|
200001348
<br />7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br />this Deed of Trust, or if any action or proceeding is commenced which materially affects Lender's interest in the
<br />Property, then Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such
<br />sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If
<br />Lender required mortgage insurance as a condition of making the loan secured by this Deed of Trust, Borrower
<br />shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such
<br />insurance terminates in accordance with Borrower's and Lender's written agreement or applicable law.
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall
<br />become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to
<br />other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment
<br />thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action
<br />hereunder.
<br />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the
<br />Property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable
<br />cause therefor related to Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection
<br />with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condem-
<br />nation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or
<br />other security agreement with a lien which has priority over this Deed of Trust.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in
<br />interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and
<br />Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor
<br />or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust
<br />by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance
<br />by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a
<br />waiver of or preclude the exercise of any such right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability; Co- signers. The covenants and agreements
<br />herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of
<br />Lender and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of
<br />Borrower shall be joint and several. Any Borrower who co -signs this Deed of Trust, but does not execute the
<br />Note, (a) is co- signing this Deed of Trust only to grant and convey that Borrower's interest in the Property to
<br />Trustee under the terms of this Deed of Trust, (b) is not personally liable on the Note or under this Deed of Trust,
<br />and (c) agrees that Lender and any other Borrower hereunder may agree to extend, modify, forbear, or make any
<br />other accommodations with regard to the terms of this Deed of Trust or the Note, without that Borrower's
<br />consent and without releasing that Borrower or modifying this Deed of Trust as to that Borrower's interest in the
<br />Property.
<br />12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice
<br />to Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by certified
<br />mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by
<br />notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's
<br />address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein.
<br />Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when
<br />given in the manner designated herein.
<br />13. Governing Law; Severability. The state and local laws applicable to this Deed of Trust shall be the laws
<br />of the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of
<br />Federal law to this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note
<br />conflicts with applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note
<br />which can be given effect without the conflicting provision, and to this end the provisions of this Deed of Trust
<br />and the Note are declared to be severable. As used herein, "costs ", "expenses" and "attorneys' fees" include all
<br />sums to the extent not prohibited by applicable law 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
<br />the 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
<br />Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an
<br />assignment of any rights, claims or defenses which Borrower may have against parties who supply labor,
<br />materials or services in connection with improvements made to the Property.
<br />16. Transfer of Property or a Beneficial Interest in Borrower. If all or any part of the Property or any interest
<br />in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a
<br />natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in
<br />full of all sums secured by this Deed of Trust. However, this option shall not be exercised by Lender if exercise is
<br />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 a
<br />period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay
<br />.4 ffff��CCjjYY����
<br />16849LL
<br />
|