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<br />ASSUMPTION RIDER <br /> <br />88- 103062 <br /> <br />THIS ASSUMPTION RIDER i8 _de this 13t.h day of .Tun.. . 19~. and <br />i8 incorporated into and shall be deemed to amend and supplement the Mortgage, Deed <br />of Trust or Security Deed (the "Security Instrument") of the same date given by the <br />undersigned (the "Borrower'") to secure Borrowers"s Adjustable Rate Note (the '"Note") <br />to catmerci,al Federal Mort9aae Corporation (the "Lflnder") of the same date <br />and covering the property described in the Security Instrument and located at: <br />4703 [)eva Dr. ~and TA1.lnn. I\1F. FiRROl <br />'(Property Address) <br /> <br />E~cept as provided in paragraph (D) of this Rider. Uniform Covenant 11 of the <br />Security In.tru.ent is amended hereby as follows: <br /> <br />(A) CONDITIONS OF ASSUMPTION <br /> <br />Should Borrower decide to sell all or part of the PROPERTY. Lender shall permit <br />an a..uaption of this loan under the following conditions: <br /> <br />1. The loan is in either the one-year adjustable rate mode or three year fixed <br />rate IIOde. <br /> <br />2. The person to whom tbe property is to be sold or transfertad has credit and <br />income verified to the satisfaction of the Lender. <br /> <br />3. Lender receives an assumption fee of 2 percent of the outstanding principal <br />balance. <br /> <br />(B) EXTENS ION OF TERM <br /> <br />I~ conditions in paragraph (A) above have been satisfied. the Borrower has the <br />option of extending the re..ining tera of the loan a maximum of ten years. provided <br />that by such an extension, the remaining term of the loan does not exceed the length <br />of the original tera. The extension of term provision is available only to the first <br />asswaptor. <br /> <br />(C) ADDITIONAL ADVANCES <br /> <br />If conditions in paragrapb (A) above. bave been satisfied, Lender will permit <br />additional advances to the assumptor not to exceed 30 percent of the original amount <br />of the note. providing said advances together with the outstanding principal amount <br />of indebtednes.. do not exceed 90 percent of the property value as determined by tbe <br />current appraised v~lue. Such advances, with interest thereon. sball be secured by <br />this security instru.ent when evidenced by promissory notes stating that said notes <br />are secured hereby. Tbe additional advance option is available only to the first <br />aS8u_ptor. <br /> <br />(D) TERMINATION OF ASSUMPTION OPTION <br /> <br />This asswaption option will terminate if the Borrower has converted tbe interest <br />rate on the note secured hereby to a permanent fixed interest rate loan. <br /> <br />Transfer of Property!AssUllption provisions included in Uniform Covenant 17 of <br />the Security Instrument will be in effect if the assumption option 1s terminated as <br />provided 1n this paralTaph. <br /> <br />Witness the Hand(s) <br /> <br />U;/;3/Mt- <br />Date <br /> <br />t,/I.3/ f~- <br />, I Date <br /> <br />and Seales) of the Undersigned. <br /> <br />/y//' ?J. ~r'-V <br />-=b~. L ,~. <br />'-. <br /> <br />(Seal) <br />Borrower <br /> <br />(Seal) <br />Borrower <br /> <br />Date <br /> <br />(Seal) <br />Borrower <br /> <br />TMC-203 <br />NEW 9/23/87 <br />