|
al— 10 234
<br />9. Condemnatitxn. ftie proceeds of any award or calm tt i ,lor cages, dire .t or r9nsequwnt�b,, in cf)rnypyti47n with any
<br />condemnation or Other taking of the Properly, or part thereof, or for r;onveyance fn lieu of condemnation, are homy assigned
<br />and %hall'be paid to Lender
<br />In the event of a total taking of the Property, the proceeds shall to applied to thin sums secured by this teed of Trust, with
<br />the excess, it any, paid to Burrower in the event of a partial tacking of the Property, unless Borrower and Lender otherwise
<br />agree m writing, there shah be applied to the sums secured by this Dead of Trust such proportion of the prods as is equal to
<br />that proportion which the amount of the sums secured by this Deed of Trust immediately prior to the date of taking bears to the
<br />fair market value of the prop" immediately prior to the date of taking, with the balance of the proceeds paid to Borrower.
<br />It the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to math: an
<br />award or settle a claim for damages, Borrower fails to respond to Lender within :30 days after the date such notice is mailed,
<br />Lender is authorized to collect and app °y the proceeds, at Lender's option: either to restoration or repair of the Property or to
<br />that sums secured by this Deed of Trust.
<br />Unless Lender and Borrower otherwise agree in writing: any such application of proceeds to principal shall notextend or
<br />postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such
<br />installments.
<br />10. Borrower Not Released. Extension of the little for payment:-jr modification of amortization of the sums secured by this
<br />Deed of Trust granted by Lender to any successor in interest of Borrower, shall not operate to release, in any manner, the
<br />liability of the original Borrowerand Borrower's successors interest. Lender shall not be required to commence proceedings
<br />against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this
<br />Deed of Trust by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />11. Forbearance by Lender Not a waiver. ,any forbearance by Le,iuer exf.ircisiug any right or remedy hereunder, or
<br />otherwise afforded by applicable law: shall not be a waiver of or preclude the fixercise of any such right or remedy. The
<br />procurement of insurance of the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's rightto
<br />accelerate the maturity of the indebtedness secured by this Deed of Trust
<br />12. Remedies Cumulative All remedies providers !n this peed cri Trust are distinct and cumulative to any other right or
<br />remedy under this Deed of Trust or afforded by law >r equity, and ME-,,,, be exercised concurrently, independently or
<br />successively.
<br />13. Successors and Assigns Bound; Joint and Several Liability, Caplions. _i rift covenants and agreements herein
<br />contained shall bind, and the rights hereunder sha`I ;nure respective _ cols and assigns of Lender and Borrower,
<br />subject to She provisions of paragrapr: ? 7 !eras. 4, or ._,*. F s! aii be loi!:t and several. The
<br />captions and headings of the paragraphs of tries Deec, of Tr .,t are for e n : •,d re rot to be used to interpret or
<br />define the provisions hereof.
<br />14. Notice. Except for any notice required under hpp`icable law to beg +very in anornei manner, ia) any notice to Borrower
<br />provided for in this Deed of Trust shaii'be given by maiiing sucr:.� toe by certified mail aodi essed to Borrower at the Property
<br />Address or at such other address as Borrower may designate by notice to Lencer as provided herein, and (b) any notice to
<br />lender shall be given by certified mail, return receipt requested, to Lender s address stated herein or to such other address as
<br />Lender may designateby notice to B .r;ower as provided herein. Any •:otice provided for iri this Deed of Trust shall be deemed
<br />to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Deed of Trust; Governing Law; Severabllity. Trie form of deed of trust combines uniform covenants for
<br />national use and non - uniform covenants with limited variations by wrisdictior to constitute a uniform security instrument
<br />covering real property. This Deed of Trust shall be governed by the law n£ the j;nisdiction in which the Property is located. In
<br />the event that any provision or clause of this Deed of Trust or the Note conCrcts with applicable taw, such conflict shall no!
<br />affect other provisions of this Deed of Trust or the Note which can be given etfect without the conflicting provisions, and to this
<br />end the provisions of the Deed of Trust and the Note are declared tc be severable.
<br />16. Borrower's Copy. Borrower shall be furnished a conformed ropy of the "dote and of this Deed of Trust at the time of
<br />execution or after recordation here,.f
<br />17. Transfer of the property; .Assumption if at r y P- f er the; prope ; ty or an :raciest mciew is sold cr transferred by
<br />Borrower without Lender's piiorwni le, Iconseni ,excluiinyiatlhecrcati�nufa ens uri,orance Subordinate to this Deed
<br />of Trust, (b) the creation of a purchase money security interest for trousehod appliance;, lcj a transfer by devise descentor by
<br />operation of law upon the death of a {Dint tenant or (d) the grant of any leasehold interest of three years or less not containing an
<br />option to purchase. Lender may, at Lender's option, declare a!l the sums secured by this Deed of Trust tc be immediately due
<br />and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to
<br />whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to
<br />Ladder and that the interest payable on the sums secured by this Deed of Trust shall be at such rate as lender shall request. It
<br />Lender has waived the option to accelerate provided in this paragraph 17, and :f Borrower's successor In interest has
<br />executed a written, assumption agreement accepted i-: wht;nq by !_ender render shall release Borrower from 90 obligations
<br />under this Deed of Trust and the Note.
