HomeMy WebLinkAbout899979WHEN RECORDED RETURN TO:
WELLS FARGO HOME MORTGAGE
3601 NIlNNESOTA DRIVE
B[,OONIINGTON. MN 55435-5~.fl0
899979
RECEIVED
LINOC'[ l"; CntJ,lT',' ..,LERh
,MODIFICATION AGREEMENT
THIS NOTE CONTAINS PRO~ISIONS ALLOWING FOR CHANGES IN MY INTEREST RATE AND MY
MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY INTEREST RATE CAN CHANGE AT
ANY ONE TIME AND THE MAXIMUM RATE I MUST PAY.
THE STATE OF WYOMING
COUNTY OF LINCOLN
KNOW ALL MEN BY THESE PRESENTS:
Recitals
Reference is hereby ~nade to that one certain Promissory Note (the "Note") dated
October 10, 2003 , , n the original 'principal sum of ~, 137,000.00
executed by DAVID J. WEDEL .M',TD MARY C. WEDEL , HUSBAND AND WIFE
herein referred to as "BorroweE whether one or more), payable to the order of
WELLS FARGO BANK, N.A. ~uccessor by merger to Wells Farfo Horn Mortgage, Inc.
("Lender"), and said Note being secured by, among other
instruments, that certain Deed cf Trust, Mortgage or Security Deed (the "Security Instrument") of
even date therewith duly recorc,:ed October 16, 2003¢~,, , in the Real Property Records of
LINCOLN County, WYOMZ~G , the above said instruments concerning
encumbering and creating liens a;gains~ the following described property (the "Proper{y"), to wit:
0033430687
MullilStale Modificanon [o Arm Loan With No Corvers~on Option
Requl~es new T.I.L and PIogram Disclosure
Attach Completed ARM Rider as Exhibit "Fl"
NMFL~ 29Fl2 12/00 P~ge 1 of 8
~,u,~ Instnmmmt# 894651 book# 5!}9 ,page~ 253
See Exhibit "A" attached hereto and made a par! hereof for all purposes and being the
same property located i~t
55 WEST FOREST DRIVE, TI-[AYNE, W-Y 83127
WITNESSETH
WHEREAS, Borrowe" how desires to modify the Note and ratify said liens against the
property; and
WHEREAS, Lender; :he legal owner and holder of said Note and liens securing same, in
consideration of the premises End at the request of the Bor¢ower has agreed to modify the Note as
hereinafter provided; and
WHEREAS, the Borr¢iwgr, in consideration of the modification of the Note as hereinafter set
forth by the legal owner anc~ holder thereof, has agreed to ratify said Note and indebtedness
evidenced thereby and'reconfirm Borrower's unconditional promise to pay to the order of
WELLS FARGO BANK, N.A.
at its offices at 503060304
P.O. BOX 10304, DES , o,' at such other places as the holder of said Note may designate in
writing, the principal sum of ONE HUNDRED FORTY FTVE THOUSAND AND 00/100
($ ***145,000.00 ~ or so much thereof as may have been or may be advanced under
the Note, together with interest thereon al the rates herein provided, in accordance with the terms
thereof and hereof from and after the effective date of this Agreement until maturity.
NOW, THEREFORE, m consideration of the foregoing, the parties hereto agree that the Note
and Security Instrument are hereby renewed, extended and/or modified, as follows:
I. Items 1 through 11 below shall, as applicable, amend, modify and replace those items in the Note
1. BORROWER'S PROMISE TO PAY
In return for a loan that I have received, I promise to pay U.S. $ **,145,000.00 (this
amount is called "Principal";, '~lus interest, to the order of the Lender. The Lender is
WELLS FARGO BANK, N.A.~
I will make all payments under this Note in the form of cash, check or money order.
I understand that the Lender may transfer this Note The Lender or anyone who takes this Note by
transfer and who is entitled t~ r~ceive payments under this Note is called the "Note Holder."
