|
t
<br />�5-- 002991
<br />not personally liable t.n 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,
<br />or make any 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) any notice to
<br />Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing
<br />such notice by certified mail
<br />addressed to Borrower at the Property Address or at such other address as Borrower may designate by
<br />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
<br />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 local laws applicable to this Deed Trust
<br />of 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
<br />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 o4 Trust or the Note which be
<br />can 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" "attorneys'
<br />and 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
<br />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 Lender,
<br />an assignment of any rights,
<br />claims or defenses which Borrower may have against parties who supply labor, materials or in
<br />services 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
<br />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, (c)
<br />or 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
<br />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
<br />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 unacceptable likelihood of a breach of anv covenant or agreement in this
<br />Deed of Trust, or if the required information is
<br />not submitted. Lender may declare all of the sums secured by this Deed
<br />of Trust to be immediately due and payable. If Lender exercises such
<br />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
<br />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
<br />notice or demand on Borrower.
<br />invoke any remedies permitted by paragraph 17 hereof.
<br />NON - UNIFORM COVENAN l s. Borrower and Lender further covenant and agree as follows:
<br />17. Acceleration; Remedies. Except as in
<br />provided paragraph 16 hereof, upon Borrower's breach of any covenant
<br />or agreement of Borrower in this Deed of Trust, including Borrower's failure
<br />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
<br />shall give notice to Borrower as
<br />provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to sure such breach; (31 a date, not
<br />less than 20 days from the date the notice is
<br />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 in
<br />result acceleration of the sums secured by
<br />this Deed of Trust and sale of the Property. The notice shall further inform Borrower
<br />of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the nonexisttence of a default or any other defense
<br />to Borrower
<br />of
<br />acceleration and sale. If the breach is not cured on or before the date specified in the notice, Lender, at bender's
<br />option, may declare all of the
<br />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 by
<br />permitted 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 maul
<br />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
<br />as may Ile required by applicable law,
<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
<br />at public auction to the highest bidder at the time and place and under the
<br />designated in the notice of sale in
<br />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 the
<br />at time and place of any previously
<br />scheduled sale. Lender or Lender's designee may purchase the Property at any sale.
<br />Upon recelpt 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
<br />deed shall be prima facie evidence of the truth of the statements made
<br />therein. Trustee shall apply the proceeds of the sale in the following order: la) to
<br />all reasonable costs and expenses of the
<br />sale, including, but not limited to, 'Trustee's fees actually incurred of not more than
<br />............. "n of the gross sale
<br />price, reasonable attorneys' fees; and costs of title evidence; (b) to all sums secured by this Deed 'Trust;
<br />of and (c) the ex.
<br />e s, if any, to the person or persons legally entitled thereto.
<br />18. Borrower's [fight to Reinstate. NotwlthStalldln lA'ndcl' o <Il't't' {t'ralla,ll ( >f tlll' a11I11,, seethed by this Deed (It
<br />Trust, clue to Borrower's breacfl, Borrowcr shall have file right to have
<br />any proceeding% hcttun by (.(ruder to cnli,rrc this
<br />Lamed of Trust discontinued at ,tally tinge I>rior to the l.r;u1icr t(, (ICCUr (rf' fi1 file fifth (ia} hrforc
<br />file '.ale ul'ten Propvity
<br />pursuant to the power of sale cilritr►ined in this Deed I I rust or lilt elltrI ill a u(
<br />(a) Borrower pays ielloter all bl.11'l1S ,y11ich oul(I be then Slue antler this llta'(t e` 1, nlcnl rnturrin�! t11is Uccd (it i ru,l it.
<br />t l rtlst mid the Now 11:111 llll .IiC(']l'rall(Itl
<br />!ll'(:ttrrl °d; (f9) li(1rr()by't:r ul1Pt'ti :,III bt4�ll'lll °,
<br />of an Y' tither col, .natlis or ;Igrl't'Int'III0 of 11(illoikc l't) nt.i1111'tt Irl tlli\ l i( °(.'Rt Itt
<br />Trust: (c) tl()rr(I"er p►ys all reasonable exI)cnscs Illcurrcll by I ('11ticl ,Ind I r11'wfcr -
<br />f
<br />ill t'ilf(1l'l'lrll Ih(' d't?\('ildllk ,Illtl
<br />agreements ()I llorrllwt'r ('ontamcd Ill fill,, feed (,t I r'IISt .dud Ill t'tlft,rlllI }" 1 4'11(It'I S ;rrl(1 1
<br />I lt`.Ic't' , It' nCifIL , AS I)IO%I(led Ill
<br />paragraph 1" helcol, mth1ding. hilt not fln'lifed tl,, t'l'atil ltl,l i, I(. ,Ir l(lt and (01 Iiolr((\ \;'r iak(, �tlt'll
<br />(A. "Bl &(C'r slily Ft .l ;4fll uhf )ly' I "4'(Il /lit It
<br />I
<br />;.I'�dllf ,' thal Ihl' Iit'll t1f 111 4 )lil .i, f.t`S!(iI'P •, 'i;it'Y, ",! }il tfrt Pn,l)( 'rl\ .illd
<br />lil,rrrl\4t't 4 itt3 {il -,elf 3s X31 to p >lS till "'. llrcit 1)S lhl\ DeLd t(t I r -tra �J)A< <�it (`�l 1111
<br />ill' iIi)fl;ilf('lf 1 itt17 "Uk h {1.Vmlcrll .tlld
<br />atlrc h1 fi < >Irl vR('1', lhl,, Deud it Ill /o 111141 ihk' trb141.i161n', `r,('IIr\'tl Ilt'r('1!t '.il_iiV ('i'i.dtfl 11111 t, (1 ,. ,t41(I ,('tI .1, If I +11
<br />li't•("1vf,J1t1i11 11,1(t ((tt llt'Irt' #1.
<br />
|