|
87- 105101
<br />by this Deed of Trust immediately prior to the date of inking 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 />chum for damages, Borrower falls to respond to !.ender 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 1 and 2 hereof or change the amount of such installments.
<br />10. Borrower Net Rgdwaed. Extension of the time for payment or modification of amortization of the sums secured by this Deed 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 [Wade by the original Borrower
<br />and Borrower's successors in interest.
<br />11. Forbearance by Lander Not • Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded
<br />by applicable law, shoH 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 bender's right to accelerate the maturity of the indebtedness secured by this
<br />Dad of Trust.
<br />12. Remo" Cunndadve. 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 by law or equity, and may be exercised concurrently, independently or successively.
<br />13. Sneoeuaa said Assignis Sound; JeW and Several Lh"ty; 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 be given in another manner, (a) any notice to Borrower provided for in
<br />this Dad of Trust shall be given by (nailing 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. Udtortn heed of TrnN; Goveraiap Law; Severabi6ty. This form of deed of trust combines uniform covenants for national use and
<br />ton- 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 />Z <
<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 />,
<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 />14. 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. Trader of the property; Assomptioa. 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, bender 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 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.a
<br />NON - UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />it. Acceleration; RemetBea. Except as provided In paragraph 17 hereof, upon Borrower's breach of any Covenant or agreement of
<br />Borrower In this Dad of Trans, including the covenants to say when due any sums secured by this Deed of Trust, leader prior to acceleration
<br />00 awti notice to Borrower as provided is paragraph 14 hereof specifying. (1) the breach; (2) the action required to care such breach; (3) a
<br />dam, ant lens flan 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 />Meech on or before the date sprdfled In the notice say result in acceleration of The suns secured by this Deed of Trust and sale of the Property.
<br />The tads ska hriber inform Borrower of the rtbt to reinstate after acceleration and The right to bring a court action to assert the non-
<br />existence of a defasoft or any other defense of Borrower to acceleration and ask. if the breach is not cured on or before the date specified in the
<br />nodes, Lander at Loader's option my dedere all of the son secured by this Dad of Trust to be Immediately doe and payable without further
<br />showed ad nay Invoke the power of de and any other remedies permitted by applicable law. Lender shall be entitled To collect all reasonable
<br />coon said tepees dscurred In paredag the remedies provided in this paragraph 18, including, but not limited to, reasonable attorney's fees.
<br />It due power of ale Is invoked. Trustee shall record a notice of default in each county In which the Property or some part thereof is located
<br />and sholl mod coon of wait wee In the manner prescribed by applicable law to Borrower and to Ike other persons prescribed by applicable
<br />"
<br />bon, After be Input of such time a spy be required by applicable law, Trustee shall give public notice of seek to the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Borrower, sW sell The Property at public auction to the highest bidder at the time
<br />and place ad fader On to dedvanowal In the notice of inde in one or more parcels red in such order as Trustee may determine. Trustee may
<br />possim a salt of all or ay pared of the Property by pabBe announcement at the time and place of any previously scheduled sale. Lender or
<br />Lender's deaibae nay Isaac , , doe property at only cede.
<br />Upon FMW of pnymoat of (he price bid, Trustee shall deliver to the purchaser Trustee's teed conveying the Property sold. The recitals In
<br />LLthe'[ man's deed"be prim tack evidence of the troth of Ike statements merle therein. Trustee shall apply the proceeds of the sae in the
<br />astir: (a) to arose tad upmo" of the eak, locloding, boo not limited to, Trustee's fees of not more than _ _ _ _ 0'. a
<br />of she glees alaik price, reassinable alteeney's foes and costs of title evidence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if
<br />any, to On person or parser legally sodded /hereto.
<br />11, Borrower'sltloglolt In Rininflaft. Notwithstanding Lender's acceleration of the sums secured by Ihis Deed of in +a, Itarraseet shall halve
<br />the right to have any proceedings begun by Lender to enforce this iced of Truss disanuinued at .anti hmc poor to the earlier io ncrcu of col thr
<br />fifth day before the %aale of the Property pursuant to the power of sale contained in this Derd c,l Trust m 160 rntrs of ;e n0pnrent moor,. mt ;his
<br />Deed of Trust if. (a) Borrower pays Lender all sums which would be then due undet this feed 01 1 rmt. the Nro,, wd mars sec,u,na t'unuc
<br />
|