Loan Agreement Template Page 3
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3Transfer 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
not limited to, those 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 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.
If Lender exercises this option, 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
……………………………………………………………. (Seal)
-Borrower
[Sign Original Only]
Form 3260 1/01 (page 3 of 3)
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