2. INTEREST
Interest will be charged on Jnpaid principal until the full amount of principal has been paid. I will
pay interest at a yearly tale ~f 4.250 %. The interest rate I will pay will change in
accordance with Section 4 of this Note.
The interest rate required by tills Section 2 and Section 4 of this Note is the rate I will pay both
before and after any default ~escribed in Section 7(B) of this Note.
3. PAYMENTS
{A) Time and Place of Paymenls
I will pay principal and ~ntersst 3y making a payment every month.
I will make my monthly payment on the first day of each month beginning on JULY 01
2004 I will make these 2a~,'ments every month until I have paid all of the principal and interest
and any other charges describee below that I may owe under this Note. Each monthly payment will
be applied to interest before principal. If, onJUNE 01 , 2034, I still owe amount~ under this
Note, I will pay those amourts~n ful on that date, which is called the "Maturity Dat~"~ ~
NMFL# 2982 12/00
'..'-.-088
I will make my monthly payments at WELLS FARGO HOME MORTGAGE,
DES MOINES, IA 503060]0'4
or at a different place if require,J by the Note Holder.
P.O. BOX 10304,
(B) Amount of My Initial Molathly Payments
Each of my initial monthly payments will be in the amount of U.S.$ *******'713.31 . This
amount may change.
(C) Monthly Payment Changers
Changes in my monthly payment will reflect changes in the unpaid principal of my loan and in the
nterest rate that I must pay. The Note Holder wil determine my new interest rate and the changed
amount of my monthly paymant in accordance with Section 4 of this Note.
4. INTEREST RATE AND MONTHLY PAYMENT CHANGES
(A) Change Dates
The interest rate I will pay may change on the first day of JUNE , 2011, and on that
day every 12th month thereaf:er. Each date on which my interest rate could change is called a
"Change Date".
(B) The Index
Beginning with the first Change Date, my interest rate will be based on an Index. The "Index" is the
weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year,
as made available by the Fedelal Reserve Board. The most recent Index figure available as of the
date 45 days before each Chan!.~e Date is called the "Current Index".
If the Index s no onger aw]liable, the Note Holder will choose a new index that is based upon
comparable information. The Note Holder will give me notice of this choice.
(C) Calculation of Changes
Before each Change Date, th~~, Note Holder will calculate my new interest rate by adding TWO AND
THREE-QUARTERS percentage ooints ( 2.750 %) to the Current Index. The Note Holder
will then round the result ,)f this addition to the nearest one-eighth of one percentage point
(0.125%). Subject to the liniitS stated in Section 4(D) below, this rounded amount will be my new
interest rate until the 'next Change Date.The Note Holder will then determine the amount of the
monthly payment that would ba sufficient to repay the unpaid principal that I am expected to owe
at the Change Date in full on the Maturity Date at my new interest rate in substantially equal
payments. The result of this. c~lculation will be the new amount of my monthly payment.
(D) Limits on Interest Rate char, ges
The interest rate I am required to pay at the first Change Date will' not be greater than
9.250 % or less than. 2.750 %. Thereafter, my interest rate will never be
increased or decreaSed on any single Change Date by more than TWO
percentage point(s) ( 2. 000! %) from the rate of interest I have been paying for the preceding
12 months. My interest rate ~vi~l never be greater than 9.250 %.
(E) Effective Date of Change.,:
My new interest rate will be(iome effective on each Change Date. I will pay the amount of my new
monthly payment beginning.on the first monthly payment date after the Change Date until the
amount of my monthly paym~nt changes again.
(F) Notice o'f Changes .~
The Note Holder will deliver'or mail to me a notice of any changes in my interest rate and the
amount of my monthly payrhent before the effective date of any change. The notice will include
information required by law :to be given me and also the title and telephone number of a person
who will answer any quest o:~ , may have regarding the notice. I~1 I, ~/~7
080
5. BORROWER'S RIGHT TO PFIEPAY
I have the right to make payments of Principal at any time before they are due. A payment of
Principal only is known as a "Prepayment". When I make a Prepayment, I will tell the Note Holder
in writing that I am doing so. may not designate a payment as a Prepayment if I have not made
all the monthly payments due u~nder the Note.
