|
201102471
<br />all sums secured by this Deed of Trust. ff Borrower fails to pay these sums prior to the expiration of this periad, Lender
<br />may invoke any remedies permitted by this Deed of Trust without further notice or demand on Borrower.
<br />NON-UNIFORM COVENANTS. 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
<br />covenant or agreement of Borrower in this Deed of Trust, including Borrower's failure to pay, by the end of 10
<br />calendar days after they are due, any sums secured by this Deed of Trust, Lender prior to acceleration shall
<br />give notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to
<br />cure such breach; (3) a date, not less than 20 days from the date the notice is mailed to Borrower, by �nrhich
<br />such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the notice
<br />rr�ay result in acceleration of the sums secured by this Deed of Trust and sale of the Property. The notice shall
<br />further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert
<br />the nonexistence of a default or any other defense of Borrower to acceleration and sale. If the breach is not
<br />cured on or before the date specified in the notice, Lender, at Lender's option, may declare all of the sums
<br />secured by this Deed of Trust to be immediately due and payabfe without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable taw. L.encier shall be entitled to collect all
<br />reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 17, including, but
<br />not limited to, reasonable attorneys' fees.
<br />If the power of sale is invoked, Trustee shall record a notice of default in each county in which the Property
<br />or some part thereof is located and shall mail copies of such notice in the manner prescribed by applicable law
<br />ta Borrower and to the other persons prescribed by applicable law. After the lapse of such time as may be
<br />required by applicable law, Trustee shall give public notice of sale to the persons ancl in the manner prescribed
<br />by applicable law. Trustee, without demand on Borrower, shall sell the Property at pubtic auction to the highest
<br />bidder at the time and place and under the terms designated in the notice of sale in one or more parcels and in
<br />such order as Trustee may determine. Trustee may postpone sale of all or any parcel of the Property by public
<br />announcement at the time and place of any previously scheduled sale. Lender or Lender's designee may
<br />purchase the Property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser �rustee's deed conveying
<br />the Property sold. The recitals in the Trustee"s deed shall be prima facie evidence of the truth of the statements
<br />made therein. Trustee shall apply the proceeds of the sale in the foflowing order: (a) to atl reasonable costs and
<br />expenses of the sale, including, but not limited to, Trustee's fees actually incurred of not more than
<br />5.00 % of the gross sale price, reasonable attorneys' fees and costs of title evidence; (b) to all sums
<br />secured by this Deed of Trust; and (c) the excess, if any, to the person or persons legally entitled thereto.
<br />18. Borrower°s Right to Reinstate. Notwithstanding Lender'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 th+s
<br />Deed of Trust discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property
<br />pursuant to the power of sale contained in this Deed of Trust or (ii) entry of a judgment enforcing this Deed of Trust ►f:
<br />(a) Borrower pays Lender all sums which would be then due under this Deed of Trust and fhe Note had no acceleration
<br />occurred; (b) Borrower cures a!I breaches of any other covenants or agreements of Borrower contained in this Deed of
<br />Trust; (c} Borrower pays afl reasonable expenses incurred by Lender and Trustee in enforcing the covenants and
<br />agreements of Borrower contained in this Deed of Trust, and in enforcing Lender's and Trustee's remedies as provided
<br />in paragraph 17 hereof, including, but not limited to, reasonable attorneys' fees; and (d) Borrower takes such action as
<br />Lender may reasonably require to assure that the lien of this Deed of Trust, Lender's interest in the Property and
<br />Borrower's obligation to pay the sums secured by this Deed of Trust shall continue unimpaired. Upon such payment and
<br />cure by Borrower, this Deed of Trust and the obligations secured hereby shall remain in full force and effect as if no
<br />acceleration had occurred.
<br />19. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder,
<br />Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under
<br />paragraph 17 hereof or abandonment of the Property, have the right to collect and retain such rents as they become
<br />due and payable.
<br />Upon acceleration under paragraph 17 hereof or abandonment of the Property, Lender, in person, by agent or by
<br />judicially appointed receiver shall be entitled to enter upon, take possession of and manage the Property and to collect
<br />the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied first to
<br />payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's
<br />fees, premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this Deed of
<br />Trust. Lender and the receiver shall be liable to account only for those rents actually received.
<br />20. Reconveyance. Upon payment of all sums secured by this Deed of Trust, Lender shall request Trustee to
<br />reconvey the Property and shall surrender this Deed of Trust and all notes evidencing indebtedness secured by this
<br />Deed of Trust to Trustee. Trustee shall reconvey the Property without warranty and without charge to the person or
<br />persons legally entitled thereto. Such person or persons shall pay all costs of recordation, if any.
<br />2'i. Substitute Trustee. Lender, at Lender's option, may from time to time remove Trustee and appoint a
<br />successor trustee to any Trustee appointed hereunder by an instrument recorded in the county in which this Deed of
<br />Trust is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and
<br />duties conferred upon the Trustee herein and by applicable law.
<br />22. Request for Notices. Borrower requests that copies of the notice of default and not+ce of sale be sent to
<br />Borrower's address which is the Property Address.
<br />,�
<br />�� ENE204 revised 10/2001 LASER) 6849LL
<br />��.�.
<br />
|