84002199 - Laserfiche WebLink

Browse

84`"" 002199 E. TRANSFER OF PROPERTY; ASSUMPTION The following Paragraph 24 is hereby adopted: 24. Transfer of Property; Assumption. Notwithstanding the provisions of Paragraph 17 hereof, Lender shall waive its option to accelerate under Paragraph 17 if (1) prior to such sale or transfev,• Borrower notifies Lender of the proposed transaction and sass that Lendar:`A given any information it may request in order to evaluate the person to,. MIWYI[. the Property is being sold or transferred, (2) Lender detsrminas, In its,-* discretion, that assumption of the loan by the proposed puyd "" 1fi' transferree will meet standards of creditworthiness and security which smelt acceptable to it, which standards shall, insofar as may be practical, be -tWt same underwriting standards as are then applied by Lender in, ccamactiom wi *ti making a new loan, (3) the person to whom the Property is to be old oat transferred executes a written assumption agreement accepted in writidjg 6 Lender, agrees to pay an assumption fee which shall be equal. to the a origination, discount and other fees, charges and processing costa, tbss "i; ' charged by Lender on similar new loans, and agrees to an- applicable maximum interest rates as provided below, and (4) no oth4s "de%i1t exist under the Security Instrument or the Note. This Paragraph 24 shall only apply to a sale or transfer constpsrated= pr4s�d ! «' conversion of the loan to fixed interest rate and payment under Par*V,, the Note. Upon an election of Borrower to convert to a fined late ' payment, the provisions of this Paragraph 24 shall terminate and shall force and and effect on any sale or transfer consummated thereafter. Tba interest rate provided in Paragraph 4(b) of the Note shall be lncrsesed liy, percent, consecutively, for each assumption pursuant to this Faragr ph 2$r. Any such increase will he effective on the first Change Bate folloulv#: Lender's offer to approve the assumption if such transaction is thereafter- consummated. By signing this, Borrower agrees to all of the above. .'ane'1le V. Knudsen (BOtrOwa!) (Borrower) TMC -029 (qc) (Page 2) Rev 2;84 (CAP 5)