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L r D. UNIFORM SECURTY INSTRUMENT; GOVERNING LAB: SEVERABIJIM � • Uniform Covamt 15 of the Security Instrument is amended to read as follows: 15. Unifeeaa seaatity im Tamest; Go er ft Law; SereaaiiNty. This form of Security Instrument combines uniform covenants for national use and non - uniform covenants with Gtnited variations by jurisdiction to constitute a uniform security instrument covering real property. This Security Instrument shall be governed by Federal law and the taw of the jurisdiction in which the Property is located. In the event that any provision or clause of this Security hutrument or the Note conflicts with applicable law. such conflict shall not affect other provisions of this Security Instrument or the Note which can be given effect without the conflicting provision, and to this end the provisions of this Security Instrument and the Note are declared td be severable. E. TRANSFER OF THE PROPERW OR A BENEFICIAL INTEREST IN BORROWER Uniform Covenant 17 of the Security Instrument is amended to read as follows: 17. Tnaader of tie Property or a BesefWd Itleseat U Borrower. If all or any part of the Property or an interest therein is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person) without Lender's prior written consent, Lender may, at Lender's option, declare all the sums secured by this Security Instrument to be immediately due and payable. However, this option shall not be exercised by Lender if exercise is not authorized by Federal law. Lender may waive the exercise of this option if: (a) Borrower causes to be submitted to Lender information required by Lender to evaluate the intended transferee as if a new loan were being made to the transferee; and (b) Lender reasonably determines that Lender's security will not be impaired by the loan assumption and that the risk of the breach of anycovenant or agreement in this Security Instrument is aomptable to Lender. To theenrint permitted by applicable law, Lender may charge ac reasonable fee as a condition to Lender's consent to the loan assumption. Lender tray acv require the transferee to keep all the promises and agr==-c.ts made in the Note and inthis Security Instrument. "If Lender exerdses such option to accelerate, Lea des shall mail 'Borruwr malice of acceleration in accordance with paragraph 14 hereof. J", notice shall provide a period of not less than 30 days from the date t hcmr—,Ea: is malted wittiu wl ii;h Soi rawer n y pay the suss declared due. If Borrower fails to pay such sums prior to the expiration of such period. Wider may. without further notice or demand on Borrower, invoke any remedies permitted by this So. city Instrument." "Notwithstanding a sale or transfer, Borrower will continue to be obligated undin the Note and this Swurity Instrument unless Lender has released Borrower in wrWrF,11 F. LOAM CHANGES if the roan se=0i tar M1e SaZ g, TrArument is subject to a Izar which sets maximum lom charges, wii `hat law is finally interpreted so that the interest or other !=ii.d ,=*— tcted or to beoallected in connection :wstii. the loan exceed permitted, limits, then: (1) any supis.lban clmarge shall be reduced by (be =v= zissary to re31:�. the charge to the perrrJuLd Emit; and (2) any sums already collected from be nawer ed which exceed permitted limits will be ti ended to Borrower. bender may choose to make this refund by reducing the principal owed under the Note or by making a direct payment to Harrower. If a refund reduces principal, the reduction will be treated as a partial prepayment under the Note. IN WITNESS WHEREOF. Borrower has executed this Adjustable Rate IiU*tr. rr COGNEY PROPERTIES, INC l (Seal) Roland E.Reynolds, BO 11 President (Seal) Roland E. Reynolds,BORR 'ER Individually (sew) Luella fn. Reynt, ROWFRdividually �_ ORIGINAL ONL "~ M n r" r a C11 N co C7 tL i`t W 1 •� CAi Ott s� Cl ' ce I • r" r a C11 N •� CAi Ott s� Cl ' r: :� irs vv 0 [� Vy I •