|
__ _ �
<br /> 17. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or
<br /> any interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower Is not a natural
<br /> person) without Lender's p�ior written consent, Lender may,at its option, require immediate payment in full oi all sums secured by
<br /> this Security Instrument. However, this option shall not be exercised by Lender if exercise is prohibfted by federal law as oi the
<br /> date oi this Securiry Instrument.
<br /> If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provtde a period of not
<br /> less than 30 days from the date the notice is delivered or mailed within which Borrower must pay ail sums secured by this
<br /> Security Instrument. If Borrower fatis to pay these sums prior to the expiration of this period, Lender may tnvoke any remedies
<br /> permitted by this Securiry Instrument without further notice or demand on Borrower.
<br /> 18. BorrOwer's Rtght to Reinstate. If Borrower meets certain conditions, Borrower shall have the right to have
<br /> enforcement oi thts Security Instrument discontinued at any time prtor to the earlier of: (a) 5 days (or such other perfod as
<br /> applicable law may specify for reinstatement) before sale of the Property pursuant to any power of sale contained in this Security
<br /> Instrumenh or (b) entry of a judgment enforcing this Security Instrument. Those conditions are that Borrower: (a) pays Lender all
<br /> sums which then would be due under this Security Instrument and the Note as ii no acceleration had occurred; (b) cures any
<br /> default ot any other covenant or agreements; (c) pays ail expenses incurred tn eniorcing this Security Instrument, includfng, but �
<br /> not limited to, reasonable attomeys' fees; and (d) takes such actfon as Lender may reasonably require to assure that the flen of �
<br /> this Security Instrument, Lender's rights fn the Property and Borrower's obligation to pay the sums secured by thts Security
<br /> Instrument shall continue unchanged. Upon reinstatement by Borrower, this Securfty Instrument and the obligations secured �
<br /> hereby shall remain fully effectfve as if no acceleration hed occuRed. However, thfs right to reinstate shall not apply in the case o
<br /> oi acceleration under paragraph 17. �
<br /> 19. S81e Of Note; Change of LOan ServiCer'. The Note or a a panial interest in the Note (together with this �
<br /> Security Instrument) may be sold one or more times without prior notice to Bonower. A sale may result in a change in the entity y.,.�
<br /> (known as the "Loan Servicer") that collects monthly payments due under the Note and this Security Instrument. There also may �
<br /> be one o� more changes of the Loan Servicer unrelated to a sale of the Note. If there is a change of the Loan Servicer,
<br /> Borrower will be given written notice of the change in accordance with paragraph 14 above and applicable law. The notfce will
<br /> state the name and address of the new Loan Servicer and the address to which payments should be made. The notice wili also
<br /> contatn any other iniormation required by applicable law.
<br /> 20. Hazardous SubstanCes. Bonower shall not cause or permit the presence, use, disposal, storage, or release of
<br /> any Hazardous Substances on or in the Property. Borrower shell not do, nor allow anyone else to do, enything affectfng the
<br /> Property that is in violation of any Environmental taw. The precedfng two sentences shall not apply to the presence, use, or
<br /> storage on the Property oi small quantfties ot Hazardous Substances that are generally recognized to be appropriate to normal
<br /> resident(al uses and to maintenance of the Property.
<br /> Borcower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any
<br /> govemmental or regulatory agency or private party fnvolving the Prope►ty and any Hazardous Substance or Envfronmental Law of
<br /> which Borrower has actuai knowledge. If Borrower leams, or is notifled by any govemmental or regulatory authority, that any
<br /> removal or other remediation of any Hazardous Substance aNecting Property fs necessary, Borrower shall promptly take atl
<br /> necessary remedial actions in accordance with Environmental Law.
<br /> As used in this paragraph 20, "Hazardous Substances" are those substances deflned as toxic or hazardous substances by
<br /> Environmental Law and the tollowing substances: gasoline, kerosene, other flammable or toxfc petroleum products, toxic
<br /> pesticides and herbictdes, volatile solvents, materiais containing asbestos or formaldehyde, and radfoactive materials. As used in
<br /> paragraph 20, "Envtronmental Law" means federel laws and laws of the jurisdiction where the Property is located that relate to
<br /> heafth, safety or environmental protection.
<br /> NON-UNIFORM COVENANTS. Borrower and Lender fiurther covenant and agree as foilows:
<br /> 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration
<br /> following Borrower's breach of any covenant or agreement in this Security instrument (but not
<br /> prior to accelera#ion under paragraph 17 unless appltcable law provides otherwise). The notice
<br /> shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than
<br /> 30 days from the date the notice is given to Borrower, by which the default must be cured; and
<br /> (d) that failure to cure the default on or before the date specified in the notice may resuit in
<br /> acceleratton of the sums secured by this Security Instrument and sale of the Property. The notice
<br /> shall further inform Borrower of the right to reinstate after acceleration and the right to bring a
<br /> court action to asse�t the non-existence of a default or any other defense of Borrower to
<br /> acceleration and sale. If the default is not cured on or before the date specified in the notice,
<br /> Lender at its optton may require immediate payment in full of all sums secured by this Security
<br /> Instrument wlthout 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 expenses incurred in pursuing
<br /> the remedies provided in this paragraph 21, including, but not limited to, reasonable attorneys'
<br /> fees and costs of title evidence.
<br /> If the power of sale is invoked, Trustee shall record a notice of default in each county in �•
<br /> which any part of the Property is located and shall mail copies of such notice in the manner
<br /> prescribed by applicable law to Borrower and to the other persons prescribed by applicable law.
<br /> After the �ime required by applicable law, Trustee shall give public notice of sale to the persons
<br /> and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell ..
<br /> the Property at public auction to the highest bidder at the time and place and under the terms
<br /> designated in the notice of sale in one or more parceis and in any order Trustee determines. .
<br /> Trustee may postpone sale of all or any parcel of the Property by public announcement at the "
<br /> time and place of any previously scheduled sale. Lender or its designee may purchase the
<br /> Property at any sale.
<br /> Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's
<br /> deed conveying the Property. The recitals in the Trustee's deed shail be prima facie evidence of
<br /> the truth of the statements made theretn. Trustee shall apply the proceeds of the sale tn the
<br /> following order: (a) to all costs and expenses of exercising the power of sale, and the sale,
<br /> inciuding the payment of the Trustee's fees actually incurred, not to exceed
<br /> g'o of the principal amount of the
<br /> note at the time of the declaration of default, and reasonable attorney's fees as permitted by law;
<br /> (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons
<br /> . legally entitled to it.
<br /> F1316.1MG (12/93) Page 4 of 5 I
<br />;
<br />
|