200508965 - Laserfiche WebLink

Browse

200508965 B. TRANSFER OF TIIE PROPERTY OR A BENEFICLkL INTEREST IN BORROWER 1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under the terns stated in Section A above, Uniform Covenant 18 of the Security Instrument shall read as follows, Transfer of the Property or a Beneficial interest In Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, includ' , but not limited to, those beneficial interests transferred in a bond for deed, contract for d�, installment sales contract or escrow agreement, the intent of which is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the Proper is sold or transferred (or if ' Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) i without Lender's prior wnuen consent, lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lander j if such exercise is pxahibited by Applicable Law. If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is yen in accordance with Section 15 within which Borrower must pay all sums secured by this �ty Instrument. If Borrower fails to pay time surns prior to the expiration of this period., Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower. 2. When Borrower's initial fixed interest rate changes o an adjustable interest rate under the t ! stated in Section A above, Uniform Covenant 18 of the S�ec�urlttyy Instrument described in Section BI a ve shall then cease to be in effect, and the provisions of Uniform M`nant 18 of the Security Instrument all be amended to read as follows: Transfer of the Property or a Beneficial Interest in Borrower. As used in this Section 18, "Interest in the Property" means any legal or beneficial interest in the Property, including, but not limited to, those beneficial interests transferred in a bond for deed, contract for decd, installment sales contract or escrow agreement, the intent of which Is the transfer of title by Borrower at a future date to a purchaser. If all or any part of the Property or any Interest in the is sold or transferred (or if Borrower is not a natural person and a beneficial interest �rrrrower is sold or transferred) without Lender's prior written consent. Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is st hibited b Applicable Law. Lender also shall not exercise 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 hnpaired by the loan assumption and that the risk of a breach of any covenant or agreement in this Security Instrument is acceptable to Lender. To the extent permitted by Applicable Law, Lender may charge a reasonable fee as a condition to Lender's consent to the loan assumption. Lender also may require the transferee to , sign an assumption agreement that is acceptable to Lender and that obligates the transferee to ! keep all the promises and agreements made in the Note and in this Security Instrument. Borrower will continue to be obligated under the Note and this Security Instrument unless Lender releases Borrower in writing. If Lender exercises the option to require Immediate payrxrent in full, Lextder shall ive ! Borrower notice of acceleration. The notice shall provide a penod of not less than 30 days! m the date the notice is given in accordance with Section 15 within which Borrower must p all 8480254 (0104) Pape 3 of 4 Form 4008 4 01 LiDat1 No- 121760344 14AC-