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Home My WebLink About0942 . . . . i ~ • • . s i~tereat ~ate may (depending o~ p~lor i~tereat rate chengea) resuli in lower paymenta after e Change Oate, subject to the limitations aet out in Section 2(D) oi thia Note. In setting the amount oi the monthty payment due after each Changa Dete, as provlded in Se~tlon A(B) of this Note, the Note Holde~ will aaaume that the Note interest rate wii! ~ot change agaln prior to the Final Payment Date. B. 8ETTINQ THE NEW PAYMENT A~+IOUNT JjR1E Ol 1988 ~ and on the ~ day of the month every thereafter (the "Change Date"), the Note Holder will determine the monthly paymant amount that willbesuftlcienttorepaythep~inclpalbalanceinfullontheFinaiPsymentOate,att~enewinterestrate.insubatentialyequalpayments, - aasuming that there is no f urther change in the inte~eat rate. The result of this calculation will be my new monthty payment. Tfie first - monthly payment due after the Change Date will be the ~ew ~mount. S. NOTICE OF CHANt~ES The Note Holderwltl mail me a notice by first class rr~ail ai leastlhirty (30) and no more than one huniired and twenty (120) days { before each Payment Change Date ii the payment Is to changa. The notlce will advise me oi: (i) the new interest rete on my laan; (ii) the amount of my new monthiy payment; and (iii) any additfonat mattera which the Note Holder is required to dtsclose." ' B. CHAROES;LIEN8 ~ Uniform Covena~t 4 of the Mortgage is amended to read as follows: - 4. Chargq; LNns. Borrower shall pay all texes. aasesameMa~ charges, tines and tmposittona att~ibutable to the P~operty which may attein prio~ity over this Secu rity I nstru me~t, end leaaehoid payme~ts or g round rents. if any. 8orrower ahall pay these ob!lgations in the manner provided in paragreph 2, or if not paid in thet manner. Borrower shail pey them on tlme directty to the person owed payment. Borrowershatl promptly furnish to Lenderal! notlcea of amounta to b~ peld under this para~raph. if Borrower makea these payments directly. Sorrower shall promptiy tumish to Lender receipts evldencing tho paymenta. Borrower shall ~ t~mptly disch8rge any Lien which has prio~ity over thia Secu~ity Instrument unieas Bor~ower: (a) agrees in writing to the payment of the obligation aecured by the Lien in a manner acceptable to Lender (b) contests in good taith the lien by. - or detenda ageinst eniorcement of the iten in. legal proceedinga which in the LendePs opinton operate to prevent the entorcement oi the lien or iorfeiture of any part of the PropeKy; or (c) secures t~om the holder of the Iten an agreem~nt satisfectory ta Lender subordinating the lien to ihis Security Instrument. if Lender determines thet a~y part of the Property is subject tdlien which may attain priority over this Security Instrument~ Lender may give Borrowera notica identifying the 1len. 8orrowershall satisfy the lien or take one or more of the actions set forth within 10 days of the giving of notica ~ C. -NOTICE Uniferm Covenant 14 of the Mortgage is amended to read as follows: _ 14. Notlces. Any notice to Bor~ower provided for in thia Security Instrument ahall be given by delivering it o~ by mailing it by first class mail unless applicable law requires use of another method: The notice shall be directed to the Property Address or any other address Borrower designates by notlce to Lender. Any notice to Lender shall be given by iirst class mait to Lenders add~ess stated herein or any other addresa lender designates by notice to Borrower. Any ~otice provlded tor in this Security lnstrument shall be deemed to have baen given to Bonower or Lender when given as prorrided in this ~eragraph. D. UNIFORM SECURiTY INSTRUME~tT;~30VERNiNGi tAW; SEVERABILiTY Uniform Covenant i5 of the Security Instrument is amended to read as follows: - 15. Cioveming L~w; S~rersbll(ty. This Security Inatrument shali be governed by federal law and the law of the jurisdiction in the Praperty is located. ln the event that any provision orclause of this Security Instrument or the Note conflicts ~nrith applicable law, such conflict shall not affect other provisions of this Secu~ity Instrument or the Note which can be given efiect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are dectared to be severabte. E. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTERE8T tN BOflROWEii Uniform Co:~enant 17 of the Security Instrument is amended to read as foliows: 17. Transfer ot the Propertal or a 8en~iktd tntfrest M Borraw~r. If a!1 or any part ot the Property or any interest in it is sotd or tranierred (or ita beneficiat interest in Borrower is aold or transferred and Borrower ia not e natural person) without Lender's prtor written consent, Lender may. at its optlon, require immetiiate payment in tull of all sums secured by this Security Instrument. However. this option shall not be exercised by Lender if exerciae is prohibited by federal law es of the date o! this Security Instrument. if Lender exercises this option, Lender shaii give Borrower notice ot acceleration. The notice shail provide a period of not less i than 3U days irom the date the notica is delivered or mailed within which Borrower must pay ail sums secured by this Securiry Instrument. If Borrower tails to pay theae sums prior to the expiration of this period. Lender may fnvoke any remedies permitted by this Security instrument without further notice or demand on Borrower. lender wiil consent to a sale or t~ansfer if, p~ior to any auch sale or transfer: (1~ Borrower causes to be submittesl to Lender information required by Lender to evaluale the tranaferee sa if a new loan were being mede to the tranateree; (2) the trensieree submits upon Lendera stendard application form a written appUcatfon tor permission to asaume the loan; (3) the tranaferee qualifies under lenders loan under.writing atandards in effect at the time of submiasion of tra~sieree's appOcetion tor assumption in the same manner as if a new loan were being made to the trenaferee aa of the propaaed asaumption date; (4) the transieree, signs an . aaaumption agr~ement thet is acceptable to Lender and thet obiiyutes the t~anaisree to keep sll the promiaes and agreements made in the Note and in this Security Inatrument; (5) the t~anaferee pays all required fee,t and charges incfuding, bui not Ifmitec! to, an ~ assumptian fee aa e cor~dition to Lenders consent to the proposed assumption; and (8) no de~tauit exiata under the terma of !he ~ Note and thia Securiiy Instrument and atl paymeMs reguired thereunder havs been made arMd the loen account is then current. Borrower wip continus to be obligated under the Note and this Security Inatrument unless Lender releases Borrower in writ(ng:' F. LOAN CFiARQE8 • If the loan secured by the Security.lnatrument ls subject to e law which seta meximum loan ch8rges. and tfiat law is finaily'inte~preted so that the interestor other loan charges coilected or to be coliected in connection wlth the ivan exceed permitted limits, then: (1) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limita; and (2) any sums etready coilected irom Borrower which exceeded permitted limits wilf be refunded to Borrower. lender may chooae to make this refund by I~~ reducing the prlncipal owed under the Note or by making direct payment to Borrower. If a refund ~educes principal, the reductioR wiU be treated as a partial prepayment under the Note. ~j . - ~ ~ ~ ~ooK 543 ~A~E 935 ~ ~ ~ ~ ~ r.~.:a~ - ~ LQAN # 0964049 ~4 af ~ s~ wotc ruw ~56 ;I . . . ~=y'.r . _ .'".s.,. 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