HomeMy WebLinkAbout2514 6. LOAN CHARGES
• If a law, which applie. to th?s luan and w hich set~ maximum iuan charges, iti finall}~ interpreted w that the interest
or ~ther loan charges cullected or to be cullected in connection with this loan exceed the permitted limits, then: (i) any
such loan charge shall be reduced by the amount necessary to reduce the charge to the permi!ted limit; and (ii) an} sums
alread~~ collected from me which exceed permitted limits w~ill be refunded to me. The hote Holder may choose to make
this refund b}• reducing the principal I owe under this Note or by making a direct payment to me. If a refund reduces
principal, the reduction will be treated as a partial prepeyment.
7. BORROw'ERS FAILliRE TO PAY AS REQI~IRED
(A) I.ate Charga tor Overdue P~yments
If the Note Holder has not recei~~ed the futl amount of any monthly pa}~ment b}~ the end of
. . . . . . . . . . . . . . .IS . . . . . . . . . calendar da}~s after the date it is due, 1 wil! pay a late charge to the \ote Hofder. The
amount of the charge will be 5.~'r of mq o~erdue pa~•ment of principal and interest. 1 will pa}~ this late charge
promptl}~ but only once on each late pa}•ment.
(B) De[sult
If I do not pay the full amount of each manthly pa}ment on the date it is due, 1 will be in default.
(C) Notice of Default
If I am in de[ault, The tiote Holder may send me a«•ritten notice telling me that if 1 do not pay the o~erdue amount
b~~ a certain date, the tiote Hoider ma}• reyuire me to pa}~ immediately the full amount of principal w•hich has not been
paid and all the interest that I oHe on that amount. That date must be at least 30 da~~s after the date on which the notice is
delivered or mailed to me.
(D) No V~'aiver By Note Holder
E~~en it, at a time w~hen 1 am indefault, the \ute Holderdoes not reyuire me to pa~ immediately in full as described
above, the Note Holder will still ha~e the right to do so if ! am in default at a later time.
(E) Payment of Note Holder's Costs and Exprnses
If the tiote Holder has requ~red me to pa~~ immediatelt• in full as de~cribed abu~~e, the tiote Holder Hill ha~~e the
right to be paid back b~~ me for aU of its costs and expen,es in enforcing this \ote to ~he extent not prohibited b}~
applicable law~. ~Those espenses include, tor example, reasunable :~ttorne~.' tecs.
8. GIVING OF NOTICES
l'nless applicable laN reyuires a different methud. an~ nutice that must be gi~en to me under thi~ \ote will be given
b~ deli~cr~ng it or b~~ mailing it b~~ first class mail to me at the f'r~>pert~~ Addre,~ ahc~~e ur:~t a different addres• if 1 gi~e the
\ote Nolder a notice af m~ different addre.ti.
Am notice that mutit be gi~en to the tiute Hold~r under thi~ \ute u ill hr gi~en b~ maili~g it hy fir~t class mail ta the
:~ote Nolder at the addre.,.ts[rd in Section ?(A1 ab~~~e ~~r at a dif(erent addre,~ if 1 am gi~en a notice ~~f that different
address.
9. OBI.IGATIOtiS OF PERSOtiti l'tiUF.R 7~HIS tiOTE
I t[ more than ~~ne ~ersun S:gn~ thi, \ote, cach pen~~r~ i~ (u113 and per~onsll~ ubligatrd t~~ krep all uf the promise~
madr in th~t \ute, inr!uJulg the ~rumi~e to pa~ thr full amuunt c~~ced :1m~ pertiun wh+~ u a guarante,r, >urrt~ or endoner
t~~ I}li` ~OIC 3I1(~ Obll~ate~ t.~ d~> thr~e thing.. r\n~ ~rn~~n h~~ t~?ke~ u~~ r theu obi:gaUOr.s, including the obGgatiuns uf
a guar:~nt~~r, ~uret~ ~~r end~~r,er uf thi~ \c~te, i~ al,o uhligatrd t~~ kerp sll the pr«mise, made in tnis '~ote. The \uce
N~~t:~er ma~ enforce it~ r~ght, !~neler thi. \~~te sgaimt each penun indi~ iduali~ or ag;~in~t all ot u~ togcthrr. I his mean~
that am one ot u, ma~ he reyu~red tu pa~ ail uf the amuur.t. u~ed unc!er thi, \ote
i0. V~'A1~'ERS
1 and an~ other per~un ~rho ha, obliga!i~n~ under thiti \utr aai~e the rights uf ~rexntment and noticr of dishono:.
