|
<br />83-tJ04313
<br />
<br />9. CClIIdemn.ciott. 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 shall be paid to Lender.
<br />In the event of a total taking of the Property, the 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 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 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 that the condemnor olIers 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. Borrower Nol ReleMed. Extension of tlie 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 shall 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 />n. Forbearance by Lender Nol 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 />n. Remedies Cum....tive, All remedies provided in th,s Deed of Tmst are distinct and cumulative 10 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 Assicns Bound; Joint and Several Liability; Captions, The covenants and agreements herein
<br />contained shall bind, and the rigbts 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 m another manner. (a) any notice to
<br />Borrower provided for in this Deed of Trust shall be g,ven 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 herem. 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. Unifonn Deed of Trusl; Governill!l Law; SeverabIlit~.. This form of deed of trust combines unifonn covenants for
<br />national use and non~unirorm covenants with limited variations by jurisdiction to constitute a uniform security instrument
<br />covering real property. This Deed of Tmst shall be governed by the law of the lunsd,ction m which the Property is located.
<br />In the event that any provision or clause of this Deed ot Trust or the Note confl,cts with applicable law. such conflict shall
<br />not alIect other provisions of this Deed of Trust or the Note which can be given elfect without the conflicting provision.
<br />and to this end the provisions of the Deed of TrusI and the Nolc are declared [(> be severable,
<br />1'.. Borrower's Copy. Borrower shall be furnished a conformed \,.'opy o! the Note and of thiS Deed of Trust at rhe time
<br />of execution or after recordation hereof.
<br />17. Tnlnsfer of Ihe Property; A_umplion. If all or any part of the Property or an interest therein 's sold or Iransferred
<br />by Borrower without Lender's prior written consent. c-\.dudmg i a) the creation of a lien or encumbrance subordinate to
<br />this Deed of Trust, (b) the creation of a purchase money security Interesl for h,)usehold appliances, (c) a transfer by devise.
<br />descent Qr by operation of Jaw upon the death of a JOint tenant or (d) the gram .,Jf any leasehold interest of three years or less
<br />not containing an option to purchase. Lender may, at Lender\'" option. declare all the sums ~ccured hy this Deed of Trust to he
<br />Immediately due and payable. Lender shaH have watved such OPll(lll 10 al.:\.:eicrate if. pnor to the sale or transfer. Lender
<br />and the person to whom the Property is to be sold or transferred real'h agreenlent in writing that the credit of such person
<br />IS satisfactory to Lender and that the interest payable nn (he C)um~ ~~cureJ by thiS Deed of Trust shall be at such rate as
<br />Lender shall request. If Lender has walveu the ()ption h) accelerale provided In thts paragraph 17. and if Borrower's successor
<br />In interest has ex.ecuted a wrinen assumption agreement ao..~epted 1Il ",fltmg hy Lender, Lender ,hall release Borrower from
<br />all obligations under this Deed of Trust and Ihe Note,
<br />If Lender exercises such option to accelerate. Lender ~hall rnall Horrowt:r nOllce of acceleration H1 llc~ordance with
<br />paragraph 14 hereof. Such notice shall prOVide a pc:IIW \..\f :11..)( k~!i than .10 days Hom the date the notice IS mailed within
<br />which Borrower may pay the sums declared duc. If Borr'l,)wer Lllh. It) r~'~ su..:h ~unb prior to the expiration oC such perioo.
<br />Lender may. Wllhout further notice or demand on Bt.rrowcr. 11l\\'j..C an~ rcmedl~~ pcrmiued My paragraph 18 hereof.
<br />
<br />NON-UNIJ-'ORM COVENANTS. Borrower and l.ender IUrlht.~r \,:n\-'cnMll ,wJ agree d~ lollows:
<br />
<br />18. Aceeleration; Remedies~ I':xcepl as provided in parl.graph 17 h"reof. upon Borrower's breach of any covenant or
<br />agreement of Borrower in this Deed of 1'rusl. indudillK the co'Cnanb to pay when due any sUmS secured by Ihis Deed
<br />of Trust, Lender prior to acceleration shall mail nolice 10 Borrm..r a, pro.ided in paragrapb 14 hereof specifying: (I) Ih.
