|
by this Deed of Trust immediately prior to the date of taking bears to the fair market value of the Property immediately pries to life date of
<br />taking, with the balance of the proceed, paid to Borrower.
<br />If the Proporty 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 />a
<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 referral to in paragraphs I and 2 hereof or change the amount of such installments.
<br />IN, Bnroww Not Released. Extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust
<br />granted ►.fy Lander 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 />PRYment or otherwise modify amortization of the stuns 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. Forboaratsee y Leader Nola 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 />Deed of Trust.
<br />12, RBMN"u Crmnkdve. All remedies provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this
<br />Deed of Trust or afforded bylaw or equity, and maybe exercised concurrently, independently or successively.
<br />13. Snoemom sod Assigns Booty; Joint sod Several Liability; Captious. 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 Deed of Trust
<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 manner, (a) any notice to Borrower provided for in
<br />this Dad 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 />1S. Uniform Deed of Trust; Governing Law; SevembiNty. 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 />Trout 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 Dad of
<br />Trust or the Note conflicts with applicable taw, 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 Dad 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 pan 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 Deed 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 We or transfer, Lender and the person to whom the Property is to be 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 sums secured by this Deed 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 Burrower 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 />1g' AcMmsion' Remedies. Except as provided Is paragraph 17 hereof, upon Borrower'@ breach of any covenant or agreement of
<br />30 ones In this Dead of Trust, Incindlq The covetmala to pay when due any sum secured by tkh Deed of Trust, Leber prior to accekrapon
<br />SW mail mdce to Borrower as provided In paragraph 14 hereof specifying; (1) The breach; (2) the scdon required to care @arch breach; (3) a
<br />I Ne, not has before 3• days from tie date he notice b reaNed to Borrower, by which such breach must be cured; and (4) That faBare to cure such
<br />braoei un eK before Use date specified b the Notice may result la acceleration of the sum secured by this Dad of Trust and safe of the Property.
<br />Tie Notice MoN further inform Borrower of the right To reltstste aft" acceleration and the right to bring a corm am tins to sseert the aoa-
<br />ecdsdanee of a defedt army Other defense of Borrows to at celeratioN sb sale. It the breach is not cared on or before the date specified in the
<br />nNkt, Ltusdw N Lender's option nary decline aN of the wan secured by this Deed of Trust to be immediaely due sad payahk wishort frrtber
<br />drat act "nay Invoke the power of sale cab my other remedies Permitted by
<br />caw and esMnep incurred in applicable law. Lender shad be entitled to collect all reasomble
<br />Pursuing she ►eme�a provided in this paragraph 18, Including, but Not limited to, reasonable attorney's fees.
<br />If tie ewer of snit is Invoked. Trustee shah record a Notice of default IN each county is which the Property or some part thereof is located
<br />said shad in" copies of Bush notice In the @saner pracrlbed by appflcabk law to Borrower and to the other persons prescribed by applicable
<br />law. After Buci time as ray be ►gniM by gpNcable law, Trustee WWI give public Notice of @ask to the persons and is the manner
<br />prasert W by apptieubk low. Trustee, wHhout dtnraNd on Borrower. shall sell the Property of public auction to the hlgbeet bidder N the Ilme
<br />and P ma act under the term designated In The notice of ask In one or more parcels and IN such order as Trustee may determine. Trustee may
<br />fmMpaNS sale of M car my pnet of the Property by public announcement al the time and place of an
<br />L Ww's designee may purchase the Property N my ask. y prevtonaly scheduled seek. Lender or
<br />Upon runaaipt Of pgmen of the price bid. Trustee OWN deliver to the prrckaser'Irr @tee's dad conveying The L tht Trustee's dell 40 r ng Property sold. The recitals in
<br />pch�a uncle evldenee of the tralh of the "elements made therein. Trustee shall apply The proceeds of the sale in The
<br />foNowlag order: (a) N b FOUON hie cow and eMwnm of The seek, Including, but not limited to, Trustee'. fees of not more Than _. i_ cl.
<br />of One grave ask rMet' reasonable attorney's fop and costs of title evidence; (b) to all sum swared by this heed of Irrush and 1st the excess, if
<br />ally, to she ptaras or far wan k$07 *added therein.
<br />h. Borrower's Right to Rdnstate. Notwithstanding Lender's acceleration of the 'urns secured by this Deed of 1'nt.ct. Horrnwrr shall [ra,r
<br />the right to have any proceedings begun by Lender it) enforce this tired of Taut discontinued at any unme prior it, thr rather to .Kxur of (i ) the
<br />fifth day Ihefore the sate of the Property pursuant to the {Newer of %ale contained in This Deed of 1 rust m (u) entry of a tudgmem rntoti utR the.
<br />Deed of 'trust if (a) tto,r er trays Lender ail sum, which would he then due unfler tons f)srd I fYust. the Note and ❑ „tee ,rcw ing ! utm
<br />1�
<br />
|