|
1
<br />L..
<br />$7- 04380
<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 Ihar the condemnor offers to make an award or sellic 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 Ra erred. Extension of the time for payment or modification of amortization of the sums securer) by this Dced 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. Forbemcaaee by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or other wise 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. Reno" Cumulative. 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. Succengon and Assigns 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 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 he 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 (h) 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: Severebli ty. 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 -,'.me 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 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 sale 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 runts 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 />18. Acceleration; Refunding. Except a provided In paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of
<br />Borrower to"Deed of Trust. Including the covenants to pay when due any sums secured by this Deed of Trust, Lender prior to acceleration
<br />drag full notke to Borrower a provided In paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a
<br />dole, not less than 30 days from the date 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 specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property.
<br />The notice sbA further taforfu Borrower of the right to reinstate after acceleration and the right to bring a court action to asserl the non -
<br />exhance of a defeaR or may other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the
<br />under, Leader at tender's option tray declare all of the sum securer: `,y this Deed of Trust to be Immediately due and payable without further
<br />din umd and may Invoke the power of ask and any other remedies permitted by applicable law. fender shall be entitled to collect all reasonable
<br />coats and expenses Warred in pursuing the remedies provided In this paragraph 18, including, but not limited to, reasonable attorney's fees.
<br />if the power of ask is Invoked, Trustee shall record a notice of default in each county in which the Property or some part thereof Is located
<br />and a" aging coping of such notice In the manner prescribed by applicable low to Borrower and to the other persons prescribed by applicable
<br />low. After the kpse of such drat an may be required by applicable law, Trustee shall give public notice of sale to the persons and In the manner
<br />pnredbed by applicable low. Trustee, witbout demand an Borrower, shall sell the Properly at public auction to the highest bidder at the time
<br />and pines and seder the term designated In the notice of sale in one of more parcels and In such order as 'Trustee may determine. Trustee may
<br />postpone ads of all or any pared of the Property by public announcement at the time and place of any previously scheduled sale. bender or
<br />Lender's litaiplee may yard mse the Property at any tale.
<br />Upon receipt of payment of the prke bid, Trustee shall deliver to the purchaser 'Trustee's deed comeyln t the Property sold. 'i he recitals in
<br />the Trustee's deed "be prima fade evidence of the truth of the statements made therein. Truster shall apply the pfocecds of the sale in the
<br />following order: (a) to all reasonable costa and expenses of the Rule. Including, but not limited to, Trustee's fees of not more than j 11"
<br />of the grow oak prier, reasonable affersey's fees and costa of title evidence; (b) to sll sums secured by this Deed of I nisi; and tot the exrrss, if
<br />say, to the person or persons legally entitled (hereto.
<br />ti. Borrower's Right toReiratel e. Notwithstanding Lcndet' sa, celeralicmofthewrn s'eu,edheI hl, It,,+ I 1 nee Ir , „+ hallha,c
<br />the right to have any proceedings begun by Lender to enforce this lkca of I ,a d1co)nIinn, 1 ,11 :v,c t 111 Ic 1-,a t ih, ra:I , ,,1, I I u,.,
<br />fifth day before the sale of the Property pursuanl it the power of We (not mncd ins 1Ili-, Recd of I nr.t ,n to rl II „I a ntaalucu1 r,11wr111 1!1
<br />Teed of trust if: (a) Borrower pays tender all sums whirl: would tw then dor I nde” !.f,i' 11et" r.r 1 ,,1..+. *; .,.<n, n I
<br />r+
<br />i.,
<br />
|