6.2-417 - (Effective October 1, 2010) Mortgage or deed of trust to contain notice that debt is subject to call or modification on conveyance of property. - Virginia Statutes

§ 6.2-417. (Effective October 1, 2010) Mortgage or deed of trust to containnotice that debt is subject to call or modification on conveyance of property.

Where any loan is secured by a mortgage or deed of trust on real propertycomprised of one- to four-family residential dwelling units, and the note ormortgage or deed of trust evidencing or securing the loan contains aprovision that the holder of the note secured by such mortgage or deed oftrust may accelerate payment of or renegotiate the terms of such loan uponsale or conveyance of the security property or part thereof, then themortgage or deed of trust shall contain in the body or on the margin thereofa statement, either in capital letters or underlined, that advises theborrower as follows: "Notice - The debt secured hereby is subject to call infull or the terms thereof being modified in the event of sale or conveyanceof the property conveyed."

(1987, c. 622, § 6.1-330.88; 2010, c. 794.)