200706625 - Laserfiche WebLink

Browse

200706625 B. TRANSFER a= THE PROPERTY OR A BENEFCIAL INTEREST N BORROIVER Section 18 of the Security Instrument is 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 deed, installment sales contract or escrow agreement, the intent of whic h 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 Property is sold or transferred (or if Borrowe r is not a natural person and a beneficial interest in Borrowe r is sold or transferred) wit hout Lender's prior wr itten 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 prohibited by Applicable Law. Lender also shall not exercise this opt ion if: (a) Borrowe r causes to be submit ted 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 wi II not be impaired 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 condit ion to Lender's consent to the loan assumpt ion. Lender may also require the transferee to sign an assumpt ion 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 I nst rument unless Lender releases Borrowe r in wr it ing. If Lender exercises the option to require immediate payment in full, 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 given in accordance wit h Section 15 wit hin whic h Borrowe r must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument wit hout further notice or demand on Borrower. 0110269593 .-821R (0402).01 (&) Page 3 of 4 Initials:~ Form 3108 1/01