I may make a full Prepayment,~,r partial Prepayments without paying a Prepayment charge. The
Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note.
However, the Note Holder ma,/ apply my Prepayment to the accrued an(~ unpaid interest on the
Prepayment amount, before ap~ ying my Prepayment to reduce the Prinicpal amount of the Note.
If I make a partia Prepayment, there will be no changes n the due dates of my monthly payment
unless the Note Holder agrees :n'.writing to those changes. My partial Prepayment may reduce the
amount of my monthly paym~.~n'ts after the first Change Date following my partial Prepayment.
However, any reduction due to my partial Prepayment may be offset by an interest rate increase.
6. LOAN CHARGES
If a law, which applies to this Io~n and which sets maximum loan charges, is finally interpreted so
that the interest or other loan charges collected or to be collected n connection with this loan
exceed the permitted limits, tb~n: (a) any such loan charge shall be reduced by the amount
necessary to reduce the charge: ':o the permitted limit; and (b) any sums already collected from me
which exceeded permitted limit.; will be refunded to me. The Note Holder may choose to make this
refund by reducing the Principa I owe under this Note or by making a direct payment to me. If a
refund reduces Principal, the re;luction wil be treatec~ as partial Prepayment.
7. BORROWER'S FAILURE TO PAY AS REQUIRED
{A) Late Charges for Overdue Payments
If the Note Holder has not received the full amount of any monthly payment by the end of
15 calendar days after the date it is due, I wil paya late charge to the Note Holder.
The amount of the charge will ,be 5.0000 % of my overdue paymenz of principal and interest. I
will pay this late charge promptly but only once on each late payment.
(B) Default
If I do not pay the full amount bf each monthly payment on the date it is due, I will be in default.
(C) Notice of Default
If I am in default, the Note Hol~d~,r may send me a written notice telling me that if I do not pay the
overdue amount by a certain date, the Note Holder may require me to pay immediately the full
amount of principal that has not been paid and all the interest that I owe on that amount. That date
taus{ be at least 30 days after t.~e date on which the notice is mailed to me or delivered by other
means.
(D) No Waiver By Note Holder
Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in
full as described above, the Not~ Holder will still have the right to do so if I am in default at a later
time.
{E) Payment of Note Holder's Costs and Expenses
If the Note Holder has required me to pay immediately in full as described above, the Note Holder
will have the right to be pai(~ back by me for al of its costs and expenses in enforcing this Note to
the extent not prohibited by ai3plicable law. Those expenses include, for example, reasonable
attorney's fees.
NMFL# 2982 12/O0
Inilials
8. GIVING OF NOTICES
Unless applicable law requ~re:i a different method, any notice that must be g~ven to me under this
Note will be g~ven by delivering., it or by mailing it by first class mail to me at the Property Address
above or at a different address if I give the Note Holder a notice of my different address.
Any notice that must be giveh!to the Note Holder under this Note will be given by delivering it or
by mailing it by first class ma~,l to the Note Holder at the address stated in Section 3(A) above or at
a different address if I am giw.~n a notice of that different address.
9. OBLIGATIONS OF PERSO/JS UNDER THIS NOTE
If more than one person sign?, this Note, each person is fully and personally obligated to keep all of
the promises made in this Note, including the promise to pay the full amount owed. Any person
who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person
who takes over these obligations, including the obligations of a guarantor, surety or endorser of
this Note, is also obligated 't.~ keep all of the promises made in this Note. The Note Holder may
enforce its rights under this kote against each person individually or against all of us together. This
means that any one of us may be required to pay all of the amounts owed under this Note.
10. WAIVERS
I and any other person who ,nas obligations under this Note waive the rights of Presentment, and
Notice of Dishonor. "Present~rient, means the right to require the Note Holder to demand payment
of amounts due. "Notice of E;ishonor" means the right to require the Note Holder to give notice to
other persons that amounts d',J,~ have not been paid.
