|
®. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation orothor taking of the Property, or partthereol, offer conveyance in lieu of condemnation, are harebyssalgned
<br />r and shall be paid to Lender.
<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 takingg of the Property, unless Borrower and Lendar otherwise
<br />agree in writing, there shall be applied to the sums secured by this feed of Trust such proportion of the proceeds as is equal to
<br />that proportion which the amount of the sums secured by this Dead of Trust immediately prior to the data of taking boars to tine
<br />fair market value of the properly immediately prior to the data of taking, with the balance of the proceeds paid to Ocirrower.
<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 Lender within 30 days after the data such notice is mailed,
<br />Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property of to
<br />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
<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 />Dead 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 Borrower and Borrower's successors interest. Lendershall 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 Deed 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. Suceeseors and Assigns Bound; 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. All covenants 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 interpret or
<br />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
<br />provided for in this Deed of Trust shall be given by mailing 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 tender's address stated herein or to such otheraddress 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; SeverabiNty. 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 jurisdiction in which the Property is located. in
<br />the event that any provision or clause of this Deed of Trust or:.the Note conflicts with applicable law, such conflict shall not
<br />affect other provisions of this Deadoffirust orthisr" which can be given effect without the conflicting provisions, and to this
<br />end the provisions of the Deed of TrtW and theMite are declared to be severable.
<br />16. Borrower's Copy. Borrower Mall be furnished a conformed copy of the Note and of this Deed of Trust at the time of
<br />execution or after recordation hereof.
<br />17. TranNer of the Property; Assumption. if all or any part of the property or an interest therein is sold or transferred by
<br />Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinateto 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 Trustto be immediatelydue
<br />and payable. Lender shall 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 shrill be at such rate as Lender shell request. If
<br />Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor in interest has
<br />executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations
<br />under this Deed of Trust and the Note.
<br />It 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 30dayslrom 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 hither covenant and agree as follows:
<br />18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />agreement of Borrower in this Deed of Trust, including the covenants to pay when due any sums secured by this Deed of Trust,
<br />Lender prior to acceleration shall 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 shall 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 ad efault 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 invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to
<br />collect all reasonable costs and expenses incurred in pursuing the; remedies provided in the paragraph 18, including, but not
<br />limited to, reasonable attorneys fees.
<br />If the 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 low, Trustee shall give
<br />pubic notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower,
<br />stmt self the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice
<br />of safe 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 public announcement at the time and place of any previously scheduled sale. Lender or Lender's designee
<br />may purchase the Property at any sale.
<br />Upon receipt ofpa yment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property said.
<br />The rocitsts in the Trufte's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply
<br />the proceeds of thesale in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to,
<br />Trustee's foes of not more than __ %of the gross sale price, reasonable attorney's fees and costs of title evidence;
<br />(b) to ati sums secured by this Deed of Trust; and (c) the excess, if any, to the person or persons legally entitled thereto.
<br />10. Berrowor's IN9M to RaMNtaM, Notwithstanding Lender's acceleration of the sums secured by this Deed of Trust,
<br />Borrower shall have the right to have any proceedings begun by Lender to enforce the Deed of Trust discontinued at any time
<br />prlor 10 earlier to occur of (1) the fifth day before the sale of the Property pursuant to the power of sale contained in the Deed
<br />If Trust (ii) entry of a judgment enforcing this Deed of Trust if: (a) Borrower pays Lender all sums which would be then due
<br />under this Deed of Trust, the Not@ and notes securing Future Advances, if any, had no acceleration occured:(b) Borrower
<br />cures all breaches of any other covenants of agreements of Borrower contained in this Deed of Trust (c) Borrower pays all
<br />reasonable expenses incurred by Lender and Trustee enforcing the covenantsand agreements of Borrower contained in this
<br />Creed 01 Trust and in enforcing Lender's and Trustee's remedies as provided in paragraph 18 hereat, in(luding, but riot limited
<br />to, feasonawe attorney's to", and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of
<br />this Deed of Tausr Lender's interest in the Property and Borrower's obligation to pay the sums sectand by this Dood of Trust
<br />g#sarl ronuntre unimpaired, Upon such payment and rune by Borrower, fhiM Decsd of Trust and the ot,1lgl1lionv aecwr +d hareby
<br />6640 rernem in 11rll krree and e11eica 850 no acceleration had ocr;on l
<br />
|