84002436 - Laserfiche WebLink

Browse

84--- 002436 r 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 transfer, Borl'ower notifies Lender of the proposed transaction and sees that Lender 'is given any information it may request in order to evaluate theperaon to whom the Property is being sold or transferred, (2) Lender deteraiines. in its sole discretion, that assumption of the loan by the proposed purchaser or transferree will meet standards of creditworthiness and security which are acceptable to it, which standards shall, inaofar as may be practical, be'the same underwriting standards as are then applied by Lender in connection with malting a new loan, (3) the person to whom the Property is .to be sold or transferred executes a written assumption agreement accepted in writitlg by' Lender. agrees to pay an assumption fee which shall be equal to tne origination, discount and other fees, charges and processing costathen.be,ing charged by Lender on similar new loans, and agrees to an inereaae' in any' applicable maximum interest rates as provided below, and (4) no otheTdefaulta exist under the Security Instrument or the Note. This Paragraph 24 shall only apply to a sale or transfer cona~ted"pr:l.Clt..,.tO\ converaion of the loan to fixed interest rate and payaent underParagraPll.L:of,.( the Note. Upon an election of Borrower to convert to a, fixedX'ar.e>alllb' payment, the provisions of this Paragraph 24 shall terminate-and"shai:Lha.vfi','!ioy- force and effect on any sale or transfer conau_ted thereafter; The,~t~!'! interest rate provided in Paragraph 4(b) of the Note shall be.incre&1J!t<l',;bY"'l',l percent, consecutively, for eacb assumption pursuant to this filragraph,' 2((,;' Any such increase will be effective on the first Change Date follClVLli.&:". Lender-s offer to approve the assumption if such transaction is tber.Gtet. conauaaated. I /f~A if ;5;/Yn4{8q~roMiiJ~'} By signing tbis, Borrower agrees to all of the above. /;bl_w1L;Jz~-~....,.!:>i>rL" (B(ll'~~~, Nlchael L. SlIall Lisa Ii:. Small --, ,"_-<C" fu TMC-<l29 (qe) (PaSit 2) Rev 2/84 (CAP 5)