|
$4....:~ +~v0867
<br />9. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connection with any
<br />'condemnation or other taking of ibe Property, or part thereof. or for conveyance in lieu of condemnation, are hereby assigned
<br />and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds shall he applied to the sums secured by this Deed of Trent.
<br />with the excess, rf any, paid to Borrower In the event of a partial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shalt he applied to the sums secured by this Deed of Trust such proportion of the proceeds
<br />as is equal to that proportion which the amount of the sums secured by this Deed of Trust immediately prior to the date of
<br />taking bears m the fair market value of the Property immediately prior to the date of taking, with the balance o[ the proceeds
<br />paid to Borrower. -
<br />if the Property is abandoned by Borrower, or if. after notice by Lender to Borrower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower (ails to respond to Lender within 30 days after the date such notice is
<br />mailed, Lender is authorized ro collect and apply the proceeds, at Lender's option, either to restoration or repair of the
<br />Property or to the sums secured by this Deed of Trust.
<br />Unless tender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend
<br />or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br />such installments.
<br />10. Borrower Nol Relented. Extension of the time for payment or modification of amortization of the sums secured
<br />by this Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
<br />the liability of the original Borrower and Borrower's successors in interest. Lender shalt not be-required to commence
<br />proceedings against such successor or refuse to extend time for payment or otherwise modify amorttzation of the sums
<br />secured by this Deed of Trust by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />11. Forbearance by Ixnder Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder; or
<br />otherwise nfforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's
<br />«ght to accelerate the maturity of the indebtedness secured by this Deed of Trust.
<br />I2. Remedies Cumulative. All remedies provtded in this Deed of Trust are distinct and cumulative to any other right
<br />or remedy under this Deed of Trust or afforded by law or equity, and may be exercised concurrently, independently or
<br />successively.
<br />13. Successors and Assigns Bound: Joint and Several Liability; Captions. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure ta, the respective successors and assigns of Lender and Borrower,
<br />subject m the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be ioinr and several:
<br />The captions and headings of the paragraphs of this Deed of Trust are for convenience only and are not to be used to
<br />interpret or define the provisions hereof.
<br />14. Notice. Except for any notice requred 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 mailing such notice. by certified mail addressed t¢ Borrowerat
<br />the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and
<br />(b} any notice to Lender shall be given by certified mail, return receipt requested, to Lenders 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 shat! be deemed to have been given to Borrower or Lender when given in the manner designated herein.
<br />15. Uniform Deed of Trust: Governing Law; Sevenlnlity. This form of deed of Trust combines uniform covenants for
<br />national use and non-uniform covenants with limited :or, by jurisdiction t wnstitu!e a u.^.ifarm securi!y instrument
<br />covering real propeny. This Deed of 'trust shall he governed by the law of the jurisdiction in which the Properly is located.
<br />In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law, such conflict shall
<br />not affect other provisions of this Deed of 'trust or the Note which can he given effect without the conflicting provision.
<br />and to this end the provisions of the.Dced-of Trust and [he Note are declared to be severable.
<br />16. Borrower's Copy, Borcusvprshall.be~ fnrni3lted ~a iortformed copy of the No[e and of this Deed of Trust at the time
<br />of execution or after recordaNotr 6eregf, -~- -
<br />17. Transfer of the Property - Ifs all or any part of the Property or an interest therein is sold or transfeaed
<br />by Borrower without Lendet's,jxigc.wntten consent, ex6luding (a) the creation of a lien or encumbrance subordinate to
<br />This Deed of Trust, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise,
<br />descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years-or less
<br />not containing an option to purchase. Lender may, at Lender's option, declare all the sums secured by this Deed of Trust to be
<br />immediately due and payable. Lender shag have waived such option to accelerate it, prior to the sale or transfer, Lender
<br />and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such. person
<br />is salisfacton to Lender and that the interest payable on the sums secured by this Deed of Trust shat( be at such rate as
<br />Lender shall request. I[ Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers-successor
<br />in interest has executed a written assumption agreement accepted in writing by Lender, Lender shaii release Borrower from
<br />all obligations under this Deed of Trust and the Note.
<br />(f Lender exercises such option to accelerate. Lender shay mail Borrower notice of acceleration in accordance with
<br />paragraph i3 hereof. Such notice shat) provide a peritxf of not less than 30 days from the date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
<br />Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.
