|
~~-ti°~)(-136~
<br />4. Coedemnmkra. 'T`he 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, ar for rnnveyance in lieu of condemnation, are hereby assigtred
<br />and shall be paid to Lender.
<br />Fn 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. do the event of a partial taking of the Property, unless Borrower and Lender
<br />otherwise agree in writing, there shalt be applied to the sums secured by this Deed of Trust such proportion of the protxxds
<br />as is equal to chat 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 ten the date of taking, with the balance of the proceeds
<br />paid to Borrower.
<br />If the Property is abandoned by S grower, or if, after notice by Lender to Borrower that the condemnor offers to tttake
<br />an award or settle a claim for damages. Borrower fails to respond to Lender within 30 days after the dale such notice is
<br />mailed, Lender is authorized [o 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 Detd of Trust.
<br />Unless Lender and Borrtnver otherwise agree in writing, any such application of proceeds to principal sfiall not extend
<br />or postpone the due date of the monthly installments referred m in paragraphs f and 2 hereof or change the amount of
<br />such ioslallmenis.
<br />1B. 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 She original Borrower and Borrower's successors in ineerest. Lender shall no[ be required to commence
<br />proceedings against such successor ar refuse to extend time for payment or otherwise modify amortization of the sums
<br />secured by this Deed of Tract by reason of any demand made by the original Borrower and Borrower's successors in interest.
<br />11. Forbearance by Lender Not a K`aiver. Any forbearance by Lender in exercising any right or remedy bereuttder, or
<br />otherwise afforded by applicable law, shall not br a waiver of or preclude the exercise of any such right or remedy.
<br />The procurement of insurance or the paymem 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 Fxy this Dttd of Trust.
<br />12. Remedies Cumrdmive. All remedies provided in this Deed of -Crust are distinct and cumulative to any other right
<br />or remedy under [his Deed of Trtut or afforded by law or equity, and may be exercised concurrently, independently or
<br />suzressively
<br />13. Successors and Assigns Bound: Joint sad Several Liabbity; Captions. The covenants and agreements herein
<br />contained shalt bind, and the rights hereunder shall inure to, the respecrive successors and assigns of Lender and Borrower,
<br />subject to the provisions of paragraph 17 hereof. All covenants and agreements of Borrower shall be join[ and several.
<br />The captions and headings of the paragraphs of this Deed of Trust are for convenience Doty and are not to be used to
<br />imerptet or define the provisions hereof.
<br />14. NaKee. Except for any notice inquired under applicable law to be given in another manner. (a) any ne[ice 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 ether address as bortnwer ntay designate by notice to Lender as provided herein. and
<br />{b) any notice to Lender shalt be given by certified mail, return receipt requested, to Lenders address stated herein or to
<br />sucfi other address as Leander may designate by notice to Borrower as provided herein. Any notice provided for in this
<br />Deed of Trust shaft be deemed to have been given to Borrower or Lender when given in [he manner designated herein.
<br />l5. Uaiforsz Geed of Trent; Governing I-aw: SeveobBity. This form of deed of trust combines uniform covenants for
<br />national use and non-uniform covenants with limited ~•ariatiovs 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 [hat any provision or clause of this Decd of Trust or the Note conflicts with applicable law, such conflict shall
<br />oat affect other pmvisioas 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 [he Dted of Trust and the Note arc declare) to be severable.
<br />Yi. iorrawer's Cary. Borrower shall 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; Attsmrtlaa. tf alt or any pzrt of the Property ur an interest therein is sold or transferred
<br />by Borrower without Lender's prior wntten consent, excluding ta) the creation of a Tien or encumbrance subordinate to
<br />this Deed of Trust, tb) 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 )Dint tenant or Id) the gram of any leasehold interest of three years or Is.,~
<br />no[ rnntaining an option to purchase, Lender may, at L,ender's option, declare all fire sums secured by this Deed of Trust to be
<br />immafiateiy due and payable. [tender shall have waived such option to accelerate if, prior to the sate or transfer, Lender
<br />attd the person to whom the Property is to be said or transferred reach agreement m writing chat the credit of such person
<br />is satisfactory to Lender and that the interest payable on the sums secured by this Deed of Tres[ shall be at such rate as
<br />Lender shall regttts[. if [xrnder has waived the option to accelerate provided in this paragraph 77, and if Borrower's successor
<br />in interest has executed a writttn assumption agreement accepted in writing by Isnder, Lender shall release Borrower from
<br />all obligations urtdtr this Dce6 of Test and the Note.
<br />If Leader exercises such option to accelerate, I~nder shall mail Borrower notice of acceleration in accordance with
<br />paragraph i4 hereof. Such notice shall provide a period of not less than 30 days from [he date the notice is mailed within
<br />which Borrower may pay the sums declared due. If Borrower fads to gay such sums prior to the expiration of such period,
<br />Lendtr may, without farther notice or demand on Borrower, invoke any remedies permitted by paragraph I S hereof.
