|
87` 100538
<br />by this Deed of Trust immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of
<br />taking, with the balance of the proceeds paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a
<br />claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and
<br />apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due
<br />date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments.
<br />10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust
<br />granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and
<br />Borrower's successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for
<br />payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower
<br />and Borrower's successors in interest.
<br />11. Forbearom by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded
<br />by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of
<br />taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the maturity of the indebtedness secured by this
<br />Dad of Trust.
<br />12. Remedies Cumulative. All remedies provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this
<br />Dad of Trust or afforded bylaw or equity. and maybe exercised concurrently, independently or successively.
<br />13. Successors and Assigns Bound; Joint said Several Liability; Captions. The covenants and agreements herein contained shall bind, and
<br />the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 177
<br />hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Deed of Trusl
<br />are for convenience only and are not to be used to interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable law to be given in another mariner, (a) any notice to Borrower provided for in
<br />this Deed of Trust shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address
<br />as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt
<br />requested, to Lender's address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any
<br />notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15, Uniform Deed of Trust; Governing Law; Severability. This form of deed of trust combines uniform covenants for national use and
<br />non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Deed of
<br />Trust shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Deed of
<br />Trust or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note which can be
<br />given effect without the conflicting provision, and to this end the provisions of the Deed of Trust and the Note are declared to be severable.
<br />16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the time of execution or
<br />after recordation hereof.
<br />17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower
<br />without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this feed of Trust, (b) the creation of
<br />a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint
<br />tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender's option,
<br />declare all the sums secured by this Deed of Trust to be immediately due and payable. Lender shall have waived such option to accelerate if,
<br />prior to the sale or transfer, Lender and the person to whom the Property iF, to be sold or transferred reach agreement in writing that the credit of
<br />such person is satisfactory to Lender and that -he interest payable on the sums secured by this Decd of Trust shall be at such rate as Lender shall
<br />request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has executed a
<br />written assumption agreement accepted in writing by Lender, lender shall release Borrower from all obligations under this Deed of Trust and
<br />the Note.
<br />If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
<br />Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared
<br />due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower.
<br />invoke any remedies permitted by paragraph 18 hereof.
<br />NON - UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />13. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of
<br />Borrower in this Deed of Trust, Including the covenants to pay when due any sums secured by this Deed of Trust, Lender prior to acceleration
<br />shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to care such breach; (3) a
<br />dote, not leas than 30 days from the date of notice is :nailed to Borrower, by which such breach most be cared; and (4) that failure to cure such
<br />breach on or before the date specified in the notice may result in acceleration of the sues secured by this feed of Trust and sale of the Property.
<br />The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-
<br />existence of a defaalt or any other defense of Borrower to acceleration and sale. if the breach is not cured on or before the date specified in the
<br />notice, Lender at Leader's option may declare all of the sums secured by this Iced of Trust to be immedfatot r doe and payable without further
<br />demand and spy invoke the power of ask and any other remedies permitted by applicable law. leader sboM be entitled to collect all reasonable
<br />costs and expenses Incurred in pursuing the remedies provided In this paragraph 18, Including, but not limited to, reasonable attorney's 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 thereof Is located
<br />and shill mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable
<br />haw. After the lapse of such time as may be required by applicable law. Trustee shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Tutee, without demand on Borrower, shall sell the Property al public auction to the highest bidder at the time
<br />and place and under the terms "granted in the notice of seek in one or more parcels and in such order as Trustee may determine. Trustee may
<br />pttatpose sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. lender or
<br />Lender's designee may purchase the Property at any sak.
<br />Upon receipt of payment of the se
<br />price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property sold. The recitals in
<br />L
<br />the Tutee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the
<br />following order: fa) to all reasonable costs and expenses otiose sate, including, but not limited to. "Trustee's fees of not more than
<br />of the gross sak price, reasonable attorney's fees and costs of title evidence; (h) to all sums %e ured by this fired of Traits: and tN the excess, 4
<br />any. to Ike person or persons legally entitled thereto -
<br />19. Borrower's Right to Reinstate. Not, i th.tan0mv, I code{': :can:,n,H th,•.une ccul :d ''N 1111, Deed f Crest, R rm, rr ! "I!1 h::, ..
<br />the tight rt, haze at.:... _Nceit,ntZs heg,lul bq Ler,dc" :n c.elor I. Ikro asst 1,,,•.i !; _ .r, .n,_nu a. a[, I .c I nor Ir t!,. ,,11%,I ;. ,1 -:i: :,.:
<br />6110, 4 ,due Re`:irte rhr "Ar"t t u141,r 1. i, .. , !;t, -
<br />Dc ,. ttu3i_ 3,14,- ...,.., i ... .I acv: ,ahn_u .r+t._,, . .'h, A.I. ... ,
<br />_J
<br />
|