<br />Norv-U[i1FORM Covtavetvrs. Borrower and Lender further covenant and agrce as follows:
<br />I8. Accekralion; Remedies. Except as prorided in paragraph 17 hereof, upon Borrower's brrs,eb of any covenant a
<br />agreement of Borrower in this Deed of Trust, ineladiriR the covenants fo pay when dot soy sum secured. by this Deed
<br />of Trutt, Lender prior to accekrotfon shall maB notice to Borrower as prodded io paragraph, 14 hereof spceifyle8: (1) the
<br />breach; (2) the action required fo cure such breach; (3) a dales not less than JO days from lire dale the nolke is mailed fo
<br />Borrower, by which such breach moor be cured; and (4) that failnrc to cure such breach on or before lbe date specified
<br />iw the notice may resWl in accekrolion of the sum secured by this Deed of Trust aad~rafe of the Properly. The notice
<br />shaft further inform Botrawer of the right to rcirtwale after acceleration aced- the rf$hl to 6rNtR a court. aclioto to ttrsert
<br />Itre ran-exipenee of a detwN or any other defense of Borrower to acceleration aei sak. IF the breach is not erred
<br />on or before the date specified in the raffcq Lender al Lender's option may declare a8 of the sums secured by this Ihed
<br />of Trost to be immediafe~y tine and payafrk wNMout farther derruwd and may invoke the power of sak and soy other remedes
<br />permitted by applicable law. Lender shall he enlflled to collect all reasonable casts and exptaxs iacnrred in purstdrr$ the
<br />remedies proriied in Ih8 pora$nph 1$, incladirtR, brN not fimfled fo, rcamaabk aHorxy's fees.
<br />It the power of sale-is faroked, Truwee sha8 record a notice of delanll in each county in which the Properly or some
<br />part Ihenef is braled aed shah ma8 copies of such rmtice in the manner prescribed bl' applfeabk law to Borrower anti to the
<br />o/ber peoons prescrifxd by applicable law. After ibe lapse of sorb time as may be regnired by applicable law, Trwlee shall
<br />give publk notice of sale to the persons and in the manner prescribed by applicable law. Trrrdee, wNhant demand on
<br />Borrower, shall sell the Property at public auction to the 6iRhest bidder at the lime and place and under the terms designated
<br />in the notice of sale in one or more pareek awd in such order as Trustee may determine. Trustee may postpone role of a8
<br />or any parcel of ibe Properly by public amronacement n the time amt place of any prevbretty schedrkd sale. I:ender or
<br />Lender's designee may:parchme the Property d nay sale.
<br />Upon recepp/ of payment of ibe Prirt bid, Trustee shell defirer to the purchaser Trrniee's deed conveyirtg the Property
<br />satl.. -"file recNals is the Trartee's decd sfraM be prima fscle evidence of the 1ro1h of the wafemenls made therein. Trustee
<br />s1uY-^ryily-the proceeds of the safe iw Qle togowirtg order: (1}IO a8 reasonable cows and expemes of the sale, incladiug. but
<br />woe litniled to, TrraleeB fees of aol-more thaw 3~4 of 1 ~' of fbegross oak price, rcasormhle wloroey's fees and coals of
<br />tltleaviir~re; (-) to aft coins secwe~ 6y ibis Deed n1 Trent; and (c) fbe excess, if nay, a Ibe person or persons kgailY entNled
<br />tiwiraM.
<br />14: Borrower's RigfN'to-B,elastale. Notwithstanding Lender's acceleration of the sums secured by this [ked of Trust,
<br />Borrnwer.shafl have the right to have any proceedings begun by Lender io enforce this Deed of 'Trust discontinued at
<br />any tt~ print to tFa tarsier to occur of (~} the fifth day t+efora she sale of the Property pursvart to the power of sale contaired
<br />in this Deed-of'Frust or Eii) antry of a jutfgm¢nt enfareing this Deed of Trust if: (a) Borrower pays L¢ndrr aN sums which would
<br />ba than-due-tender ihrs Deed of Trttst, the Note and notes securing Future Advances, if any, had nu aecel¢ration occurred;
<br />(1U Norrtrwer cores all breaches nl any other covenants or agreements of Borrower rantained in this Deed of Trust:
<br />Ic) N~~nower pays all rcaxutahke exptrats incurred by Lender end Trusttt in enforcing the covenants and agreements of
<br />Borrower ctmtamtd in this i3ced of Trust and in enforcing ixndtr'.s and 'trustee's r¢m¢dies as provided in tparagraph ! R
<br />h¢rtoL doefuding, knit not (trotted to, rrasortsbk attorney's fees; and tcl) Borrower takes such scttan as Lender may reasonably
<br />regc6ire to assv+'s that ttae 6tn tat thu f?ted of Trust. t.endtr's interest to the Property and Borrow-er's obiiRation to pay
<br />
|