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RecDoc99-207281
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RecDoc99-207281
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Last modified
12/27/2022 10:39:48 AM
Creation date
12/27/2022 10:39:19 AM
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Template:
Recorded Docs
Recorded Docs - Type
Agreement
Subject
Subordinated Deed of Trust with Power of sale
Doc Num
1999-207281
Rec Date
12/22/1999
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17. Borrower's Copy. Borrower shall be given one conformed copy of the <br />Note and of this Security Instrument. <br />18. Transfer of the Property or a Beneficial Interest in Borrower. Except for a <br />conveyance to the trustee under the First Deed of Trust, if all or any part of the Property <br />or any interest in it is sold, conveyed, assigned or transferred without Lender's prior <br />written consent (including a transfer of all or any part of the property to any person who, <br />at initial occupancy of the Property, does not use the Property for "low or moderate <br />income housing" within the meaning of the First Time Homebuyer Program) Lender may, <br />at its option, require immediate payment in full of all sums secured by this Security <br />Instrument. However, this option shall not be exercised by Lender, if exercise is <br />prohibited by federal law as of the date of this Security Instrument. <br />If Lender exercises this option, Lender shall give Borrower and the Senior Lien <br />Holder prior written notice of acceleration. The notice shall provide a period of not less <br />than 30 days from the date the notice is delivered or mailed within which Borrower must <br />pay all sums secured by this Security Instrument. If Borrower fails to pay these sums <br />prior to the expiration of this period, Lender may invoke any remedies permitted by this <br />Security Instrument without further notice or demand on Borrower. <br />Notwithstanding Lender's right to invoke any remedies hereunder, as provided in <br />Section 8 above, Lender agrees that it will not commence foreclosure proceedings or <br />accept a deed in lieu of foreclosure, or exercise any other rights or remedies hereunder <br />until it has given the Senior Lien Holder at least 60 day's prior written notice. <br />The Borrower and the Lender agree that whenever the Note on this Security <br />Instrument gives the Lender the right to approve or consent with respect to any matter <br />affecting the Property (or the construction of any improvements thereon) or otherwise <br />(including the exercise of any "due on sale" clause), and a right of approval or consent <br />with regard to the same matter is also granted to the Senior Lien Holder pursuant to the <br />First Deed of Trust, the Senior Lien Holder's approval or consent or failure to approve or <br />consent, as the case may be, shall be binding on the Borrower and the Lender. <br />19. Borrower's Right to Reinstate. If Borrower meets certain conditions, <br />Borrower shall have the right to have enforcement of this Security Instrument <br />discontinued at any time prior to the earlier of (a) 5 days (or such other period as <br />applicable law may specify for reinstatement) before sale of the property pursuant to any <br />power of sale contained in this Security Instrument; or (b) entry of a judgment enforcing <br />this Security Instrument. Those conditions are that Borrower: (a) pays Lender all sums <br />which then would be due under this Security Instrument and the Note as if no acceleration <br />had occurred; (b) cures any default of any other covenants or agreements; (c) pays all <br />expenses incurred in enforcing this Security Instrument, including, but not limited to, <br />reasonable attorneys' fees; and (d) takes such action as Lender may reasonably require to <br />assure that the lien of this Security Instrument, Lender's rights in the Property and <br />ass-� Pa=a, <br />
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