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Home My WebLink About0932 interest rate may (depending on prior interesi rale chanfles) ~esult in lower paymenis aite~ a Change Date, sub~ect to the limitations set out in Section 2(D) of this Note. In setting lhe amount ot lhe monthty payment due after each ChangQ DatQ, as provided in 5ection 4(6) of this Note, ihe Note Holder will assume that 1he Note interest rate will not change again prior to the Final Payment Date. i SE7TING THE t~E11~,Q~f11~NT ~~UNT 1~, i Be innin n Ak'ttlL Ol and vn tha day of the month every ` ~,~.vE ~i € thereafter {the "Change Date"j, the Note Nolder wil! determine the monthly payment amount that ~ raill be sufficlent to repay the principal batance in iul! on ihe Flna! Paymeni Date, at ihe new interest rate, in substantially equal payments, assumirtg that there is n~ further Change in the interest rate. The result of ihis celculation will ba my new monthly payment. The first monthly payment due after the Change Date will be the new amount. i 5. NOTICE OF CHANGES . ~ The Note Holder will mail me a notice by tirst class mai0 at feast thirty (30) and no more than one hundred and twenty (120) days ! betare each Payment Chenge Date if the payme~t is to ci~ange. The notice will advise rrie of: (i) the new interest rate on my loan: ? (ii) the ~mount of my new monthty paym$nt; and (iii) any additional matters which the Note Holder is required to disclose." i CHAFt(iES;LIEN5 , Unitorm Covenant 4 of the Mortgage is amended to read as follows: . 4. Charg~s; Llena. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attein priority over this 3ecurity Instrumer~t, and ~easehold payments or gr~und rents, if any. Borrowershall pay these obligations in the manner provided in paragraph 2, or if not paid in that manner, Borrower shall pay them on time directly to tho person pwed payment. Barrowershall promptly furnish to Lender all notices of amounts 4o be paid under this peragraph. lf Bor~ower makes these - , payments directly, Borrower shall promptly furnish to Lendar receipts evldencing the payments. Borrower shalt promptty dtscherge any Lten which has priority over thts Securiry Instrument unless Borrower: (a) agress in writing to the payment of the obligativn secured by ths Llen in a martner acceptabte to Lender; (b) contests in good faith the lien by, ordefends against entorcemsnt of the lian in, legal proceedings which In the Lendsr's opinion operate to prevent the eniorcement of the lien or tortelture oi any part of the Property; or (c) secures from the holder of the lien an agreement satisfactory to Lender subordinating the lien to this Security Instrument. If I_ender determines tha; any part of the Property is subject to ~ien which may attain priority over ihis Security Instrument, Lender may gi~~e Borrower a notice identifying the lien. Borrowershall satisiy the lien or take one or more of the actions set forth within 10 days of the giving of notice. G. NOTIG~ . ~ Uniform Covenant 14 of the Mortgage is amended to read as foflows: ~ 14. Nottees. Any notice to Borrower provided for in fhis Security Instrument shaN bs given by delivering it or by mailing it by first t class mail unless applicable faw requires use of anoiher method. The notice shall be directed to the Property Address or any other addresa Borrowerdesignates by notice to lender. Any notlce to Lender shall be given by first ctass mail to Lender's address stated ' herein or any other addrass Lender designates by natice to Borrower. Any notice provided for in this Security Instrumant shall be ~ deemed to have been given to Borrower or Lender when given as provided in this paragraph. D. UNIFORM SECURITY INSTRUMENT;(301/ERNIN(a LAW; SEVERABIUTY Uniform Covenant 15 of the Security Instrument is amended to read as follows: 15. Gorerning L~w; Severa'~Illty. 7his Security Instrument shall be governed by federal taw and the law af the jurisdiction in . the Property is located. In the event thaf any provision orclause oithis Security Instrument orthe Note conilicts with applicablelaw, ` such conflict shall not affect ather prov+sions of this Security Instrument or the Note which can be given effect without the . ~ conflicting provision. 7o this end the provisions of this Security Instrument and the Note are declared to be severable. E. `~RAMSF~R OF 7H~ PROPERTY OA A B~PIEFICIAL INTEHEST IN BORROWER ~ Uniform Covenant 17 ot the Security Instrument is amended to read as follows: 17. Transi~r of th~ Property ~r a Benefl~lal Intereet In Bor~ower. If all or any part of the Property or any interest in it is s41d or tranferred (or if a benaficial interest in Borrower is sold or transferred and Borrower is not a natur~l person) without Lender's prior written conse~t, Lender may, at its option, require immediate payment in full of afl sums secured by this Security Instrument. j However, this option shall not be exercised by Lender if exercise is prohibited by federal lawas of tt~e date of this S~curity Instrument. If Lender exercises this aption, Lender shalt give Borrower notice of acceleratton. The notice shall provide a~eriod of not less ~ than 30 da~s from the date the i~otice is delivered or mailed within which Borrower must pay al! sums secured by this Security ! Instrument. If Borrowrer iails to pay thase sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without turther notice or demand on Borrower. Lender will consent to a sale or transier if, prior to any such sate or t~ansfer: (1) Borrower causes to be submitted to Lender ' , information required by Lender to evaluate the transferee as if a now loan were being made to the transfieree; (2) the transferee i submits upan Lender's standard application form a written application for permission to assume the loan; (3j the transferee ~ qualifies under LendePs loan underwriting standards in eNect at the tims of submission of transteree's application forassumption in ~ the same menner as if a new toan were being made to the transferee as of ths proposed assumption date; (4) th~ transferee signs an ~ assumption agresment thatis acceptable to Lenderand that obligales the transieree to kesp all the pramises and agreements made ; in the Note and in this Sacurity Instrument; (5) the transferee pays all required foes and charges including, but not limited to, an f assumptlon fefl as a condition to Lenders consent to the propos~d assumption; and (6) no dafault exists under the terms of tMe Note and this Security Instrument and all payments rec{uired thereunder have beon made and the loan account is then current. t : ~ ~ Borrowerwill continue to be abligated underthe Note and this Security Instrument unless Lender releases Borrower in writing. ! ; - LOAN CHARGES f , If the loan secured by the Sscurity fnstrument is subject to a law which sets maximum loan charges, and that law is finalty interpreted ~ so that the interestorother loan charges collected or to be collecfed in connection with the toan exceed permitted limits, then: (1) any ~ f; such toan charge shalt be reduced by the amount necessary to reduce the charge to the permitted fimits; and (2) any sums already ~ 4 coNected from 8orrower which exceeded permitted limits wil! !~e refunded to Borrower. Lender may choose to make this refund by ~ a' } reducing the principal owed under the Note or by making direct payment to Borrower. If a refund reduces principal, the reduction w~i~ hc, tr~ata~i as a nartial nrRnayment under the Note. ~ r i~~ ~ ~ ~ i' ~ i . ~ ~ 'I ~ - ji n 0 ~Q~ PAGE ~7~0 + ~ ~xr . ,e 3 ~ ~ ~ ~i. ~ ~ ~ .~3 . 0877755 ; . (iF FLSQ320 5-88 NUTE PUIN 4$ ~ ~t; ~ t ~I