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85-001938
<br />not personally liable on the Note or under this Deed of Trust, and (c) agrees that [..ender and any other Borrower
<br />hereunder may agree to extend, modify, forbear,
<br />or make anv other accommodations with regard to the terms of this
<br />Deed of Trust or the Note, without that Borrower's
<br />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)
<br />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
<br />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
<br />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 to Borrower
<br />given or Lender when given in the manner designated herein.
<br />13. Governing Law; Severability. The state and Loral laws
<br />applicable to this Deed of Trust shall be the laws of the
<br />jurisdiction in which the Property is located. The foregoing
<br />sentence shall not limit the applicability of Federal law to
<br />this Deed of Trust. In the event ;hat any provision or clause of this Decd of Trust or the Note conflicts with applicable
<br />law,
<br />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 -rust
<br />provisions of this Deed of 7 and the Note are declared to be severable. As
<br />used herein, "c(nts ". "expenses" and "attorneys' Ices" include all sums to
<br />the extent not prohibited by applicable law or
<br />limited herein.
<br />14. Borrower's Copy. Borrower shall he furnished a conformed copy of the Note and of this Deed of Trust
<br />at the
<br />time of execution or after recordation hereof.
<br />15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under an home rehabilita-
<br />tion, improvement repair or other loan agreement which Borrower enters into with Lender. Lender, at L.ender's option.
<br />may
<br />require Borrower to execute and deliver to Lender, in a form acceptable to Lender, an assignment of any rights.
<br />claims or defenses which Borrower
<br />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. It Borrower sells or transfers all or any part of the Property or an interest therein,
<br />excluding la) the creation of lien
<br />a or encumbrance subordinate u) this Deed of Trust. (h) a transfer by devise. descent, or
<br />by operation of law upon the death of joint
<br />a tenant, or (c) the grant 1,f ;my leasehold interest of three scars or less not
<br />containing an option to purchase. Borrower shall cause to he submitted information
<br />required by lender to evaluate the
<br />transferee as if a new loan mere being made to the transferee. Borrower will continue to be obligated under Note
<br />the 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 he impaired, or that there is an unacceptahle likelihood of a breach of anv covenant or agreement in this
<br />Deed ofTrust. or if Ole required information is
<br />not submitted. Lender ntav declare all of the sums secured by this Dted
<br />of Trust to be immediately due and payable. It lender exercises such
<br />option to accelerate. l cnder shall mail Borrower
<br />notice of acceleration in accordance with paragraph 12 hercol. Such notice shall provide a of less
<br />perilKl not than 10 days
<br />from the date the notice is mailed or (I cIi% ered within which Borrower ntav pav the sums declared due. It Borrower fails
<br />to pay such sums prior to the
<br />expiration of such period. Lender nray. without further notice or demand in Borrower.
<br />invoke any remedies permitted by paragraph I - hc•reot.
<br />No"J.slllORM CO FNAN1s. BorroH'cr and Lender further covenant and agree ;is 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
<br />of Trust. Lender prior to acceleration shall give notice to Borrower as
<br />provided in paragraph 12 hereof specifying: (1) the breach; 12) the action
<br />required to cure such breach; (3) a date, not
<br />leas than 20 days from the date the notice is mailed to Borrower, by which such breach must be
<br />cured; and WI that
<br />failure to cure such breach on or before the date specified in the notice may result in aceeleratlon of the sums secured by
<br />this Deed of Trust and sale of the Property.
<br />The notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court
<br />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, Lender's
<br />at
<br />option, may declare all of the sums secured by this Deed of Trust to he immediately due and payable without further
<br />demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law. Lender shall be entitled
<br />to collect all reasonable coals and expenses incurred In pursuing the remedies
<br />provided in this paragraph 17, including,
<br />but not limited to, reasonable attorneys' fees.
<br />If the power of sale is Invoked, Trustee %hail record a notice of default in each county in which the Property or some
<br />part thereof is located and shall
<br />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 %urh time
<br />as may im required by applicable law,
<br />Trustee shall give public notice of sale to the persons and in cite manner by
<br />prescribed applicable law. Trustee, without
<br />demand on Borrower, shall sell the Property at public auction to the highest bidder
<br />at the time and place and under the
<br />terms designated in the notice of sale in one or more parcels and In such order as Truster may determine. Trustee
<br />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 sale. Lender or Lender's designee
<br />may purchase the Property at any sale.
<br />Upon receipt of payment of the bid, Trustee
<br />price shall deliver to the purchaser T'ruslee% deed conseying the
<br />Property sold. The recitals in the Trustee's deed shall be prima facie
<br />evidence of the truth of the statements made
<br />therein. Trustee shall apply the proceeds of the %ale in the following order: la) to all reasonable crafts and expenses ()I' the
<br />sale, Including, but not limited to. Trustee's fees
<br />actually Incurred of not more than ......... I ... "h of the gross sale
<br />price, reasonable sttorneys' fees and costs of title evidence; (b) to all sums by
<br />secured this Deed of Trust; and let the es
<br />cess, If any, to the person or persons legally entitled thereto,
<br />iS- Borrower's Right to Reinstate. Notw'ith s4anding Lenders aecrleratnln of the
<br />sums secured br Ihls Ikrd of
<br />Truss, due• !o Borrower's breach, Borrower shall hart• the right to Il;oc :uly prorccibogs begun b. ('mitt ro cnI111rc Ihls
<br />Deed J frlas9 disconhmtc(1 :u any rime Iv.�.
<br />prior the cal ]let to .'cur 'll (1! the fifth das hclmc the %.Ill. of the Pfoperu
<br />pro Pttl awl fn 4110 power of %ale ll Ulr a tiled (11 Luis I)ecd 1,f i ru,t '
<br />ei 1) rlllrl nl a lull glnrlll L flh,l clog I111� 1 tCCd i.l I ruU 11.
<br />ai Br,rr user pays to otter ,111 soots who h , ould hr then due under Ihls Deed it ( lust and the Nnlc h,ld
<br />)
<br />m, .1, c •li r,llion
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<br />Ittljl )Ia,Tt Y p:IL\ A! r,,v,mlable
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<br />F�g
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<br />"£11
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