|
� KEVIN SCHULTE 9 9 1 0 7 8 b 1 102723 07/30/1999
<br /> � �9. Condemnation. The pruceeds of any award or clairn far daina�es, direct ar consequeutial, in coiwection witl� a�ry
<br /> conderrmation or other takiiig of tlie Property, or part thereof, or for conveyance in lieu of condemuation, are herehy
<br /> assigned and sl�all be paid to Lender, subject to the terms of atiy tnort�age, deed of trust or otlier security agreement witl� a
<br /> lien which has priority over tliis Deed of Trust.
<br /> 10. Borrower Not Releasecl; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br /> moditication of amortization of the sums secured by this Deed of Trust grauted by Lender to auy successor in interest of
<br /> Borr��wer shall not operate to release, in any maimer, the liability of the original Borrower and Borrower's successors in
<br /> interest. Lender sliall not be required to commence proceedings against such successor or refuse to extend time for payment
<br /> or otl�erwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original
<br /> Borrower a�id Borrower's successors in ititerest. Any forbearance by Le�ider in exercising any right or remedy hereunder,
<br /> or otherwise afforded by applicable law, shall not be a waiver 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 agreemeuts herein
<br /> contained sl�all bind, and tlie rights hereunder shall inure to, the respective successors and assigns of Leuder and Borrower,
<br /> subject to the provisions of paragraph 16 hereof. All cove��ants and agree�7�ents of Borrower shall be joint aud several.
<br /> Any Borrower who co-signs this Deed of Trust, but does uot execute tl�e Note, (a) is co-signing this Deed of Trust only to
<br /> graut aud convey that Borrower's interest iu the Property to Trustee under the terms of this Deed of Trust, (b) is not
<br /> persoually liable on tlie Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower hereunder
<br /> may agree to extend, modify, forhear, or make any otlier accommodations with regard to the terms of this Deed�f Trust or
<br /> tl�e Note, widiout that Borrower's consent aud witiiout releasing that Borrower or modifying this Deed of Trust as to that
<br /> Borrower's interest in the Property.
<br /> 12. Notiee. Except for any notice required under applicable law to be given in another maimer, (a) any notice to
<br /> Borrower provided far in this Deed of Trust shall be given by delivering it ar by mailing sucl� notice by certified mail
<br /> addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as
<br /> provided herein, and (b) any notice to Lender sUall be given by certified mail to Lender's address stated herein or to such
<br /> other address as Leuder may designate by notice to Barrower as provided herein. Any notice provided for in this Deed of
<br /> Trust sl�all be deemed to have been given to Borrower or Leuder when given iu the manuer designated hereiu.
<br /> 13. Governing Law; Severability. Tlie state and local laws applicable to this Deed of Trust shall be the laws of the
<br /> jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to this
<br /> Deed of Trust. In the event that any provision or clause of this Deed of Trust or tlie Note conflicts with applicable law,
<br /> such conflict shall not affect otlier provisio�is of tl�is Deed of Trust or the Note which can be given effect witl�out tl�e
<br /> contlicting provision, and to tl�is end the provisions of this Deed of Trust aud the Note are declared to be severable. As
<br /> used herein, "costs", "expenses" and "attorneys' fees" iuclude all sums to the extent not prohibited by applicable law or
<br /> limited herein.
<br /> 14. Borrower's Copy. Borrower shall be furnished a conforuied copy of the Note and of tl�is Deed of Trust at the
<br /> time of execution or after recordation hereof.
<br /> 15. Rehabilitation Loan Agreement. Borrower shall fuitill all of Borrower's obligations under auy home
<br /> rehabilitation, improveinent, repair or other loan agreement which Borrower enters into witli Lender. Lender, at Lender's
<br /> option, may reyuire Borrower to execute aud deliver to Lender, in a form acceptable to Leuder, an assignment of any
<br /> rights, claims or defenses whicli Borrower may have against parties who supply labor, materials or services in connection
<br /> with improvements made to the Property.
<br /> 16. T'ransfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any iuterest
<br /> in it is sold or transferred (or if a beneficial interest iu Borrower is sold or transferred and Borrower is not a natural
<br /> person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums
<br /> secured by this Deed of Trust. However, this option shall not be exercised by Lender if exercise is prohibited by federal
<br /> law as of the date of this Deed of Trust.
<br /> If Lender exercises this optiou, Leuder shall give Borrower notice of acceleration. The notice shall provide a period
<br /> of uot less than 30 days from tl�e date the notice is delivered or mailed within which Borrower must pay all sums secured
<br /> by tliis Deed of Trust. If Borrower fails to pay these sums prior to the expiration of this period, Lender may iuvoke any
<br /> remedie� permitted by this Deed of Trust without furtl�er notice or demaud on Borrower.
<br /> NON-UNIFORM COVENANTS. Borrower and Leuder further covenant and agree as follows:
<br /> 17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any
<br /> covenant or agreement of Borrower in this Deed of Trust, including Borrower's failure to pay, by the end of 10
<br /> calendar days after they are due, any sums secured by this Deect of Trust, Lender prior to acceleration shall give
<br /> notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure
<br /> such breach; (3) a date, not less than 20 days from the date the notice is mailed to Borrower, by which such breach
<br /> must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
<br /> acceleration of the sums secured by this Deed of Trust and sale of the Property. The notice shall further inform
<br /> Borrower of the right to reinstate after acceleration ancl the right to bring a court action to assert the nonexistence of
<br /> a clefault or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date
<br /> specified in the notice, Lender, at Lender's option, may declare all of the sums secured by this Deed of Trust to be
<br /> immediately due and payable without further demand and may invoke the power of sale and any other remedies
<br /> permitted by applicable law. Lender shall be entitled to collect all reasonable costs ancl expenses incurred in
<br /> pursuing the remedies provided in this�aragraph l'7, including, k�ut not limiteci to, reasonable attorneys' fees.
<br /> If the power of sale is invokecl, Trustee shall record a notice of default in each county in which the Property or
<br /> some part thereof is located and shall mail copies of such notice in the manner prescribed by applicable law to
<br /> Borrower and to the other persons prescribed by applicable law. After the lapse of such time as may be required by
<br /> applicable law, Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable
<br /> law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidcler at the time
<br /> and place and under the terms designated in the notice of sale in one or more parcels and in such order as Trustee
<br /> may determine. Trustee may postpone sale of all or any parcel of the Property by public annoimcement at the time
<br /> and place of any pre�iously scheduled sale. Lender or Lender's designee may purchase the Property at any sale.
<br /> Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the
<br /> Property sold. The recitals in the Trustee's deed shall be prima facie eviclence of the truth of the statements made
<br /> therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of
<br /> the sale, inclucling, but not limited to, Trustee's fees actually incurred of not more than 5 % of the gross sale price,
<br /> reasonable attorneys' fees and costs of title evidence; (b) to all sums securecl by this Deed of Trust; and (c) the
<br /> excess, if any, to the person or persons legally entitled thereto.
<br />
|