|
1.0161
<br />by this f f of 'trust immediately prior to the date of taking hears 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 of "tile a
<br />claim for damages, Borrower fails to respond to Lender within 30 days alter the date such notice is mailed, Lender is authorized to collet and
<br />apply the proceeds, at Lender's option, either to restoration or repair of the Property ur to the gurus secured by this Deed of "Crust,
<br />Unless Leader and Borrower otherwise agree in writing, any such application of proceeds to principal shall ifw 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 />1111. > Borrower Not Released. Extension of the time for payment at 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 release, in any manner, the liability of the original -. rower 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 "Frust by reason of any demand made by the original Borrower
<br />and Borrower's successors in interest.
<br />It. Forbearance by Lender Not a Waiver. 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 />Deed of Trust.
<br />12. Remedies Cumulative. 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 he 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 shalt 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 he 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 [.ender 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 heed 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 taw 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 />15. 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 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 tinder 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 />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 when due any sums secured by this Decd of Trust, fender prior to acceleration
<br />sW 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 />dale, 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 Ilse 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 acceleratian and sale. If the breach is not cured on or before the date specified In the
<br />melee, Leader at fender's option may declare aN of the sums neared by this deed of Trust to be immediately due and payable without further
<br />dismand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable
<br />costs and expenses incurred in pursuing the remedies provided in this paragraph 18, Including, but not limited to, reasonable attorney's lees.
<br />If the power of sale Le invoked, Trustee shall record a notice of default In each county in which the Property or some part thereof Is located
<br />stild shoP mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable
<br />haw. After the lapse of such time as may be required by applicable law, Trusses shall give public notice of suit to the persons and In the manner
<br />preactribed by applicable law. Trustee, without demand on Borrower, shall sell the Property s1 public auction to The highest bidder at the their
<br />mad place said under the terms designated in the notice of sale In one or more parcels and in such order as Trustee may determine. Truster may
<br />pone ok of ail or any percel of the Property by public announcement as the time and place of any previously scheduled sale. Lender or
<br />1 's dialipser may purchase the Property at any mle.
<br />Upon mclelpf of payment of the price arid. Trustee shall deliver to the purchaser Trustee's deed conveying the Property sold, the rfNnuts lot
<br />tp
<br />the. T 's deed shsh be prima facie evidence of the trash of she statements made therein. I'nrstee shall apply the pntcreds of rate site to chit
<br />L�
<br />following order: (a) to aN reasonable costs sod expeases of the sate, including, but not limited to, I'ntstee's fees of not more ihan
<br />Of rise gross m#e reasonable attorney'® feed and Costs of title ""knee, ib110 all %urns secured by Itets heed of irusf; amt ±,,? the p•a =x +,-. if
<br />soy, to she pereo" or pereoos kgaify wattled thereto.
<br />Iq. Borrower's Right in Reinstate. Nolwnhstandintg I under', a_ Ihr it,vd I—, Iill, £tort' « 1 11 It, 1. 11 .... c1
<br />1114: 9'Ighl to t a,4 Filly 3 >etyIln h1 I.elidel e•' ,Ilw3 r lhj� 1h °Cd 1 c J..i th. t "In1 C4 a� ;9I,..NY.t rt�.n� !.' till � lir!,,•r ,
<br />`i lrli site' tills III Ih, 4'u"ytv?I v I'l ,"lan' I, Iilc I €1l,I .;l �lttri 61 p 1,1_tK RU ^t ..,thy ;fu•
<br />1"o,a rldIII vll'mn,'hida �. u.r,r... iiv. cl�- 7� ?:�L �¢•' -d —1- i,_
<br />
|