6.1-330.88 - (Repealed effective October 1, 2010) Mortgage, etc., to contain notice that debt is subject to call or modification on conveyance of property.
§ 6.1-330.88. (Repealed effective October 1, 2010) Mortgage, etc., to containnotice that debt is subject to call or modification on conveyance of property.
Where any loan is made secured by a mortgage or deed of trust on realproperty comprised of one to four family residential dwelling units, and thenote, or mortgage or deed of trust evidencing such loan contains a provisionthat the holder of the note secured by such mortgage or deed of trust mayaccelerate payment of or renegotiate the terms of such loan upon sale orconveyance of the security property or part thereof, then the mortgage ordeed of trust shall contain in the body or on the margin thereof a statement,either in capital letters or underlined, which will advise the borrower asfollows: "Notice - The debt secured hereby is subject to call in full or theterms thereof being modified in the event of sale or conveyance of theproperty conveyed."
(1987, c. 622.)