11. UNIFORM SECURED NOTE
This Note is a uniforr~ instrument with limited variations in some jurisdictions. In addition to the
protections given to the Note!, Holder under this Note, a Mortgage, Deed of Trust or Security Deed
(the "Security Instrument"), idated the same date as this Note, protects the Note Holder from
possible losses which might ,result if I do not keep the promises that I make in this Note. That
Security Instrument describes how and under what conditions I may be required to make immediate
payment in full of all amounts I owe under this Note. Some of those conditions are described as
follows: ,~
If all or any part of tf~e Property or any Interest in the Property is sold or transferred (or if
Borrower is not a natural per.';on and a beneficial interest in Borrower is sold or transferred) without
Lender's prior written consent., Lender may require immediate payment in full of all sums secured
by this Security Instrument. Fowever, this option shall not be exercised by Lender if such exercise
is prohibited by Applicable LaW. Lender also shall not exercise this option if: (a) Borrower causes
to be submitted to Lender info~'mation required by Lender to evaluate the intended transferee as if a
new loan were being made 1'oi the transferee; and (b) Lender reasonably determines that Lender's
security will not be impaired b'y 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 permkt,~d by Applicable Law, Lender may charge a reasonable fee as a
condition to Lender's consePt!to the loan assumption. Lender may also require the transferee to
sign an assumption agreemert!that is acceptable to Lender and that obligates the transferee to keep
alt the promises and agreem~;nts made in the Note and in this Security Instrument. Borrower will
continue to be obligated unc~er the Note and this Security Instrument unless Lender releases
Borrower in writing.
NMFL# 2982 t2/O0
Initials
Page 5 of 8
If Lender exercises the option to require immediate payment in full, Lender shal give
Borrower notice of acceleratio'q. The notice shall provide a period of not less than 30 days from
the date the notice is given in accordance with Section 15 within which Borrower must pay all
sums secured by this Securi'ty Instrument. I.f Borrower fails to pay these sums prior to the
expiration of this period, Lena'er may invoke any remedies permitted by this Security Instrument
without further notice or demand on Borrower.
(Check and Complete if Appl. icable):
II. The Security Ir;st'rument shall be and hereby is amended as follows:
(A) Reference to t.ae maturity date of the debt secured by the Security Instrument is
changed from to
,lu'Ly 10, 2004 Jtme 1, 2034
(B) The Adjustablii: Rate Rider attached hereto as Exhibit "B" is hereby incorporated
into and made a 3art of the Security Instrument.
Further, it is expressly acjreed that for and in consideration of this
Modification Acjr,~ement, Borrower hereby releases and forever dischar§es Lender
and its officer,,';, directors, counsel, employees, agents, predecessors, successors,
and assigns fror~ all causes of action, claims, rights, and controversies, known or
unknown, whkh Borrower had, now has, or may hereafter acquire which
relate to, are based on, arise out of, or are in any way connected with any acts of Lender or its
above affiliates occurring prior to the execution of this A§reement and relating in any manner to the
above described Note or SecuLitV Instrument or the Property described herein or therein. This is a
general release of all possible cla'ms and causes of action of every kind and character related to the
above described subject matter and is to beinterpreted liberally to effectuate maximum protection of
Lender and its above affiliates.
The Borrower hereby raft,ties Lender's liens and/or security interests against the Property until
the Note as so hereby modified has been ful y paid, and agrees that this renewal, extension and/or
modification shall in no manner affect or impair the Note or the liens and/or security interests
securing same and that said lien,.; and/or security interests shall not in any manner be waived, but
are acknowledged by Borrower [o be valid and subsisting, the purpose of this instrument being
s~mply to modify the Security Instrument and the time and manner of payments of the Note and
ratify all liens and/or security interest securing same, and the Borrower further agrees that all terms
and provisions of the Note, the} Security Instrument and the other instruments creating or fixing the
liens and/or security interest securing same shall be and remain 'n full force and effect as therein
written, except as otherwise expressly provided herein.
