|
87- 104'760
<br />8. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
<br />and shall be paid to Lander.
<br />In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Dead of Trust, with
<br />the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise
<br />agree in writing, there shall be applied to the sums secured by this Deed of Trust such proportion of the proceeds as is equal to
<br />that proportion which the amount of the sums secured by this Deed of Trust immediately prior to the date of taking beersto the
<br />fair market value of the property immediately prior to the date of 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
<br />award or settle a claim for damages. Borrower fails to respond to Lander within 30 days after the date such notice is mailed,
<br />Lender is authorizad to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to
<br />the sums secured by this Deed of Trust.
<br />Unless Lender and Borrower othervirise agree in writing, any such application of proceeds to principal shelf not extend or
<br />postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such
<br />installments.
<br />10. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured by this
<br />Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the
<br />liability of the original Borrowerand Borrower's successors interest. Lender shall not be required to commence proceedings
<br />against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this
<br />Deed of Trust by reason of any demand made by the original Borrower 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
<br />otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The
<br />procurement of insurance of the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to
<br />accelerate the maturity of the indebtedness secured by this Deed of Trust
<br />12. Remedies Cumulative All remedies provided in this heed of Trust are distinct and cumulative to any other right or
<br />remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or
<br />successively.
<br />13. Successors and Assigns Hound; Joint and Several Liability; Captions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph 17 hereof A!' covemants and agreements of Borrower shall be joint and several. The
<br />captions and headings of the paragraphs of this Deed of Trust are for convenience only and are not to be used to interpretor
<br />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
<br />provided for in this Deed of Trust shall be given by marling such notice by certified mail addressed to Borrower at the Property
<br />Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to
<br />lender shall be given by certified mail, return receipt requested, to Lenders address stated herein or to such other address as
<br />Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of Trust shall be deemed
<br />to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Deed of Trust; Governing Law; Sever y. The form of deed of trust combines uniform covenants for
<br />national use and non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument
<br />covering real property. This Deed of Trust shall be governed by the law of the jut lion in which the Property is iocated. In
<br />the event that any provision or clause of this Deed oLTrust os�loFa cOrmflits.tl5t applicable Saw, such conflict shall not
<br />affect other provisions ofthis Deed ofTrust or the Note ich r� ut the conflicting provisions. and to this
<br />end the provisions of the Deed of Trust and the Nt+te
<br />16. Borrower's Copy. Borrower shall be furni d1 and of this Deed of Trust at the time of
<br />execution or after recordation hereof
<br />17. Transfer of the Property; Assumption. if at! cr any part of the property or an interest therein is sold or transferred by
<br />Borrower without Lender's prior wi i €ten : onsent, excl;.dir,g (a) the creation of a Tier or encumbrance subordinate to this Deed
<br />of Trust (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise descent or by
<br />operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an
<br />option to purchase. Lender may, at Lender's option, declare all the sums secured by this Deed of Trust to be immediately due
<br />and payable. Lender Mall have waived such option to accelerate if, prior to the sale or transfer. Lender and the person to
<br />whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to
<br />Lender and that the interest payable on the sums secured by this Deed of Trust shall be at such rate as Lender shall request If
<br />Lender has waived the option to accelerate provided in this paragraph 17, and it Borrower's successor in interest has
<br />executed a written assumption agreement accepted in writing by tender Lender shall release Borrower from all obligations
<br />under this Deed of Trust and the Note.
<br />If Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the datethe notice is mailed within which
<br />Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender
<br />may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />NON- UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />IS. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrowers breach of any covenant or
<br />agreement of Borrower on this Deed of Trust including the covenants to pay when due any sums secured by this Deed of Trust
<br />Lender prior to acceleration shalt mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the
<br />action required to cure such breach: (3) a date, not less than 30 days from the date the notice is mailed to Borrower, by which
<br />such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
<br />acceleration of the sums secured by this Deed of Trust and sale of the Property. The notice shah further inform Borrower of the
<br />right to reinstate after acceleration and the right to bring a court action to assert the non - existence of a default or any other
<br />defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in the notice. Lender at
<br />Lender's option may declare all of the sums secured by this Deed of Trust to be immediately due and payable without further
<br />demand and may invoice the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to
<br />coNectall reasonable costs and expenses incurred in pursuing the remedies provided in the paragraph 18, including, but not
<br />limited to, reasonable nay's fees.
<br />M Me power of sale is invoked, Trustee shall record a notice of default in each county in which the Property or some part
<br />thereof is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other
<br />persons prescribed by applicable law. After the lapse of such time as may be required by applicable law, Trustee shall give
<br />public nobco of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower,
<br />slaaal the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice
<br />of We in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all or any parcel of
<br />the Property by pules announcement at the time and place of any previously scheduled sale. Lender or Lender's designee
<br />may purchase the Property at any sate.
<br />Upon receipt of payment of Mee price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property sold.
<br />The recitals in Mretru °s I be prima facie evidence of the truth ofthe statements madetherein. Trustee shall apply
<br />the pr of thosele in she mowing order: (a) to all reasonable costa and expenses of the safe, including, but not limited to,
<br />Tr 's of not titan %of the gToss sale price, reasonable attorney's fees and costs of Mtte evidence;
<br />(b) o aM by 111" of Trust and (c) 9: excess, if any, to the person or persons legally entitled #*rate.
<br />1!. Illionoweirs (Mg M tfr ROMfollollia. Notwithsionding Lender's acceleration of the sums secured by this Deed of Trust
<br />Owl~ ShO have Mmes right o have any proceedings begun by Lender to enforce the Deed of Trust discontinued at anytime
<br />prior to fteadverto occur of(i)the of(i)the fifth day beforethessile of the Property pursuant to the power of sale contained in the Deed
<br />of T (4) ofty of a judgment enforcing this Deed of Trust it: (a) Borrower pays Lender all sums which would be than due
<br />under Oft Deed of Trust the Note and notes securing Future Advances, if any, had no acceleration occured:(b) Borrower
<br />cumis off breaches of any oaaer covenants or agreements of Borrower contained in this Deed of Trust: (c) Borrower pays all
<br />ressforiable expenses incurred by Lender and Trustee enforcing the covenants and agreements of Borrower contained in this
<br />Deed of Trust aril in enforcing Lender's and Tru 's remedies as provided in paragraph 18 hereof, including, but not limited
<br />to, reasonable annv ney's fees., , and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of
<br />Rios Deed OUT l 's interest in the Properly and Eorrower's obligation to pay the sums secured by i iii Deed of T rust
<br />Iote H coneove Uni fired 'Uponsuchpaymentandcureby Borrower, this Deed of? rust and Mec .- ?iigations,ircurcdhefoby
<br />sit% a reins. §n in ruis force and ~ as if m,,) a((;eIrrar,on had erCCUrrerl
<br />
|