|
.3.
<br />M Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or modification
<br />of amortization of the stuns secured by this Deed of Trust granted by Lender to any successor in interest of Borrower and
<br />all other parties who are or hereafter become secondarily liable shall not operate to release, in any manner. the liability
<br />j of the original Borrower and Borrower's successors in interest. lender shall not be required to commence proceedings against
<br />such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed
<br />of Trust by reason of any demand made by the original Borrower and Borrower's successors in interest. Any forbearance
<br />by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall nu be a waiver of
<br />or prediuk the exercise of any such right or remedy.
<br />11. Successors and Asips Bound; Joint and Several Liability, Co4goers. The covenants and agreements herein contained
<br />shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject
<br />to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several. Any Borrower
<br />who co-signs this Deed of Trust, but does not execute the Note, (a) is co-signing this Deed of Trust only to grant and convey
<br />that Borrower's interest in the Property to Lender under the terms of this Deed of Trust, (b) is not personally liable on
<br />the Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower hereunder may agree to extend,
<br />modify, forbear, or make any other accommodations with regard to the terms of this Deed of Trust or the Note, without
<br />that Borrower's consent and without releasing that Borrower or modifying this Deed of Trust as to that Borrower's interest
<br />in the Property.
<br />12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower
<br />provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by certified mad addressed to
<br />Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided
<br />herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such other address
<br />as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of Trust shall
<br />be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />13. Governing Law; Severabi ity. The state and local laws of the jurisdiction in which the Property is located shall apply
<br />except where such laws conflict with Federal law; in which case. Federal law applies. In the event that any provision or
<br />clause of this Deed of Trust or the Note conflicts with applicable law, such conflict shall not affect other provisions of this
<br />Deed of Trust or the Note which can be given effect without the conflicting provision, and to this end the provisions of
<br />this Deed of Trost and the Note are declared to be severable. As used herein, "costs," "expenses" and °attorneys' fees ' include
<br />all stems to the extent not prohibited by applicable law or limited herein.
<br />14. Borrower's Copy. Borrower shalt be furnished a conformed copy of the Note and of this Deed of Trust. if requested.
<br />at the time of execution or after recordation hereof.
<br />15. Rebabikation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilitation.
<br />improvement. repair, or other loan agreement which Borrower enters into with Lender. Lender. at Lender's option. may
<br />require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights. chime
<br />or defenses which Borrower may have against the parties who supply labor. materials or services in conpection with
<br />improvements made to the Property.
<br />16. Transfer of the Property. If Borrower sells or transfers all or any part of the Property or an interest therein, excluding
<br />(a) the creation of a lien or encumbrance subordinate to this Deed of Trust, (b) a transfer by devise, descent. or by operation
<br />of law upon the death of a joint tenant, (c) the grant of any leasehold interest of three years or less not containing an option
<br />to purchase, (d) the creation of a purchase money security interest for household appliances, (e) a transfer to a relative resulting
<br />from the death of a Borrower, (fl a transfer where the spouse or children of the Borrower become an owner of the proper.
<br />(P,) a transfer resulting from a decree of dissolution of marriage, legal separation agreement. or from an incidental property
<br />settlement agreement, by which the spouse of the Borrower becomes an owner of the property, (h) a transfer into an inter
<br />vivos trust in which the Borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy
<br />in the property, or (i) any other transfer or disposition described in regulations prescribed by the Federal Home loan Baal,
<br />Board, Borrower shall cause to be submitted information require,; by Lender to evaluate the transferee as if a new loan
<br />were being made to the transferee. Borrower will continue to be obligated under the Note and this Deed of Trust unless
<br />Lender releases Borrower in writing.
<br />If Lender does not agree to such sale or transfer, Lender may declare all of the sums secured by this Deed of Trust
<br />to be immediately due and payable. if Lender exercises such option to accelerate, Lender shall mail Borrower notice of
<br />acceleration in accordance with paragraph 12 hereof. Such notice shall provide a period of not less than 30 days from the
<br />date the notice is mailed or delivered within which Borrower may pay the stuns declared due. If Borrower fails to pay such
<br />sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies
<br />permitted by paragraph 17 hereof.
<br />NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />17. Acceleratim; Remedies. Except as provided in paragraph 16 hereof, or as otherwise required by law, upon Borrower's
<br />broach of any covenant or agreement of Borrower in this Deed of Trust, including Borrower's failure to pay, by the end
<br />of feu (10) calendar days after the date they are due, any sums secured by this Deed of Trust, Lender prior to acceleration
<br />shall giro notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure
<br />such btrsek (3) a date, not less than 20 days from the date the notice is mailed to Borrower, by which such breach must
<br />be cured; and (4) that f diem to care such breach on or before the date specified in the notice may result in acceleration
<br />of the sans secured by this Deed of Trust and sale of the Property. The notice shall further inform Borrower of the right
<br />to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense
<br />of Borrower to aeeeleradon and sale. If the breach is not cared on or before the date specified in the notice, Lender, at
<br />Lender's option, may declare all of the suns secured by this Deed of Trust to be immediately due and payable without further
<br />remand and may invoke the power of sale and any other remedies permitted by applicable law. Leader shall be entitled to
<br />collect all costs and expenses incurred in pursuing the remedies provided in this paragraph 17 to the extent permitted by
<br />applicable law.
<br />If Lender invokes the power of sale, Leader or Trustee shall mail copies of a notice of sale in the manner prescribed
<br />by applicable law to Borrower and to the other persons prescribed by applicable law. Trustee shall give notice of sale by
<br />public advertisement for the time and in the manner prescribed by applicable law. Trustee, without demand on Borrower,
<br />shall sell the Property at pul fic auction to the highest bidder for cash at the time and place and under the terms designated
<br />is the notice of sale is one or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all
<br />L
<br />or parcel of the Property to my later time on the same date by pubic announcement at the time and place of any previously
<br />scheduled sale. Leader or Lender's designee my purchase the Property at any sale.
<br />Trustee shall deliver to the purchaser Trustee's deed conveying the Property so sold without any covenant or warranty,
<br />expressed or implied. The recitals in the Trustee's deed shall be a prima facie evidence of the truth of the statements made
<br />therein. Trustee shall apply the proceeds of the sale in the following order. (a) to all reasonable costs and expenses of the
<br />sak, including, but not limited to, reasonable Trustee's fees and attorneys fees and costs of title evidence; (h) to all sums
<br />secured by this Deed of Trust; and (c) the excess, if any, to the person or persons legally entitled thereto.
<br />0a90T -98
<br />
|