11. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and
<br /> agreements herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender
<br /> and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and
<br /> several. Any Borrower who co-signs this Deed of Trust, but does not execute the Note, (a) is co-signing this Deed of Trust only
<br /> 6;U�IS ARd c��e�118tad�hac�BudtE @11�1esslirCth�FB�p�RyOtD Qft��#aIISlethi�edStQ+ssp�eM�l�d�1 dh�rU9Qt(C�i911�y[
<br /> personally liable on the Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower hereunder may
<br /> agree to extend, modify, forbear, or make any other accommodations with regard to the terms of this Deed of Trust or the Note,
<br /> without that Borrower's consent and without releasing that Borrower or modifying this Deed of Trust as to that Borrower's �
<br /> i�teeSt � the pro ert , O
<br /> Ueed o Trust, L�nd�r s interest in the Property and Borrower's obligation to pay the sums secured by this Deed of Trust shall
<br /> 12. NOtICe. Except for any notice required under applicable law to be given in another manner, (a) any notice to 0
<br /> Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by certified mail addressed to O
<br /> Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, O
<br /> and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address as O
<br /> Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of Trust shall be deemed
<br /> to have been given to Borrower or Lender when given in the manner designated herein. C�
<br /> 13. Governing Law; Severability. The state and local laws applicable to this Deed of Trust shall be the laws of ~
<br /> the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this w
<br /> Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such
<br /> conflict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without the conflicting
<br /> provision, and to this end the provisions of this Deed of Trust and the Note are declared to be severable. As used herein,
<br /> "costs", "expenses", and "attorneys" "fees" include all sums to the extent not prohibited by applicable Iaw or limited herein.
<br /> 14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the
<br /> time of execution or after recordation hereof.
<br /> 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
<br /> rehabilitation, improvement, repair or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option,
<br /> may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights, claims or
<br /> defenses which Borrower may have against parties who supply labor, materials or services in connection with improvements
<br /> made to the Property.
<br /> 16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or
<br /> any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br /> person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured
<br /> by thiseed of Trust. However, this option shall not be exercised by Lender if exercise is prohibited by federal law as of the
<br /> date of this Deed of Trust.
<br /> If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not
<br /> less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Deed
<br /> of Trust. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by
<br /> this Deed of Trust without further notice or demand on Borrower.
<br /> NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br /> 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's
<br /> breach of any covenant or agreement of Borrower in this Deed of Trust, including Borrower's
<br /> failure to pay, by the end of 10 calendar days after they are due, any sums secured by this Deed
<br /> of Trust, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 12
<br /> hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not
<br /> less than 20 days from the date the notice is mailed to Borrower, by which such breach must be
<br /> result in acceleration of the sums secured by this Deed of Trust and sale of the Property. The
<br /> notice shall further inform Borrower of the right to reinstate after acceleration and the right to
<br /> bring a court action to assert the nonexistence of a default or any other defense of Borrower to
<br /> acceleration and sale. If the breach is not cured on or before the date specified in the notice,
<br /> 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
<br /> other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable
<br /> costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including,
<br /> but not limited to, reasonable attorneys' fees.
<br /> If the power of sale is invoked, Trustee shall record a notice of default in each county in
<br /> which the Property or some part thereof is located and shall mail copies of such notice in the
<br /> manner prescribed by applicable law to Borrower ad to the other persons prescribed by
<br /> applicable law. After the lapse of such time as may be required by applicable law, Trustee shall
<br /> give public notice of sale to the persons and in the manner prescribed by applicable law.
<br /> Trustee, without demand on Borrower, shall sell the Property at public auction to the highest
<br /> bidder at the time and place and under the terms designated in the notice of sale in one or
<br /> more parcels and in such order as Trustee may determine. Trustee may postpone sale of all or
<br /> 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 sale.
<br /> Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's
<br /> deed conveying the Property sold. The recitals in the Trustee's deed shall be prima facie
<br /> evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the
<br /> sale in the following order: (a) to all reasonable costs and expenses of the sale, including, but
<br /> not limited to, Trustee's fees actually incurred of not more than 3.00 °� of the gross
<br /> sale pric, reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this
<br /> Deed of Trust; and (c) the excess, if any, to the person or persons legally entitled thereto.
<br /> 18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Deed of
<br /> Trust, due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this Deed of
<br /> Trust discontinued at any time prior to the earlier to occur of (i) the fifth day before the sale of the Property pursuant to the
<br /> power of sale contained in this Deed of Trust or (ii) entry of a judgment enforcing this Deed of Trust if:(a) Borrower pays Lender
<br /> all sums which would be then due under this Deed of Trust and the Note had no acceleration occurred; (b) Borrower cures all
<br /> breaches of any other 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 Borrower contained in this Deed of
<br /> Trust and in enforcing Lender's and Trustee's remedies as provided in paragraph 17 hereof, including, but not limited to,
<br /> reasonable attorneys' fees; and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of this
<br /> continue unimpaired. Upon such payment and cure by Borrower, this Deed of Trust and the obligations secured hereby shall
<br /> remain in full force and effect as if no acceleration had occurred.
<br /> F5720.LMG (9/99) Paga 3 of 4 ' \/ �� //,�
<br /> L%�'���
<br /> L_J...........
<br />
|