Common use of Transfer of the Property; Assumption Clause in Contracts

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof.

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, or (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale (or lease with option to purchase) or transfer, Lender and the person to whom the Property is to be sold (or leased) or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this Paragraph 17paragraph 16, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with Paragraph paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 paragraph 17 hereof.

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and Lender, that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request, and that such person assumes all of the Borrower(s) obligations under the Note and this Mortgage (as so modified). If Lender has waived the option to accelerate provided in this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof.

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request, and the assumption fee set by Lender has been paid. If Lender has waived the option to accelerate provided in this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. Assumption of Borrower’s Mortgage and Note shall be permitted only with written approval of and at the sole discretion of Lender. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof.

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this MortgageDeed of Trust, Lender may, at Lender’s option, declare all the sums secured by this Mortgage Deed of Trust to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage Deed of Trust shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided 444120-3 (01.06.10) in this Paragraph 17, and if Borrower’s Borrower’s(s’) successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage Deed of Trust and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof.

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) without Lender’s prior written consent, excluding (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall requestrequest and any assumption fee set by Lender has been paid. If Lender has waived the option to accelerate provided in this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. Assumption of Borrower’s Mortgage and Note shall be permitted only with written approval of and at the sole discretion of Lender. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) notice of acceleration in accordance with Paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) days from the date the notice is mailed within which Borrower(s) may pay the sums declared due. If Borrower(s) fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s), invoke any remedies permitted by Paragraph 18 hereof.

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) Borrower without Lender’s prior written consent, excluding (a) a transfer by devise, descent decent or by operation of law upon the death of a joint tenant, (b) the creation of a purchase money security interest for household appliances, (c) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (cd) the creation of a lien or encumbrance subordinate to this MortgageDeed of Trust, Lender may, at Lender’s option, declare all the sums secured by this Mortgage Deed of Trust to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage Deed of Trust shall be at such rate as Lender shall request, and if the assumption fee set by Lender has been paid. If Lender has waived the option to accelerate provided in this Paragraph paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) Borrower from all obligations under this Mortgage Deed of Trust, and the Note. Assumption of Borrower’s Deed of Trust and Note shall be permitted only with written approval of, and at the sole discretion of Lender. If Lender exercises such option to accelerate, Lender Lender, shall mail Borrower(s) Borrower notice of acceleration in accordance with Paragraph paragraph 14 hereof. Such notice shall provide a period of not less than fifteen thirty (1530) days from the date the notice is mailed within which Borrower(s) Borrower may pay the sums declared due. If Borrower(s) Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s)Borrower, invoke any remedies permitted by Paragraph paragraph 18 hereof.

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) Borrower without Lender’s 's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant, tenant or (bd) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s 's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option options to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this Paragraph paragraph 17, and if Borrower’s 's successor in interest has executed a written assumption agreement agreement, accepted in writing by Lender, Lender shall release Borrower(s) Borrower from all obligations under this Mortgage and in the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) Borrower notice of acceleration in accordance with Paragraph paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) 30 days from the date the notice is mailed within which Borrower(s) Borrower may pay the sums declared due. If Borrower(s) Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s)Borrower, invoke any remedies permitted by Paragraph paragraph 18 hereof.. Non-Uniform Covenants. Borrower and Lender further covenant and agree as follows:

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) Borrower without Lender’s 's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant, tenant or (bd) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at Lender’s 's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this Paragraph paragraph 17, and if Borrower’s 's successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) Borrower notice of acceleration in accordance with Paragraph paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) 30 days from the date the notice is mailed within which Borrower(s) Borrower may pay the sums declared due. If Borrower(s) Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s)Borrower, invoke any remedies permitted by Paragraph paragraph 18 hereof.. NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold IF XXXXXXXX DOES NOT REMAIN THE OWNER-OCCUPANT OF THE PROPERTY OCCUPYING IT AS BORROWER’S PRIMARY RESIDENCE, OR IF ALL OR ANY PART OF THE PROPERTY OR AN INTEREST THEREIN IS RENTED, LEASED, SOLD, OR TRANSFERRED WITHOUT XXXXXX’S PRIOR WRITTEN CONSENT (or leased with an option to purchaseEXCLUDING THE EXCLUDED TRANSACTIONS) or transferred by Borrower(s) without Lender’s prior written consent, excluding XXXXXX MAY AT XXXXXX’S OPTION DECLARE ALL SUMS SECURED BY THIS MORTGAGE TO BE IMMEDIATELY DUE AND PAYABLE. Excluded Transactions are defined as (a) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (ci) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may(b) the creation of a purchase money security interest for household appliances, at Lender(c) a transfer by devise, descent, or by operation of law upon the death of joint tenants. In the event of Xxxxxxxx’s optiondeath during the Term, declare all the sums secured by Note and this Mortgage may be assumed, upon the written consent of Xxxxxx, by a Replacement Home program-eligible heir who will agree to be immediately due occupy the Property as its primary residence and payableassume the Note and this Mortgage (or a note and mortgage or other agreement imposing terms and conditions similar to those hereunder). If the Lender shall have waived such exercises its option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this Paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower(s) from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerateparagraph, then Lender shall mail Borrower(s) Borrower a notice of acceleration in accordance with Paragraph 14 hereof. Such acceleration, which notice shall provide a period of not less than fifteen (15) 30 days from the date the notice is mailed within which Borrower(s) Borrower may pay the sums declared due. If Borrower(s) Borrower fails to pay such sums prior to the expiration of before such periodperiod expires, Lender may, without further notice or demand on Borrower(s)Borrower, invoke any remedies permitted by Paragraph 18 hereofthe paragraph entitled “Acceleration and Remedies; Borrower Right to Reinstate” below.

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) Borrower without Lender’s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant, tenant or (bd) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, or (c) the creation of a lien or encumbrance subordinate to this Mortgage, Lender may, at LenderXxxxxx’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender Xxxxxx has waived the option to accelerate provided in this Paragraph paragraph 17, and if BorrowerXxxxxxxx’s successor in interest has executed a written assumption agreement accepted in writing by LenderXxxxxx, Lender Xxxxxx shall release Borrower(s) Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, accelerate Lender shall mail Borrower(s) Borrower notice of acceleration in accordance with Paragraph paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) 30 days from the date the notice is mailed within which Borrower(s) Borrower may pay the sums declared due. If Borrower(s) Xxxxxxxx fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s)Borrower, invoke any remedies permitted by Paragraph paragraph 18 hereof.. NON-UNIFORM COVENANTS. Xxxxxxxx and Xxxxxx further covenant and agree as follows:

Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold (or leased with an option to purchase) or transferred by Borrower(s) Borrower without Lender’s 's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant, (b) the grant of any leasehold interest of three (3) years or less not containing an option to purchase, tenant or (cd) a transfer wherein the creation of a lien or encumbrance subordinate to this MortgageBorrower remains fully liable for all payments on the note, Lender may, at Lender’s 's option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, and only if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this Paragraph paragraph 17, and if Borrower’s 's successor in interest has executed a written assumption agreement accepted in writing by the Lender, Lender shall release Borrower(s) Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate, Lender shall mail Borrower(s) Borrower notice of acceleration in accordance with Paragraph paragraph 14 hereof. Such notice shall provide a period of not less than fifteen (15) 30 days from the date the notice is mailed within which Borrower(s) Borrower may pay the sums declared due. If Borrower(s) Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower(s)Borrower, invoke any remedies permitted by Paragraph 18 paragraph 19 hereof.