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20031.1372 Trustee, without demand an Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice of sale in one or mare parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser 'Trustee's deed conveying the Property. The recitals in the Trustee's deed shall he prima facie evidence of Ilse truth of the statements made therein. Trustee shall apply the proceeds of the sale to the following order: (a) to all costs and expenses of exercising the power of sale, and the sale, including the payment of the Trustee's fees actually Incurred, not to exceed 5.00 % of the principal amount of the Note at the time of the decla- ration of default, and reasonable attorneys' fees as permitted by law; (b) to all sums secured by this Security Instrument; and (e) any excess to the person or persons legally entitled to it. 21. Lien Priority. The full amount secured by this Security Instrument shall have a lien priority subordinate only to the full amount secured by the First Security Instrument. 22. Adjustable Rate Feature. Under the Second Note, the initial stated interest rate of 2.7600% which accrues on the unpaid principal balance ( "Initial Interest Rate") is subject to change, as described below. When the interest rate changes, the new adjusted interest rate will he applied W the total outstanding principal halance. Each adjustment to the interest rate will be based upon the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year, as made available by the Federal Reserve Board In Statistical Release 11.15 (519) ( "Index ") plus a margin. If the Index is no longer available, Lender will use as a new Index any index prescribed by the Secretary. Lender will give Borrower notice of the new Index. Lender will perform the calculations described below to determine the new adjusted interest rate. 'I he interest rule may change on the first day of NOVEMBER, 2003 , and on ❑ that day of each succeeding year ® the fast day of each succeeding month ( "Change Dale ") until the loan is repaid in full. 'I he value of the Index will be determined, using the most recent Index figure available thirty (30) days before the Change Date ('Current Index "), Before each Change Date, the new interest rate will be calculated by adding a margin to the Current Index. The som of the margin plus the Current Index will be called the "Calculated Interest Rate" for each Change Date. 'I he Calculated Interest Rate will be compared to the interest rate in clTect immediately prior to the current Change Date (the "Existing Interest Rate"). ❑ (Annually Adjusting Variable Rule licrare) The Calculated Interest Rate cannot he more than 2.0% higher or lower than the Existing Interest Rate, nor can it be more than 5,0% higher or lower than the Initial Interest Rate. k (Monthly Adjusting Vedeble Rate Feature) The Calculated Interest Rate will never increase above TWELVE AND 760 /1000 percent( 12.76000 %). The Calculated Interest Rate will be adjusted ifnc,iostry to comply with these rate limitation(s) and will be in effect until the next Change Dale. At any Change Date, If the Calculated Interest Rate equals the Existing Interest Rate, the interest rate will not change 23. Reconveyance. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvcy the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall reconvey the properly without warranty and without charge to the person or persons legally entitled to it. Such person or persons shall pay any recordation costs. 24. Substihtte'remba,. Lender, of its option, may from time to time remove 'Trustee and appoint a successor It astee to any 'Trustee appointed hereunder by an instrument recorded in the county in which this Security Instrument is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law. 25. Request for Notices. Borrower requests that copies of the notices of default and sale be sent to Borrower's address which is the Property Address. 70X2 02102 Pagc 7 of 9