|
dy prior to the date of taking beam 10 the fair market valise of the Pr
<br />Borrower's s[iootssora.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 Reed of Trust by reason of any demand made by the original Borrower'
<br />and Borrower's successors in interest.
<br />11. Firbesum ee by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or othe.4wise afforded'
<br />by applicable low, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of
<br />toes, 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 />12. Rome" Cum ball". All remedies provided in this Deed of Trust are distinct and cumulative to any other right or remedy under this
<br />Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or successively.
<br />13. Successors and Arefg a 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 Dad 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; Severabidty. 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 conflict 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 be furnished a conformed copy of the Note and of this Iced of Trust at the time of execution or
<br />after recordation hereof.
<br />17. Transfer of the Property; Assumption, if all or any pan 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 this Deed of Trust, (b) the creation of
<br />a purchase money security interest for household appliances, (c) 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 sums secured by this Deed of Trust to be immediately due and payable. Lender shall 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 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 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 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 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 covenant and agree as follows:
<br />19. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or agreement of
<br />Borrower in this teed of Trust, including the covenants to pay when due any sums secured by this Deed of Trust, Lender prior to acceleration
<br />shad mall notice to Borrower as provided in paragraph 14 hereof specifying: (I) the breach: (2) the action required to cure such breach; (3) a
<br />date, not le n 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 />breech 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 shad further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to sawed the non-
<br />existence of a defm& or any other defense (if Borrower to acceleration and sale. If the breach 1, sot cored on or before the date specified in the
<br />notice, Lender at Leader's option my declare all of the some secured by ibis Deed of Treat to be Immediately due and payable without further
<br />demand sad may Invoke the power of suit std any other remedies permitted by applicable law. Lender shad be entitled to collect all reasonable
<br />cods and expenses 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 shall record a notice of default in each county In which the Property or some part thereof is boated
<br />and shad mall copies of such notice is the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable
<br />law. After the hgae of such time as may be requited by applicable law. Trustee shall give public notice of sale to the persons sad In the manner
<br />prescribed by applicable haw. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time
<br />and place and under the terms designated to the notice of sale Is one or more parcels and In such order as Trustee may determine. Trustee may
<br />Postpone sak of all or any parcel of the Property by public announcement at the time and place of any previously scheduled tale. Lender or
<br />Lender's designee may purchase the Property at any ask.
<br />UPON, of payment of the price bid, Trustee shad deliver to the purchaser Trustee's deed conveying the Property sold. The recitals in
<br />L the Trustee's deed shall be prime facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the ask in the
<br />fodoaiag order: (N to std reatousbk costs and expenses of the ale, including, but not limited to. Trustee's fees of not more than
<br />of the grow sale price, reasonable attorney's teen and costs of title evidence; (b) to all sums secured by ibis Deed of Trust; and (c) the exce.m. if
<br />any, to the person or persons kgady entitled) thereto.
<br />19. barrowees Right to Reinstate. Notwithstanding Lender's acceleration of the sum, recur ed by chi. teed of T'nts 1, Borrower shall hare
<br />the right to have any proceedings begun by Lender to enforce this Deed of I rusr discontinued a: any tune pror ro the vw!,er io <KC r of lit t'-
<br />fifth day before the sale of the Property pursuant to the power of sale contained in this Deed of Tani ct 0,) eon-. of a judgment enl.n vtg :hi,
<br />Deed of'Trtast if: (R) Borrower pays LWindci all sums which would tic then due under Otis Deed )f Tau , .he \u;c t•t.: =n ;c. .r,,nng ft,i.r:c
<br />N
<br />
|