|
200501682
<br />Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall
<br />become additionalindebtednessof Borrower secured by this Deedof Trust. Unless Borrower and Lender agree to other
<br />terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof.
<br />Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder.
<br />8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property,
<br />provided thatLendershall give Borrowernotice prior to any such inspectionspecifying reasonablecause thereforrelated
<br />to Lender's interest in the Property.
<br />9. Condemnation. The proceeds of any award or claim for damages, direct or consequential,in connectionwith
<br />any condemnationor othertaking of the Property, or part thereof,or for conveyance in lieu of condemnation,are hereby
<br />assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or othersecurity agreementwith
<br />a lien which has priority over this Deed of Trust.
<br />10. Borrower Not Released; Forbearance By Lender Not a Waiver. Extension of the time for payment or
<br />modificationof amortizationof the sums securedby this Deedof Trustgrantedby Lenderto any successorin interestof
<br />Borrower shall not operateto release,in any manner,the liability of the original Borrower and Borrower's successors in
<br />interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for
<br />payment or otherwisemodify amortization if the sums securedby this Deedof Trustby reasonof any demandmadeby
<br />the original Borrower and Borrower's successors in interest. Any forbearanceby Lender in exercising any right or
<br />remedyhereunder,or otherwise affordedby applicablelaw, shall not be a waiver of or precludethe exercise of any such
<br />right or remedy.
<br />11. Successors and Assigns Bound; Joint and Several Liability, Co- signers. The covenants and agreements
<br />herein containedshall bind, and the rights hereundershall inure to, the respective successors and assigns of Lender and
<br />Borrower, subject to the provisions of paragraph16 hereof.All covenants and agreementsof Borrowershallbe joint and
<br />several. Any Borrower who co -signs this Deed of Trust, but does not execute the Note, (a) is co- signing this Deed of
<br />Trust only to grant and convey that Borrower's interestin the Propertyto Trusteeunder the terms of this Deed of Trust,
<br />(b) is not personally liable on the Note or under this Deed of Trust, and (c) agrees that Lender and any other Borrower
<br />hereundermay agree to extend, modify, forbear, or make any other accommodationswith regard to the terms of this
<br />Deed of Trust or the Note, without that Borrower's consent and without releasingthat Borrower or modifying this Deed
<br />of Trust as to that Borrower's interest in the Property.
<br />12. Notice. Except for any notice requiredunder applicable law to be given in anothermanner, (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 />addressedto Borrower at the PropertyAddress or at such other address as Borrower may designateby notice to Lender
<br />as provided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address statedherein or to
<br />such other address as Lender may designateby 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 />13. Governing Law; Severability. The state and local laws applicable to this Deedof Trust shall be the laws of the
<br />jurisdictionin which the Propertyis located. The foregoing sentenceshall not limit the applicability of federallaw to this
<br />Deed of Trust. In the event that any provision or clause of this Deed of Trust or the Note conflicts with applicable law,
<br />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 declaredto be severable. As
<br />used herein, "costs," "expenses" and "attorneys' fees" include all sums to the extent not prohibitedby applicable law or
<br />limited herein.
<br />14. Borrower's Copy. Borrower shall be furnished a conformedcopy of the Note and of this Deedof Trust at the
<br />time of execution or after recordation hereof.
<br />15. Rehabilitation Loan Agreement. Borrower shall fulfill all of Borrower's obligations under any home
<br />rehabilitation, improvement, repair, or other loan agreement which Borrower enters into with Lender. Lender, at
<br />Lender's option, may require Borrower to execute and deliver to Lender, in a form acceptableto Lender, an assignment
<br />of any rights, claims or defenses which Borrower may have against parties who supply labor, materials or services in
<br />connection with improvements made to the Property.
<br />16. Transfer of the Property or a Beneficial Interest in Borrower. If all or any part of the Property or any
<br />interest in it is sold or transferred(or if a beneficial interest in Borrower is sold or transferredand Borrower is not a
<br />natural person) without Lender's prior written consent, Lender may, at its option, require immediatepayment in full of
<br />all sums secured by this Deed of Trust. However, this option shall not be exercised by Lender if exercise is prohibited
<br />by federal law as of the date of this Deed of Trust.
<br />If Lenderexercises this option, Lendershall give Borrowernotice of acceleration.The notice shall provide a period
<br />of not less than 30 days from the date the notice is delivered or mailed within which Borrower must pay all sums
<br />secured by this Deed of Trust. If Borrower fails to pay these sums prior to the expiration of this period, Lender may
<br />invoke any remedies permitted by this Deed of Trust without further notice or demand on Borrower.
<br />Initials: VZ4
<br />4fMI- 76N(NE) (0204) Page 4 of 7 Form 3828
<br />
|