|
<br />r
<br />
<br />L
<br />
<br />83_002748
<br />
<br />9. Coftdemnadon. The proceeds of any award or claim for damages, direct or consequential, in connection with any
<br />condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, are hereby assigned
<br />and sball be paid to Lender.
<br />In the event of a total taking of tbe Property, tbe proceeds shall be 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 laking 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 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 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 tbat 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 Lender's option, either to restoration or repair of the
<br />Property or to the sums secured by this Deed of Trust.
<br />Unless Lender 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. Borro..er Not Released. 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 shaH 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 />11. 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 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 />right to accelerate the maturity of the indebtedness 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 />successively.
<br />13. Successors 8Dd Assigns Bound; lolnt and Several Liability; Captions. 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 17 hereof. All covenants and agreements of Borrower shall be joint 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 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 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; Governing Law; Severability. This form of d.ed 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 be governed by the law of the jurisdiction in which the Property 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 be 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 />16. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the time
<br />of execution or after recordation hereof,
<br />17. Transfer of the Property; Al!Sumpllpn. If all or any part of the Property or an interest therein is sold or transferred
<br />by Borrower without Lender's prior written consent, excluding (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 shall have waived such option to accelerate if, prior 10 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 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 Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor
<br />in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from
<br />all obligations under this Deed of Trust and the Note,
<br />If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with
<br />paragraph 14 hereof. Such notice shall provide a period 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 />NON,UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows:
<br />18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any cm'enant or
<br />agreement of Borrower in tbis Deed of Trust, including the co"enants to pay when due any sums secured by this need
<br />of Trust, Lender prior to acceleration sball man notice to Borrower as pro,'ided in paragrapb 14 hereof specifying: (I) the
<br />breach; (2) the action required to cure sucb breach; (3) a date, not less than 30 days from the date the notice Is mailed 10
<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 notice may result in acceleration of the sums secured by this need of Trust and sale of the Property. The notice
<br />shan further infurm Borrower of the right to reinstate after acceleration and the right to bring a cuurt action to assert
<br />the non.existence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured
<br />on or before the ;late specified in the notice, Lender at Lender's option may declare all of the sums secured by this need
<br />of Trust to be immediately due and payable without further demand and may invoke the power of sale and any other remedies
<br />permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the
<br />remedies provided in this paragraph 18, including, but not 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 Property or some
<br />part thereof is located and shall mail copies of sucb notice in the manner prescribed by applicable law to Borrower and to the
<br />other persons prescribed by applicable law. After the lapse 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. TrlLliitee, without demand on
<br />Borrower, shall seU the Property at public auction to tbe highest bidder at the time and place and under the terms designated
<br />in the D.l)fice of sale in ODe or more parcels and in such order as Trustee may determine. Trustee may postpone sale of all
<br />or any parcel of tbe Property by public announcement at the time and place of aoy previously scheduled sale, Lender or
<br />Lencle.r's designee may purchase the Property at any sale,
<br />Upon receip.t of payment of the price bid, Trustee shall deliver to the pun.'haser Truslee's deed cOIlveying the Pr?perty
<br />SOld. The recitals In Ihe Trustee's deed shall be prima facie eviden<'e of the Iruth of the statements made therein. lrustee
<br />shl\tl apply the proceeds of the sale in the following order: (a) to aU reasonable costs and expenses of the sale, inciuding, but
<br />nc.Jt limited to, Tnastee's fees of not more than lh of 1% of the gross sale prit"e, reasonable uttonu~y's ft.'t."S and ,-'Osts of title t>videnL"e;
<br />(b) to atl sums _ured by this Deed of Trust; and (c) the eX<'ess, if any, to the person or persons legally entitl<od thereto.
<br />19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums sccured by 'hI> Deed of Tru,1.
<br />Borrower shall have the right to have any proceedings begun by Lender to enforce this Oced of Trust discontinued at
<br />anytime prior to the earlier to occur of (i) tbe fifth day before the sale of the Propeny pursuanl to the power of sale cOlllamcd
<br />in this Deed of Trust or (ii) entry of a judgment enforcing this Deed of Trust if: (a) Borrower pays Lend,'r all sum, which would
<br />be then'due under this Deed of TflJst~ the Note and notes securing Future Advances, if ;.toy, h,ad n~ acc~ler~ltjon o~~~l~rl:d;
<br />(b) Borrower cutes an breaches o( any other covenants or agreements or Borrower con tamed In thIS Deed of f rusl;
<br />(c).Borrower pays. all reasonabt.e expenses incurred by Lender and Trustee in enforcing the covl'nan_ts an~ ugrccmcnts ~\.f
<br />Borrower contained in this Deed of Trust and jn enfQrcing Lender's ilnd Truslee's remedies as prOVided 111 paragraph I x
<br />nefC.Of. including, but not limited to, reasonable attorney's fces~ and (dl Borr(lwer takes ~uch action .l!\ LClldl"r may rcao;onahl}
<br />require to assure that the lien of this. Deed of Trust, Lender's imerest in the Propeny and Borrowtr'" (tohgatlon h\ j1a~
<br />
|