|
F
<br />85-=• 002006
<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; Severability. 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 to 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 it form acceptable to Lender, 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 AI or any part of the Property or an interest therein,
<br />excluding (a) the creation of a lien or encumbrance subordinate to t his teed 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 be 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 ()fit 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 Decd
<br />of Trust to be 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 shail provide it peritxl 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 periled, Lender may, without further notice or demand on Borrower.
<br />invoke any remedies permitted by paragraph 17 hereof.
<br />NUN- L'NIF0Rh1 ((ATNANi S. 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 io Borrower as
<br />provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach; 13) 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 (4) that
<br />failure to cure such breach on or before the date specified in the notice may result in acceleration of the sums secured by
<br />this 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 &rrrower
<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 he 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 collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including,
<br />but not limited to, reasonable attorneys' fees.
<br />If the power 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 IaN.
<br />Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without
<br />demand on Borrower, shall sell the property at public auction to the highest bidder 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 *% Trustee may determine. Truster 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. i.ender 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 Trustee's deed conveying the
<br />Property sold. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made
<br />therein. Trustee shall appiy tine proceeds of the sale in the following order: (a) to all reasonable costs and expenses of tide
<br />sale, Including, but not limited to, Trustee's fees actually incurred of not more than
<br />"i, of the gross sale
<br />price, reasonable attorneys' fees and cruets of title evidence; (b) to ail sums secured hy. this 1)red of "Trust; and (t�i the es.
<br />d° , if any, to the person or persons legally entitled thereto.
<br />I8, Borrower's Right to Reinstate,. Notwithstanding Lender's acceleration tit ter sums secured b,i till, Deed of
<br />Trust. due ter ltortower's ht-citch. 13eerrt,u -er shall 11,1ye file right tt, hrlvr :env lerocrr,tinp;s i,r,;un b� I endel it, rllloicr this
<br />Deed of Irust dkcoiltinued at ,lno fillic Ilrinlr ill the earher to tKcur of (i) the fifth dale ht'low flit, sale of ter I'rt,lltri�
<br />purrtwill ill tilt pouct of sale cnntatnrtl In tills Dued of I nist ter (it) cntry (if , 110glilrnt rnlor, 111Q flit', t )cet n
<br />ta) hltlrrowt °t I'av, it, ndct tll alms "Mich, ttollhl hr Then slut' untict the, Uccil of bust .Inn) till, ,tit cr had tit, +Ir+rl,�l`tlfiat,ll
<br />(it CIS rred, (h) NOI1`ti>At°1` C�tlfr4 :ill 111e<.irht "+ Ill `fil} kill lrt tt it, l'n 'In 1~, if '1 `1'rt'Inrnf. +,
<br />!� ! 1tt,l'rt,tecf ' ont,tilli'd In Iill,, 11rrtl t,l
<br />Trust; 1,1 l4t,rrower I�;aes ,t1i rtasonahlc cxllcnsrs 111 %Ilrrrtl by It antic► .tell IIit.it't ut it �t;,�
<br />algrecff It fltW tit lit rrre'.0 'f t- i,19t;low'd In Ibis l irt`,i tt tile' , t li,l i`t
<br />t 1111',I ;IIItI III t I1tt,I" It11„ 1 ,'n,1 I , ,tliit 1111',,r , Y�•tl i i,t � t, I,p„\ ttlt't1 In
<br />Ilat I g I llT)1 I ' flu Ie•tri. IllchifIlfik, hilt I) if I till ited it >, reastrfullilt' :if1 0l,...,4 i
<br />l.i',ntlf`t Idt;I4 ro�,e�t,rls ill n rtal�llti I t ,t °,lift' Ih,tl file In'tb , 1`' ..Irn1 Ii„t r,t�.t t iK It
<br />1 Ihl, IlE't. i1 t,t 1iIII @ ',1
<br />tl €�Ir €a�arl ,• rifaltp, itPvl. t j >a, t11c ,,lnt. .rtittiv
<br />1 i alt+ .tr�,l
<br />9 1 et�t tt ui I t +1 °.I.h, ill
<br />4ur, lid I4,�rl,�xr°f Ilt , 11<<<,1 ,,' Ittl,i ,teal the �iPi1l slur i, ` ! •tt'� ", ?t ,ln.t
<br />
|