|
<br />
<br />not personally liable on the Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower
<br />hereunder may agree to extend, modify, forbear, or make any other acrnmmodadons with regard to the terms of this
<br />Deed of Trust or the Note, without that Borrower's consent and without releasing that Borrower or modifying this Deed
<br />of Trust as to that Borrower's interest in the Property.
<br />12. Notice. Except for any notice required under applicable law [o be given in another manner, (a) any notice to
<br />Borrower provided for in this Deed of Trust shall be given by delivering it or by mailing such notice by certified mail
<br />addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lander
<br />as provided herein, and (b) any notice to Lender shall be given by certified mail 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 />l3: Governing Law; Severability. The state and local laws applicable to this Deed of Trust shall be the laws of the
<br />jurisdiction in which the Property is located. The foregoing sentence shall not limit the applicability of Federal law to
<br />this Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable
<br />law, such conflict shall not affect other provisions of this Deed of Trust or the Note which can be given effect without the
<br />conflicting provision, and to this end the provisions of this Deed of Trust and the Note are declared to be severable. As
<br />used herein, "costs", "expenses" and "attorneys' fees" include all sums to the extent not prohibited by applicable law or
<br />limited herein.
<br />14. Borrower's Copy. Borrower shall be furnished a conformed copy of the Note and of this Deed of Trust at the
<br />time of execution or after recrordation hereof.
<br />15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home rehabilita-
<br />tion, improvement, repair or other loan agreement which Borrower enters into with Lender. Lender, at Lender's option,
<br />may require Borrower to execute and deliver to Lender, in a form acceptable to Linder, an assignment of any rights.
<br />claims or defenses which Borrower may have against parties who supply labor, materials or services in connection with
<br />improvements made to the Property.
<br />16. Transfer of the Property. If Borrower sells or transfers all or any part of the Property or an interest therein,
<br />excluding (a) the creation of a lien or encumbrance subordinate to this Deed of Trust, (b) a eansfer by devise, descent, or
<br />by operation of law upon the death of a joint tenant, or (c) the grant of any leazehold interest of three years or less not
<br />containing an option to purchase. Borrower shall cause to be submitted informatian required by Lender to evaluate the
<br />transferee as if a new loan were being made to the transferee. Borrower will continue to be obligated under the Note and
<br />this Deed of Trust unless Lender releases Borrower in writing.
<br />If Linder, on the basis of any information obtained regarding the transferee. reasonably determines that Lender's
<br />security may be impaired, or that there is an unacceptable likelihood of a breach of any covenant or agreement in this
<br />Deed of Trust, or if the required information is not submitted. Lender may declare all oti the sums secured by this Deed
<br />of Trust to be immediately due and payable. tf Lender exercises such option to accelerate, Linder shall mail Borrower
<br />notice of acceleration in accordance with paragraph l2 hereof. Such notice shall provide a period of not less than 30 days
<br />from the date the notice is mailed or delivered within which Borrower may pay the sums declared due. if Borrower fails
<br />to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower,
<br />invoke any remedies permitted by paragraph 17 hereof.
<br />NON-UNIFORM COVENANT. Borrower and Lender further covenant and agree as follows:
<br />17. Acceleration; Remedies. Except as provided in paragraph 16 hereof, upon Borrower's breach of any rnvenant
<br />or agreement of Borrower in this Deed of Trust, including Borrower's failure to pay, 6y the end of 10 calendar days after
<br />they are due, any sums secured by this Deed of Trust. Lender prior to acceleration shall give notice to Borrower as
<br />provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure such breach[ (3) a date, not
<br />leis than 20 days from the date the notice is mailed to Borrower, by which such breach must ire cured: and (4) that
<br />failure to clue such breach ov or before the date specified in the notice may result in acceleration of the sums secured by
<br />this Deed of Trust and sale of the Property. The notice shall further inform Borrower of the right [a reinstate after
<br />acceleration and the right to bring a rnurt action to assert the nonexistence of a default or any other defense of Borrower
<br />to acceleration and sale. It the breach is not cured on or before the date specified in the notice, Lender, at Lender's
<br />option, may declare all of the soma secured by this Deed o£ Trust to be immediately due and payable without further
<br />demand and may invoke the power of sale and any other remedies permitted by applicable law. Leader shall be entitled
<br />to collect all reasonable tests and expenses incurred is pursuing the remedies provided in this paragraph 17, including,
<br />bnt not Bmlted to, reasonable attorneys' fees.
<br />If the power of sale is invoked, Trustee shall record a notice of default in each rnunty in which the Property or some
<br />part thereof is located and shalt mail rnpies of such notice in the manner prescribed by applicable law to Borrower and
<br />to the other persons prescribed by applicable law. Afrer the lapse of such time as may ire required by applicable iaw,
<br />Trustee shag give public notice of sale [o the persons and in the manner prescribed by applicable law. Trustee, without
<br />demand on Borrower, shall seB the Property at puhlk auction to the highest bidder at the time and place and under the
<br />terms designated in the notice of sale in one or more parcels and In such order as Trustee may determine. Trustee may
<br />postpone sate of aB or ang parcel of the Property 6y public announcement at the time and place of any preciously
<br />scheduled sale. Lender or Lender's designee may purchase the Property at any sale.
<br />Upon receipt of payment of the peace bid, Trustee shalt deBver to the purchaser Trustee's deed conveying the
<br />Property sold. Tile recitals in the Trustee's deed shag be prima facie evidence of the truth of the statements made
<br />therein. TrtutceshaB sgply the proceeds of the sale in the following oeder: (a) [o all teasgnable casts and expenses of the
<br />sale, inclndwg, but not limited to, Trustee's fees actually incurred o£ not mare than .1 / 2. °f.:~.... to of the gmas sale
<br />price, re>asoruble attorneys' foes and cads of title erideuce; Ib) to all sums secured by this Deed of Trust; and (c) the ex-
<br />ceas, if any, to the person or poraoas legally entitled thereto.
<br />18. Borrower's Right to Reinstate. Notwithstanding Lendei s acceleration of the sums secured by this Deed of
<br />Trust. due to Borrower's breach, Borrower shall have the right to have any proceedings begun by Lender to enforce this
<br />-Deed of Trust disconYrnued at any time prior to the earlier fo occur of (i) the fifth dap' before the sale of the Property
<br />pursuant to the power of sale contained ire this Deed of Crust or Gi) entry of a judgment enforcing this I recd of Trust if:
<br />la) Borrower pays Linder all sums which would be then due under this .Deed of 7"rust and die Notc cue acceleration
<br />occurred; (b) Borrower cures ail. breaches of any other covenants or agreements of Burrower con[aircd in this Deet1 of
<br />Trust; (c) Borrower pays all reasonable expenses incurred by Linder and Trustee in enforcing the covenants and
<br />agreements of Sorruwer coutaine;d in this Deed of"T'rust and iri enforcing Fender's and'Crustce"s remedies ns provided in
<br />paragraph 17 hareaf, ~ncluding, but not limited to, reasonable attnrneys~ fzes: and id) Borrower take-s such action as
<br />Lender may reasonably require-[u assure that the hen of this Dowd of TruaL l.cnder's interest ir, the Property and
<br />6orruwer~s obligation to pay daesums securedby ehis Deed oF`Crust shall continue nnimpaircd. upon such pa}°roenl and
<br />cure by Bp[rower, [tail Deed of !`rusk and the obiigatioaas vc.urc-d hcrrb}~ shall rnrnain in tui! t~ia:~ and r~ftect as if no
<br />acceleration had cxcurred.
<br />
|