|
` APR=20-99 09=07 FROM:FIRST UNION ID= PAGE 11/11
<br /> � , � 99���ss�
<br /> 14. 12ebabilit$tion Loan Agreezment• Borxowez shall fulfill all of �n°wer's obligatiozts under atiy ho�e
<br /> rehabilitadon> imPro�venient, rePair or other loan 2greenct�nt wh�ch Borrower e�ters ulio wzth Lendex. X.e�nde�r,ezu
<br /> e Borrower to execute and delivex to Lender, in a form a,ccePtable to Leade�r,an assi.g�
<br /> L�ender's option,maY requu y g arties who s 1 Iabar, matecisls or services iz�
<br /> of an.y rialo�ts, claims or defen�ses wbach Borrower ma have a ainst p uPP Y
<br /> counection with improvements made to the Propexty'•
<br /> 15. 1Yansfar oP the Propex�tg
<br /> or a Benef�cial Xnter�st in Sorrowex, Assr�mption. If all or any pazt of the PropertY
<br /> or aay interest in it is sold or transferred(or if a beneficiai interest ix�BonoR'e��so�d or uan.sfen�ed and Borrower zs
<br /> not a naturai person)vvithout Lender's pri�or written co�;sente�ue andy�a�L�dcHs�weves,�this option shall not be
<br /> � �e � secu�ed by this Deed of 7'nist to be u�nmedi2t Y P Y
<br /> exercised by Lendeac if exezcise is p�'ohibited by �ederal law as of the date of this Deed of Tnut.
<br /> Ig�nder wcercises this optiou, 1_endec shall give Bozz�ower notice of acce�eration. The notice sb�all provide a�eriod
<br /> of noc less than 30 days frona the date the notice is delivered or naailed o��e��on of th�is pei od,��mder�maY
<br /> by this Deed of Tn�st_ If Borrower fails to pay in'full t3aese su�s P
<br /> iuvoke any remedies pezmitted by this Dee� of Trust without fuxther notice or demand on Borrower.
<br /> This Deed of Trust znay not be assumed by a pnrchaser wzthout the I�eader's consent_ If an asse�mpdones as autt�orized
<br /> �der may cb.arge aD,assumption fee and requixe the pe�rson(s)assurnang the loan to paq additional char$
<br /> by Iaw.
<br /> AY2TIC�E II
<br /> NON-iTNIFORM COVENANTS- Borrower and Le�ader furtb�er covenant and agxee as follows-
<br /> 16. Acceleration; Remedies. Upon Borrower's b�-each of any covenant or agreemeat o�Bonower in tbis Deed
<br /> of 1�vst, including without U�nnitation the rnvenants to paY wvhen d�e aQy smms u�ader tb�e Note secured by tlzis
<br /> �n declar�e all of the swo�s secwced
<br /> Deed o€Tzvst. I.ender,at X.ender's option,subject to b!e withot�rt d�emand orD nota-ce and may i��'oke t�e powea-
<br /> by this�)eed of Trusc to be immediatPly due and pay � nptice of default�der sha11
<br /> of sale,and any other reraedies pe�rmitted by appiicable law. Prior to recordxug Y o��of Borrowex's
<br /> give Borrower notice of default as required bY 1aw and, i�a the event of a defau�t consist�ag 20 da s aftar such
<br /> failure to�ake a required payme�at,Borrcower shxll ouce, as�ro�vided 6p Iaw,have twenty ( ) Y
<br /> notice ius given Lo c�e snch default by tende,x i�ng the amouat dne at t[ie ti,Ane of t�ae tende�', witlaout acceleratio�a,
<br /> pi,�.s any unpaid charges. APter record'aug a notice of de�ault,Lender s�all be entitled to collect m such pro¢eec�ing
<br /> aal expenseS o[ foreclosure, including, but not limited to, reaso�nable attorneys' fees or trustee's a�ad costs of
<br /> da�nent�ucy evidence, abstracts a�od titie reports.
<br /> If the power of sale is imvoked>Tzustee s1as1l record a noace of default iva each eouaty uz which any part of the YroperE�l
<br /> is loeatad road shail mai�coPies of such notice in the rnamaer Presc�bed bY aPF��ie law to Borrower and to t�e other
<br /> persons prescnbed by applicable law. After the time required by applieable law,Trustee shail give public notiee of sale
<br /> to the persons and in the manz�er prescribed by applicable law. Tzustae> without de.mand on Borrower, shall sell the
<br /> prpperty ai public auctioz�to the hxghest bidder at ihe tiIDe and place aud un.der th.e terms desi9aated in the notice of sale
<br /> 'sn on�or more parcels and in any ozder Tivstee determines• T��.�Y P°stgoue sale of all or any parcel of the
<br /> property by publie announeemeu[ at the time and place of auy pxeviously scheduled sale. Lender of its desig�aee maY
<br /> purchase the Property at any sale.
<br /> 3�ustcx shall apply the sale proceeds, first, W the costs and expeuses of exercising the power of sale and of the sale,
<br /> iacludi�ag the gayment o�the Trustee's fees actually incurred nat to exceed fifreea percent(15%)of she gross sale price,
<br /> secp�g, to paymeut of tb�e obligation secured by this Aeed of Tnist, third, to the payrnent of j�nior uust deeds,
<br /> mortgages or ot�er lie�holders, and tb�e balance, if aa�, to the person ar persons legaIly entitled thereco•
<br /> 17. Ass�gnment of Rents; Agpoivatmeut of Rece�iver. As additional security bteretutder, Bozxower a he16 hereof or
<br /> Le�nder the re�ts of the Properry, p�rovided that Bo�ncower sh.all> prior to acceleration under par2� p
<br /> abandonment of the Property,have the right tA collect and retazn such rents as they become due and payabie_
<br /> Ugon accelerazion under paragraph 16 hereof or abaadonmez�t of the propertY,��a`o���Tents of the�pertY
<br /> appointed by a court to e�ter up4n,take possession of a�ad ma�age ttte�roperty
<br /> iuc�uding those past due. All xents collected by the z�eceiver shall be applied fnrst to paym+e�czt of the costs of�nanagement
<br /> of the Propeny and coIIc�ction of rents, i�eluding,hut not limated to reeeiver's fees, pz�miums on receiver's bonds a�ad
<br /> rea.sonable attorneys' fees, and thet�to the sums secured by tt►is Deed of Trust. '�e recez'ver shall be liable to account
<br /> oniy for those rents actually received_
<br /> �g, i,pan Cb�arges. If the loxn.secured bY t�is Deed of Tzust is subject to a lsw which sets ma�ciumum loan charges,
<br /> az�d that la'w is fi�allY iz�terPreted S°that ttze intezest or other Ioan chazges colleded or to be couected iva eo�e�on with
<br /> the Ioan exeeed pez�nitted limits,then: (1)any such loan eharges shall be reduc�d by the am4wat neeessary to reducc
<br /> the charge to the permitted liz�nit; and (2) an�y sums already eollected from Borrower which exceeded pezicnitted Iimits
<br /> wiii be refunded to Borrower•
<br /> �ge s of s n "l/ � ��oo0�G31�S RO��
<br /> „Iwen ie..,er�.
<br />
|