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Valuation of the Property will be based upon and payment will be made pursuant to the <br />Transfer Amount (as this term is defined in the Resale Agreement), or fair market value <br />of the Property, whichever is lower. In the event of a partial taking of the Property in <br />which the Transfer Amount, as this term is defined in the Note secured by this Deed of <br />Trust, immediately before the taking is equal to or greater than the amount of the sum <br />secured by senior encumbrances and this Security Instrument immediately before the <br />taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this <br />Security Instrument shall be reduced by the amount of the proceeds multiplied by the <br />following fraction: (a) the total amount of the sums secured by this Deed of Trust <br />immediately before the taking, divided by (b)the Transfer Amount. Any balance above <br />the amounts secured by this Deed of Trust and Senior Encumbrances shall be paid first to <br />the Lender and then to the holder of the Agency Loan Deed of Trust. Borrower. In the <br />event of partial taking of the Property in which the Transfer Amount is less than the <br />amount of the sums secured by this encumbrance and senior encumbrances immediately <br />before the taking, unless Borrower and Lender otherwise agree in writing or unless <br />applicable law otherwise provides, the proceeds shall be applied to the sums secured by <br />this Security Instrument and senior encumbrances, according to their respective interests, <br />whether or not the sums are then due. <br />In the event that, under the Eminent Domain Laws of the State of California, or <br />any other applicable law, this Paragraph is held invalid due to the valuation of the Property <br />based upon the Transfer Amount, the valuation shall be based upon the fair market value <br />of the Property. <br />If the Property is abandoned by Borrower, or if, after notice by Lender to <br />Borrower that the condemnor offers to make an award or settle a claim for damages, <br />Borrower fails to respond to Lender within 30 days after the date the notice is given, <br />Lender is authorized to collect and apply the proceeds, at its option, either to restoration <br />or repair of the Property or to the sums secured by this Security Instrument, whether or <br />not then due. <br />Unless Lender and Borrower otherwise agree in writing, any application of <br />proceeds to principal shall not extend or postpone the due date of the monthly payments <br />referred to in paragraphs 1 and 2 or change the amount of such payments. <br />12. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of <br />the time for payment or modification of amortization of the sums secured by this Security <br />Instrument granted by Lender to any successor in interest of Borrower shall not operate to <br />release the liability of the original Borrower or Borrower's successors in interest. Lender <br />shall not be required to commence proceedings against any successor in interest or refuse <br />to extend time for payment or otherwise modify amortization of the sums secured by this <br />Security Instrument by reason of any demand made by the original Borrower or <br />Borrower's successors in interest. Any forbearance by Lender in exercising any right or <br />remedy shall not be a waiver of or preclude the exercise of any right or remedy. <br />12/22/1999 08:OOP <br />IIIII IN 1111 DT Page: 9 of 19 <br />