|
8s- 101185
<br />! Coodemw don. The prmec.ls of any award or claim for damages, direct or consequential, in connection with any
<br />:'andemnation 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 Leader.
<br />In the event of a total takin of f the Property, the proceeds shall be applied to the sums secured by this Deed of Trust.
<br />with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
<br />Otherwise agree in writing, there shall be applied to the sums secured by this Deed of Trust such proportion of the proceeds
<br />as is egwl to that proportion which the amount of the sums secured by this Deed of Trust immediately prior to the date of
<br />taking hers to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
<br />Paid to Borsower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is
<br />mailed. Lender is authorized to collect and apply the proceeds, at Leader's option, either to restoration or repair of the
<br />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
<br />opostpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<br />such iitWallmoub.
<br />1IL Bassrwer Not Released. Extension of the time for payment or modification of amortization of the sums secured
<br />the his Deed of Trust
<br />of the original by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
<br />liability ginal Borrower and Borrower's successors in interest. Lender shall not be required to commence
<br />proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured by this 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.
<br />The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
<br />right to 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
<br />or remedy tinder this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or
<br />sutxexsivey
<br />ays and 13. tlucaorand Assigns Bound; lain! 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.
<br />The captions and headings of the paragraphs of this Deed of Trust are for convenience only and are not to he used to
<br />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
<br />Borrower provided for in this Deed of Trust shall be -given by mailing such notice by certified mail addressed to Borrower at
<br />the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br />(b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender's address stated herein or to
<br />such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />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 Trod; Governing Law; Severability. This 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 he governed by the law of the jurisdiction in which the Property is located.
<br />In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict shall
<br />not affect other provisions of this Deed of Trust or the Note which can he given effect without the conflicting provision.
<br />and to this end the provisions of the Deed of Trust and the Note arc 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 time
<br />of execution or after recordation hereof.
<br />17. Transfer of the Property; Assumptk a. If all or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to
<br />this Deed of Trust, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
<br />descent or by operation of law upon the death of a joint tenant or
<br />Lender may, at Lender's option, declare all the sums secured by this Deed of Trust to he
<br />immediately aue and payable. Lender shall have waived such option to accelerate if, prior to the safe or transfer, Lender
<br />and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person
<br />is satisfactory to Lender and that the interest payable on the sums secured by this Deed of Trust shall be at such rate as
<br />Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower's successor
<br />in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from
<br />all obligations 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 date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower fails to pay such sums pryer to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies pernidtcd by paragraph 18 hereof.
<br />Nov - UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />IS. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />agroomeal of Borrower in this Deed of Trust, including the covenants to pay when due any sums secured by this Deed
<br />of Trust, Leader prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the
<br />breach: (2) the auction required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to
<br />Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified
<br />In the wrrtlice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property. The notice
<br />shall fmdwr inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert
<br />the naw-eaiAence of a default or any other defense of Borrower to acceleration and side. If the breach is not cured
<br />an at I ate the dale specified in the notice, Lender at Lender's option may declare ail of the sums secured by this Deed
<br />of Trust to be immediately due and payable without further demand and may invoke tie power of sale and any other remedies
<br />puttttnillsd by applicable law. Lender shall be emitted to collect all reasonable costs and expenses incurred in pursuing the
<br />resaa II i provided In lids paragraph 18, Including, but not limited to, reasonable attorney's fees.
<br />It the power of sale is invoked, Trustee shall record a notice of default in each county in which the Property or some
<br />part theroof Is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the
<br />alms ptsseas prescribed by applicable law. After the lapse of such time as may be required by applicable law, Trustee shall
<br />give edible !oboe of ask to the persons and in The manner prescribed by applicable law, Trustee, without demand on
<br />shall MN the property al public armed" to the highest bidder at the lime and place and under the terms designated
<br />in the aalke of sak in one or mare parcek and In such order a Trustee may determine. Trustee may postpone sale of all
<br />or any purest of Nee Property by ammeacement at the time and place of any previously scheduled sale. Lender or
<br />Leaders deigns may purchase the Tarty at any sale.
<br />Utmn specie! of payment of lie price bid, Tnrlee shall deliver to the purchaser Trustee's deed conveying the Property
<br />frost. jM nelaia in the Trustet's deed W" be prhna facie evidence of the truth of the statements made therein. Trustee'
<br />shnf apply the of the side M the fon*Wim orrtr: (a) to all reasonable costs and expenses of the sale, Including. but
<br />M
<br />nut N"W , tslsMe's has at not mare than 1� 2 O 1 % of the grow safe price, reasonable attorney's fees and costs of
<br />�eviiiereti (b) N all wmss accused by Ihk Deed of Trust; and (c) the excess, if any, tc the person or persons legally entitled
<br />L 119. Borrowees Right to Reinstate. 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 this Deed of Trust discontinued at
<br />arty time prior to the earlier to occur of (i) the fifth day before the sale of the Property pursuant to the power of sale contained
<br />in this Deed of Trust or (ii) entry of a judgment enforcing this Deed of Trust if: (a) Borrower pays Lender all sums which would
<br />be (hen die under this Deed of Trust, the Note and notes securing Future Advances, if any, had no acceleration occlured:
<br />(b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in Ihm Died Ot' 'Trust.
<br />(c) Borrower pays all reasonable crpemes incurred by Lender arid "1'rnstce in enforcing the coornartts and agn•cmcnts of
<br />Borrower contained in this Ihed of Trust arid in enforcing Lender's and ' Trustee's reredies as I nmidcd n limagtaph 18
<br />hereof. including. but not limited ter. neawnable anorncy's fees: and (d) Borrower takes such aauon a, 1 , nder may rca%miabk
<br />require to assure that the ken of this Deed of 'Trm, I ender', interest rn the Proper(: and Rn- rr+mrl'• ,+ hpat,nn t o pas
<br />M
<br />
|