<br />breach; (2) lhe action r.quired 10 ('ur. such breach; (3) a date. not 1_ than 30 days from the date the nolice Is mailed to
<br />Borrower. by which such breach must be ('ured, and (4) Ihat failure to cure such hreach on or before Ihe date specified
<br />in the notice nlay resull in acceleration of the sums loeCUred b~ this need of Trust and sale of the Property, The notice
<br />shall further inform Borrow.r of lhe right 10 reinstate after acceleralion and the right 10 brill!l a court action 10 assert
<br />the Jl(Jn-exislence of a default or am other defense of Borro".r 10 acceleration and sale. If Ihe breacb is not cured
<br />00 or before Ihe date specified in the notice. Lender at Lender's option may declare all of the sums secured by this Deed
<br />of Trust to be immediately due and payable withnut further demand and may illook. the power of sale and any lither remedies
<br />permit.ted by '!Pplic.abIe .Iaw. Lender sh~ be e~titled to ,'o~c~ all r.asonabl. ,,"Sls and expenses incurre<l in pursuing the
<br />remedIeS provided m lhis paragraph 18. mdud'RI:, but not Iinuled to, reasouable altorney's fees, ,
<br />If tIM: 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 mall copies of such nolice in Ihe manner prescribed by applicable law to Borrower and to tbe
<br />other persons prescribed hy applicable Ia". After the lapse of soch lime lIS ma) be required by appUcdJlt law. Trustee shall
<br />give public notke of sale to tIM: persons and in the manner pre;eribed b) applicable law, Tr...1ee. wilboot demand on
<br />Borrower, shall seU the Property al public auction to the highest bidd.r at the time and place and onder th" terms designated
<br />In the nolice of sale in on. or mOre par...... and in snch order lIS Trustee may determine. Trustee may poslpol1e sale of all
<br />or any pan:el of lhe Property by public announcement at lbe time and "lace of any prniously ..hedoled sale. Lend.r or
<br />Lender's desl&nee may purchase the Property at any sale,
<br />Upon receipt or payment of the price bid, Trnslee shall deli"er to the purchaser Troslec's deed eonve~irtg the Property
<br />sold, The redtals in 11M: Trustee's deed shaII 1M: prima facie e,idence of tIM: truth of the stalements made Iherein. Trustee
<br />shaD apply the proceeds of the sale in lhe foUowiAA order: (a) 10 all reasonable eosls and expenses of th. sale, lndudiD&, bul
<br />not linUted to, Trustee's fees of not more than _ ...1,0 _., . % of the gross sale price, reasonable attorney's fees and ('0'1s 01
<br />title evideqce; (b) 10 aD.ums secured by Ihis Deed of Trnst, and (<llh. excess. if any, to lb. person or persons legally entitled
<br />t~
<br />19.. Bono,,'er's Rigbt to Reinstate. NotWithstanding Lcnder'~ ~li.:cc!cratu..\n \Jf tht: \lllll.ll. sCl.:un:d by thl~ Deed ,-,( -1 ru,1.
<br />Ik>rr,?wer shall have the, right to have any pnx:eedings begun hy Lender to cnf,"cc this Deed of Trusl dlSco"linlled al
<br />any tIme pHor to the earher to o<;eur of (,) the fifth day before th. ",Ie of the Property pllrsuant to the pOWN of ,,,Ie ""nl'"lled
<br />in this Deed of Trust '?' (ii) cnlry of a judgment elllordng this Deed uf Trust ,f: (a) Borrower pay, I cnder ..II ,um, which W("tiel
<br />,~then 4.\.tC under ttusI>ecd of Trust.. the Note and noles \C"ctlring Future Adva.nces, if any. h.ld n.,) aC\,.-eh.'ralIOl1 Oi...:..:lIffrd.
<br />{b} ~rrower cures all brc.achcs of any nt,her covenants or agreements ~)f Ilorn.n\'er \:oniawcu If' this Deed ~lf 1 rust,
<br />fe) .Q:orrowe-r paj's aU r~a\Onable e\pcnse~ incurred by tender and Trustee in cnfp{"cU1g lhe ~t)H.n~wbi .HlJ .Igrc,,:mc-nh \l{
<br />Borrow~r. cort!amcd in 1hj~ ~-ed vf Trust apd In enfof,cing t.cnder'~ llm! Trustee"" rl.:med1e~ .-1.\ provHJed If'l paragraph P';
<br />here.f?f. mcludilll. but nOl hmJted lo. rea$onabtc .aU-orne)' s fees; t:i:lld (d) Borrnwer take$. \i.l~'h a(lu.:"U a~ tt.:.ndet tn3\ J't:<l~.().n~lhh
<br />r-eqlHre to lU-s.ur-e that the lien of thIs, De.ed of Tru"'t. J.cnder\ Jnterest in the Prv~rty and Bnn\n..'er\ \lbhgatH.\11 hI Pii)
<br />
|