptly furnish to Lender all notices of amounts to be paid under this paragraph. lf Borrower makes theae payments directly. Borrower shall promptly furnish to Lender receipts evidencing ths payments. Bonower shall promptly discharge any Lien which hes priority over this Security Instrument unless Borrower: (a) egreea in writing to the paymeni of the obllgation secured by the Lien ~n e menner acceptable to Lender, (b) contests in good feith the lien Dy, or defsRds against enforcement of the lisn in. legat proceedings which in the Lende~s opiniors operate to preve+nt the enforcement of the lien or forfeiture of any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subardinating tt~e lien to t7~is Security Instrument. If Lender determines thet any part of the Property is subject to lien which may attain priority over this Security Instrument, Lender may give Borrower a notice identi(ying the iien. Borrower shalt satisfy tt~e lien or take one or more of the actions set forth within 10 days oi the giving ~f notice. C. NCITICE . Uniform Covenant 1d of the Mo~tgage is amended to read as follows: 14. Notic~s. Any notice to 8orrawer provided for in this Securiy Instrument shall be given by delivering it or by mailing it by first class mail un~ess applicahle law requires use of another method. The notice shall be dire~ted to the Property Address or any otht+r address Borrower designates by notice to Lender. Any notice td Lender shall be given by tirst class mail to Lenders address 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 Bor~ower or Lende~ when given as provided in this paragraph. D, UNIFORM S~GURiTY INSTRUMENT;GOVERNING LAW; SEVERABtLITY Uniform Covsnant 15 of the Security Instrument is amended to read as follows: 15. Govemtn~ Law; Sevenbllitr. This Security Instrument sha!! be governed by federal Iaw and the law of the jurisdiction in the Property is tocated. ln the eveni that any provision or clause ~f this Security Instrument or the Note conflicts with appliceble law, such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the . conflicting provision. To this end the provisions of this Security Instrum~nt and the Note are declared to be severable. E. TitANSFER OF THE PROPERTY OR /18ENEFICIAL INTEREST IN BORROWER Uniform Covenant 17 of the Security Instrument is amended ta ~ead as follows: 17, Tnnsl~r of th~ Prop~rry or a Ben~flclal lnt~nst In Bonowe~. !f alt or any part ot the Property or any inte~est in it is sold or ' tranferred (or if a beneficial interest in Borrower is sold flr transferred and Borrower is rtot a natural person) without Lender'a prior written consent, Len~ler may, at its option, require immed+ate payment in tull of all sums secured by this Se~urity Instrument. However, this option shail not be exercised by Lender if exercise is prohibited by fedsra! law es of the date of this Security Instrument. !f Lender exerc+ses this opiion, Lendar shalf give Borrower notice of acce{eration. The notice shall provide a period of not lesa than 30 days from the date the notice is deiivered or mailed within which Borrower must pay all sums secured by this Security In~trument. lf Borrower fails to pay these sums prior to the expiration oi this period, Lender may invoke any remadies permitted by this Security Instn~ment without fuRher notice or demand on Borrower. Lender will consent to a sale or transfer if, prior to any su~h safe o~ transfer: (1) Borrower causes to be submitted to Lender information required by Lender to evaluate the transferee as if a new loan were being made !o the transferee; (2) the transferee submits upon Lenders standard application form a written application for permission to essume the loan; (3) the trenaferee ` qualifies under Lender's losn underwriting standards in eftect et the time of submission oi transferee's application for assumption in the same menner as if a new loan weie being made to the transferee as of the proposed assumption date; (4) the transteree signs an asaumpiion agreement that is acceptable to Lender and that obligates the trsrtsferee tc~ keep sll the promises and agreementa made in ths Note and in this Security Instrument: (5) the tr~naferee pays all required fees and charges including, but not Iimite0 to, an ~ssumption fee as a condition to Lender's consent to the proposed aasumption; and (6) n~ defauft exists under the terms of the Note and this Security lnstrument and aN payme~its required thereunde~ have been msde and the loan account is then current. Borrower will continue to be obligated u~der the Note and thia Security Instrument unless Lender releases 8orrower in writing." F. tOAN CHARGES If the loan securerJ by the Security tnstn~ment is suDject ta a!aw which sets maximum loan charges, and that law is finally interpreted so that the interest or other loan charges co!lected or to be collected in connection wiih the loan exceed permii4ed limits, then: (t ) any such loan chargsshal! be reduced by the amount necessary to reduce the ~harge to the permitted limits; and (2) any sums already collected from Borrower which exceeded permitted limits wil! be refunded to Borrower. Lender may choose to make this refund by reducing the principal owed under the Note or by making direct payment to ~orrower. If a refund reduces principal, 4he reduction will be treated as a partial prepayment under the Note. ~zd O~K ~UJ r:;Gf ~v5 Gi FL50330 7-da NOTE PLAM 16 L~'V ~ 0833051 , - . . r,~ - - - _ _ . _r - - - - - - . _ _ _ - - -~ea-