|
8I---0024:
<br />9. Condemnation. The proceeds of any award or clarm (or clam:+ges, direct ~r consequential, in connection with any
<br />condemnation or other taking of the Property, or pan thereof, ur for etmvcyanee in lieu of condemnation, are herehy •assigned
<br />and shall be paid to I~nder.
<br />In the event of a total taking of the Property, the proceeds shall he 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 Lendtr
<br />otherwise agree in writing, there shall be applied to the sums secured by this Dced of Trust such proportion of the proceeds
<br />as is equal [o that proportion which the amount of the sums secured by this Deed of Trust immediately prior to the date of
<br />taking bears to [he fair market value of the Aroperty immediately prior to thr, 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 ).ender 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 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 I-ender and Borrower otherwise agree in writing, any such application of proceeds io principal shall net extend
<br />or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or chapge the amount of
<br />such installments.
<br />t0. 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 successor: in interest. Lender shall not he required to commence
<br />proceedings against such successor or refuse ro 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. Forbearance by [.ender Not a Waiver. An}' forbearance by Lender in exercising any right or remedy hereunder. or
<br />otherwise afforded by applicable law, shall not be a waiver of or preclude the cxerc+se 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 tender's
<br />right to accelerate the maturity of the indebtedness secured by this Deed of Trust.
<br />12. Remedies Cumulative. All remedies provided m the Decd of Trust arc distinct and cumulative to any other right
<br />or remedy under this Deed of Trost or afforded h}' law or equity.:rod may be exercised concurrently, independently or
<br />successively. ,
<br />13. Successors and Assigns Bound; Joint and Several Liabilih•; 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 he joint and several.
<br />The captions and headings of the paragraphs of this Deed of Trust arc for convenience only and are not to he used to
<br />interpret or define the provisions hereof.
<br />14. Nofiee. Except for any notice required under applicable law to he given in another manner. (al any notice tr
<br />Borrower provided for in [his Deed of Trust shall be given by mailing such notice by certified mat) addressed to Borrower at
<br />the Property Address or at such other address as Borrower may designate by notice !o Lender as provided herein, and
<br />(b) any notice to Lender shall he given by certified malt, return receipt requested. to Lenders 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 Ttvst shall be deemed to have been given to Borrower or Lendtr when given in the manner designated herein.
<br />15. Uniform Deed of Trust; Governing [.aw; Severabifity. This form c` deed of trust combines uniform covenants fur
<br />national use and non-uniform covenants with (trotted variations b}' jurisdiction to constitute a uniform security instrument
<br />covering real property. This Deed of Trust shall he governed by the law of the jurisdiction in which the Property is located.
<br />In the even[ [hat any provision or clause cf 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 he given effect without the conflicting prevision.
<br />and to this end the provisions of the Deed of Trust and the Note are declared to be severable.
<br />ifi. Borrower's Copy. Borrower shall be furnished a conformed ropy of the Note and of this Deed of Trust at the time
<br />of execution or after recordatioahereof.
<br />17, Trarrofer of the Property; Assumption. If all ar 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, 1 c 1 a transfer by devise,
<br />descent or by operation of lr upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or Tess
<br />not containing an option tc purchase. Lender map, at Lender's option, declare all the sums secured by this Deed of Trust to he
<br />immediately due and ~.yahle. Lender shall have waived such option to accelerate iL prior to the sale or transfer, Lender
<br />and the person to whom the Froper[y is to he sold or transferred reach agreement .n writing that the credit of such person
<br />Ss satisfactory to Lender and that the interest payable on the Burns secured by this Deed of Trust shall he at such rate as
<br />Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower successor
<br />in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Burrower from
<br />all obligations under this Deed of Trust and the No[e.
<br />If Lender exercises such option to accelerate, t_cnder shall mail Borrower notice of acceleration m accordance with
<br />paragraph 14 hereoL 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 fails to pa}' .,~ch sums prior to the expiration of such period.
<br />Lender may, without further notice or demand un Borrower, invoke any remedies permuted by paragraph 18 hereof.
<br />Nuts-Utvfroant CovaNeN-rs. Borrower anti [.ender further covenant and agree as lollows:
<br />08. Acceleration; Remedies. Except as provided is 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 shat! mail notice to Borrower as provided in paragraph 14 hereof specifying: (t) the
<br />breach; (2) :he action required to cure such breach; f3) a date, not less than 30 days from the date the notice is mailed to
<br />Borrower, by which such breach must Ire cured; and (4) that failure to cure such preach on or before the date specified
<br />in [he notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property. The notice
<br />shall further inform Borrower of fhe right to reinstate after acceleration and the right to bring a court action to assert
<br />the rwn-e:risfence 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 at Lender'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 may invoke [he power of sale and any other remedip
<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 t8, including, but nut limited W, 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 Property or some
<br />part thereof is located and shall [nail copies of such notice in the manner prescribed by applicable taw 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 dernand on
<br />Borrower, shag sell the Property at public auction fo 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 niay determine. Trustee may postpone sate of all
<br />or any parcel of the Properly by public announcement e[ the time and place of any previously scheduled sale. Lender or
<br />Lender's designee may purchase the Property at any sale.
<br />Upon receipt of payment of ibe price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Properly
<br />sold. The recitals in the Trustee's decd shall 6e prima facie evidence of the truth of the statements made therein. Trustee
<br />shall apply the proceeds of the sale in the folbwing order. (a) to aU reasonable costs and expenses of the sale, including, but
<br />nut limited to, Trustee s fees of not more than _ _...~cL _ k of fhe gross sale price, reasonable'sltorney's fees and costs of
<br />title erideoce; (b) fo all sums.secured by this Dee t)t' I riot; and (c) the excess, if any, to the person or persons legally entitled
<br />tberoto.
<br />19. Borrower's Right to Reinstate. Notwithstanding tender's acceleration of the sums secured by this Decd of "Dust,
<br />Borrower shall have the right to have any proceedings begun by Lender to en(oree this Deed of Trust discontim+ed at
<br />any time prior to the earlier to occur of (i) the fifth day before the sale of the Propcny pursuant to the power of sale rontaineJ
<br />in thisl~eed of Trust or (ii) envy oC a judgment enforcing this Deed of Trust it: (a} Borrower pays Leudcr alt sums which would
<br />be then due under this [7eed of Trust, the Note and notes securing Future .Advances, if any, had no'accelerauon +xcurred:
<br />(h) Borrower cures all breaches of any other covenants or agreements of Borrower contained in this Deed of Trust:
<br />(~) Borrower pays a)1 reasonable expenses incurred by Lender and Trustee in enforcing the covenants and :+grcements of
<br />Borrower contained in this Decd of Trust -rod in enft:rcin~, Lender's and Trustce's remedies as (?ru,idcd in paragraph IN
<br />hereof, including, bale not limited to, reawnable attorney's fees; attd (d} turrower takes such action ss !.ender ma}~ reas.mahly
<br />require to assure that the lien v( this Deed ot` Trust, (.cndcr`s n+tcrest m the Property :rod Borrower's obligation w pay
<br />
|