|
L
<br />F —1
<br />ss— 103474
<br />by this Dad of Trust it;umediately prior to the date of taking i,ears to c tai^ market saiue u! the Pruyviiy immediately prior to the =date . !
<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 />daim for damages. Borrower fails to respond to Lender 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 rot extend or postpone the due
<br />date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments.
<br />10. Bemoans* Not Baieased. Extension of the time for payment or modification of amortization of the sums secured by this Deed of Trust
<br />granted by Leader to any successor in interest of Borrower shall not operate to, Oease, in any manner, the liability of the original Borrower and
<br />Bor'rower's success 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 anv demand made by the original Borrower
<br />and Borrotc'er's successors in interest.
<br />11. Forhnamee by Lender Not a Waiver. Any forbearance by Lender in cxercising an right ur remedy hereunder, or otherwise afforded
<br />by applicable law, shall not be a waiver of or preclude the exercise of any such vghr or remedy. fhe pn curcment of insurance or the payment of
<br />taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerate the rnwurity of the indebtedness secured by ! his
<br />Dad of Trost.
<br />12. Remedies Cumulative. All remedies provided in this Deed of Trust at,- distinct and cumulative to any other right or remedy under this
<br />Deed of Trust or afforded by law Ur equity, and may be exercised concurrently, independendy or successively.
<br />13. Successors sad Assigns Bound; Joint and Several Liabitity; captions. The covenants and ag. eements herein contained shall bind, and
<br />the rights hereunder shall inure to, the respective successors and assigns of (_ender 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 Deed of Trust shall be given by mailing 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 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 Trust; Governing Law; Severabillty. This form of deed of trust combines uniform covenants for national use and
<br />non - uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Deed cf
<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 />Trust or the Note conflicts with applicable taw, such conflict shall not affect other provisions of this Deed of Trust m the Note which can be
<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 />16. 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. Transfer of the Property; Assumption. 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 thi Deed of Trust. (b) the creation of
<br />a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operatic "n of la.r upon the death of a paint
<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
<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 ti 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, Lender 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 deciared
<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.
<br />NON- UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />18. Aecdi ratlom; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of
<br />Borrower in this Deed of Trust, inducting the covenants to pay when due any sums secured by ibis Deed of Trust. Lender prior to acceleration
<br />aYng mail malice to Borrower as provided in paragraph 14 hereof specifying- (1) the breach; (2) the action required to cure such breach; (3) a
<br />date, mot law than 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 />breach on or before the dale specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property.
<br />The malice slang further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-
<br />existence of a dNmdl or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified In the
<br />notice, Leader ni ]Leader's option my declare all of the sums secured by this Deed of Trust to be immediately due and payable without further
<br />demand sad may invoke the power of sale and any other remedies permitted by applicable law. Leader shag be entitled to collect tit reasonable
<br />costs and expera incurred in pursuing the remedies provided In this paragraph 18, including, but not limited to, reasonable attorney's fees.
<br />If the power of sale Is invoked, Trustee shag record a notice of default in each county in which the Properly or some part thereof is located
<br />and shall maill copies of such notice to the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable
<br />law. After the lopwe of such Ouse so may be required by applicable law, Trustee shall give public notice of sale to the persons and in the manner
<br />prewct11 - by applicable law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time
<br />and phsce lend vier the terms designated in the notice of sale In one or more porcels and to such order as Trustee may determine. Trustee may
<br />postpone sere of all or my perod of the Property by public announcement at the time and place of any previously scheduled sale. Lender or
<br />Leader's desipee may parelare the Property at any sale.
<br />Upon receipt of payment of The price bid, Trustee shag deliver to The purchaser Trustee's deed conveying the Property sold. The recitals in
<br />the Trsoee'a iced shall be prime fade evidence of the lrutb of the statements made therein. Trustee shall apply [be proceeds of the sale in the
<br />following order; (a) to all reasonable costs sod expeasea of the sale, including, but not limited to. Trustee's fees of not more than _7
<br />of the grant sole prim, reasonable attorney's feet and costs of title evidence: (b) to all sums secured by this Deed of Trust; and (c) the excess, if
<br />my, to the person or person legally sodded thereto.
<br />If. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Deed Lit Trust, Borrower shall have
<br />the right to have any proceedings begun by Lender to enforce this Deed of trust discontinued ai any time prior to the earlier w occur o! ci) C L
<br />fifth day before the sale of the Property pursuant to the power of sale contained in this Deed of Trust of Oil entry 01 a judgment enf ormF this
<br />Deed of Trust if: (a) Borrower pays Lender all sums which would he !hen due under this Deed of Rust, cite Noic and note:, ,cti'iuntp i 1 :wc
<br />
|