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• � � 9 9 1�V O�O LOAN #: 6360035015
<br /> to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
<br /> secured by this Deed of Trust by reason of any demand made by the original Bonower and Borrower's successors in interest. Any
<br /> forbearance by Lender in exercising any right or remedy hereunder,or otherwise afforded by applicable law, shall not be a waiver
<br /> of or preclude the exercise of any such right or remedy.
<br /> 11.Successors and Assigns Bound;Joint and Several Liability;Co-signers.The covenants and agreements herein contained
<br /> shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the
<br /> provisions ofparagraph 16 hereof.All covenants and agreements ofBorrower shall be joint and several.Any Borrower who co-signs
<br /> this Deed of Trust,but does not execute the Note,(a)is co-signing this Deed of Trust only to grant and convey that Borrower's interest
<br /> in the Property to Trustee under the terms of this Deed of Trust,(b)is not personally liable on the Note or under this Deed of Trust,
<br /> and(c)agrees that Lender and any other Borrower hereunder may agree to e�ctend,modify,forbear,or make any other accommodations
<br /> with regard to the terms of this Deed of Trust or the Note,without that Borrower's consent and without releasing that Borrower or
<br /> modifying this Deed of Trust as to that Bonower's interest in the Properly.
<br /> 12.Notice.Except for any notice requiied under applicable law to be given in another manner,(a)any notice to Borrower pravided for in this
<br /> Deed ofTrust shallbe givenby deliveringitorbymailingsuchnoticebycertified mail addressedto Bonower atthePropertyAddressor at such other
<br /> address as Borrower may designate by notice to Lender as provided hereir�,and(b)any nofice to Lender shall be given by certified mail to Lender's
<br /> address stated herein or to such otheraddress as Lender may designate by notice to Borrower as provided herein.Arry notice provided for in this Deed
<br /> of Trust shall be deemed to have been given to Borrower o�Lender when given in the maruier desigrc�t�herein.
<br /> 13.Governing Law; Severability.This Deed of Trust shall be governed by the laws of the United States to the fullest extent
<br /> possible.To the extent United States laws are not applicable,the state and local laws applicable to this Deed of Trust shall be the laws
<br /> of the jurisdiction in which the Property is located.In the event that any provision or clause of this Deed of Trust or the Note conflicts
<br /> with applicable law,such conflict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without
<br /> the conflicting provision,and to this end the provisions of this Deed of Trust and the Note are declared to be severable.As used herein,
<br /> "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or limited herein.
<br /> 14.Borrower's Copy.Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the time of execution
<br /> or after recordation hereof.
<br /> 15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation,
<br /> improvement, repair, or other loan agreement which Bonower enters into with Lender. Lender, at Lender's option, may require
<br /> Borrower to execute and deliver to Lender,in a form acceptable to Lender,an assignment of any rights,claims or defenses which
<br /> Borrower may have against parties who supply labor,materials or services in connection with improvements made to the Property.
<br /> 16.Transfer of the Property or a Beneficial Interest in Borrower.If all or any part of the Property or any interest in it is sold
<br /> or transferred(or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural person)without Lender's
<br /> prior written consent,Lender may,at its option,require immediate payment in full of all sums secured by this Deed of Trust.However,
<br /> this option shall not be exercised by Lender if exercise is prohibited by federal law as of the date of this Deed of Trust.
<br /> If Lender exercises this option,Lender shall give Borrower notice of acceleration.The notice shall provide a period of not less
<br /> than 30 days from the date the notice is delivered or mailed within which Bonower must pay all sums secured by this Deed of Trust.
<br /> If Borrower fails to pay these sums prior to the expiration of this period,Lender may invoke any remedies permitted by this Deed
<br /> of Trust without further notice or demand on Borrower.
<br /> NON-LJNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br /> 17.Acceleration; Remedies. Eacept as provided in paragraph 16 hereof,upon Borrower's breach of any covenant or
<br /> agreement of Borrower in this Deed of Trust,including Borrower's failure to pay,by the end of 10 calendar days after they
<br /> are due,any sums secured by this Deed of Trust,Lender prior to acceleration shall give notice to Borrower as provided in
<br /> paragraph 12 hereof specifying: (1)the breach;(2)the action required to cure such breach;(3)a date,not less than 20 days
<br /> from the date the notice is mailed to Borrower,by which such breach must be cured;and(4)that failure to cure such breach
<br /> on or before the date speci�ed in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of
<br /> the Property.The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court
<br /> action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale.If the breach is not
<br /> cured on or before the date specified in the notice,Lender,at Lender's option,may declare all of the sums secured by this
<br /> Deed of Trust to be immediately due and payable without further demand and may invoke the power of sale and any other
<br /> remedies permitted by applicable law.Lender shall be entitled to coliect all reasonable costs and expenses incurred in pursuing
<br /> the remedies provided in this paragraph 17,including,but not limited to,reasonable attorneys'fees.
<br /> If the power of sale is invoked,Trustee shall record a notice of default in each county in which the Property or some part
<br /> thereof is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other
<br /> persons prescribed by applicable law.After the lapse of such time as may be required by applicable law,Trustee shall give
<br /> public notice of sale to the persons and in the manner prescribed by applicable law. Trustee,without demand on Borrower,
<br /> shall sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice
<br /> of sale in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all 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 receipt of payment of the price hic3,Trustee shall deliver to the purchaser Trustee's deed conveying the Property
<br /> sold.The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein.Trustee shall
<br /> apply the proceeds ofthe sale in the followingorder:(a)to all reasonable costs and expenses of the sale,including,but not limited
<br /> to,Trustee's fees actually incurred,reasonable attorneys'fees and costs of title evidence;(b)to all sums secured by this Deed
<br /> of Trust; and(c)the excess,if any,to the person or persons legally entitled thereto.
<br /> 18.Borrower's Right to Reinstate.Notwithstanding Lender's acceleration of the sums secured by this Deed of Trust,due to
<br /> Borrower's breach,Bonower shall have the right to have any proceedings begun by Lender to enforce this Deed of Trust discontinued
<br /> at any time prior to the earlier to occur of(i)the fifth day before the sale of the Property pursuant to the power of sale contained in
<br /> this Deed of Trust or(ii)entry of a judgment enforcing this Deed of Trust if:(a)Bonower pays Lender all sums which would be then
<br /> due under this Deed of Trust and the Note had no acceleration occurred;(b)Bonower cures all breaches of any other covenants or
<br /> agreements of Borrower contained in this Deed of Trust;(c)Borrower pays all reasonable expenses incurred by Lender and Trustee
<br /> in enforcing the covenants and agreements of Borrower contained in this Deed of Trust and in enforcing Lender's and Trustee's
<br /> remedies as provided in paragraph 17 hereof,including,but not limited to,reasonable attorneys'fees;and(d)Borrower takes such
<br /> action as Lender may reasonably require to assure that the lien of this Deed of Trust,Lender's interest in the Property and Borrower's
<br /> obligation to pay the sums secured by this Deed of Trust shall continue unimpaired.Upon such payment and cure by Borrower,this
<br /> Deed of Trust and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred.
<br /> Initials: �
<br /> Form 38281/80 Page 3 of 4 NE3079DE
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