|
<br />200700546
<br />
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall
<br />become additional indebtedness of Borrower secured by this Deed of Trust. Unless Borrower and Lender agree to
<br />other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment
<br />thereof. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action
<br />hereunder .
<br />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
<br />provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor
<br />related to Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with
<br />any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are
<br />hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security
<br />agreement with a lien which has priority over this Deed of Trust.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest
<br />of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower's
<br />successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to
<br />extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of
<br />any demand made by the original Borrower and Borrower's successors in interest. Any forbearance by Lender in
<br />exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or
<br />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
<br />herein contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender
<br />and Borrower, subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be
<br />joint and several. Any Borrower who co-signs this Deed of Trust, but does not execute the Note, (a) is co-signing
<br />this Deed of Trust only to grant and convey that Borrower's interest in the Property to Trustee under the terms of this
<br />Deed of Trust, (b) is not personally liable on the Note or under this Deed of Trust, and (c) agrees that Lender and
<br />any oth(..T Borrower hereunder may agree to extend, modify, forbear, or make any other accommodations with regard
<br />to the terms of this Deed of Trust or the Note, without that Borrower's consent and without releasing that Borrower
<br />or modifying this Deed of Trust as to that Borrower's interest in the Property.
<br />12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
<br />Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by certified mail
<br />addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to
<br />Lender as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated
<br />herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice
<br />provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given in the
<br />manner designated herein.
<br />13. Governing Law; Severability. The state and local laws applicable to this Deed of Trust shall be the laws of
<br />the jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of federal
<br />law to this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note conflicts with
<br />applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note which can be given
<br />effect without the conflicting provision, and to this end the provisions of this Deed of Trust and the Note arc declared
<br />to be severable. As used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not
<br />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
<br />the time of execution or after recordation hereof.
<br />15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
<br />rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at
<br />Lender's option, may require Borrower to execute and deliver to Lend("T, in a form acceptable to Lender, an
<br />assignment of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or
<br />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
<br />interest in it is sold or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a
<br />natural person) without Lender's prior written consent, Lender may, at its option, require immediate payment in full
<br />of all sums secured by this Deed of Trust. However, this option shall not be exercised by Lender if exercise is
<br />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
<br />period of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all
<br />sums secured by this Deed of Trust. If Borrower fails to pay these sums prior to the expiration of this period, Lender
<br />may invoke any remedies permitted by this Deed of Trust without further notice or demand on Borrower.
<br />2530030034
<br />
<br />.-76N(NE) (0407)
<br />(!>
<br />
<br />Inllials: ~.\2---
<br />
<br />P~e 4 of 7
<br />
<br />Fonn 3828
<br />
|