Even before following the due-on-sales control, the fresh new Board had translated 12 CFR 545
“17. Transfer of the home; Expectation. When the every otherwise one the main Assets otherwise a destination therein is sold otherwise moved from the Debtor instead of Lender’s prior written agree, excluding (a) the production of a beneficial lien or encumbrance using compared to that Action of Trust, (b) producing a purchase-money security interest getting family products, (c) a move by the create, descent otherwise from the operation regarding laws abreast of this new loss of a joint tenant otherwise (d) brand new give of any leasehold desire from three years or smaller maybe not who has a solution to buy, Bank will get, at the Lender’s choice, claim all of the figures secured from this Deed out of Faith so you’re able to getting instantaneously owed and you will payable. If the Bank has waived the choice so you’re able to speeds offered inside section 17 of course, if Borrower’s successor inside notice has actually done an effective created assumption arrangement acknowledged written down because of the Bank, Financial will release Debtor of most of the financial obligation below this Action regarding Believe and Mention.”
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