|
~~ --- u~~~59
<br />9. Condemnatirm. The proceeds of any award or claim for damages, direct or conxquential. in connection with any
<br />condemnation or other taking of the Property, or part thereof, or (or 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 Ix applied to the sums secured by this Deed of Trust,
<br />with the excess, if any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shall be applied to the sums secured by this Deed of Trust such proportion of the procuAs
<br />^s 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 to the fair market value of the Property immediately prior to the date of taking, with the balance of 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 fails to respond to Lender within 30 days after the date such notice is
<br />mailed, Lender is authorized to collect and apply the proceeds, at [_ender's option, either to restoration or repair of the
<br />Property or to the sums xcured by this Deed o[ Trust.
<br />Unless [.ender 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 I and 2 hereof or change the amount of
<br />such installments.
<br />10. borrower Not Released. Extension rd 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 Borrowers successors in interest. Lender shaA not be required to commence
<br />proceedings against such successor or refuse to extend time for payment or otherwise modify amortization 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 />I1. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not he a waiver of ar 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 />right to accelerate the maturity of the indetnedness secured by this Deed of Trust.
<br />12. Remedies Cumulative. All remedies provided 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 />succcesively.
<br />13. Successors and Assgoa Bound; Joint and Several Liability; Capliorzs. The covenants and agreements herein
<br />contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph I7 hereof. All covenants and agreements of Borrower shall be joint and several.
<br />The captions and headings of the paragraphs of this Deed of Trus: 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 requtred 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 to Borrower at
<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 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 />15. Uniform Deed of Trust; Governirtq Law; Seversbility. This form of deed of trust combines uniform covenants for
<br />national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument
<br />covering real property. This Deed of Trust shall he governed by the law of the jurisdiction in which the Property is located.
<br />In the even[ 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 Deed of Trust and the Note are declared to be severable.
<br />tb. ~/rr~»er"s Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the time
<br />of execution ot_'i((er.tecordaiion hereof.
<br />17. ~~Transier of [he Property; Assumption. 1f all or any part of the Property or an interest therein is sold or transferzed
<br />by Borrower without Lender's prior written consent, excluding ta} 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 Tess
<br />not containing an option to purchase, 1_ender may, at Lender s option, declare all the sums secured by this Deed of Trust to be
<br />immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender
<br />and the person to whom the Property is to he sold or transferred reach agreement in writing that the credit of such person
<br />is satisfactory to Lender and that the interest payable on the sums secured by this Deed of Trust shall be at such rate as
<br />Lender shall request. If fsnder has waived the option to accelerate provided in this paragraph 17, and if Borrower's' successor
<br />in interest has executed a written assumption agreemem accepted in writing by Lender, Lender shall release Borrower from
<br />all obligations under this Deers of Trust and the Note.
<br />If Lender exercises such option to accelerate, Lender shall mail Aorrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period of no[ less than 30 days from the date the notice is mailed within
<br />which Borrower may pay the sums declared due. I[ 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 />NoN-Utvtroam CoveNerrTS. Borrower and Lender farther covenant and agree as follows:
<br />18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's 6reac6 of any covenant or
<br />agreement of Borrower in this Deed of Trasf, including the covenants to pay when dua any sums secured by this Deed
<br />of Trus4 Lender prior to acceleratan shall maH notice to Borrower as provided in paragraph 14 hereof specifyfrrs: (1) the
<br />breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to
<br />Borrower, by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified
<br />in the Wt1eC may result in acceleration of the sums xcured by this Deed of Trust and sale of the Properly. The trotfce
<br />shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to asxrf
<br />the non-exWenct of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured
<br />nn or Before the dale specified in the nofice, Lender at Lender's option may declare all of the sums xcured by this Deed
<br />of Trust to he immediately due and payable without further demand and ma}' invoke the power of sale and any other remedies
<br />permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expertxs incurred in pursuing the
<br />remedies provided in this paragraph 18, including, but nut limited to, reasonable attorney's fees.
<br />If the power of sale is invoked, Trustee shall record a notice of default in each county in which the Properly or some
<br />part thereof is located and shall mail copies of such notice in the manner prexribed by applicable law to Borrower and to the
<br />other persons prescribed by applicable law. After thr lapx of such time as may be required by applicable law, Trustee shall
<br />give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on
<br />Borrower, shall x11 the Property at public auction to the highest bidder at the time and place and under the terms designated
<br />in the notice of sale in one or more parcels and in such order as Trustee may determine. Trustee may poslpoce sale of all
<br />or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or
<br />Lender's designtt 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 Property
<br />sold. The recitals in the Trtrslee's deed shall be prima facie evidence of the Truth of the statements made therein. Trostce
<br />shag apply the proceeds of the sale in the following order: la) to all reasorwblt costs and ezpenxs of the sale, including, but
<br />rant limited lo, Trrntee's fees of not more than _ __ _ _ . "~ of the gross sale price, reasonable attorney's fees and costs of
<br />title tvidenct; fb) to aB sums xcured by this Ueed of Trust,• and (c) the excess, if any, fo the person or persons legally entitled
<br />thereto.
<br />19. borrower's Right to Reinstate. Notwithstanding Lender's acceieranon of the sums secured by this Deed of `1'nrsL
<br />Borrower shall have the right to have any prreedings 6€gun by Lender u? entarce this Ored of Tarsi discontinued at
<br />any time priar to the earlier to excur of (r) the fifth day before the ,ale of the Property pursuant to the pawer of sale euntamed
<br />in this Deed n( Trust or (u1 entry of a ludgmsni en(arcing this Decd of Tntst rf~ +a1 Aorrower pays Leader all sums which would
<br />he then dew under thrs Decd of Taist. the Note ,rod notas seainng Future Advances. d ant, had no accelerauan occurred.
<br />th) Aorrower torts all breaches of any other covenants or agreements of Borrower rontaincd m thn Cleed nF -IYusC
<br />tci Borrower pays all rcusonabie e>penu, incurred by I.cnd€r and Tarstu• m enfuning the ~utenunts and agrecrnenta ,+
<br />Burrower contained m this C)eed of `frost and ni enfurc ing i.ender`s amt Trustee's rcmedres us pa>v~dmd m paragrapS Iti
<br />hereaf. ine;lu Jiag, bbl not hm»sd ta, ressunablc ationwy's ices. and tti} Aerr rower takes sorb actnxt its !..€nd€r may rr. umnhls
<br />rsgwre trs astr:r€_ that the Iron ,+( thrs Deed crf trust. i :~rrdcr`s entcrest in ih¢ Pru}xny ,end BeYrrow<r's e,hligauonr t,. p.ry
<br />
|