|
<br />I
<br />
<br />14.~
<br />
<br />I"J~:', ..;
<br />
<br />"j
<br />
<br />83- ULJ4573
<br />
<br />9. Condemnation. 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 Dced 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 Properly 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 Lcnder 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 datc 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 shalt 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 Released4 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 re,quired 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 />] 1. Forbearance by Lender Not a \"aiver. Any forbearance by Lender in exerci~ing any right or remedy hereunder, or
<br />otherwise afforded by applicable law, shall not be a waiver of or preclude Ihe 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 t his Deed of Trust. . .
<br />12. Remedies Cumulative. All remedies provided in this Deed of Tmst are distinct and cumulative to any other fight
<br />or remedy under this Deed of Trust or afforded by law or equity, and may he 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. Ex.cept for any notice reqUired under applicable law to he given in another manner. (a) any notice to
<br />Borrower provided for in this Deed of Trust shaH be given by mailing stich 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 />IS. Uniform Deed of Trust; Governing Law; Severability. 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 the Jaw 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 contlicts with applicable law, such conflict sh.\1I
<br />not affect other provisions of this Deed of Trust or the Note which can be given elIcct 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 thc time
<br />of execution or after recordation hereof.
<br />17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferrcJ
<br />by Borrower without Lender's prior written consent, excluding (a) the crcation 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 leasehoid 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 sa.le..or. tra."lsfer, Lender
<br />and the person to whom the Property is to be sold or transferred reach agreement in writing,thtll the. ~redit< of such 'person
<br />is satisfactory to lender and that the interest payable on the sums secured by this Deed of Tru~ .shalL, qe .at ~Jl: rate as
<br />Lender shall request. If Lender has waived the option to accelerate provided in {his paragraph 17, and if Bo-frQW,~r.s...s.ucCCSSQ~r,.
<br />in interest has executed a written assumption agreement accepted in writing by Lender, Lendecshall release...:llOirQw.et: fr-O-m':;;'._
<br />all obligations under this Deed of Trust and the Note.
<br />If Lender exercises such option to accelerat~, Lender shall mail Borrower notice of acceleration in accordance wilh
<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 f::tils 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. ":xcept as provided in paragraph ]7 hereof, upon Borrower's breach of any co\'cnant or
<br />agreement of Borrower in this Deed of Trust, includin~ the co\'\~nanls 10 pay when due any sums secured by this Deed
<br />of Trust. Lender prior 10 acceleration shall mail notice 10 Borrower as pro\ided in paragraph 14 hereof specifying: (1) the
<br />breach; (2) the aelion required 10 cure such breach; (3) a date, nol less thun 3ft d~Js from the date the not.ice is mailed to
<br />Borrower, by which sueh breach must be curedi and (4) that failure to cure sUt.:h breach on or before the date specified
<br />in the notice may result in acceleration of the sums secured by Ihis 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 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 date specified in the notice, Lender al Lender's option may declare aU of the sums secured by this Deed
<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, includin~l but not limited to. reasonable attorney's fees.
<br />If the power of sale i" invoked, Trustee shall record a notice of default in each county in which the Property or some
<br />part thereor is located and shall mail copies of such notice in the manner prescribed by applicable Jaw 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. Trustee, without demand on
<br />Borrower, shall sell 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 Tmstee may determine. Trustee may postpone sale of all
<br />or any parcel of the Property by public announcement at the time :md place of ao}' previously scheduled sale, Lender or
<br />Lender's designee 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 Trustee's deed shall be prima facie cyjdcnce of the truth of the statements made therein. Trustee
<br />shall apply Ihe proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale, including, but
<br />not limited to, Trustee's fees of not more than .._ ., % of the gross sale price. reasonable attorney's fees and costs of
<br />title evidence; (b) to aU sums secured by this Deed of Trusti and (e) the excess, if any, to the person or persons legally enlitled
<br />thereto.
<br />19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration ,:f the sums secured bv this Deed of Trust,
<br />Borrower shall have the. right to have any proceedings begun by Lender 10 ~nforce this Deed of Trust discontinued at
<br />~ny ~ime prior to the earlier to occur of (i) the fifrh day before lhe sale of the Property pursuant to the power of sale contained
<br />H1lhlS Deed of Trust or (ii) entry of a judgment enforcing this Deed of Trust if: (a) llorrower pays Lender all surns which would
<br />be Ihen due under this Deed of Trust, the Note and notes ~ecuring Future Advances, if allY, had no acceleratioll occurred;
<br />(b) Borrower cures all breaches of any other covenants Of agreements of Borrower contained in this Decd of Trust;
<br />(c) Borrower p,,;ys al~ rea~onable exp~nscs incurred by Lender and Trustee in enforcing the cu\'cnan.ts and agreements of
<br />Borrow~r con!alOcd III thJ~ I?eed of [rust and ill enforcing Lender's and Trustee's remedies 3~ provHlcd III paragruph IS'
<br />here?f, mcludlng, but not lif!llted to, !casonable attorney's fees; and (0) B{~rrower ,takes stich action as Lenuer 1llJ.)" rcasoJlabl~ I
<br />require to assure that the hen of thIS Deed of Trust, Ll;::ndcr's interest lfl the Property and Borrlw,.cr"s obligatIon !n pay
<br />
|