Common use of Redemption Period Clause in Contracts

Redemption Period. It is agreed that if this Security Instrument covers less than 10 acres of land, and in the event of the foreclosure of this Security Instrument and sale of the Property by sheriff’s sale in such foreclosure proceedings, the time of one year for redemption from said sale provided by the statutes of the State of Iowa shall be reduced to six months, or reduced to three months if the Property is not used for an agricultural purpose as defined in Iowa Code section 535.13, provided the Lender in such action files an election to waive any deficiency judgment against Borrower which may arise out of the foreclosure proceedings; all to be consistent with the provisions of chapter 628 of the Iowa Code. If the redemption period is so reduced, for the first two months after sale such right of redemption will be exclusive to the Borrower, and the time periods in sections 628.5, 628.15 and 628.16 of the Iowa Code will be reduced to three months. It is further agreed that the period of redemption after a foreclosure of this Security Instrument will be reduced to 60 days if all of the following three contingencies develop: (a) the Property is less than 10 acres in size; (b) the court finds affirmatively that the Property has been abandoned by the owners and those persons personally liable under this Security Instrument at the time of such foreclosure; and (c) Lender in such action files an election to waive any deficiency judgment against Borrower or their successors in interest in such action. If the redemption period is so reduced, Borrower or their successors in interest or the owner will have the exclusive right to redeem for the first 30 days after such sale, and the time periods provided for redemption by creditors as provided in sections 628.5, 628.15 and 628.16 of the Iowa Code will be reduced to 40 days. Entry of appearance by pleading or docket entry by or on behalf of Borrower will be a presumption that the Property is not abandoned. Any such redemption period will be consistent with all of the provisions of chapter 628 of the Iowa Code. This Section is not to be construed to limit or otherwise affect any other redemption provisions contained in chapter 628 of the Iowa Code. It is further agreed, pursuant to Iowa Code section 654.20 as now enacted or hereafter modified, amended, or replaced, the Lender may elect to foreclose without redemption. IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS SECURITY INSTRUMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS SECURITY INSTRUMENT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS SECURITY INSTRUMENT ONLY BY ANOTHER WRITTEN AGREEMENT. BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider signed by Xxxxxxxx and recorded with it. Witnesses: _________________________________ ______________________________ (Seal) - Borrower _________________________________ ______________________________ (Seal) - Borrower _______________________ [Space Below This Line For Acknowledgment] ______________________ IOWA--Single Family--Xxxxxx Xxx/Freddie Mac UNIFORM INSTRUMENT Form 3016 07/2021

Redemption Period. It is agreed that if this Security Instrument covers less than 10 acres of land, and in the event of the foreclosure of this Security Instrument and sale of the Property by sheriff’s sale in such foreclosure proceedings, the time of one year for redemption from said sale provided by the statutes of the State of Iowa shall be reduced to six months, or reduced to three months if the Property is not used for an agricultural purpose as defined in Iowa Code section 535.13, provided the Lender in such action files an election to waive any deficiency judgment against Borrower which may arise out of the foreclosure proceedings; all to be consistent with the provisions of chapter 628 of the Iowa Code. If the redemption period is so reduced, for the first two months after sale such right of redemption will be exclusive to the Borrower, and the time periods in sections 628.5, 628.15 and 628.16 of the Iowa Code will be reduced to three months. It is further agreed that the period of redemption after a foreclosure of this Security Instrument will be reduced to 60 days if all of the following three contingencies develop: (a) the Property is less than 10 acres in size; (b) the court finds affirmatively that the Property has been abandoned by the owners and those persons personally liable under this Security Instrument at the time of such foreclosure; and (c) Lender in such action files an election to waive any deficiency judgment against Borrower or their successors in interest in such action. If the redemption period is so reduced, Borrower or their successors in interest or the owner will have the exclusive right to redeem for the first 30 days after such sale, and the time periods provided for redemption by creditors as provided in sections 628.5, 628.15 and 628.16 of the Iowa Code will be reduced to 40 days. Entry of appearance by pleading or docket entry by or on behalf of Borrower will be a presumption that the Property is not abandoned. Any such redemption period will be consistent with all of the provisions of chapter 628 of the Iowa Code. This Section is not to be construed to limit or otherwise affect any other redemption provisions contained in chapter 628 of the Iowa Code. It is further agreed, pursuant to Iowa Code section 654.20 as now enacted or hereafter modified, amended, or replaced, the Lender may elect to foreclose without redemption. IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS SECURITY INSTRUMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS SECURITY INSTRUMENT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS SECURITY INSTRUMENT ONLY BY ANOTHER WRITTEN AGREEMENT. BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider signed by Xxxxxxxx and recorded with it. Witnesses: _________________________________ ______________________________ (Seal) - Borrower _________________________________ ______________________________ (Seal) - Borrower _______________________ [Space Below This Line For Acknowledgment] ______________________ IOWA--Single Family--Xxxxxx Xxx/Freddie Mac UNIFORM INSTRUMENT Form 3016 07/2021.