A breach or other default of any of the terms of this Agreement by Borrower shall constitute
a breach or default under the 'Note and Security Instrument, and Lender shall thereupon have the
nght to seek al remedied availabl~to it under the aforesaid loan instruments.
Borrower covenants and agrees that the rights and remedies of the Lender under this
Agreement are cumulative of, are not in lieu of but are in addition to, and their exercise or the
failure to exercise them shall not constitute a waiver of, any other rights and remedies which
Lender shall have under the Note or the Security Instrument
It is agreed that time
Agreement.
NMFL# 2982 12/00
arid the unimpaired
security of
Lender are the essence of this
_~V~ J~)~{~ Page § of 8
Initial~
09°
Borrower covenants and ~'grees that this Agreement represents-the final agreement between
Borrower and Lender relating to the above described subject matter and may not be contradicted by
evidence of prior, 'contemporaneous or subsequent oral agreements of the parties hereto. Except as
expressly provided herein, the Loan and all instruments evidencing and securing same shal remain
unaffected, unchanged and unimpaired. In the event of a conflic! between the terms of the Note or
this Agreement, the terms hereof shall be controlling. By entering into this Agreement, the parties
have no intention whatsoever.to extinguish or discharge the indebtedness or liens and/or security
interesfs evidenced by the Ioaq instruments or to effect any novation. Borrower further covenants
and agrees that there are no ur written oral agreements between the parties hereto relating to the
DAVID J ~,DEL · , /1
(SEAL) (SEAL}
above described subject matte,'.
EXECUTED this the 4TH
(SEAL) (SEAL)
ACCEPTE~ AND AGBEED TO ,B'/' THE OWNER AND HOLDER OF SAID NOTE:
t~,'~/ WITNESS
Name: Pemny Oronsky ( ~ ~ ~,~~
Title: VP Loan Docmmntation ~ Erin Bernhard
NMFL# 2982 12/00
~lni~ Page 7 ot 8
CALIFORNIA ALL.PURPOSI~ ACKNOWLEDGMENT
OSo
State of California
County of Sac:ramento
SS.
On June 2, 200~ before me
Dale
personally appeared penny
~- ~ JCommis~ii,~n # 1340135 [
Dana Burrc~ Notary PubLic
Name and l~lte el Olhcer (eg., "Jane Doe. Nota~/Public")
Name(s) el Signe,(s)
~ personally known to me
[] proved ~o me on the basis of satisfactory
evidence
to be lhe person(s) whose name(s) is/are
subscribed to the within instrument and
acknowledged to me that he/she/they executed
the same in his/her/their authorized
capacity(les), and that by his/her/their
signature(s) on the instrument the person(s), or
the entity upon behalf of which the person(s)
acted, executed the instrument.
WII~SS my hand and
Slgnalu,'e ol Nolary Public
OPTIONAL
Though Ihe information below is not r~ quired by law, it may prove valuable to persons relyin9 on the document and could prevent
fraudulet t ,'emoval and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document: ~ixiification Agrc:~mnt
Document Date:
Signer(s) Other Than Named Aoove:
Number of Pages:
Capacity(les) Claimed by Signer
Signer's Name: Penny 0rons~y
[] Individual
1~ Corporate Officer -- Title(s):.. _ Loan Document, alien
[] Partner --[] Limited [] Genera
[] Attorney-in-Fact
[3 Trustee
[] Guardian or Conservator
[] Other:
Signer Is Representing:__
999 National Notary Association · 9350 De Solo Ave., P.O. Bol,( 2 ~02, Chalswodh, CA 9~3~3-2402 · www.nalionalnmaqc,mg
Prod. NO. 5907
fleer'der: Call Toll-Free (-800-876 6827
'T~TATE OF WYOMING
BEFORR~~E, the undersigned,, authority onl.n~this day personally appeared
of ~ to me to be the person whose name is
subscribed to the foregoing instrument an_..~nowledged tome that he executed the same for the
purposes and consideration th(':,rein e~ssed~erein stated, as the act and deed of
GIVEN UNDER ~ A~D SEAL OF OFFICE this the 4*H~JUN'E ,200't.
