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200412036
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Last modified
10/17/2011 12:11:22 AM
Creation date
10/21/2005 6:35:43 AM
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DEEDS
Inst Number
200412036
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200412036 <br />B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER <br />Section 18 of the Security Instrument is amended to read as follows: <br />Transfer of the Property or a Beneficial 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 bond for <br />deed, contract for deed, installment sales contract or escrow agreement, the intent of <br />which is the transfer of title by Borrower at a future date to a purchaser. <br />If all or any part of the Property or any Interest in the Property is sold or transferred <br />(or if Borrower is not a natural person and a beneficial interest in Borrower is sold or <br />transferred) without Lender's prior written consent, Lender may require immediate <br />payment in full of all sums secured by this Security Instrument. However, this option <br />shall not be exercised by Lender if such exercise is prohibited by Applicable Law. Lender <br />also shall not exercise this option if: (a) Borrower causes to be submitted to Lender <br />information required by Lender to evaluate the intended transferee as if a new loan were <br />being made to the transferee; and (b) Lender reasonably determines that Lender's security <br />will not be impaired by the loan assumption and that the risk of a breach of any covenant <br />or agreement in this Security Instrument is acceptable to Lender. <br />To the extent permitted by Applicable Law, Lender may charge a reasonable fee as <br />a condition to Lender's consent to the loan assumption. Lender may also require the <br />transferee to sign an assumption agreement that is acceptable to Lender and that obligates <br />the transferee to keep all the promises and agreements made in the Note and in this <br />Security Instrument. Borrower will continue to be obligated under the Note and this <br />Security Instrument unless Lender releases Borrower in writing. <br />If Lender exercises the option to require immediate payment in full, Lender shall <br />give Borrower notice of acceleration. The notice shall provide a period of not less than <br />30 days from the date the notice is given in accordance with Section 15 within which <br />Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay <br />these sums prior to the expiration of this period, Lender may invoke any remedies <br />permitted by this Security Instrument without further notice or demand on Borrower. <br />(M-821R (0008) <br />Initials: <br />Page 3 of 4 <br />0110226117 <br />Form 3108 1101 <br />
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