|
L
<br />87- 102381
<br />by this Deed of Trust immediately prior to the date of taking bears u) 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 No Released. Extension of the time for payment or modification of amortization of the sums secured by this peed 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. Forbearance 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 />Decd 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. SnttYmon and Amilgu Bound; Joint and 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 17
<br />hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this feed of Trust
<br />are for convenience only and are not to he used to interpret or define the provisions hereof.
<br />14. Notice. Except for any notice required under applicable law lobe given in another manner, (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 Dad 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 Trost; Governing law; Severabiiity. 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 />riven effect without the conflicting provision, and to this end the provisions of the feed of Trust and the Note are declared to be severable
<br />If. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this feed of Trust at the time of execution or
<br />after recordation hereof.
<br />17. Transfer of the Property; Assumption, if all or anv 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 hen rnr encumbrance subordinate to this Deed of Trust, (b) the creation of
<br />a purchase money security interest for household appliances, (cl 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 vears or less not containing an option In 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 Pr>pern t1 to he sold or transferred reach agreement in writing that the credit of
<br />such person is satisfactory to Lender and that the interest payable on the cams secured by this Deed of Trust shall be at such rate as Lender shall
<br />request. If Lender has waived the option to accelerate provrded 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 c f acceleration in accordance with paragraph 14 hereof.
<br />Such notice shall provide a period of not less than 30 day,; from the date the n
<br />due. If Borrower fails to pay such so on::e is mailed within which Borrower may pay the sums declared
<br />ms prior to the expiration of such peric d, bender 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 co, enant and agree as follows;
<br />19. Acceleration; Remedies. Except as provided in paragraph 17 hereo
<br />Borrower to this Dees of Trust, including the covenants
<br />f, upon Borrower's breach of any covenant or agreement of
<br />ro pay when due any sums secured by this Deed of Trust, Lender prior to acceleration
<br />shall mall notice to Burrower as provided in paragraph 14 hereof specifying; (1) the breach; (2) the action required to cure such breach; (3) a
<br />dale, not km than 30 days from Ike dole of notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such
<br />breach on or before the date spedfied fa the notice may result in acceleration of Ike sums secured by this Deed of Trust and sale of the Property.
<br />The notiee SW further inform Borrower of Ilse right to reinstate offer acceleration Bad the right to bring a court action to assert the non-
<br />elkimm of o detsdt or any other defesse of Borrower To acceleration and sale. If the breach is not cured on or before The date specified In the
<br />notice' Leader at Leader's option may declare all of the sums secured by this Deed of Trust to be Immediately due and payable without further
<br />descend and soy invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collet all reasonable
<br />costs and eMmuft incurred In partial" (be rcuwdies provided in this Paragraph 18, including, but not limited to, reasonable attorney's fees.
<br />if the pawed of sale Is invoked. Trustee shall record a notice of default in each county is which the Properly or some purl thereof is Itrcated
<br />sod shall saig copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by nPiffi cable
<br />law. Aft the lame of each time m may be required by applicable law, Trustee shall give public notice of sale to the persons and in the manner
<br />pMoRes' lied by "Will ble low. Truce, without demand on Borrower, shall sell the Property at public auction to the highest bidder of the time
<br />OW Piwe ace/ under the tames designated in the notice of sale in one or more parceH and In such order as Trustee may determine. Trustee may
<br />postpone "he at 'A or say parcel of the Property by public announcement aT the time and place Of any previously schednkd sale. Leader car
<br />Leodar's wee may Plsrehme The Property at any safe.
<br />Ups Of Payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying The Property sold. The recitals in
<br />The Trustee's deed RW be Priam facie evidence of Ike truth of The statements made kbereln. Trustee shall apply the proceeds of the sale in the
<br />fol®wift ordart (al to aN remoaalk costs sod expenses of the sale, including, but not limited lo, Trustee's fees of not more than ? re
<br />Of the Isom mk Prke, reasoaBik sttOrst:y's fees sod crests of title evidence; its) to all soms natured by Ills teed of Trust and (c) the eckrss, If
<br />try. to The person or persons legally entitled thereto.
<br />f'. Borrower's Right to RNasiale. Notwithstanding I..rn)der's acrelef anon of the sums secured by t fit , Ihrd of Rust• Borro +s cr .hall ease
<br />the fight to have anv prrKeedmgs begun by I -ender to c•nf(rrn'c II, I)eed of 'I runt ;l1_ont1lnted at anv titer prior to the career i+, �+, ur +rl n, 'hr
<br />fifth flay Wore the sale of the Property puts.tanr to the power of s:dc "'drained in ibis 1)ccd of ITUa ,t rut corn th a mdemrni rnl+ +r,I this
<br />I)e+e'l'if Trutt if ta) Ilorrr;wer pays Lender all v m ,which would Ire then tine +.nder H +.i, IkeJ of Srust, the Vote and mac•• ,n nhi, I uturc
<br />KI
<br />
|