HomeMy WebLinkAbout0421 CHELS~A T!7~E C~nn}•r.nT
911 Cent~~~ F'ar~kway ~
~ Stuart, Fiorida 3~1994 ~_o~-~~,~-~o~
NOTICE: THIS RIDER ADDS ~ PROVISION TO THE SECURITY ZNSTRUMENT ALLOWING THE
LENDER TO REQUIRE 1~?N INCRF.~,SE IN THE NOTE INTEREST R~,TE ~ND TO CHANGE OTHER
NOTE TERMS UPON TRANSFER OF THE PROPERTY.
This Due-On-Transfer Rider is made this 12th day of Jenuary 19 9G and
is incorporated into and shall be deemed to amend and supplement the
Mortqage, Deed of Trust, or Deed to Secure Debt (the "Security Instrument")
of the same date given by the undersigned (the "Borrower") to secure
eorrower's Note to c~ow-N S~VINGS ASSOCIATION ( the "Lender" ) of the
same date (the "Note") and covering the property described in the Security
Instrument and located at:
I717 OFENVIEW DRIVE, PCRT ST. LUCIE, FLORIDA 34953
(Property ~ddress)
AMENDED COVEN~IJT. In addition to the covenants and agreements made in
the Security Instrument, Borrower and L.ender further covenant and agree as
follows:
A. TR~NSFER OF THE PROPERTY; ~SSUMPTION
uniform Covenant 16 of the Security Instrument is amended to read as
follows:
I6. Transfer of the Property; Assumption. If all or any part of the
Property or an interest therein is sold or transferred by Borrower without
Lender's prior written consent, excluding, (a) the creation of a lien or
encumbrance subordinate to this Security Instrument which does not relate to
~ a transfer of rights of occupancy in the property, (b) the creation of a
~ purchase money security interest for household appliances, (c) a transfer by
devise, descent or by operation of law upon the death of a joint tenant or
~ (d) the grant of any leasehold interest of three years or less not containing
~ an option to purchase. Lender may, at Lender's option, declare all the sums
~ secured by this Security Instrument to be immediately due and payable.
~ If Lender exercises such option to accelerate, Lender shall mail Borrower
~ notice of acceleration in accordance with paragraph 12 hereof. Such notice
~ shall provide a period of not less than 30 days from the date the notice is
¢ mailed within which Borrower may pay the sums declared due. If Borrower
~ fails to pay such sums prior to the expiration of such period, Lender may,
without further notice or demand on Borrower, invoke any remedies permitted
9 by paragraph 17 hereof.
~ Lender may consent to a sale or transfer if: 1 Borrower causes
~ ( ) to be
submitted to Lender information required by Lender to evaluate the transferee
. as if a new loan were being made to the transferee; (2) Lender reasonably
determines that Lender's security will not be impaired and that the risk of a
~ breach of any covenant or agreement in this Security Instrument is
~ acceptable; (3) interest will be payeble on the sums secured by this Security
~ Instrument at a rate acceptable to Lender; (4) changes in the terms of the
~ Note and this Security Instrument required by Lender are made, including, for
g example, periodic adjustment in the interest rate, a different final payment
~ date for the loan, and addition of unpaid interest to principal; and (5) the
~ transferee signs an assumption agreement that is acceptable to Lender and
° *hat obligates the transferee to keep all the promises and agreements made in
~ the Note and in this Security Instrument, as modified if required by Lender.
To the extent permitted by applicable law, Lender also may charge a
~ reasonable fee as a condition to Lender's consent to any sale or transfer.
,
~
~ Borrower will continue to be obligated under the Note and this Security
Instrument unless Lender releases Borrower in writing.
IN WITNESS WHEREOF, Borrower has exec d this Due- n-Trans r Rider.
~
'9t) .lP,N 2'1 p ? ~j _ ( seai )
10 2 0 4 6 5 ~7 ~ CAAOLY ANN sHAY • eorrower
~ (Seal)
~ Borrower
~
;
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DUE-ON-TRANSFER RIDER-Nome Improvement-11/81-FNMr, UNIFORM INSTRUNENT
1186(12/83)
f ~ F ~~Z r~~,t 421
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