Redemption Period. It is agreed that if this Security Instrument covers less than 10 acres of land, and in the event of the foreclosure of this Security Instrument and sale of the Property by sheriff’s sale in such foreclosure proceedings, the time of one year for redemption from said sale provided by the statutes of the State of Iowa shall be reduced to six months, or reduced to three months if the Property is not used for an agricultural purpose as defined in Iowa Code section 535.13, provided the Lender in such action files an election to waive any deficiency judgment against Borrower which may arise out of the foreclosure proceedings; all to be consistent with the provisions of chapter 628 of the Iowa Code. If the redemption period is so reduced, for the first two months after sale such right of redemption will be exclusive to the Borrower, and the time periods in sections 628.5, 628.15 and 628.16 of the Iowa Code will be reduced to three months. It is further agreed that the period of redemption after a foreclosure of this Security Instrument will be reduced to 60 days if all of the following three contingencies develop: (a) the Property is less than 10 acres in size; (b) the court finds affirmatively that the Property has been abandoned by the owners and those persons personally liable under this Security Instrument at the time of such foreclosure; and (c) Lender in such action files an election to waive any deficiency judgment against Borrower or their successors in interest in such action. If the redemption period is so reduced, Borrower or their successors in interest or the owner will have the exclusive right to redeem for the first 30 days after such sale, and the time periods provided for redemption by creditors as provided in sections 628.5, 628.15 and 628.16 of the Iowa Code will be reduced to 40 days. Entry of appearance by pleading or docket entry by or on behalf of Borrower will be a presumption that the Property is not abandoned. Any such redemption period will be consistent with all of the provisions of chapter 628 of the Iowa Code. This Section is not to be construed to limit or otherwise affect any other redemption provisions contained in chapter 628 of the Iowa Code. It is further agreed, pursuant to Iowa Code section 654.20 as now enacted or hereafter modified, amended, or replaced, the Lender may elect to foreclose without redemption. IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS SECURITY INSTRUMENT SHOULD BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS SECURITY INSTRUMENT MAY BE LEGALLY ENFORCED. YOU MAY CHANGE THE TERMS OF THIS SECURITY INSTRUMENT ONLY BY ANOTHER WRITTEN AGREEMENT. BY SIGNING XXXXX, Xxxxxxxx accepts and agrees to the terms and covenants contained in this Security Instrument and in any Rider signed by Xxxxxxxx and recorded with it. Witnesses: _________________________________ ______________________________ (Seal) - Borrower -Borrower _________________________________ ______________________________ (Seal) - Borrower _____-Borrower __________________ [Space Below This Line For Acknowledgment] ______________________ IOWA--Single Family--Xxxxxx Xxx/Freddie Mac UNIFORM INSTRUMENT Form 3016 07/2021