86101487 - Laserfiche WebLink

Browse

86-- 101487 captions and headings of the paragraphs of this Deed of Trust are for convenience only and are not to be used to interpret or define the provisions hereof. 14. MMCE. Except for any notice required under applicable law to be given in aver manner, (a) any notice to Borrower provided for in this Deed of Trust shall be given by mailing such mice by Certified flail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any such notice to Lender shall be given by Certified Mail, return receipt requested, to Lender's address stated herein, or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. UNIFX M DID) OF TRUST; COIDtNIM LAW SEtrFRABILI Y. This form of Deed of Trust fines uniform covenants or rational use and non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. In the event that any provision or clause of this Deed of Trust or the Tote conflicts with applicable law, such conflict shall not affect other provisions of this Deed of Trust or the Note which can be 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. This Deed of Trust shall be governed by all applicable Federal Home Loan Bank Board and governmental regulations. 16. HORRCWfR'S ODFY. Borrower shall be furnished a conformed copy of the Tote a o s of Trust at the time of execution or after recordation hereof. 17. 'TRANSFER OF THE PROPERTY; ASStI+MON. If the Borrower or any successor in merest to the Property shouid, without the prior written consent of the Lender, sell. convey, transfer, or alienate the Property, or any part thereof, or any interest therein or be divested of its title or any interest therein in any manner, whether voluntary or involuntary, or if the Borrower or any successor in interest to the Property is a corporation, partnership, or joint venture, and more than fifty percent (50x) of the ownership of the corporation, partnership, or joint venture is, without the prior written consent of the Lender, sold, conveyed, transferred, or alienated, either voluntarily or involuntarily, then the Lender shall have the right at its sole option to declare any and all indebtedness or any other obligation secured hereby, immediately due and payable. Not less than thirty (30) days prior to any sale or transfer, Borrower shall notify Lender in writing of the proposed sale or transfer and shall provide Lender with such information concerning the terms and conditions of the sale or transfer and the creditworthiness and financial condition of the proposed purchaser or transferee as Lender may require-. A waiver of Lender's option to accelerate shall be subject to (1) the credit of the purchaser or transferee being satisfactory to the Lender; (2) an assumption fee of two percent (2x) of the then outstanding principal balance paid to Lender; (3) the interest rate adjusted to the Lender's current market rate at the date of sale or transfer, but not to less than the current contract rate; (4) assumption of full and unconditional liability on the indebtedness by all purchasers or transferees of the property on a joint and several basis; (5) any other requirements reasonably necessary to protect Lender's interest in the property. Any agreement regarding Lender's waiver of its option to accelerate must be in writing and reached prior to the date of sale or transfer. Waiver of any right granted to the Lender by the provisions of this paragraph as to one transaction, event or occurrence shall not be deemed to be a waiver of any right as to any subsequent transaction, event or occurrence. If the ownership of the Property becomes vested in a person(s), corporation, partnership, or joint venture other than the Borrower, the Lender may, without notice to the Borrower, deal with such successor or successors in interest with reference to this Deed of Trust and the debt hereby secured as with the Borrower, and may forebear to sue, alter time for payment of.` the debt, change the interest rate and /or the payments of MI