|
L
<br />86-- 104264
<br />by this Deed of Trust immediately pr-- to the date of taking bears to ^:are 'air market vaiue of the Property immediately prior to the date of
<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 tine _ondemnor offers to maize an award or settle a
<br />claim 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, eittur 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 not 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 />19. Sorrearar Not wed. Extension of the time for payment or modification of amortization of the stuns secured by this Deed of Trust
<br />granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and
<br />Borrower's successors 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 any demand made by the original Borrower
<br />and Borrower's successors in interest.
<br />11. Forbearance by Leader Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded
<br />W applicable law, shall not be a waiver of or preclude the exercise of any such ght or remed-; . The procurement 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 maturity of the indebtedness secured by this
<br />Deed of Trust.
<br />11. Reu edfea Cuuladve. All remedies provided in this Deed of Trust are distinct and cumulative to any other right or remedy order this
<br />Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively.
<br />13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and
<br />the .rights hereunder shall inure to, the respective successors and assigns of Lender 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 u: 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 <iesigrate 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. Udform Deed of Trust; Governing Law; Severability. 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 of
<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 law, such conthct shall not affect other provisions of this Deed of Trust or 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 he 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 (z; the creation of a lien or encumbrance subordinate to this Deed of Trust, (b) the creation of
<br />a purchase money security interest for household appliances, (c'f a transfer by devise, descent or by operation of law upon the death of a joint
<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 sutras secured by this Deed of Trust to be immediately due and payable. Lender shalt have waived such option to accelerate if,
<br />prior to the sale or transfer, Lender and the person to whom the Property is to be sold ur 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 .';= Mt has executed a
<br />written assumption agreement accepted in writing by 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 shan mail Borrower notice of acceleration in accordance with paragraph 14 hereof.
<br />Such notice shalt provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared
<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 coyerant and agree a,, follows:
<br />18. Acceleration; 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, including the covenants to pay wben due tiny sums secured by this Deed of Trust, Lender prior to acceleration
<br />shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a
<br />date, not less 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 date specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property.
<br />The notice shall 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 default 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 at Leader's option may declare all of the sutras secured by this Deed of Trust to be immediately due and payable without further
<br />demand and may invoke the power of sale and say other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable
<br />frosts cad expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not Belted to, reasonable attorney's 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 thereof is located
<br />and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable
<br />law. After the hose of such time as may be required by applicable law. Trustee shall give public notice of salt to the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time
<br />and place aced under the terms designated in the notice of sale in one or more parcels and in such order as Trustee may determine. Trustee mart
<br />postpone sale of all or any parcel of the Property by public anooun"rnent at the time and place of any previously scheduled sale. Lender or
<br />Lender's designee may purchase the Property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser 7 rustee's deed conveying the Property sold. The recttalc in
<br />the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee :hall apply the proceeds of the sale in the
<br />following order. (a) to all reasonable costs and expenses of the sale, includink. but not limited to. Trustee's fees of not more than _ 3
<br />of the gross tide price, reasonable attorney's fees sad costs of title evidence: (hi to all suins secured by this Deed of i rill and (cl the eycess, if
<br />may, to lbe person or persons legally entitled thereto.
<br />19. Barrower's Right to Reinstate. lo[wiitritattd3lig I_ender'> ;u, do ,i kon n! ;lac ,Urn' '11U :,. hs I ill . Decd ,lt 1 it,,: CI ch I ..,.,.
<br />the right to have any pi occedings hegur h'. Lender to enforce thy. the,: o1 L,,,I III r< ❑.i. -ucc. a.. :I '.. , r,'; ;o ill' !l'i
<br />fifth day before the sale of the F't,AMty pursuant I,, 7hc ;x +war of pale, -w�, i nz ttu. I)C- 1 ,.. u:! Caul, , gt ,u
<br />liecd of Trust d: (a) 13tur.>w -.• pa., I rildur ali surn a?,.ci; v.ui<i tic - -, :. :.il,dc 1, i ., ; 1 r.::. - ♦, . .tI ,t
<br />Wit
<br />C
<br />
|