|
90.....10680 A
<br />9. Condemnation. Trio proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br />and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Deed at Trust wish
<br />the excess, it any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise
<br />agree in writing, there shall beapplied to the sums secured by this Deed of Trust such proportion of M9 proceeds as is equal to
<br />that proportion which the amount of the sums secured by this Deed of Trust Immediately prior tothe data of taking bears to the
<br />fair market value of the property immediately prior to the date of taking. with the balance 01 the proceeds paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Loner to Borrower that the condemnor offers to make an
<br />award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the date such notice is mailed,
<br />Lender is authorized to collect and apply the proceeds, at lender's option, either to restoration of repair of the Property or to
<br />the sums secured by this Deed of Trust.
<br />Unless Lender and Borrower otherwiseagree in writing, any such application of proceedsto principal shall not extend or
<br />postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such
<br />installments.
<br />10. Borrower Not ReFoased. Extension of the Unto for paymontor modification of amctrtirt%tion aMesums secured by this
<br />Deed of Trust granted by Lender to any successor in Interest r; Borrower shall not operate to release, in any manner, the
<br />liability of the original Borrower and Borrower's successors interest. Lender shall not bra rrsquired to comm,,fv„co proceedings
<br />against such successor or refuse to extend time for payment or otherwise modify arnoThr ation of the sum`s secured by this
<br />Deed of Trust by reason of any demand made by the original Borrower and Borrowers successors in interest.
<br />11. Forbearance by Lender Not a Waiver. Any forbearance by Leader in exercisrn,�p any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not be a waiver of or preciu de Me exercise of any such right or remedy. The
<br />procurement of Insurance of the payment of taxes or other liens or chargesby Lender shall not be a waiver of Lender's rightto
<br />accelerate the maturity of the indebtedness secured by this Deed of Truest
<br />12. Remedies Cumulalll%s X-' remedies provided in th?s peed of Trust are distinct and cumulative to any other right or
<br />remedy under this Deed of 7rios or afforded by law or equity, and may be enetfl Vol- c.encurrently, independently or
<br />successively.
<br />13. Successors and Assniigmis Bound; Jelat and Several Liability; 11i114ra:111. fire• izverants and agreements herein
<br />contained shall bind, and the rigl%:s.are:eurdrr. shall inure to, the respective lsl:ec)c 's. ar: assigns of Lender and Borrower,
<br />subject to the provisions of pasmZqrar:.l, * T'-iEr�i -of. Ali covenants and agt a r anti �? .^o�: wet shall be joint and several. The
<br />captions and headings of the �.ar,'jSra;ins n, 77.s Deed of Trust are for coneeneer,ream [� s ^d are not to be used to interpret or
<br />define the provisions hereof.
<br />14. Notice. Exceptfor arzir n viice reqji.eci tinder applicable law to be given in a^ zl'.Ier.manner, (a) any noticeto Borrower
<br />provided for in this Deed of Twseshall be given by mailing such notice by certified rr.•ai aydressed to Borrower atthe Property
<br />Address or at Srr,,;,h other address as Borrowe: may designate by notice ta'�ender as provided herein, and (b) any notice to
<br />lender shall be c;ran by certified mail, return receipt requested, to Lenderr's addreSS Slated herein orto such other address as
<br />Lender may devegmate by noNceto Borrower as provided herein. Any nolize lar0vided1. , in this Deed of Trust shall be deemed
<br />to have been given to Borrower or Lender when given in the manner designated herrein
<br />15. Uniform Deed of Tmus:,"'rSoveming Law; SeversrbilitY. The form of deed cf6 iv.L^ ' zombines uniform covenants tot
<br />national use and non- uratrrr: covenants with limited vane!ions by jurisdiction to oorisSls.rte a uniform security instrument
<br />covering real property. This Deed of Trust shall be goverrac f y the law of the jurisdiclio^ -o^ which the Property is located. In
<br />the event that arriy provision or clause of this Deed of Trust or the Note conflicts with'aPtil- IZZiNe law, such conflict shall not
<br />affeetotherprQt,• s, crtsof this Deed ofTrustcTVhallotewhich can begiven .efdectwithoutt *lec,. —' llcllnyprovisions,andtoth15
<br />end the provislrans. of the Deed of Trust ariw 1t?i9 Note are declared to be severable.
<br />16. Borrowe? s Copy. Borrower shall be `s -nrshed a conformed copy of the Note arty of tars Dze+b Of Trust at the time of
<br />execution or after recordation. heree-l.
<br />17. Transfer of the Property; Assumption. it &II or zry ,part of the property or an interest therein is sold or transferred by
<br />Borrower without Lender's prior white.. ;unsenI. exc:...::s,g ia) the creation of a lien or encumbrance subordinate to this Deed
<br />of Trust, (b) the creation of a purchase money security interest for houseltold appliances. (c) a transfer by devise descent or by
<br />operation of law upon the death of a joint tenant or (d) the grant of any lease"rold interest of three years= less not containing an
<br />option to purchase, Lender may. at Lender's option, declare all the sums secured by this Deed of Trust t2 be immediately due
<br />a7d payable. Lender shall have waived such option to accelerate if, prior to the Sale or transfer, Lender and the person to
<br />whom the Property is to be sold or transferred reach agreement in writing that the crei2ir • f S;tcrt person is satisfactory to
<br />'Lar,der and that the interest payable on trie sums securectL, f iii is Deed of Trust snail as Lender shall request. If
<br />Lenses has waived the option to accelerate provided :r. tfirs paragraph 17, and if Ban= wen's s::ccessor in interest has
<br />executed a ,wrimen assumption agreement accepted in whnng by Lender Lender sheik nelease 30—=user from all obligations
<br />under this Deed of Trust and the Note.
