|
85- 004334
<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-, Severabllity. 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 he 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 Nate 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 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. Treader 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 be submitted information required by fender 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, reasonalih 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 be immediately due and payable. If Lender exercises such option to accelerate. Lander %hall mail Borrower
<br />notice of acceleration in accordance with paragraph 12 hereof. Such notice shall provide a period of not less than A) days
<br />from the date the notice is mailed or delivered within which Borrower may pay tine sum, dcciared title. It Borrower fails
<br />to pay such sums prior to the expiration of such period, Lender may, without further nonce or demand on Borrower,
<br />Invoke any remedies permitted by paragraph 17 hereof.
<br />NoN- U *.*oxNt COVI;NAN,is. Borrower and Lender further covenant and agree as hollows:
<br />17. Acceleration; Remedies. Except as provided In paragraph 16 hereof, upon Borrowers breach of any covenant
<br />of agreement of Born►wer in this Deed of Trust, Including Borrower's failure to pay, by the end of 10 calendar days after
<br />they are due. say sums secured by this Deed of Trust, Lender prior to acceleration shall give notice to Borrower as
<br />provided in paragraph 12 hereof specifying: (I I the breach; 121 the action required to cure such breach; 131 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 ►ale 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 Burrower
<br />to sciveleratloa and sale. If the breach b not cured on or before the date specified in the notice, tender, 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 few. Lender shall be entitled
<br />to collect all reasonable costs and expenses Incurred In pursuing the remedin provided in this paragraph 17, including,
<br />but not WMted to, reasonable attorneys' fees.
<br />If the power of Cook is invoked, Trustee shalt record a notice of default in each county in which the Property or some
<br />part thereof b located sod shall mail copies of such notice In the manner prescribed by, applicable low to Borrower and
<br />to the otber persons prescribed by applicable low. After the lapse of such time as may be required by applicable law,
<br />Trustees shat{ 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 sak In one or more parcels and in such order as Trustee may determine. 'trustee may
<br />peotpone Conk of ail or nay parcel of the Property by publk- announcement at the Clone and place of any prewiously,
<br />scheduled sak. Lender or Leader's designee may purchase the Property at any sale.
<br />Upest receipt of payment of the price bid, Trustee shall deliver to the purchaser T'rustee's deed conveying the
<br />Property sold. The red" In the Trustee's deed shall be prima facie evidence of the truth of the statements made
<br />gin a n. Trustee shall apply the proceeds of the sak In the following order: (al to all reasonable costs and expenses of the
<br />sale. kwhtdNrg, but not limited to, Trustee's fees actually Incurred of not more than .. . . ..... . ... ":, of the grass sale
<br />pure, reassam" attorneys' fen and costa of title evidences (b1 to all sums secured by ibis Deed of Trust; and I0 the c%-
<br />cuts, If my, to the parse or persona legally entitled thereto.
<br />18. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration o) tits sum% secured by this Decd of
<br />Trust, due to Borrower's breach, Borrower shall have the right to have any proccedhags begun It} Lender to enti,rce Illis
<br />Deed of Trust discontinued at any time prior to the earlier to 1wc•tlt of Ill the fitfll des baler the sale of the I'tolvil,o
<br />L pursuant to the power of sale container( in tilts Ikcd of Trum ur tit) cntry (udgilirw vollotcing tilts Decd of dust 11
<br />(a) Borrower pays Lentler all sums which would he then title under this heal of Trust and the Note had no ,10rcloration
<br />occurretl; 0b1 Borrower cures all breaches of ally other 00ven;tllt% or agrccmenfs of Horrower contained in this Deed nt
<br />'Crust; 10 Borrower pays all reasonable expenses incurred by Lender and 'I rd%ict. m enforcing 11e covrn,uus and r+
<br />agreements of Bsrrowcr contained in IIlk Decal of TI list and in ell lot k ing 1 cnder's aoul 1 roster's rcnn•r ws a% plea ided 011
<br />paragraph 11 here.ol', including, but not limited to, reasonable ;ufornt•%%, fern, and Id) lit'Inwrt lakes •.1101 acltraf a%
<br />Lender may reasonably require to m %ore that the ten of this Dcrd ,I frost. trn,lrr mtvr,t 111 rho 1't „teals ,anal
<br />III rmwer'e obligation fo pal 11c %taus secured by tins Dved of I ruse shall r;arurrtle III: nIImIIt,I I I ,,I! u1, 11 1 m II rot .111,1
<br />cure by iortimer, this Decd eat l ru%t and the ohltg;alions wt tlrr d lrrnck ,11,111 1, ouon rn 11111 1"1 .111.1 otfrrt ,r, t 1,,
<br />.14 keIVrati,gl hat) ,c0urrvil
<br />�z�
<br />
|