|
s 106234
<br />!. Condommation. 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 shalt 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 Dood of Trust, with
<br />the excess, it any, paid to grower. In the event of a partial taking of the Property, unless Borrower and Lender otherwise
<br />agree in writing, theresholl be applied to the sums secured by this Deed of Trust such proportion of the proceeds as is equal to
<br />that n which the amount of the sums secured by this Deed of Trust immediately prior to the date of taking boarsto the
<br />fair ma et value of the pro immediately prior to the date of taking', ith the balance of the proceeds to rower.
<br />If the Pr is abandon by 3orrower, by Lanr to Borrower that the
<br />or it, after notice condemnor ofts to make an
<br />award or soft a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice Is mailed,
<br />Lander is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to
<br />Me sums secured by this Deed of Trust.
<br />Union Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or
<br />Postpone rite due date of the monthly installments referred to In paragraphs / 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 W r1 ease, in any manner, the
<br />liability of the original Borrower and Borrower's successors interest. Lender shall not be required to commence procoodlingis
<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 r The
<br />'.
<br />procurement of insurance of the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenders 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. Successors and A"ns 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 interprot 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 atthe Property
<br />Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) arty notice to
<br />"<
<br />lender shall be given by certified mail, return receipt requested, to Lender's 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; Severability. The form of deed of trust combines uniform covenants for
<br />_
<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 ofMds Deed o(T-frust drthelitoMy�pnflicts with applicable law, such conflict shall not
<br />affect other provisions of this Deed of Trust or the Note ' tytQegivert effect without the conflicting provisions, and tothis
<br />end the provisions of the Deed of Trust and ttfa Iris f to bp severable.
<br />16. Borrower's Copy. Borrower shall-b® turn ished a"conformed copy of the Note and of this Deed of Trust at the time of
<br />execution or after recordation hereof.
<br />17. Trensfar of the Prop ": 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 subordinate to this Deed
<br />of Trust, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise descant or by
<br />operation of law upon the loath of a joint tenant or (d) thegrant of any leasehold interest of three years or less notcontaining 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 shall have waived such option to accelerate if, prior to the sate 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 Lander shall 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 in by Lender, Lender Borrower
<br />agreement accepted writing shall release 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 nays from the date the notice is mailed within which
<br />Borrower
<br />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 />NOl6UNIFf,RM COVENANTS. Borrower and Lender ft~ covenant and Wee as
<br />16. Acceleration; Remedies. Except as provided in paragraph 17 hereof. upon Borrower's Ixeach 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 ofTrust
<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 Trustand 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 a default or any other
<br />defense of Gorrowerto acceleration and sale. if the breach is not cured on or before the date specified in the notice, Lenderat
<br />s option may declare all of the sums secured by this Dead 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 costa and expenses incurred in pursuing the remedies provided in the paragraph 18, including, but not
<br />limited reasonable attorney's fees.
<br />If rite power of sale is invoked, Trustee shall record a notice of default in each county in which the Property or some part
<br />thered is located and shisli mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other
<br />person prescribed by applicable law. After the lapse of such We as may be required by applicable law, Trustee shall give
<br />public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower,
<br />shall 90 the Property at public auction to the highest bidder at the time and place and under the terms designated in rite notice
<br />of sale in one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all or any parcel of
<br />Me Proplially by public ormouncement at the time and place of any previously scheduled sale. Lender or Lender's designee
<br />may purchase the Property at
<br />Lipen receipt of payment at On price bid. Trustee shall dehiver to the purchaser Trustee's deed conveying this Property sold.
<br />The r M 's l be prima facie evidence of the truth of the statements made therein. Trustee shall apply
<br />!
<br />#w proceeds of tho We in Me leftwing order: (a) to a# reasonable costs and expenses of the sale, Including. but not limited to,
<br />7 's 10ft0f not than %Of rite gross sale price, reasonable attorney's fees and costs of titio evidence;
<br />(b) to ON surra secured by riffs Deed of Trust and (c) the axes". if any, to the person or persons legally entitled thereto.
<br />'e
<br />16. MW M RohwWo. Notwithisionefing Lender's acceleration of the sums secured by this Deed of Trust
<br />Borrower short he" rie right ha have prop i begun by Lender to enforce the of Trust discontinued at any time
<br />to occur of the flesh before the the Property
<br />prWto (I) y sale of pursuant to the power of sale contained In the Deed
<br />of Tr (h) entry of a judgment enforcing this Deed of Trust if: (a) Borrower pays Lender all sums which would be then due
<br />under thims Dead of Trust We Now and nollee securing Future Advances. It any, had no acceleration occured:(b) Borrower
<br />cures all breaches of any ~ covenants or agreements of Borrower contained in this Deed of Trust: (c) Borrower pays all
<br />r
<br />feasomiefis expen. ses incurred by Lender and Trustee enforcing the covenants and agreements of Borrower contained in this
<br />Deed of Trust and in enforcing L 's and Trustee's remedies as provided in paragraph 18 heraot, including, but not limited
<br />to, reasonable attorney's f and (d) Borrower takes such action as Lender may reasonably require to assure that the lien of
<br />this Dead of Trust, Lan 's interest in the Property and grower's obligation to pay the surns securud by this Dead of Trust
<br />shalt crrntrnsae urramp4ired, Upson sw,.h payment and cuts by Borrower, this Dord (0 Trust and the obligalu.rna seat urml hereby
<br />StWO WWII in tart force and effect as if no accelaration had occ:urrud
<br />
|