M~ssion Expires: I~tma;..y Public for the State
O~9~OMING
THE STATE OF ~ 13tfth
BEFORE ME, the unders}gned authority, on this day personally appeared
DAVID J. WEDEL ~ ~RY ,C. WEDEL
known to me to be the person(s) whose name(s) is/are subscribed to the foregoing instrument and
acknowledged to me that he/she/they executed the same for the purpose and consideration therein
expressed.
GIVEN UNDER MY HAND ANB,'SEAL OF OFFICE i~4TH..,.r dayof ~
My Commission Expires: Nota~/Public for the State of
NMFL# 2982 12/OO
~..~ '~fl) . Notary Public .
Y L;ommission P-xpires Feb. 14,' 2007
9311 S 2000 E, Sandy UT 84093
/004 .
~ Utah
FIXEI!)"/ADJUSTABLE RATE RIDER
(One-Year Treasury Index - Rate Caps)
THIS FIXED/ADJUST,alE LE RATE RIDER is made this 4TH day of Jt.m-E, 2004 ,
and is incorporated into and :;hall be deemed to amend and supplement the Mortgage, Deed of Trust, or
Security Deed (the "Security Instrument") of the same date given by the undersigned ("Borrower") to
secure Borrower's Fixed/Adjustable Rate Note (the "Note") to
WELLS FARGO BANK, N.A.
("Lender") of the same date aad covering the property described in the Security Instrument and located at:
55 WEST FOREST DRIVE~ THAYNE, WY 83127
[Property Address]
THE NOTE PROVIDES FOR A CHANGE IN BORROWER'S FIXED INTEREST
RATE TO AN ADJUSTABLE INTEREST RATE. THE NOTE LIMITS THE
AMOUNT BORROWER'S ADJUSTABLE INTEREST RATE CAN CHANGE AT
ANY ONE TIME AN[) THE MAXIMUM RATE BORROWER MUST PAY.
ADDITIONAL COVENANTS. In addition to the covenants and agree]nents made in the Security
Instrument, Borrower and Let, der further covenant and agree as follows:
A. ADJUSTABLE RATE AND MONTHLY PAYMENT CHANGES
The Note provides for ar' initial fixed interest rate of 4. 250 %. The Note also
provides for a change in the ir:.itial fixed rate to an adjustable interest rate, as follows:
4. ADJUSTABLE INTEREST RATE AND MONTHLY PAYMENT CHANGES
{A) Change Dates
The initial fixed i.nterest rate I will pay will change to an adjustable interest rate on the first day of
JUNE, 2011 , and the adjustable interest rate I will pay may change on that
day every 12th month thereafi:er. The date on which my initial fixed interest rate changes to an adjustable
interest rate, and each date on which my adjustable interest rate could change, is called a "Change Date."
0033430687
MULTISTATE FIXED/ADJUSTABLE RATE RIDER - ONE-YEAR TREASURY INDEX- Single Family -
Fannie Mae Uniform Instrument
096
(B) The Index
Beginning with the first Change Date, my adjustable interest rate will be based on an Index. The
"Index" is the weekly average yield on United States Treasury securities adjusted to a constant maturity of
one year, as made available by the Federal Reserve Board. The most recent Index figure available as of the
date 45 days before each Change Date is called the "Current Index."
If the Index is no longe; available, the Note Holder will choose a new index that is based upon
comparable information. The Note Holder will give me notice of this choice (C) Calculation of Changes
Before each Change Date, the Note Holder will calculate my new interest rate by adding
TWO AND THREE-QUARTERS percentage points
( 2. 750 %) to the Current Index. The Note Holder will then round the result of this
addition to the nearest one-eighlh of one percentage point (0.125%). Subject to the limits stated in Section
4(D) below, this rounded amount will be my new interest rate until the next Chm~ge Date.
