|
ALBBRT. P BENAIVDZ DIANNE L BENAIVDZ 201608 04/03/1998
<br /> 9. Condemnation. The proceeds of any award or claim for damages, direct or conseyuential, in connection with any
<br /> condetnnation or other taking of the Property, or part tl�ereof, or for conveyance in lieu of condemnation, are hereb j�
<br /> assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement with a
<br /> lien which has priority over this Deed of Trust. �
<br /> . 10. Borrower Not Released; Forbearance By I.ender Not a Waiver. Extension of the time for payment or (
<br /> modification of amortization of the sums secured by this Deed of Trust granted by Lender to any successor in interest ef
<br /> Borrower shall not operate to release, in any n�anner, the liability of the original Borrower and Bonower's successors in �.L
<br /> interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment ..,�"'',,
<br /> or otherwise modify amortization of the sums secured by this Deed of Trust by reason of any demand made by the original W
<br /> Borrower and Bonower's successors in interest. Any forbearance by Lender in eaercising any right or remedy hereunder, �
<br /> or otherwise afforded by applicable law. shall not be a waiver of or preclude the exercise of any such right or remedy.
<br /> 11. Successors and Assigns Bound;Joint and Several Liability; Co-signers. The covenants and agreements herein �
<br /> contained shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Bonower,
<br /> subject to the provisions of paragraph 16 hereof. All covenants and agreements of Borrower shall be joint and several.
<br /> Any Bonower who co-signs this Deed of Trust, but dces not execute the Note, (a) is co-signing this Deed of Trust only to
<br /> grant and convey that Bonower's interest in the Property to Trustee under the terms of this Deed of Trust, (b) is not
<br /> personally liable on the Note or under this Deed of Trust, and (c) agrees tl�at L.ender and any other Bonower hereunder
<br /> may agree to eztend. modify, forbear, or make any otl�er acconunodations witli regard to the terms of this Deed of Trust or
<br /> the Note, without that Bonower's consent and witl�out releasing that Borrower or modifying this Deed of Trust as to that
<br /> Borrower's interest in the Property.
<br /> 12. Notice. Except for any notice reyuired under applicable law to 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 certi6ed mail
<br /> addressecl to Borrower at the Property Address or at such od�er address as Borrower may designate by notice to Lender as
<br /> pmvided herein, and (b) any notice to Lender shall be given by certified mail to Lender's address stated herein or to such
<br /> other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of
<br /> 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 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 this
<br /> Deed of Trust. In the event that any provisioa eir clause of this Deed of Trust or the Nate 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 tl�is end the provisions of this Deed of Trust aixl the Note are declared to be severable. As
<br /> used herein, "costs", "expenses" and "attorneys' fees" include all sums to d�e eatent 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 eaecution or after recordation hereof.
<br /> 15. Rehabilitation Loan Agreement. Bonower shall fulfill all of Borrower's obligations under any home
<br /> rehabititation, improvement, repair or other loan agreement wl�ich Borrower enters into with Lender. Lender, at Lender's
<br /> option. may require Bonower ro ezecute and deliver to Leuder, in a form acceptable to Lender, an assignment of any
<br /> rights, claims or defenses whicli Borrower may have against parties who supply latx�r, materials or services in connection
<br /> 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 interest
<br /> in it is soid or transferred (or if a beneficial interest in Borrower is sold or transferred and Borrower is not a natural
<br /> person) without Lender's prior written consent, Lender may, at its option, require immediate payment in fup of all sums
<br /> secured by this Deed of Trust. However, this option shall not be exercised by Lender if exercise is prohibited by federal
<br /> law as of the date of this Deed of Trust.
<br /> If Lender exercises this option, L,ender shall give Bonower notice of acceleration. The notice shall provide a period
<br /> of not less than 30 days from the date the notice is delivered ar mailed withiu which Borrower must pay all sums secured
<br /> by this Deed of Trust. If Bonower fails to pay these sums prior to the expiration of this period, Lender may invoke any
<br /> remedies percnitted by this Deed of Trust without furtl�er notice or demand on Borrower.
<br /> NON-UN[FORM COVENANTS. Bonower and L.ender further covenant and agree as follows:
<br /> 17. Acceleration; R�nedies. 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 at�er they are due, any sums secured by this Deed of Trust, Lender prior to acceleration shall give
<br /> notice to Borrower as provided in paragraph 12 hereof specifying: (1) the breach; (2) the action required to cure
<br /> such breach; (3) a date, not less than 20 days from the date the notice is mailed to Borrower, by which such breach
<br /> must be cured; and (4) that failure to cure such breach on or before the date specified in the notice may result in
<br /> acceleration of the sums secured by this Deed of Trust and sa�e of the Property. The notice shali further inform
<br /> Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of
<br /> a defaWt or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date
<br /> speclfied in the notice, Lender, at Lender's option, may declare all of the sums secured by this Deed of Tn�,st to be
<br /> immediately due and payable without further demand and may invoke the power of sale and any other remedies
<br /> permitted by applicable law. i.ender shall be entitled to collect ali reasonable costs and expenses incurred in
<br /> pursutng the remedies provided in this paragraph 17, including, but 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 or
<br /> some part thereof [s located and shall mail copies of such notice in the manner prescribed by applicable law to
<br /> Borrower and to the other persons prescribed by applicable law. After the lapse of such time as may be required by
<br /> applicable law, Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable
<br /> Iaw• Tn�stee, without demand on Borrower,shall sell the Property at public auction to the highest bidder at the time
<br /> and place and under the terms designated in the notice of sale in one or more parcels and in such order as Trustee
<br /> may determine. Trustee may postpone sale of ail or any parcel of the Property by public announcement at the time
<br /> and place of any previously scheduled sale. Lender or Lender's designee may purchase the Property at any sale.
<br /> Upon receipt of payment of the p�ice bid, Trustee shall deliver to the purchaser Trustee's deed rnnveying the
<br /> Property sold. The recitals in the Tn�stee's deed shall be prima facie evidence of the truth of the statements made
<br /> therein. Tnutee shall appiy the proceeds of the sale in the following order: (a)to all reasonabie costs and expenses of
<br /> the sale, including, but not limited to, Trustee's fees actually incurred of not more than 5 ;b of the gross sale prlce,
<br /> reasonable attorneys' fees and costs of title evidence; (b) to all sums secured by this Deed of Trust; and (c) the
<br /> excess, if any,to the person or persons legally entitled thereto.
<br />
|