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201109624
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Last modified
12/23/2011 8:50:33 AM
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12/23/2011 8:50:32 AM
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DEEDS
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201109624
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2oi�o9s2� <br />B. TRANSFER ff THE PROPERTY OR A BENEFCIAL INTEREST N BORROINER <br />S�tion 18 of the Security Instrument is amended to read as follows: <br />TransFer of the Property or a Be.nefic�al Interest in Borrower. As used in this <br />Section 18, "Interest in the Property" means any legal or beneficial interest in the <br />Property, including, but not limited to, those beneficial interests transferred in a <br />bond for deed, contract for deed, installment sales contract or escrow agreement, <br />the intent of which is the transfer of title by Borrower at a future date to a <br />purchaser. <br />If all or any part of the Property or any Interest in the Property is sold or <br />transferred (or if Borrower is not a natural person and a beneficial interest in <br />Borrower is sold or transferred) wit hout Lender's prior written consent, Lender <br />may require immediate payment in full of all sums secured by this Security <br />Instrument. However, this option shall not be exercised by Lender if such <br />exercise is prohibit ed by Applicable Law. Lender also shall not exercise this <br />option if: (a) Borrower causes to be submitted to Lender information required by <br />Lender to evaluate the intended transferee as if a new loan were being made to <br />the transferee; and (b) Lender reasonably determines that Lender's security will <br />not be impaired by the loan assumption and that the risk of a breach of any <br />covenant or agreement in this Security Instrument is acceptable to Lender. <br />To the extent permitted by Applicable Law, Lender may charge a reasonable <br />fee as a condition to Lender's consent to the loan assumption. Lender may also <br />require the transferee to sign an assumption agreement that is acceptable to <br />Lender and that obligates the transferee to keep all the promises and agreements <br />made in the Note and in this Security Instrument. Borrower will continue to be <br />obligat�l under the Note and this Security Instrument unless Lender releases <br />Borrowe r in wr iting. <br />If Lender exercises the option to require immediate payment in full, Lender <br />shall give Borrower notice of acceleration. The notice shall provide a period of not <br />less than 30 days from the date the notice is given in accordance wit h Section <br />15 within whic h Borrower must pay all sums secured by this Security Instrument. <br />If Borrower fails to pay these sums prior to the expiration of this period, Lender <br />may invoke any remedies permitted by this Security Instrument wit hout further <br />not ice or demand on Borrowe r. <br />111 10237 24 <br />MULTISTATE ADJ USTABLE RATE RDER -5 YEAR ARM <br />Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT <br />VM P o VM P865R (0805 ) <br />Wolters Kluwer Financial Services ��yj <br />Initials: Page 3 of 4 <br />1111 02372 4 <br />Form 3131 1/01 <br />
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