|
87—an 10411
<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 falls to respond to Lender within 30 days after the bate such notice is mailed, Lender is authorized to collect and
<br />apply the proceeds. at Leader's option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust,
<br />Unless Laker 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 1 and 2 hereof or change the amount of such installments.
<br />if. Ban owes Nos Released. Extension of the time for payment or modification of amortization of the sums secured by this teed of Trust
<br />granted by Lend to any successor in interest of Borrower shall not operate to re lease, 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. Forbarnoe hl' Leader Net a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded
<br />by applicable law, shalt 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 />Deal of Trust.
<br />12. Remres Cuoosmitive. All remedies provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this
<br />Dad of Trost or afforded bylaw or equity, and maybe exercised concurrently, independently or successively.
<br />13. Sucem2m ad Asdam BoNd; Job and Several iJobilky; 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 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 taw to be given in another manner, (a) any notice to Borrower provided for in
<br />this Deed of Trust shalt be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address
<br />as Borrower tray 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 TrW; Governing Law; SeveKtrbiBty. 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 Iced 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 b< 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. Tttgder of the Property; Anumption. 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 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 shali have waived such option to accelerate if,
<br />prior to the sate or transfer, Lender and the person to whom the Property is to he sold or transfetreed 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 tine 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 tender, Lender shall release Borrower from ati obligations under this Deed of Trust and
<br />the Noe.
<br />If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
<br />Such notice sitar) 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 />tire. 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 16 hereof.
<br />NONUNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />18. Acederatiau; Reseal s. Except as provided is paragraph 11 i+ereet, upon Borrower's breach of an) covenant or agreement of
<br />Barents In this Deed of Trust. hecludift the covenants to pay when die any surd sacred by Ilda Deed of Trust, Leader prior to acceleration
<br />sW =M senor to So owes an presided in paragraph Id bereof sprifying; (1) the breach; (2) the action required to cure such breach; (3) a
<br />rise, ant hts do 30 days frog the dale of notice in mailed to Borrower, by which each breach must be cared; and (4) that failure to cure such
<br />breath ou or hMore the dad spaeN1N Is the notice may result In acceleration of the sums secured by this flitted of Trust and sale of the Property.
<br />Ttir mo I'm sbs§ further lEtO m 20 01101 of the right to reliance" after worlersdon as the right to bring a court action to sawri the non•
<br />etnirasua
<br />of a ddm& or my ®titer defesae of Borrower to acceleration asst sale. If the breach is not cored on or before Ike date specified in the
<br />sotite, l.eadv of LasuloWs option may declare d of the suss scored by this Deed of Tram to be Immediately due and payable without further
<br />dm and sd say ivolte On power of ash and any other remedka perusittd by applicable law. Lender shall be entitled to collect all reasonable
<br />coW ad tngessto ism i in pursing the rsmeetia provided In this paragraph Is, including, but not limited lo, reasonable attorney's fees.
<br />If lire power of ah ls hvoked. Teontae deall record a notice of defaaN Is each county in which the Property or some part thereof is located
<br />OW SWO =ON t'ophs at melt leader Is Me sir prescribed by appYcaik law to Borrower and to the other persons prescribed by applicable
<br />low. Aker Bur Mpae of sod dace as say be @quit by apptieaNe law, Trustee "If give public notice of sale to the persons and in the manner
<br />prescribed by apv es" loos. TrWea. wNiost de sirs d on Borrower. AA sell the Property at public auction to $be highest bidder at the time
<br />and plea and sder tine In /migashtd In the notice of ale In one or more parcels and in such order as Trustee may determine. rrus(a may
<br />paMptrme sla of M or any pored of tits Property by prbBc naosaeemesl at the time and place of any previously scheduled sok. Leader or
<br />Lnda's dodge" may pa diem the Property at any ode.
<br />Upon owes l of pilessen of the prise bid. Trustee &W fiver to The purchaser Trustee's deed conveying The Property sold. I he recitals in
<br />Ms TrenoWs dad *0 be prim fader evidence of the troth of the stalemets made therein. Trustee shoal appl) the proceeds of (he sale in the
<br />MAsrwhli odor; tad sec all rerandla croak sd etyrosaes of the n k, lft-"tg, bat nol Nadted to, Trustee's fees of not mare than 5 _ eoo
<br />of par gran nsfe print. teruanaNe s lie rosy* foes and raw of titre evidence; (b) to all sonar secured b» Ibh teed of Trust; and (el the excess, if
<br />any, ru Be pwon" ar paeorr kpafly Rum" disease.
<br />19. 'e Fight to RainoMM. Not wit hst ling Lender % act. eletation sat the ruins secured by the, iie�i nt 1 r r.t, itoiio ere ,aai,II tare
<br />the rielis ass have any ploomediri begun by Lender to entorcc this !heed of Iust dlncontanued at am I rae rarior t„ cite earlier to i.,, Ii , -i ref ih<
<br />fifth a dary before the sale of the PriStT "y irursumxa to the Bower of sale cornaine,l in this Ihed at I tint n3 tio entrti t N Itk�,'p'P if i ?: l'WRJCi9Me 01"
<br />tad of `lruei if in) BxrowcT pays tend" all sumo which would be then due under, ihih lhrd .,I f r;;,t. the ti roar! t .r.; wig t " nor
<br />
|