<br />if Lender exercises such option to accelerate. Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which
<br />Borrower may pay the sums declared due- 11 Borrower fails to pay such sums prior to the expiration of such period, Lender
<br />may, without further notice or demand on Rq rower, invoke any rer-,edies permitted by paragraph 19 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, rpon Borrower's breach of any covenant or
<br />agreement of Borrower in this Deed of Trust, including the covenants to pay when due any sums secured by this Deed otTrust,
<br />Lender prior to acceleration shat, m ^tied to Borroweras provide': is paragraph Id he,erf specifying: (1) the breach, (2) the
<br />action required to cure such breach, (3) a date. not less than 30 days from the state the notice is mailed to Borrower, by which
<br />such breach must be cured; and (4) that failure to cure such breach on or bet.,re the date specified in the notice may result in
<br />acceleration of the sums secured by this Deed of Trust and sale of the Properly,! he notice shall further inform Borrower of the
<br />right to reinstate after acceleration and the right to bring a court action to assert the nor existence of a default or any other
<br />defense of Borrower to acceleration and sale. 11 the hreach is rot cured e^ or before ih e dale specified in the notice. Lender at
<br />Lender's option may declare all of lire sums secured by this Deed of Tr:;st to be immediately due and payable without further
<br />ditemarld and may invoke the powe• of sale and any other remedies permitted by applicable law. Lender shall be entitled to
<br />collectall reasonable costs and expenses incurred in pursuing the remedies provided in the paragraph 18. including, butnot
<br />mited to, reasonable attorney's fees.
<br />If the power of sale is invoked. Trustee shall record a notice of default m each county in which. the Properly ar some part
<br />thereof is located and shall mail copies of such notice in the manner prescribed by applicable law So Borrower and to the other
<br />persons prescribed by applicable law- After the lapse of such time as may be required by applicable law, Trustee shall give
<br />Public notice of sale to the persons and in the manner prescribed by applicable law. Trustee. without demand on Borrower.
<br />shelf sell the Property at public auction to the highest bidder at the time and place and under the terms designated in the notice
<br />04 sale in one or more parceis and in such order as Trustee may determine. Trustee may postpone sale of all or any parcel of
<br />the Property by public announcement at the time and place of any previously scheduled sale. Lender or Lender's designee
<br />May purchase the Prop6lity at any sale.
<br />Upon receipt of payment of the price bid. Trustee shall deliver to the purchaser Trustee's deed conveyin the Property sold,
<br />The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply
<br />the proceeds of the sale in the following order: (a) to all reasonable costsand expenses of the sale, including, but pot limited to,
<br />Trustee's fees of not more than_ _ -_ _._ _ %of the gross safe price, reasonable attorney's fees and costs of title evidence:
<br />(trf Ito all sisals cured by this of Trust: and (c) the excess, if any. So the person or persons legally entitled Thereto.
<br />19. pr's RIW to Reinstate, Notwithstanding Lender's acceleratre n of the SLIM% secured by this Deed of Trust
<br />lliorrower shall have the right to have any proceedings begun by Lender to enforce the Dead of Ti List discontinued al any time
<br />pum to the earialif Io occur of (l) the fifth day before the sale of the properly pursuant to file flower of sale contained In the Deed
<br />of 'T rustiri) entry of a judgment onfonumg this Deed of Trust it�, ill) Bo'rowei pays lender all sums which would be then slue
<br />unarm this Deed or Trost, the notes anal noters securing FiArua Advances It a,,y, had no acceleration c�cciired (b) Borrower
<br />urn a;l bs ° a k of any other r,overrariis or agreerrnentti or facet tutus, cor'triined it th,,t t ?a §d ,,f tri vatys rill
<br />ar.? ,,* rr expqrmos inca.erre-J by f a nde, arias I mite'.,-, r r§ xrtne tfre c: e,ve::•, n45 t ui,rrt"ri er ir; Etxs
<br />1,'00d '0 t''t1iii1iil are nsRfCrng LOn Sfie%,411117iislt«.s'y, nr°,wlieit A9 oro"il;g,+, p wcigrx r,., t;ttir l!. =�,it�±;f
<br />io, rind r li iiar. reswtv'sisf 9 "%W.h a(aw at Lftnido .,'l r€szsS u�ktt'r+± r <,.., e� ^ a, , _re' hat the t on err
<br />'' %itf r`?f li r� , sir s -tit$ �,. rt,aw i��i gs:r. ^d stool F,r € =v=w4? �. •,Snsca�3r,,, .r , �v . e� , _ c _. ? r °' r r7ee,9 ., .;��i
<br />:i,.�.: � �. ;> r , >•:s.. 4 *'ri +mt :a a s `.3;t.. �.; c;t� +::sir, ' i� =9 .x= ,•;t,.,,{
<br />
|