|
<br />r
<br />
<br />83- 005399
<br />9. COIIdemnadoa. 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 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 proceed., 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 />~~cl:"i'~W;n~'::'tsdUe date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of
<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. Forbeal1lnce by Lender Not a Waive!'. Any forbearance by Lender in exercising any right or remedy hereunder, or
<br />otherwise afforded by applicable Jaw. 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 Trost or afforded by law or equity, and may be exercised concurrently, independently or
<br />successively.
<br />13. Successors and Assigns Bound; Joint and Several LiabiUt}'; Captions. The covenants and agreements herein
<br />contained shaH 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 ,Ire for convenience only and are not to be used to
<br />interpret or define the provisions hereof.
<br />14. Nodce. 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 cenified 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 shan 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 Tmst; Governing Law; Severability. This form of deed ot 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 shaU 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; Assumption. H 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 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 (Q 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 withill
<br />which Borrower may pay the sums declared due. If Borrower fails [0 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. Accele....ion; Remedies. Except as provided in paragraph 17 hereof, upon Borrower's breach of any covenant or
<br />agreement of Borrower in this Deed of Trust, including the covenants to pay when due any sums secured by this Deed
<br />of Trust, Lender prior to acceleration shall mail notice fo Borrower as prol'ided in paragraph 14 hereof specifying: (I) the
<br />breach; (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to
<br />Borrower, by which such breach must be cured; and (4) thai failure to l'ure such breach on or before 'he date specified
<br />in the notice may result in acceleration of the sums secured b)' thi" need of Trust and sale of the Property. The notice
<br />shan 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 8 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 at (..ender's option may declare all of the sums secured by this Deed
<br />of Trust to be immediately due and payable without further demand and ma,)' iO'\-'oke .he power of sale and an)' other remedies
<br />permitted by applicable law. Lender shall be entitled to collect aU reasonable costs and expenses incurred in pursuing the
<br />remedies pro\'ided 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 Properly or some
<br />part thereof is located and shaJl mail copies of such notice in the manner prescribed by applicable law to Borrower and to the
<br />other persons prescribed b)' applicable law. After the lapse or such time as ma)' be required by applicable law, Trustee shall
<br />give public notice of sale to the persons and in the manner prescribed b,)' applicable law. Trustee, without demand 011
<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 Trustee may determine. Trustee may postpone sale of all
<br />or any parcel of the Property by public announcement at the time and place of Bny previously scheduled sale. I.ender or
<br />Lender's deslg..ee may purchase the Property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser TrustL>e's deed conveying the Property
<br />sold~ The recitals in the Trustee's deed shall be prima facie evidence of the truth of tbe statements made therein. Trustee
<br />shall apply tbe prQCeeds of the sale in tbe following order: (a) to all reasonable costs and expenses of tbe saJe, including. but
<br />nut limited to, Trustee's fees of not more than 1fz of 1% of the gross sale price, reasonable attornc)"s fees and costs or title evidence;
<br />(b) to aU sums secured by this Deed of Trust; and (c) the en-ess, iran)', to the person or persons legally entitlt.'<I thereto.
<br />19. Bonower's Right to Reinstate. Notwithstanding Lcnder\ ~tcccleration of the sums secured by thi~ Deed of Trmt.
<br />Borrower shall have the right to have any proceedings begun by Lender to enforce this Deed of Tru$.t discontinued at
<br />any time prior to the earlier to occur of (i) the fifth day before the sale of the Property pursuant to the power of sale contained
<br />in this Deed of Trust or (it) entry of a judgment enforcing this Deed of Trust if: (a) Borrower pays Lender all sum~ which Wllllld
<br />?e then due under this Deed of Trw-.t. the Note and notes securing Future Advances. if any, had no acceleration occurred:
<br />(b} Borrower cures aU breaches of any other covenants or agreements of BorroweJ containl.:d in this Deed l\f Tru~l:
<br />(el Borrower PR)'S all reason;lble expenses incurred by Lender and Trustee in enforcing the covcn3nljo; and agrccrncnls <,(
<br />Borrower contained in this Deed of Trust nnd in enforcing Lender's <lnd Tru-;.iee":; remedies as provided in paragraph'S
<br />hereof. inc.luding. hut not limited to. reasonable attorney's fees; and (d) Borrower t"kC"s :'m:h :.H..~tion as Lcnder may fc,I"('Tlably
<br />require to. assure that the lien of this Deed of Truil" Lender's Interest in lhe Property and Bonow;."r\ ilbJiglHi~\n f\; 1':1\
<br />
|