|
<br />r
<br />
<br />L
<br />
<br />I
<br />
<br />R3-f}04556
<br />
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with aoy
<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 hy 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 halance of the proceeds
<br />paid to Borrower.
<br />If the Property is abandoned by Borrower, or if, after notice by Lender to !:~ITower that the condemnor offers to make
<br />an award or settle a claim for damages, Borrower fails to respond to Lender with1D 30 days after the date such notice- is
<br />mailed, Lender is autborized 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 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 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 />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 matnrity 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 nght
<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 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. Unifonn Deed of Trust; Governing Law; SeverabiUty. 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 be governed by Ihe law 01 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 provisiOOli,OClhe..Deed of Trust ll/ld !Ije Note are declared to be severable.
<br />16, Borrower's Copy. Borrower snaIr be furnished a conformed copy of the Note and of this Deed of Trust al the time
<br />of execution or after.recordati9J:l.here9f::'
<br />17. Transfer of tbe ProplirtY;-'}{auriipilOn.r.:.-If-aU: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 gram 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 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 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] 7, 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 />lf Lender exercises such option to accelerate, Lender shaIl 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 Pity 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 Bny covenant or
<br />agreement of Borrower in this Deed of Trust, includinK the co\'enants to pay when due any sums secured by this Deed
<br />of Trust, Lender prior to acceleration shall mail notice to Borruwer as pro\'ided in paragraph 14 hereof specifying: (I) the
<br />breach; (2) the actioD required to cure such breach; (3) a date, not less than 30 days from the date the Dolke is mailed to
<br />Borrower, by which such breach must be ..'ured; 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 Deed of Trust and sale of the Property. The notice
<br />shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court aclion to assert
<br />the non~existence of 8_ default or any other defense of Borrower to a-.:celeration and sale. If the breach is not ('ured
<br />on or before the 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 without furtber demand and may im.'oke the power of sale and any other remedies
<br />permitted by applicable law. Lender shall be entided to collect all reasonable costs and expenses incurred in pursuing the
<br />remedies p,"ovided in this:paragraph 18t 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 somc
<br />P.art thereof is-located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the
<br />other persqns prescribed by applicable lav.-. After the lapse of such time as may be required by applicable law. Trustee shall
<br />give pubUc - notice of sale to the persons aud in the manner prescribed by applicable law. Trustee, without demand on
<br />Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under 1he terms designstcd
<br />in the notice of sale in one or more parcels and in such order as Trust~ may determine. Trustee may postpone sale of all
<br />o,r a_ny parc~l of, the Property- by, public announcement at the time and place of an)' previously scheduled sale. Lender or
<br />Lender~s d(':Signe_e may purchase tbe Property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conycying the Property
<br />sold. Tbe r~itals in the Trustee's det..od shall_ be prima facie e\'ideoce of the truth of the statements made therein. Trustee
<br />shall apply the proceeds of the sale in the following order: (a) to all reasonable custs and expenses of the sale, including. but
<br />not limitecttOt Trnstee's fees of not-more than IjJ of 1% of the gross .sale price, reasonable attorne)"s fees and costs of title evidence;
<br />(h) to all SUQIS secured by. this Deed of Trust; and (c) the excess, ifany, to the person or persons legally entitled thereto,
<br />19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums secured by this Deed of Trust,
<br />Borrower shall have the right to have any proceedings begun by Lender to enforce this Deed of Trust discontinued at
<br />an:y time prior to the earlier to occur of (i) the fifth day before the sale of the Property pursuanl to the power of sale c.:ontained
<br />in this Deed of Trust or (ii) entry of a judgment enforcing this Deed of Trust if: (a) Borrower pays Lender all sums which would
<br />. b:e then- due under this Deed of Trust, the Note and notes securing Future Advances. if any. had no acceleration occurred:
<br />(b) Bo_rrower _ cures aJI breaches of any other covenants or agreements of Borrower contained in this Deed of Trust;
<br />(c) DO_Trower pays .all_ reasonable expenses incurred by Lender and Trustee in enforcing the covenants and agreements of
<br />Borrower contained in this Deed of Trust and in enforcing Lender's and Trustee's remedies as provided in paragraph 1 R
<br />hereof, including, but not limited-to. reasonable aHorney's fees; and (d) Borrower takes. such action as. Lender may reasonably
<br />require t() assure that the lien of this Deed of Trust. Lender's interest in the Property and Borrower's obligation 10 pay
<br />
|