The Note Holder will then determine the amount of the monthly payment that would be sufficient to
repay the unpaid principal that I am expected to owe at the Change Date in full on the Maturity Date at my
new interest rate in substantially equal payments. The result of this calculation will be the new amount of
my monthly payment.
(D) Limits on Interest Rate Changes
The interest rate I am required to pay at the first Change Date will not be greater than
9.250 % or less than 2,750 %. Thereafter, my adjustable interest
rate will never be increased or decreased on any single Change Date by more than two percentage points
from the rate of interest I haVe.been paying for the preceding 12 months. My interest rate will never be
greater than 9.250 %.
(E) Effective Date of Ch~anges
My new interest rate will become effective on each Change Date. I will pay the amount of my new
monthly payment beginning oa the first monthly payment date after the Change Date until the amount of
my monthly payment changes again. (F) Notice of Changes
The Note Holder will deliver or mail to me a notice of any changes in my initial fixed interest rate to
an adjustable interest rate and ,r' any changes in my adjustable interest rate before the effective date of any
change. The notice will include ;he amount of my monthly payment, any information required by law to be
given to me and also the title [tr'.d telephone number of a person who will answer any question I may have
regarding the notice.
B. TRANSFER OF THE PROPERTY OR A BENEFICIAL INTEREST IN BORROWER
1. Until Borrower's initial fixed interest rate changes to an adjustable interest rate under the terms
stated in Section A above, Uniform Covenant 18 of the Security Instrument shall read as follows:
Initials: .~~
(~843R (0006) Page 2 of 4 Form 3182 1101
,,Transfer of the Prape,r, ty 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 contrac: or escrow agreement, the intent of which is the transfer of title by
Borrower at a future dat.e~to a purchaser.
If all or any part o.f the Property or any Interest in the Property is sold or transferred (or if
Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred)
without Lender's prior written 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.
It' Lender exercises this option, Lender shall give Borrower notice of acceleration. The
notice shall provide a ->griod of not less than 30 days from the date the notice is given in
accordance with Section' 15 within which Borrower 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 peru-fitted by this Security Instrument without further notice or demand
on Borrower.
2. When Borrower's inifial fixed interest rate changes to an adjustable interest rate under the terms
stated in Section A above, Uniform Covenant 18 of the Security Instrument described in Section BI above
shall then cease to be in effec;:, and the provisions of Uniform Covenant 18 of the .Security Instrument shall
be 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 nm limited to, thosx beneficial interests transferred in a bond for deed, contract for deed,
installment sales contract or escrow agreement, the intent of which 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 Pro,,perty is sold or transferred (or if
Borrower is not a natural person and a beneficial interest in ~orrower is sold or transferred)
without Lender's prior written 'consent, Lender may require immediate payment in full of all
sums secured by this Sect:rity Instrument. However, this option shall not be exercised by Lender
if such exercise is proh~l:ited by Applicable Law. Lender also shall not exercise this option if:
(a) Borrower causes to 6e submitted 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 tAat Lender's security will 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
condition to Lender's cc, rsent to the loan assumption. Lender also may require the transferee to
sign an assumption 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 Instrument unless
Lender releases Borrower in writing.
If Lender exercises.the option to require ilmnediate payment in full, Lender shall give
Borrower notice of acce}eration The notice shall provide a period of not less than 30 days from
the date the notice is gigen in accordance with Section 15 within which Borrower must pay all
(~843R (0006) Page 3 of 4 Form 3182 1/01
sums secured by this ~';ecurity Instrument. If Borrower fails to pay these sums prior to the
expiration of this period, Lender may invoke any remedies pernfitted by this Security Instrument
withom further notice o:; demand on Borrower.
BY SIGNING BELOW, Borrow)fi]
Fixed/ justabl ateRider,~ ~ //
accepts and agrees to the terms and covenants contained in this
-Borrower bI~LRY , -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
(Seal) (Seal)
-Borrower -Borrower
(~843R (0006) Page 4 of 4 Form 3182 1/01