|
g6-0. 14578Z
<br />by this Dead of Trust immediately prior to the date of taking bears to the fair market value 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 the condemnor offers to make an award or settle a
<br />claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is trailed, Letukr is authorized to collect and
<br />apply the psooxaeb, at Lender's option, either to nxtoration or repair of the Property or to the sums secured by this Deed of Trust.
<br />Unless Lander and Borrower otherwise asses 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 1 and 2 hereof or change the amount of such installments.
<br />10, So emu Not Releassi. Extension of the time for payment or modification of amortization of the sums secured by this Dowd of Trust
<br />granted by Gender 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 rim! for
<br />payment or otherwise modify amortization of the sums secured by this teed of Trust by reason of any demand made by the original Borrower
<br />and Borrower's successors in interest.
<br />11. Forbearance by Iaades Not a Waives. Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded
<br />by applicable law, 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 />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 />Dad of Trust.
<br />12. Remedim Commlative. All remedies provided in this Dad 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. Saeeemms sad Assigns Boaai; Joint and Several 1J.blety; 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 Dad 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 Dad of Trust shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Ualtorm Dead of Trans; Gowning law; Severabllky. This form of deed of trust combines uniform covenants for stational use and
<br />non- uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Deed of
<br />Test 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 Dad of Trust and the Note are declared to be severable.
<br />16. Borrower's Cary. 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. Teander 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 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 sectored by this Dad 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 shalt release Borrower from all obligations under this Iced 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 />dote. If Borrower fails to pay such stems prior to the expiration of such period. Lender may, without further notice or demand on Borrower,
<br />invoke any remedies permitted by paragraph IS hereof.
<br />NON - UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />Ill. Acceleration; Remedies. Except in provided In paragraph 17 hereof, upon Borrower's breach of any. -eove sat or agreement of
<br />Borrower In this Deed of Trent, ladadiag The covemaab to pay when doe any sums secured by ebb Deed of Toast, Lander prior to acceleration
<br />shalt mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breach; (2) the action required to core such breach; (3) a
<br />deft, net bas than 30 days from the date of notice Is am" to Borrower, by which sock breach must be cared; and (4) that failare to cure such
<br />. . 4 our of before the deft specified In the notice may result In acceleration of the sums secured by this feed of Trost and sale of the Property.
<br />The modee dM further inters Borrower of the ri& to relosimse after sucelesRon and the right to bring a court action to assert the non -
<br />eadnseue of a defu *- or a" other defense et Bosvower to ocederatiom nnd msk. If die browch is not cured on or before the date specified is the
<br />notice, Lewder at Lama's optiea may iee all of the sense secured by thh Decd of Trost to be Immediately doe and payable without farther
<br />demand and may Invoke the power of sale and am other eesaedla permitted by applicable law. Leader shell be entitled to collect all reasonable
<br />consumed incurred In pursuing the r1 1 a provided in this paragraph 19, including, but mot dolled to, reasonable attorney's fees.
<br />If the power of smk In invoked, Traske shall record a notice of default In each county in which the Property or some part thereof Is located
<br />and shd nod copies of such notice in the mummer prescribed by applkoblt law to Borrower and to the other persons prescribed by applicable
<br />law. After the lope of such thou a my be requited by applicable low, Trustee shall give public notice of sale to the persons and In Ike manner
<br />prmasBtei by mpltBemMe Inc. Tram e, wiNeat demand on Borrower, shall sell the Property at public section to the highest bidder at The time
<br />and place and ands the terms de Ill - I In the notice of sale In nee or more parcels and In such order as Trustee nay determine. Trustee may
<br />postpone file of all or may pared of the Property by public announcement of The fist and place of any previously scheduled oak. Leader or
<br />Loader's dedgmee mmy purchase the Property at nay sale.
<br />Upon ter ipl of payment of the prim bid, Trustee AM deliver to the purchaser Trustee's deed conveying the Property sold. The recitals in
<br />die Traeem's dad SW be prima fade evliemce of the truth of the statements made therela. Trustee shall apply the proceeds of the sale in the
<br />fadowleg reds (a) le mil taaseaabie cab and expeasa of the sale, including, but not limited to, Trustee's fees of not more than 3_0— a'a
<br />M die gram sale peke, rsmseaahie attorney's tea a" cosh of title evidence; (b) to all sunix secured by this Deed of Trust; and (cl the excess, if
<br />tiny, to the parson or persons legally eaWkd thereto.
<br />19. Borrower's Right to Reiasule. Notwithstanding Lender's acceleration of the sums secured by this Deed of Trust. 11,orrowcr chill have
<br />the right to have any proceedings begun by Lender to enforce this Deed of T rust dibconnnued at any urrtc t,not lo the carper io Kov .+t I ) I'Ir
<br />fifth day before the sale of the Property pursuant to the power of +tie contained in this Deed of Trull or tot enuc of a iudgmcnr enity, trig th.c
<br />(ked of Trust it: (a) Borrower pays Lender all Burns which would he then due under this feed ,! L u,t, thr N,,Ie ., n,1 cartes .r•_ «nos I t ... r
<br />
|