<br />If Lender exercises such option to acce.arate. Lender shall mail, Borrower notice of acza:ecafrr, in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of not less than 8a days from trecale rote.noti= e::smailed wi&m which
<br />Borrower may pay the sums declared due. if Borrower fails to pay such sums prior fie t`•e expiration of such periad. Lander
<br />may, without further notice or demand on Borrower. invoke any remedies permitted l"y i sragraph 18 hereof
<br />NON- UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />18. Acceleration; Remedies. Except as provided in paragrapn 17 hereof, upon Borrowers breach of any covenant or
<br />agreement of Borrower in this Deed of Trust. including the covenants to pay when due any sums secured by this Deed 7f Trust
<br />Lenderpriortoaccelerations" alt mail not iceto Borrower ss provided inparagrapn .tar., <= E fspecifying: (1)thebrezxf%(2)the
<br />action required to cure &JO" --'each; (3) a date. not tess t her. 30 days from the date the:; +;•N::e is mailed to Borrowers !!rW which
<br />such breach must becLnet sr 2 (4) that failure to ciao siu:t7 breach on or beforethe dVie,-Ve0ied in the notice mal< mss "It in
<br />acceleration cf the s•.a.^s•sezared by this Deed of Trust and sale of the Property. The inform Borrmrvrer, cif the
<br />right to reinstat= a`ber.a>rde'leratien and the right to bring a court action to assert the r• v!l,ex:steac +e at al defaulter. ark other
<br />defense of BOr1S ^xv:a s•ecce ;.eration and sal r-. If the breach is not cured on or before tt+e Cate spece9ev r the notice. Ua,d'er at
<br />Lender's optio. ^..r, iali dec%sre al of the sums secured by tnis Deed of Trust to be immediatety due ar.2uayabie withcut:fLrther
<br />demand and crag +r:.ckra iJ: -e wiver of sale and any other remedies permitted by app .�., aisle law. Lender shall be eMilied to
<br />colleetall reasu. sale ti v ,tt expenses incurred .n puma -g the remedies proviael r !7-'e paragraph 18. including: but not
<br />limited to. tees.
<br />If the power iyf '_2�0,e is'n^ztSPed. Trustee shall record a notice pt defa.rt ' each _! >"r•rr "n hhrch the Property or some part
<br />thereof is ropatied and shall rrail copies of such notice in the manner prescribed by appli.r�able law to Borrower and to the other
<br />persons prG9r:nted by applicable law. After the lapse of such time as rmay be required by applicable law. Trustee shall give
<br />public notice of $aie to the persons and In the manner prescribed by applicable lay*- Tr•lstee. without demand on Borrower,
<br />shall sell the Propertyat (SUblic auction to the highest bidder at the time and p!ace and under theterms designated in the notice
<br />of sale in one or more parcels and in such order as Trustee may determine. Trusted m ly postpone sale of ail or any parcel of
<br />the Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender's designee
<br />may purchase the Property at any sale.
<br />Upon receiptof payment of the price bid. Trustee shall deliver to the purchaser Trustee's deed conveying the Property sold.
<br />The recitals-III 1taeTrustee's deed shall be prima facie evidence of the MAI of the statements made therein. Trustee shall apply
<br />the proceeds of the sale in the following order: (a) to all reasonahte costs and expenses of the sale, including. but not limitedto.
<br />Trustee'sfeesof not more than _.— %of the gross sale price, reasonable attorney's fees and costs of title evidence;
<br />(b) to all sums secured by this Deed of Trust and (c) lfie excess. if any, to the person or persons legally entitled thereto.
<br />19. Borrower's flight to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Deed of Trust
<br />Borrower shall have the right to have any proceedings begun by Lander to enforce the Deed of Trust discontinued at any time
<br />prior to the eatiier to occur of (i) the fifth day before the sale of the Property pursuant to the power of sale contained in the Deed
<br />of Trust (ii) entry of a judgment enforcing this Deed of Trust it (a) Borrower pays Lender all sums which would be then due
<br />under this Deed of Trust the Note and notes securing Future Advances. if any. had no acceleration occured:(b) Borrower
<br />cures all breaches of any other covenants or agreements of So. rower contained in this Deed of Trust- (c) Borrower pays all
<br />reasonable expenses incurred by Lender and Trustee enforcing the covenantsand agreements of Borrower contained in this
<br />Deed of Trust and in enforcing Lender's and Trustee's remedies as provided in paragraph 18 hereof. .rcIudtrig but not limited
<br />to, reasonable attorney's fees; and (d) Borrower takes such action as Lender may reasonably require to assure teat the lien of
<br />this Deed of Trust. Lender's interest in the Property and Borrower's obligation to pay the surr.s secured by Inns Deed of Trust
<br />shall continue unimpaired. Upon sucn payment and cure by Borrower, this Deed of Trust and the ov as: ors secured hereby
<br />shall remain in full force and effect as if no acceleration had occurred.
<br />
|