<br />NoN-UNIFORM Coverrrnrs. borrower and Lender further covenant and agree as follows:
<br />t$. Acceleralioa; Remedies, Except as provided is paragraph i7 hereof, upon Borrower's brwch of say coverum or
<br />agrceaseat of Borrower ie t~ I?ecd of Tract, iarletliree the coveaaels !o pay w4.ee due any cams aerated by tars IJccd
<br />~ Trr~, Lender prior to srceJeratioo shat! tnaB notice to Borrower as provided io paragrrtpA 14 hereof spccifyfag: ([) the
<br />bt>rac-; (2) the acldoa reSaired to cure such breach; (3) a time, oar less than 30 days from the time the notice is mailed to
<br />Borrower, by which sack breach mast be cured; and (4) that faifarc to cure such breach oa or before the time specified
<br />is tb: ootke asrp result in acceleration of the sums secured by tAis Deed of Trtsl aed sale of the Property. The notice
<br />shall further inform Borrower of the tight to reinstate after acceleration artd the right to bring a court action to assert
<br />the nos-ezigtace of a defwq or nay dher dafease of Borrower to acceleration sad sde. If the bresc6 a not cured
<br />on or before fAe dale speciScd in tAe notice, I~teder at Leaders option may declare ab of the sums secured by Ihi6 [bed
<br />d Trost to 6c itaACdiately doe anti paytsble witboxtl fArt6er demand and may invoke the power of sale anti say other remedies
<br />pertniiled by appldeabie law. Leader shall be retitled !o collect aU reasotrable costs sad ezpearas incurred in pattwiog the
<br />remedies provided i• this pitaagraph I8, iacltstfing, but not limited to, reawtrabk mtotney's feet.
<br />If the power of sale [s davalted, Ttrstee shag record a notice of default is each county in which the Property or some
<br />pmt thereof is located and sW/ Aai1 espies of such notice is the meaner prescribed by appL"cable law to Borrower sad [a ttx
<br />other pergass pirAeriAed by ~ dew. After tk lapse of snch !late as may be regaircd by applicable law, Trststee sAatl
<br />give pahtdc ootiiu d sale to 14c persortc sad is the manner prescribed by applicable law. Trustee, without deteaed on
<br />Borrower, shall sob tlx Property m pahUc auction to tine highest bidder at tAe time and place sad under the terms designated
<br />a the rwfice of Lade da eae rsr Aare p~arceix and is swcA order as Trustee may determine. Trustee may postponce srtle of all
<br />or say cared of tYe Ptopcrty by pubfic aaraoancemeat m the time sad place ~ say pcerioasly scheduled sale.. Leader or
<br />Gender's dasigaee easy' parchaae thre Property m say sale.
<br />Upea rcteipt of payasem of floe price Aid, Trustee shall deliver to the purchaser Trustee's deed cooreyiag the Property
<br />soN. Tlx recf~is is tAe Trtetee'a deed shag be prima facie evidence of the tnrth of the staleraeats made ibmin, Trustee
<br />s[~ apply Ilse pirocet~ of the sale is the tolbwLg order (a) to all rcasonabk costs sad expenses of the sale, including, but
<br />sot limited f0. Tnvdm's fees ~ sot more tAas OS `~ of fhc iZtwas safe price, reasetrabk mtoraeys fees amt casts of
<br />title evkieace; (b) to all saAC secured by this Deed of Trust; awl fc) the execs, if say, to the person or persons legally enthled
<br />1St. Borrower's Rigltt to Reirstme. Natwithatanding lender's acceleration of the sums secured by this Deed of Trust.
<br />Borrower shall have the tight to have any proceedings begun by Lender to enforce thss Decd of Tntst discontinued at
<br />any Ume prior to the earlier [o orcttr of G) tlne fifth day before the sale of the Property pursuant to the pawn of sale contained
<br />in thix Dixd a(Trtut or {lit entry of a judgment enforcing this Deed of Trust tf: ta) Rorrawer pays tender :dl sums which would
<br />bt then dot under thus Deed of Trust, the Nute and hales securing Future Advances, if any, had nu acceleration cxcurred:
<br />(h} Borrower cults all breactnex of any athtr covenants or agreements of 9orrower contained to this Decd of Trust:
<br />{c) &ttrow-tr payx a!t reasonable expenses incurred by Ixnder and Truslec in enforcing the a»•en:tnfs and agrcv:ments of
<br />Borrower contained in this Tl+eed of 7`rusf and in cnfarcing Lender'x amt "trustee', remcdics as pravicted in paragraph ! K
<br />hereof, including, tact trot fimited w. reasunabM atrtxney's fees; and fd) Borrower takes such acuan as lxndcr may reasa+rubly
<br />req;rite to assure tfnat the lien of this Dted of Trash Lender's Interest m tfx Prupcr7 t- and Horrnwer's obligaUOo to pas-
<br />
|