"Pre~entment" means the nght to reyutre the ti~~te Huld~r to demand pa~ment of amount~ due. "\otice of dishunor"
! mean~ the right to reyuire the \ote Holder to gi~e notice tu other per,uns that amount~ due ha~~ not been paid.
~ ll. t'tiIFOR'~i SECI;RED tiOTE ~
` (his \ote is a uniform instrument Nith limited ~ari~tion, in sc~me juri~dictians. In addition to the prorections
; gi~en to the \ote Holder under this \ote, a ~lortgage, I)eed of l rtut or Securit~ Deed lthe "Securit~ lnstrument"), dated
` thr .ame date as thi~ tiote, protects the \ote Holder fn~m possible Io~~eS a hich might result if 1 do not keep the promises
' «hich 1 make in this tiote. I hat Securit~ Instrument describes ho~ and under tihat conditions 1 ma}~ be reyuired to make
s -
~ tmmediate pa~~ment in full of all amounts 1 o~~e under this \ote. Some of those conditions are described as foitoHS:
Transfer of the Pruperty or a Beneficial lnterest Borrower. lf all or an~ part of the Propert~ or ;
E an~ in[erest in it is sold or transferred (or if a benrficial interest in B~zrroe~er ~5 sold or transferred and
Borrower is not a natural per5on) Hithout Lender'ti prior Hritte~t cun~ent, Lrnder ma~, at it~ option, _
~ r~yuire immediate payment in full of all sums secured b}~ this Securit~ Instrument. Nowe~er, this opt~on
~ shall not be exercised b~~ Lender if exercitie i~ prohibit~d b}~ federal law a: of the date of this Secur~t}
~ Instrument. Lender also shall not exercitie this option if: (a) BorroHercauses to be submitted to (.ender +
; information reyuired b~ Lender to e~aluate the ~ntended tran~feree as if a new ioan were being made to ~
z the transferee; and (b) Lender reasonabl~ determine~ that l.rnder°s securit~ Nill not be impaired b~ the =
~ loan assumption and that the risk o(a breach ot an} cu~enant or agreement in this Securit~ Instrument i5
acceptable to Lender.
~ ~To the extent permitted h~ applicable laN. I_ender ma~ charge:? rrasonable fee a~ a conditiun to ~
~ Lender's contie~t to the loan assumpuc~n. l ender ma~ also reyuire the tran~ieree to sign an assumption
; agreemenr that is acceptablc to t_ender and that ~~b~igate5 the tr<?n~feree to keep all the promises ard
` agreements made i~ the tiute and in thiti ~ecunt~ Instrument Rurrc~wer ~ill cont~nue to he c~bli~ated
' under the tiote and thiti SecUrit~ Instrument i:~le~ti I.ender release~ Hc~rrc~~rr ~n ~~riting.
i"t i_enaer exercises the optiun u~ reyuire immediate pa~rnent in tuli, I.endrr,hall gi~e E3nrru«er
nc~tice ol acceleratic~n. l he nouce ~hall pr~~~ idr a reriud ~~f not le,~, than 30 da}• fr~~m the date the nutire
deli~ered or mailed w ithin ~hich the Rorro~cer mutit pa. a!1 ~um~ xcured b~ thi~ Securih 1 ntitrument.
If Borrower failti to pay these ~ums prior t<~ the expiration of this periud, Lendcr ma~ imuke am
remed~es permitted by this Securit}~ Instrument uithuut further n~~tice or dernand un Horrower.
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