320
Appx. B FORECLOSURE PREVENTION COUNSELING
including but not limited to, any spilling, leaking, dis-
charge, release or threat of release of any Hazardous
Substance, and (c) any condition caused by the presence,
use or release of a Hazardous Substance which adversely
affects the value of the Property. If Borrower learns, or
is notified by any governmental or regulatory authority,
or any private party, that any removal or other remedia-
tion of any Hazardous Substance affecting the Property
is necessary, Borrower shall promptly take all necessary
remedia l actions in accorda nce with Environmenta l Law.
Nothing herein shall create any obligation on Lender for
an Environmenta l Cleanup.
NON-UNIFORM COVENANTS. Borrower and
Lender fur ther covenant and agree as follows:
22. Acceleration; Remedies. Lender shall give
notice to Borrower prior to acceleration following
Borrower’s breach of any covenant or agreement in
this Securit y Instrument (but not prior to accelera-
tion unde r Section 18 unle ss Applicable Law prov ides
otherwise). The notice shall specif y: (a) the default;
(b) the action required to cure the default; (c) a date,
not less tha n 30 days from the d ate the notice is give n
to Borrower, by wh ich the default must be c ured; and
(d) that failure to cure the default on or before the
date specified in the notice may result in accelera-
tion of the sums secured by this Security I nstrument
and sale of the Property. The notice shall further
inform Borrower of the right to rei nstate after accel-
eration and the right to bring a court ac tion to assert
the non-existence of a default or any other defense
of Borrower to acceleration and sale. If the default
is not cured on or before the date specified in the
notice, Lend er at its option may require immediate
payment in full of all sums secured by this Security
Instr ument without f urther dema nd and may invoke
the STATUTORY POWER OF SALE and any other
remedies permitted by Applicable Law. Lender shall
be entitled to collect all expenses incurred in pursu-
ing the remedies provided in this Section 22, includ-
ing, but not limited to, reasonable attorneys’ fees
and costs of t itle evidence.
If Lender invokes the STATUTORY POWER OF
SALE, Lender shall mail a copy of a notice of sale to
Borrower, and to other persons prescribed by Appli-
cable Law, in the manner provided by Applicable Law.
Lender shall publish the notice of sale, and the Prop-
erty shall be sold in the manner prescribed by Appli-
cable Law. Lender or its designee may purchase the
Propert y at any sale. The proceeds of the sale shall
be applied in the following order: (a) to all expenses
of the sale, including, but not limited to, reasonable
attorneys’ fees ; (b) to all sums secured by this Security
Instr ument; and (c) a ny excess to the person or p ersons
legally ent itled to it.
23. Release. Upon payment of all sums secured by
this Security Instrument, Lender shall discharge this
Security Instrument. Borrower shall pay any recordation
costs. Lender may charge Borrower a fee for releasing this
Security Instrument, but only if the fee is paid to a third
party for services rendered and the charging of the fee is
permitted under Applicable Law.
24. Wa ivers. Borrower waives all rights of homestead
exemption in the Property and relinquishes all rights of
curtesy and dower in the Property.
BY SIGNING BELOW, Borrower accepts and agrees
to the terms and covenants contained in this Security
Instrument and in any Rider executed by Borrower and
recorded w ith it.
Witnesses:
B.2 SAMPLE PROMISSORY NOTE (FIXED)
NOTE
1. BORROWER’S PROMISE TO PAY
In retur n for a loan that I have rece ived, I promise to pay
U.S. $_____________________ (this amount is called
“Principal”), plus interest, to the order of the Lender.
The Lender is ___________________________. 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 to receive payments under this Note
is called the “Note Holder.”
2. INTEREST
Interest will be charged on unpaid principal until the
full a mount of Principal ha s been paid. I will p ay interest
at a yearly rate of _________%.
The interest rate required by this Section 2 is the rate
I will pay both before and after any default described in
Section 6(B) of this Note.
3. PAYMENTS
(A) Time and Place of Payments
I will pay principal and interest by making a payment
every month.
I will make my monthly payment on the
____________ day of each month beginning on
___________________, ____________. I will make
these payments every month until I have paid all of the
principal and interest and any other charges described
below that I may owe under this Note. Each monthly
payment will be applied as of its scheduled due date
and will be applied to interest before Principal. If, on
__________________, 20___, I still owe amounts
under this Note, I will pay those amounts in full on that
date, which i s called the “Maturity Date.”
FPC-7-AP.indd 320 10/18/13 4:18 PM
