|
, 99• s(�3368
<br /> 9. Leaseholds; Condominiums; Planned Unit Develonments. Borrower shall comply with
<br /> the provisions of any lease if this Trust Deed is on a leasehold. If this Trust Deed is on a unit in a
<br /> condominium or planned unit development, Borrower shall perform all of Borrower's obligations under
<br /> the declaration or covenants creating or governing the condominium ar planned unit development, the
<br /> Bylaws and regulations of the condominium or planned unit development and constituted documents. If
<br /> condominium or planned unit development rider is executed by Borrower and recorded together with this
<br /> Trust Deed, the covenants and agreements of such riders shall be incorporated into and shall amend the
<br /> supplement,the covenants and agreements of this Trust Deed as if the rider were a part hereof.
<br /> 10. Inspections. Lender, or its agents, representatives or workmen, are authorized to enter at
<br /> any reasonable time the Trust Estate for the purpose of inspecting or for the purpose of perfarming any
<br /> of the acts it is authorized to perform under the terms of the Note and Trust Deed.
<br /> 11. Borrower Not Released. Extension of the time for payment ar modification of
<br /> amortization of sum secured by this Trust Deed granted by Lender to any successor in interest of
<br /> 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
<br /> successor or refuse to extend time for payment or otherwise modify amortization of the sum secured by
<br /> this Trust Deed by reason of any demand made by the original Borrower and Borrower's successor in
<br /> interest.
<br /> 12. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any
<br /> right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude
<br /> the exercise of any such right or remedy. The procurement of any insurance or the payment of taxes or
<br /> other liens or charges by the Lender shall not be a waiver of Lender's right to accelerate the maturity of
<br /> the indebtedness secured by this Trust Deed.
<br /> 13. Transfer of Propertv. If the Borrower is a corporation and there is a change in ownership
<br /> of Ten Percent (10%) or more of the corporate stock, or if the Borrower is a partnership and there is a I�
<br /> change in the membership or a dissolution of the partnership, or if all or any part of the property or any
<br /> interest therein is deeded, sold by land contract or otherwise conveyed, alienated ar further encumbered,
<br /> either voluntarily or involuntarily, without Lender's prior written consent, excluding: (a) the creation of
<br /> a lien or encumbrance subordinate to this Trust Deed; (b) the creation of a purchase money security
<br /> interest for appliances, furniture and fixtures; (c) a transfer by devise, descent or by operation of law
<br /> upon the death of a joint tenant; or (d) the grant of any leasehold interest of two (2) years or less not
<br /> containing an option to purchase; then Lender may, at its option, declare all of the sums secured by this
<br /> Trust Deed to be immediately due and payable. If Lender has waived, in writing,the option to accelerate
<br /> provided in this paragraph, and if Borrower's successor in interest has executed a written assumption
<br /> agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this
<br /> Trust Deed and the Note.
<br /> If Lender exercises such option to accelerate, Lender shall mail to Borrower notice of
<br /> acceleration, which shall provide a period of not less than thirty (30) days from the date the notice is
<br /> mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior
<br /> to the expiration of said period, Lender may, without further notice or demand on Borrower, invoke any
<br /> remedies permitted hereunder ar by law.
<br /> I In the event of any transfer of title to the property above described by the Borrower during the
<br /> existence of this Trust Deed, either by sale or otherwise, the Lender may, at its option, charge a fee for
<br /> the transfer of the Trust Deed, and may also at its option adjust the interest rate to the rate then being
<br /> charged on the new Trust Deed at the time of said transfer.
<br /> 14. Acceleration; Notice of Breach. Except as provided in Paragraph l3, upon Borrower's
<br /> breach of any covenant or agreement of Borrower in this Trust Deed and Construction Security
<br /> Agreement and Security Agreement, or in the Building Loan Agreement, or in the Note, including the
<br /> covenant to pay when due any sums secured by this Trust Deed,Lender prior to acceleration shall mail to
<br /> Borrower as provided in Paragraph 18 hereof, specifying: (a)the breach; (b)the action required to cure
<br /> the breach; (c) a day, not less than thirty (30) days from the date the notice is mailed to Borrower, by
<br /> which such breach must be cured; and (d)that failure to cure such breach on or before the date specified
<br /> in the notice may result in acceleration of the sum secured by the Trust Deed and the sale of the property.
<br /> The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring
<br /> a court action to assert the non-existence of a default or any other defense of Borrower to accelerate and
<br /> sale. If the breach is not cured on or before the date specified in the notice, Lender, at its option, may
<br /> declare all sums secured by this Trust Deed to be immediately due and payable without further demand
<br /> 4
<br />
|