|
85-• 008812
<br />not personally liable on the Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower
<br />hereunder may agree to extend, modify. forbear, or make any other accommodations with regard to the terms of this
<br />Deed of Trust or the Note, without that Borrower's consent and without releasing that Borrower or modifying this Deed
<br />of Trust as to that Borrower's interest in the Property.
<br />12. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
<br />Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by certified mail
<br />addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender
<br />as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to
<br />such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />Deed of Trust shall be'deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />13. Governing Law; Severabflity. The state and local laws applicable to this Deed of Trust shall be the laws of the
<br />jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to
<br />this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable
<br />law, such conflict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without the
<br />conflicting provision, and to this end the provisions of this Deed of Trust and the Note are declared to be severable. As
<br />used herein. "costs ". "expenses" and "attorneys' fees" include all sums !o the extent not prohibited by applicable law or
<br />limited herein.
<br />14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the
<br />time of execution or after recordation hereof.
<br />15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilita-
<br />tion, improvement, repair or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option,
<br />may require Borrower to execute and deliver to Lender, in a form acceptable to Leader, an assignment of any rights.
<br />claims or defenses which Borrower may have against parties who supply labor, materials or services in connection 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,
<br />excluding (a) the creation of a lien or encumbrance subordinate to this Deed of Trust, (b) a transfer by devise, descent, or
<br />by operation of law upon the death of a joint tenant, or (c) the grant of any leasehold interest of three years or less not
<br />containing an option to purchase. Borrower shall cause to he submitted information required by Lender to evaluate the
<br />transferee as if a new loan were being made to the transferee. Borrower will continue to be obligated under the Note and
<br />this Deed of Trust unless Lender releases Borrower in writing.
<br />If Lender, on the basis of any information obtained regarding the transferee, reasonably determines that Lender's
<br />security may be impaired, or that there is an unacceptable likelihood of a breach of any covenant or, agreement in this
<br />Deed of Trust, or if the required information is not submitted. Lender may declare all of the sums secured by this Deed
<br />of Trust to he immediately due and payable. If Lender exercises such option to accelerate. Lender shall mail Borrower
<br />notice of acceleration in accordance with paragraph 12 hereof. Such notice shall provide a period of not less than 30 days
<br />from the date the notice is mailed or delivered within which Borrower may pay the sums declared due. if Borrower fails
<br />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 17 hereof.
<br />NON- UNIFORM COVENANTS, Borrower and Lender further covenant and agree as follows:
<br />17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any covenant
<br />or agreement of Borrower in this Deed of Trust, including Borrower's failure to pay, by the end of 10 calendar days after
<br />they are due, any sums secured by this Deed of Trust, Lender prior to acceleration shall give notice to Borrower as
<br />provided In paragraph 12 hereof specifying: 111 the breach; (2) the action required to cure such breach; (3) a date, not
<br />less than 20 days from the date the notice Is mailed to Borrower, by which such breach must be cured; and W► that
<br />failure to can such breach on or before the date specified In the notice may result in acceleration of the sums secured by
<br />" Deed of Trust and sale of the Property. The notice shall further Inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower
<br />to acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at Lender's
<br />option, may declare all of the sums secured by this Deed of Trust to be immediately due and payable without further
<br />demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled
<br />to coffer'/ all reasonable cats and expenses incurred in pursuing the remedies provided In this paragraph 17, including,
<br />but not limited to. reaonable attorneys' fen.
<br />If the pourer of sale is invoked, Trustee shall record a notice of default in each county in which the Property or some
<br />part thereof Is located and shall mail copies of such notice In the manner prescribed by applicable law to Borrower and
<br />to the other persons prescribed by applicable law. After the lapse of such time as may be required by applicable law,
<br />Trustee shall give public notice of ask to the persons and In the manner prescribed by applicable law. Trustee, without
<br />desmad on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under the
<br />ttrmt designated In the notice of sale in one or more parcels and In such order as Trustee may determine. Trustee may
<br />postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously
<br />scheduled ask. Lender or Lender's designee may purchase the Property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Truslee's deed conveying the
<br />Proparg sue. The recitals In the Trustee's deed shall be prima facie evidence of the truth of the statements mate
<br />therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costa and expenses of The
<br />sole, Including, but not limped to, Trustees fees actually Incurred of not more than ................ of the gross sale
<br />price, attorneys' tees and costs of tide evidences (b) to all suns secured by this Deed of Trust, and iei the ex •
<br />cam, If my, to the person or persons legally entitled thereto.
<br />18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the %ants secured Ilv this Deed of
<br />Trust, due to Borrower's breach, Borrower shall have the right to have any proceedings begun by lender to eoturcc lilt-.
<br />Deed (it Truest discontinued at any tittle prior to the earlier to occur lit (1) Ihe filth day Before the %ills all lilt' l'ropClty
<br />pursuant ill the plower of sale contained Ill this Deed of fru%t or li0elltry of a itidgllletlt t'rllorcingl this Deed lit i tll%t It:
<br />Is) Borrower pays (,ender all sums which would be then li lie under this I)Led of I rttl%t Jnd tilt- Note had till tacech°lallorl
<br />occurred; (b) Borrower cures all breaches all any other covenants or .Igreelocnts Ill liorr mrr contained In 1111°, Declt of
<br />crust; It:) Borrower pays all reasonable exp lse% incurred fly 1xilder and Irll%tee in cnioremp tilt' i(avey'tlnP% and
<br />agreentl'Rt5 Uf Ii17PPOWer contained 111 Ihls i)ecll lit Yrl %1 and its cnft'rcinai f.l•nticr's ,and 'IYustrr'% re'nu'lhrs a% l'n. +l I(1t "d Its
<br />f
<br />paragraph I' hl:reol, including, belt not binlled lo, r tenable atiorr1e V'% lees; :Ind ',If llorrotecr Ickes m h ae1'on .1%
<br />Lender trlay reasonably tegnlre I(a assure that ills hen I,f till% Dov,l II ltmt. I(-mist, tllletrNI 111 (hc Vloiwm 'kild
<br />"ottower' %obligation to pay [fit- sums secured fly this Decal of I r'u %l %hall continue ImI1111 %;!(It'd t'poll tiuk ?I l,u\llll•111 ,ol,l
<br />('turn' fly florrowet, 111k I leed of 11`10 and file 411111Raf It'll %',vvtlr('d 11001% \11.111 r, main Ill fool tot'" ji'd l'lfccl .I% It Ill,
<br />avviritr4tion had 1w,'ctlrrt.d
<br />J
<br />
|