|
200006'436
<br />14. Notices. Any notice to Trustor provided for in this Security Instrument shall be given by delivering it or by mailing
<br />it by first class mail unless applicable law requires use of another method. The notice shall be directed to the Property
<br />Address or any other address Trustor designated by notice to Lender. Any notice to Lender shall be given by first class mail to
<br />Lender's address stated herein or any other address Lender designates by notice to Trustor. Any notice provided for in this
<br />Security Instrument shall be deemed to have been given to Trustor or Lender when given as provided in this paragraph.
<br />15. Governing Law; Severability. This Security Instrument shall be governed by federal law and the law of the
<br />jurisdiction in which the Property is located. In the event that any provision or clause of this Security Instrument or the Note
<br />conflicts with applicable law, such conflict shall not affect other provisions of this Security Instrument or the Note which can
<br />be given effect without the conflicting provision. To this end the provisions of this Security Instrument and the Note are
<br />declared to be severable.
<br />16. Trustor's Copy. Trustor shall be given one conformed copy of this Security Instrument, and, if requested by the
<br />Trustor, a copy of the Note.
<br />17. Transfer of the Property or a Beneficial Interest in Trustor. If a# or any part of the Property or any interest in it is
<br />sold or transferred (or if a beneficial interest in Trustor is sold or transferred and Trustor is not a natural person) without
<br />Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this
<br />Security Instrument. However, this opinion shall not be exercised by Lender if exercise is prohibited by federal law as of the
<br />date of this Security Instrument.
<br />If Lender exercises this option, Lender shall give Borrower and Trustor 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 and /or Trustor must pay
<br />all sums secured by this Security Instrument. If these sums are not paid prior to the expiration of this period, Lender may
<br />invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower or Trustor.
<br />18. Trustor's Right to Reinstate. If Trustor meets certain conditions, Trustor shall have the right to have enforcement
<br />of this Security Instrument discontinued at any time prior to the earlier of: (a) 5 days (or such other period as applicable law
<br />may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security Instrument;
<br />or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that: (a) all sums are paid to Lender which
<br />then would be due under this Security Instrument and the Note as if no acceleration had occurred; (b) any default of any other
<br />covenants or agreements is cured; and (c) all expenses incurred in enforcing this Security Instrument, including, but not limited
<br />to, reasonable attorneys' fees are paid. Upon reinstatement, this Security Instrument and the obligations secured hereby shall
<br />remain fully effective as if no acceleration had occurred. However, this right to reinstate shall not apply in the case of
<br />acceleration under paragraph 17.
<br />19. Sale of Note, Change of Loan Servicer. The Note or a partial interest in the Note (together with this Security
<br />Instrument) may be sold one or more times without prior notice to Trustor. A sale may result in a change in the entity (known
<br />as the "Loan Servicer") that collects monthly payments due under the Note and this Security Instrument. There also may be
<br />one or more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer, Borrower
<br />and Trustor will be given written notice of the change in accordance with paragraph 14 above and applicable law. The notice
<br />will state the name and address of the new Loan Servicer and the address to which payments should be made. The notice
<br />will also contain any other information required by applicable law.
<br />20. Hazardous Substances. Trustor shall not cause or permit the presence, use, disposal, storage, or release of any
<br />Hazardous Substances on or in the Property. Trustor shall not do, nor allow anyone else to do, anything affecting the Property
<br />that is in violation of any Environmental Law. The preceding two sentences shall not apply to the presence, use, or storage on
<br />the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential
<br />uses and to maintenance of the Property.
<br />Trustor shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any
<br />governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law
<br />of which Trustor has actual knowledge. If Trustor learns, or is notified by any governmental or regulatory authority, that any
<br />removal or other remediation of any Hazardous Substance affecting the Property is necessary, Trustor shall promptly take all
<br />necessary remedial actions in accordance with Environmental Law.
<br />As used in this paragraph 20, "Hazardous Substances " are those substances defined as toxic or hazardous substances
<br />by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic
<br />pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used
<br />in this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that
<br />relate to health, safety or environmental protection.
<br />NON - UNIFORM COVENANTS. Trustor and Lender further covenant and agree as follows:
<br />21. Acceleration; Remedies. Lender shall give notice to Trustor and Borrower prior to acceleration following any
<br />breach of any covenant or agreement in the Note or this Security Instrument (but not prior to acceleration under paragraph 17
<br />unless applicable law provides otherwise). The notice shall specify. (a) the default; (b) the action required to cure the default;
<br />(c) a date, not less than 30 days from the date the notice is given, by which the default must be cured; and (d) that failure to
<br />cure the default on or before the date specified in the notice may result in acceleration' of the sums secured by this Security
<br />instrument and sale of the Property. The notice shall further inform the Trustor and Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the non - existence of a default or any other defense to acceleration
<br />and sale. If the default is not cured on or before the date specified in the notice, Lender, at its option, may require immediate
<br />payment in full of the Note and all other sums secured by this Security Instrument without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in
<br />pursuing the remedies provided in this paragraph 21, including, but not limited to, reasonable attorneys' fees and costs of title
<br />evidence.
<br />If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of the Property is
<br />located and shall mail copies of such notice in the manner prescribed by applicable law to Trustor and to the other persons
<br />prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of sale to the persons
<br />and in the manner prescribed by applicable law. Trustee, without demand on Trustor or Borrower, shall sell the Property at
<br />public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more
<br />parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public
<br />announcement at the time and place of any previously scheduled sale. Lender of its designee may purchase the Property at
<br />any sale.
<br />
|