Form 38.18 - Promissory Note And Mortgage; Escrow Agreement (Page 3 of 3) in pdf

FORM 3B.18

REAL ESTATE LOANS

GIVING OF NOTICES

Unless applicable law requires a different method, any notice that must be given to me under this Note will be

given 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 given to the Note Holder under this Note will be given by delivering it or by mailing it by

first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice

of that different address.

OBLIGATIONS OF PERSONS UNDER THIS NOTE

If more than one person signs 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 to keep all of the promises made in this Note. The Note Holder

may enforce its rights under this Note 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 has obligations under this Note waive the rights of Presentment and Notice of

Dishonor. “Presentment” means the right to require the Note Holder to demand payment of amounts due. “Notice of

Dishonor” means the right to require the Note Holder to give notice to other persons that amounts due have not been paid.

11.

UNIFORM SECURED NOTE

This Note is a uniform 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”), dated the same

date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which 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 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. Lender also shall not exercise this option if: (a) Borrower causes to be

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 that 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 consent to the loan assumption. Lender may also 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 immediate payment in full, Lender shall give

Borrower notice of acceleration. 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 Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period,

Lender may invoke any remedies permitted by this Security Instrument without further notice or demand

on Borrower.

WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.

_____________________________________(Seal)

Borrower

______________________________________(Seal)

Borrower

Form 38.18 - Promissory Note And Mortgage; Escrow Agreement Page 3

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