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201309499
<br />If the Lender exercises this option, the Lender shall give the Borrower notice of acceleration. The notice shall
<br />provide a period of not less than 30 days from the date the notice is delivered or mailed within which the
<br />Borrower must pay all sums secured by the Security Instrument. If the Borrower fails to pay these sums prior to
<br />the expiration period, the Lender may invoke any remedies permitted by the Security Instrument without further
<br />notice or demand on the Borrower.
<br />A. That, as of the Modification Effective date, I understand that the Lender will only allow the transfer
<br />and assumption of the Loan, including this Agreement to a transferee of my property as permitted
<br />under the Garn St. Germain Act, 12 U.S.C. Section 1701j -3. A buyer or transferee of the Property
<br />will not be permitted, under any other circumstance, to assume the loan. Except as noted herein, this
<br />Agreement may not be assigned to, or assumed by, a buyer or transferee of the Property.
<br />4. The Borrower also will comply with all the other covenants, agreements, and requirements of the Security
<br />Instrument, including without limitation, the Borrower's covenants and agreements to make all the payments of
<br />taxes, insurance premiums, assessments, escrow items, impounds, and all other payments that the Borrower is
<br />obligated to make the under Security Instrument; however, the following terms and provisions are forever
<br />canceled, null, and void, as of the date specified in paragraph No. 1 above:
<br />(a) all terms and provisions of the Note and Security Instrument (if any) providing for, implementing, or
<br />relating to, any change or adjustment in the rate of interest payable under the Note; and,
<br />(b) all terms and provisions of any adjustable rate rider or other instrument or document that is affixed to,
<br />or part of, the Note and Security Instrument and that contains any such terms and provisions as those referred to
<br />in (a) above.
<br />5. Nothing in this Agreement shall be understood or construed to be a satisfaction or release in whole or in part
<br />of the Note and Security Instrument. Except as otherwise specifically provided in this Agreement, the Note and
<br />Security Instrument will remain unchanged, and the Borrower and Lender will be bound by and comply with, all
<br />of the terms and provisions thereof, as amended by this Agreement.
<br />6. It is mutually agreed that the Security Instrument shall constitute a first lien upon the premise and that neither
<br />the obligation evidencing the aforesaid indebtedness nor the Security Instrument shall in any way be prejudiced
<br />by this Agreement, but said obligation and Security Instrument and all the covenants and agreements thereof and
<br />the rights of the parties there under shall remain in full force and effect except as herein expressly modified.
<br />A. Notwithstanding the foregoing, to the extent personal liability has been discharged in bankruptcy
<br />with respect to any amount payable under the Note, as modified herein, nothing contained herein
<br />shall be construed to impose personal liability to repay any such obligation where any obligations
<br />have been so discharged. If any bankruptcy proceeding is pending or completed during a time period
<br />related to entering this Agreement. I understand that I enter this Agreement voluntarily and that this
<br />Agreement, or actions taken by the Lender in relation to this Agreement, does not constitute a
<br />demand for payment or any attempt to collect any such obligation.
<br />B.
<br />[X] MERS LOAN. If this box is checked, the loan evidenced by the Note and secured by the Security
<br />Instrument was assigned to or the Security Instrument was prepared in the name of Mortgage Electronic
<br />Registration Systems, Inc. ( "MERS ") is a separate corporation organized and existing under the laws of
<br />Delaware and has an address of 1901 E Voorhees Street Suite C, Danville, IL 61834 or P.O. Box 2026, Flint, MI
<br />48501 -2026, and telephone number of (888) 679 -MERS. In cases where the loan has been registered with
<br />MERS who has only legal title to the interests granted by the borrower in the mortgage and who is acting solely
<br />as nominee for Lender and Lender's successors and assigns, MERS has the right: to exercise any or all of those
<br />interests, including, but not limited to, the right to foreclose and sell the Property; and to take any action required
<br />of Lender including, but not limited to, releasing and canceling the mortgage loan.
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