|
202405602
<br />LOAN #: 16061462
<br />to any insurance proceeds resulting from damage to the Property prior to the acquisition shall pass to us to the extent
<br />of the sums secured by this Deed of Trust immediately prior to the acquisition.
<br />You shall not permit any condition to exist on the Property which would, in any way, invalidate the insurance coverage
<br />on the Property.
<br />5. Preservation, Maintenance and Protection of the Property; Borrower's Loan Application; Leaseholds.
<br />You shall not destroy, damage or substantially change the Property, allow the Property to deteriorate, or commit waste.
<br />You shall be in default if any forfeiture action or proceeding, whether civil or criminal, is begun that in our good faith
<br />judgment could result in forfeiture of the Property or otherwise materially impair the lien created by this Deed of Trust or
<br />our security interest. You may cure such a default, as provided in Section 17, by causing the action or proceeding
<br />to be dismissed with a ruling that, in our good faith determination, precludes forfeiture of your interest in the Property
<br />or other material impairment of the lien created by this Deed of Trust or our security interest. You shall also be in default
<br />if you, during the loan application process, gave materially false or inaccurate information or statements to us (or failed
<br />to provide us with any material information) in connection with the loan evidenced by the Agreement, including, but not
<br />limited to, representations concerning your occupancy of the Property as a principal residence. If this Deed of Trust is
<br />on a leasehold, you shall comply with the lease. Borrower shall not surrender the leasehold estate and interests herein
<br />conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender,
<br />alter or amend the ground lease. If you acquire fee title to the Property, the leasehold and fee title shall not merge unless
<br />we agree to the merger in writing.
<br />6. Protection of Our Rights in the Property; Mortgage Insurance. If you fail to perform the covenants and
<br />agreements contained in this Deed of Trust, or there is a legal proceeding that may significantly affect our rights in the
<br />Property (such as a proceeding in bankruptcy, probate, for condemnation or forfeiture or to enforce laws or regulations),
<br />then we may do, and pay for, anything necessary to protect the Property's value and our rights in the Property. Our
<br />actions may include paying any sums secured by a lien which has priority over this Deed of Trust or over any advance
<br />under the Agreement or this Deed of Trust, appearing in court, paying reasonable attorney's fees, paying any sums
<br />which you are required to pay under this Deed of Trust and entering on the Property to make repairs. We do not have
<br />to take any action we are permitted to take under this Section; and amounts we pay under this Section shall become
<br />additional debts you owe us and shall be secured by this Deed of Trust. These amounts shall bear interest from the
<br />disbursement date at the rate established under the Agreement and shall be payable, with interest, upon our request.
<br />If we required mortgage insurance as a condition of making the loan secured by this Deed of Trust, you shall pay the
<br />premiums for such insurance until such time as the requirement for the insurance terminates.
<br />7. Inspection. We may enter and inspect the Property at any reasonable time and upon reasonable notice.
<br />8. Condemnation. The proceeds of any award for damages, direct or consequential, in connection with any
<br />condemnation or other taking of any part of the Property, or for conveyance in lieu of condemnation, are hereby assigned
<br />and shall be paid to us. If the Property is abandoned, or if, after notice by us to you that the condemnor offers to make
<br />an award or settle a claim for damages, you fail to respond to us within 30 days after the date the notice is given, we
<br />are authorized to collect and apply the proceeds, at our option, either to restoration or repair of the Property or to the
<br />sums secured by this Deed of Trust, whether or not then due. Unless we and you otherwise agree in writing, any
<br />application of proceeds to principal shall not extend or postpone the due date of the monthly payments payable under
<br />the Agreement and Section 1 or change the amount of such payments.
<br />9. No Release Upon Extension or Modification. Our granting of any extension of time for payment or our
<br />agreement to modify the terms of repayment of the obligations under the Agreement or the requirements in this Deed
<br />of Trust shall not operate to release you from your obligations or liability under the Agreement or this Deed of Trust.
<br />10. Successors and Assigns Bound; Joint and Several Liability; Co-signers. The covenants and agreements
<br />of this Deed of Trust shall bind and benefit your successors and permitted assigns. Your covenants and agreements
<br />shall be joint and several. Anyone who co-signs this Deed of Trust but does not execute the Agreement: (a) is co-signing
<br />this Deed of Trust only to mortgage, grant and convey such person's interest in the Property; (b) is not personally
<br />obligated to pay the Agreement, but is obligated to pay all other sums secured by this Deed of Trust; and (c) agrees
<br />that we and anyone else who signs this Deed of Trust may agree to extend, modify, forbear or make any
<br />accommodations regarding the terms of this Deed of Trust or the Agreement without such person's consent.
<br />11. Loan Charges. If the loan secured by this Deed of Trust is subject to a law which sets maximum loan charges,
<br />and that law is finally interpreted so that the interest or other loan charges collected or to be collected in connection with
<br />the loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce
<br />the charge to the permitted limit; and (b) any sums already collected from you which exceed permitted limits will be
<br />refunded to you. We may choose to make this refund by reducing the principal owed under the Agreement or by making
<br />a direct payment to you. If a refund reduces principal, the reduction will be treated as a partial prepayment without any
<br />prepayment charge under the Agreement.
<br />12. Notices. Unless otherwise required by law, any notice to you provided for in this Deed of Trust shall be delivered
<br />or mailed by first class mail to the Property Address or any other address you designate by notice to us, and any notice
<br />to us shall be delivered or mailed by first class mail to our address stated above or any other address we designate by
<br />notice to you.
<br />13. Governing Law; Severability. The interpretation and enforcement of this Deed of Trust shall be governed by
<br />the law of the jurisdiction in which the Property is located, except as preempted by federal law. In the event that any
<br />provision or clause of this Deed of Trust or the Agreement conflicts with applicable law, such conflict shall not affect other
<br />provisions of this Deed of Trust or the Agreement which can be given effect without the conflicting provision. To this end
<br />the provisions of this Deed of Trust and the Agreement are declared to be severable.
<br />14. Transfer of the Property. If all or any part of the Property or any interest in it is sold or transferred without our prior
<br />written consent, we may, at our option, require immediate payment in full of all sums secured by this Deed of Trust. However,
<br />this option shall not be exercised by us if exercise is prohibited by federal law as of the date of this Deed of Trust.
<br />NE - DEED OF TRUST - Single Family - HELOC - HC# 20934 (02/00)
<br />ICE Mortgage Technology, Inc. Page 3 of 5
<br />NEQDEED 1008
<br />NEQDEED (CLS)
<br />10/21/2024 11:38 AM PST
<br />
|