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200605535
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Last modified
6/20/2006 3:50:57 PM
Creation date
6/20/2006 3:50:55 PM
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DEEDS
Inst Number
200605535
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<br />200605535 <br /> <br />B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER <br />Uniform Covenant 18 of the Security Instrument is amended to read as follows: <br /> <br />Transfer of the Property or a Beneficial Interest In Borrower. As used in <br />this Section 18, "Interest in the Property" means any legal or beneficial interest in <br />the 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 /> <br />If all or any part of the Property or any Interest in the Property is sold or <br />transferred (or if a Borrower is not a natural person and a beneficial interest in <br />Borrower is sold or transferred) without Lender's prior written consent, Lender may <br />require immediate payment in full of all sums secured by this Security Instrument. <br />However, this option shall not be exercised by Lender if such exercise is prohibited <br />by Applicable Law. Lender also shall not exercise this option if: (a) Borrower <br />causes to be submitted to Lender information required by Lender to evaluate the <br />intended transferee as if a new loan were being made to the transferee; and (b) <br />Lender reasonably determines that Lender's security will not be impaired by the <br />loan assumption and that the risk of a breach of any covenant or agreement in this <br />Security Instrument is acceptable to Lender. <br /> <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 also may <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 />obligated under the Note and this Security Instrument unless Lender releases <br />Borrower in writing. <br /> <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 with Section 15 <br />within which Borrower must pay all sums secured by this Security Instrument. If <br />Borrower fails to pay these sums prior to the expiration of this period, Lender may <br />invoke any remedies permitted by this Security Instrument without further notice or <br />demand on Borrower. <br /> <br /><D-899R (0402) <br />(!> <br /> <br />Page 4 of 5 <br /> <br />Inilial~ <br /> <br />~....~ t-- <br />
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