|
�$-- 1�'�3'�10
<br /> LOAN ID# 0163392818
<br /> Borrower is not a natural person) without Lender's prior written consent, Lender may, at its option, require
<br /> immediate payment in full of all sums secured by this Deed of Trust. However, this option shall not be
<br /> exercised by Lender if exercise is prohibited by federal law as of the date of this Deed of Trust.
<br /> If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide
<br /> a period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must
<br /> pay all sums secured by this Deed of Trust. If Borrower fails to pay these sums prior to the expiration of this
<br /> period, Lender may invoke any remedies permitted by this Deed of Trust without further notice or demand on
<br /> Borrower.
<br /> NON-UNIFORM COVENANTS. Bonower and Lender further covenant and agree as follows:
<br /> 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of
<br /> any covenant or agreement of Borrower in this Deed of Trust, including Borrower's failure to pay, by the
<br /> end of 10 calendar days after they are due, any sums secured by this Deed of Trust, Lender prior to
<br />�
<br /> .
<br /> acceleration shall mail notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach;
<br /> (2) the action required to cure such breach; (3) a date, not less than 20 days from the date the notice is
<br /> mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or
<br /> before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust
<br /> and sale of the Property. The notice shall further inform Borrower of the right to reinstate after
<br /> acceleration and the right to bring a court action to assert the nonexistence of a default or any other
<br /> defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in
<br /> the notice, Lender, at Lender's option, may declare all of the sums secured by this Deed of Trust to be
<br /> immediately due and payable without further demand and may invoke the power of sale and any other
<br /> remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses
<br /> incurred in pursuing the remedies provided in this paragraph 17, including, but not limited to, reasonable
<br /> attorneys' fees.
<br /> If the power of sale is invoked, Trustee shall record a notice of default in each county in which the
<br /> Property or some part thereof is located and shall mail copies of such notice in the manner prescribed by
<br /> applicable law to Borrower and to other persons prescribed by applicable law. After the lapse of such
<br /> time as may be required by applicable law, Trustee shall give public notice of sale to the persons and in
<br /> the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property
<br /> at public auction to the highest bidder at the time and place and under the terms designated in the notice
<br /> of sale in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of
<br /> all or any parcel of the Property by public announcement at the time and place of any previously
<br /> scheduled sale. Lender or Lender's designee may purchase the Property at any time.
<br /> Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed
<br /> conveying the Property sold. The recitals in the Trustee's deed shall be prima facie evidence of the truth
<br /> of the statements made therein. Trustee shall apply the proceeds of the sale in the following order; (a) to
<br /> all reasonable costs and expenses of the sale, including, but not limited to, Trustee's fees actually incurred
<br /> of not more than 5.o o °lo of the gross sale price, reasonable attorneys' fees and costs of title
<br /> evidence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if any, to the person or
<br /> persons legally entitled thereto.
<br /> 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this
<br /> Deed of Trust due to Borrower's breach, Borrower shall have the right to have any proceedings begun by
<br /> Lender to enforce this Deed of Trust discontinued at any time prior to the earlier to occur of(i) the fifth day
<br /> before sale of the Property pursuant to the power of sale contained in this Deed of Trust or (ii) entry of a
<br /> judgment enforcing this Deed of Trust if: (a) Borrower pays Lender all sums which would be then due under
<br /> this Deed of Trust and the Note had no acceleration occurred; (b) Borrower cures all breaches of any other
<br /> covenants or agreements of Borrower contained in this Deed of Trust; (c) Borrower pays all reasonable
<br /> expenses incurred by Lender and Trustee in enforcing the covenants and agreements of Bonower contained in
<br /> this Deed of Trust, and in enforcing Lender's and Trustee's remedies as provided in paragraph 17 hereof,
<br /> including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as Lender may
<br /> reasonably require to assure that the lien of this Deed of Trust, Lender's interest in the Property and Borrower's
<br /> obligation to pay the sums secured by this Deed of Trust shall continue unimpaired. Upon such payment and
<br /> cure by Borrower, this Deed of Trust and the obligations secured hereby shall remain in full force and effect as
<br /> if no acceleration had occurred.
<br /> 19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security
<br /> hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to
<br /> acceleration under paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such
<br /> rents as they become due and payable.
<br /> Upon acceleration under paragraph 17 hereof or abandonment of the Property, Lender, in person, by agent
<br /> or by judicially appointed receiver shall be entitled to enter upon, take possession of and manage the Property
<br /> and to collect the rents of the Property including those past due. All rents collected by Lender or the r�ceiver
<br /> shall be applied first to payment of the costs of management of the Property and collection of rents, including,
<br /> but not limited to, receiver's fees, premiums on receiver's bonds and reasonable attomeys' fees, and then to the
<br /> sums secured by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents
<br /> actually received.
<br /> Initials:��
<br /> J c.�
<br /> NE2M4G•10041996 Page 4 of 5 Doc Prep Plus, Inc.
<br />
|