MYSTIC VALLEY RAILWAY SOCIETY

   Letter from the Editor

The Waybill is for you the members and our friends to enjoy. If there is something you would like to see in the Waybill then please contact us by email at contactus@mysticvalleyrs.org or by mail.

We are always looking for stories to include, as we have many members who are no longer able to go on any trips and they get great enjoyment out of reading about them.

So if you have ever wanted to be a Newspaper reporter now is your chance…

Group Sales Policy: 10 or more tickets purchased in ADVANCE by the SAME PERSON will be entitled to a 10% DISCOUNT subject to availability.

BLOCK SPACE may be arranged on any non-restricted event with Ticket Coordinator or Tour Director (when assigned) at least 50 days prior to departure. For further information, please contact the Mystic Valley Railway Society, 617-361-4445 or e-mail at contactus@mysticvalleyrs.org.

 From the President

by Theresa E. Rylko

We are slowly planning the trips. If you have a suggestion of an area you would like to visit let us know or join the trip team and help plan them. See page four.

 What is a Due on Sale Clause in a Mortgage?

by Marian E. McGrath, Senior Attorney of Pinta Law Group, LLC

A due on sale clause in a mortgage is a contract provision that allows lenders to immediately demand payment from the borrower on the remaining balance owed on the mortgage if the ownership interest in the home secured by the mortgage is transferred or sold to another party. A due on sale clause is sometimes called an accelerationclause. Generally, mortgage lenders such as banks require borrowers to pay off any outstanding balance on theirloan from the proceeds of the sale of the property. When there is a due on sale clause in the mortgage, the lender may choose to exercise it but does not have to do so. In contrast, an assumable mortgage does not have a due on sale clause.

When a Lender May Not Legally Use a Due on Sale Clause.
There are also instances when a lender may not legally invoke a due on sale clause according to the 1982 federal law entitled the Garn-St. Germain Act. For example, it is not legal for the lender to enforce the due on sale clause in the event of a legal separation or divorce if the ownership of the property is transferred from both spouses to one of the spouses. Further, in transfers of residential property to the owner’s children, lenders are prohibited from using the due on sale clause. This is also true if the property is transferred to a relative upon the death of the owner. Another example of when it is not legal for lenders to enforce a due on sale clause occurs when the residence is transferred to a living trust and the borrower is the beneficiary of this trust. (These examples do not include all the circumstances when a lender may not legally invoke a due on sale clause in a
mortgage.)

Other Important Facts About Due on Sale Clauses.
While this was not always the case, most mortgages in the United States currently include a due on sale clause, except for loans ensured by certain agencies of the federal government. Under a due on sale clause, a borrower may not attempt to sell the property without the lender’s consent. If the borrower tries to do so, the lender may foreclose on the borrower’s property and any indebtedness then carried on the note becomes immediately
due and payable.

Due on Sale Clause Example.
A married couple, Adam and Eve, co-own residential property with a $500,000 mortgage that includes a due on sale clause. While they still owe a balance to the lender, Adam and Eve get divorced, and the property is transferred solely to Adam. The lender may not invoke the due-on-sale clause in this instance.
After a few years, as housing prices increase, Adam, who still owes money on the mortgage, decides to sell the home to Veronica and Theodore, another married couple who do not fit any legal exceptions. Under this circumstance, if the lender chooses to enforce the due on sale clause, Adam must be able to repay the remaining balance on the mortgage to the lender upon the closure of the new sale.

Conclusion.
When planning to transfer real property where a mortgage is in place, it is important to know whether the mortgage has a due on sale clause and whether any exceptions apply.

This article provides general information and does not provide legal advice. No attorney-client relationship is created by reading this article.

 Do not act upon this information without consulting a licensed attorney who is in good standing

Riding the Rails
By Robert A. LaMay

Calling all Members!
ARE YOU LOOKING FOR ACTIVITY??

ALL ABOARD with the Mystic Valley Volunteers – the activities are as varied as
their locations. Auto transportation is essential for some events, but many are located
on the MBTA routes and may gather at special locations or at members’ homes. Is
distance an impediment? NO WAY, for we have dedicated members in many states
and foreign countries who complete their activity by letter or E-Mail. Remember: volunteering
allows you to share your talents and interests with those who would benefit
most.
TO JOIN THE FUN Please request a volunteer form by submitting your request
& membership number to: M.V.R.S.   P. O. Box 365486, Hyde Park, MA 02136-0009
or visit our Website www.mysticvalleyrs.org.
WHAT HAPPENS NEXT? Your request is presented at our regular meeting so
that you will be contacted by the appropriate chairperson. From there it is up to you
how involved you wish to be, for the level of activity and variety of trips offered by the
Society are solely determined by the level of participation supplied by our volunteer
members. WELCOME ABOARD!

BOARD OF DIRECTORS

2024-2025
President - Theresa E. Rylko (Tracey)
Vice President - Vacant
Treasurer - Judy Berson-Hoyt
Recording Secretary - Nancy Roney

Directors:
Jeff Costrello
Lillian Garvey
Nancy Juskin
Ellie Manning
William Manning
Marcia Pennington
Gerard Sevigny

You will see many of these volunteers as tour leaders on your trips.

It takes a team effort to have a successful volunteer organization. Please share your talents as a volunteer with MVRS and be

rewarded by seeing your work in action.  Call 617-361-4445 and a volunteer form will be sent to you.

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Previous Waybills: 

Spring 2024 

Spring 2023 

Winter 2022-2023  Fall 2022 

Winter 2021-2022  Summer 2021  Spring 2021

Winter 2020-2021  Fall 2020   Summer 2020  Spring 2020

Winter 2019-2020  Fall 2019    Summer 2019   Spring 2019

 Winter 2018   Fall 2018   Summer 2018   Spring 2018

 Winter 2017   Fall 2017   Summer 2017    Spring 2017   

Winter 2016 Fall 2016   Summer 2016    Spring 2016    

Winter 2015   Fall 2015   Summer 2015     Spring 2015     

Winter 2014     Fall 2014