83004504 - Laserfiche WebLink

Browse

83- u04504 9. Condemnation. The proceeds of any award or claim for damages. direct or consequential. in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid 10 Lender. In the event of a total taking of tbe Property, Ihe proceeds shall be applied 10 the sums secured by this Deed of Trust. wilh the excess, if any, paid to Borrower. In Ihe event of a partial taking of the Property, unless Borrower and Lender otherwise agree in writing, there shall he applied to the sums secured by this Deed of Trust such proportion of the proceeds as is equal to that proportion which the amount of Ihe sums secured by Ihis Deed of Trust immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, afler notice by Lcnder tv Borrower that the condemnor offers to make an award or settlc a claim for damages, Borrower fails 10 respond to J ,ender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the Property or to the sums secured by this Deed of Trust. Unless Lender and Borrower otherwise agree in writing. an) such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. 10. Borrower Noi Released, Extension of Ihc timc for payment or modification of amortizalion of Ihe sums secured by this Deed of Trusl granted by Lender 10 any successor in intercst of Borrowcr shall not operale to release, in any manner, the liabilily of Ihe original Borrower and Borrower's successors in inlerest. Lendcr shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand madc by the original Borrower and Borrower's successors in interest. 11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder. or otherwise afforded by applicable law, shall not be a waiver of or preclude Ihe exercise of any such right or remedy, The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender's right to accelerale the maturity of the indebtedness secured by this Deed of Trust. 12. Remedies Cumulative. All remedies provided in this Deed of Trusl are distinct and cumulalive to any other right or remedy under this Deed of Trust or afforded by law or equilY, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall bind, and the rights hereunder shall inure to. the respective successors and assigns of Lender and Borrower. subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of Ihis Deed of Trust are for convenience only and are nol 10 he used to interpret or define the provisions hereof. 14. Notice. Except for any notice reqUIred under applicable law to be given in another manner. (a) any nolice 10 Borrower provided for in this Deed of Trust shall be given by mailing such notice by cerlified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested. 10 Lender's address stated herein Or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of Trust shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Deed of Trost; Governin~ Law; Severability. This form of deed of trust combines uniform covenants for national use and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Deed of Trust shall be governed by the law of the Jurisdiction in which the Property is located. In the event that any provision or clause of Ihis Deed of Trust or the Note conflicts with applicable law. such contlict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without the conflicling provision. and to this end the provisions of the Deed of Trust and the Note are declared to be severable. 16. Borrower's Copy. Borrower shall be furnIShed a conformed copy of Ihe Note and of this Deed of Trust at the lime of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of Ihe Property llt an interesllherem is sold or transferred by Borrower without Lender's prior written consent, excluding (a) the \.:rcation of a lien or encumbrance subordinate to this Deed of Trust, (b) the creation of a purchase monev security interesl for household appliances, (c) a transfer hy devise. descent or by operation of law upon the death of a joint lenanl or (d) the grant of any leasehold interest of three years or less not containing an option to purchase. Lender may, at Lender's option. declare all the sums secured by this Deed of Trust to be immediately due and payable. Lender shall have waived such option 10 accelerate if. prior to the sale or transfer. Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and thaI the interest payable on the sums secured by this Deed of Trust shall be at such rale as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17. and if Borrower's successor in interest has executed a written assumption agreement accepted in writing by Lender, lender shall release Borrower from all obligations under this Deed of Trust and Ihe Note. H Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from Ihe date Ihe notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to puy such sums prior to the expiralion of such period. Lender may, Without further notice or demand on Borrower, invo\...e any remedies permitted hy paragraph 18 hereof. NON-UNifORM COVENANTS. Borrower and l.ender further covenant and agree as follows: J 8. Acceleration; Remedies. Except 3~ pro,"'ided in para~raph t 7 hereof, upon Borrower's breach of any co\'enant or agreement of Borrower in this Deed of Trust. iucludiug the cownauts 10 pay when due any sums secured by this Deed of Trust, Lender prior to acceleration shall mail uotice to Borrower as prm.ided in paragraph 14 hereof specifying: (1) the breach; (2) the aclion required to cure such breach; (3) a date, not less Ihau 30 days from the date the notice is mailed to Borrower, by which such breach must be cured; :md (4) that failure 10 cure such breach ou or before the date specified in the notice may' resull in aCl'eleration of the sums secured by this Deed of Trust and sale of the Property. The notice shall further inform Borrower of the ri,::ht to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date specified in Ihe notice, Lender at Lender's oplion ma)' declare all of the sums secured by this Deed of Trust to be immediately due and payable wilhout furthcr demand and lIlay invoke the power of sale and an)' other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this pa~raph 18. including. bul not limited to, reasonable attorney's fees. If the power of sale is in".oked, Trustee shall record a notice of default in each coun.ty in which the l:Jroperty or some part thereof is located and shall mail copies of such notice in Ihe manner prescribed by applicable law to Borrower and to Ihe other persons prescribed by applicable law. After the lap.... of such time as may be required by applicable law, Trustee shall give public notice of liSle 10 the persons and in Ihe manner prescribed by applicable law. Trustee, without demand on Borrower, shaD sell the Property at public auction to the hi~best bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in such order as Trustee llIay determine. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time aod place of any previously' scheduled sale. Lender or Lender's designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to lbe purchaser Trustee's deed conveying the Property sold. The redtals in the Trustee's deed shall be prima facie. ..idence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the followin~ order: (a) to all reasonable costs aod expenses of the sale, including. but not li~ited to, Tru.1ilee's fees of not more than % of the gross sale price~ reasonable attorney's fees and costs of title eVIdence; (b) to all sums secured by this Deed of Trust; and (c) the excess, if any, to the person or persons legally entitled thereto. 19. Borrower's Right .to Reinstate. Notwithstanding Lender's acceleration of the Slims secured by this Deed of Trusl, Borr~wcr s~all have the, nght to have ~ny proceedmgs begun by Lender to enforce this Deed of Trllst discontinued at ~ny ~Ime prtor tolhe earher to occur.of (I) the fifth day hefore Ihe sale of Ihe Property pursu:lIltlO the power of sale contained III Ihls Deed of Trust or (II) entry of a Judgment enforcing this Deed of Trust if: (a) Borrower pays Lellder all surns which would be then due under thiS Deed of Trust. the Note and notes securing Future Advances. if any, had no acceleration occurred: (b) Borrower cures all breaches of any other covenants or agreements of Borrower contained in thi~ Deed of Trust; (c) Borrower P8:Ys al~ rea~onable c\P:nscs incu~rcd by L.cndcr and Trus.tee in enforcing the coven<lnts and agreements of Borrow~r con~amed In thl~ I?eed of frust and In enfon':lOg Lender's and Trustee's remedies as. provided lO paragraph IS here,?f, mcllldmg. but not ltry1lted to, !casonable attorney's fees; and (d) Borrower takes l>,uch action as Lender may reasonably reqUIre to assure that the lIen of thIS Deed of Trust. Lender's interest in the Property and BOffL)\Ver'S obligation to pay ..