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Property, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of the First Deed of Trust. In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Security Instrument, whether or not then due, and to senior encumbrances, with any excess paid to Borrower. Valuation of the Property will be based upon and payment will be made pursuant to the Transfer 'Amount (as this term is defined in the Resale Agreement between Lender and Borrower) , or fair market value of the property, whichever is lower. In the event of a partial taking of the Property in which the Transfer Amount, immediately before the taking is equal to or greater than the amount of the sum secured by senior encumbrances and this Security Instrument immediately before the taking, unless Borrower and Lender otherwise agree in writing, the sums secured by this Security Instrument shall be reduced by the amount of the proceeds multiplied by the following fraction: (a) the total amount of the sums secured by this Deed of Trust immediately before the taking, divided by (b)the Transfer Amount. Any balance above the amounts secured by this Deed of Trust and Senior Encumbrances shall be paid to the holder of a Third Deed of Trust, if any, and then iD cn to Lender. In the event of partial taking of the Property in which the Transfer Amount is less O than the amount of the sums secured by this encumbrance and senior encumbrances t31 immediately before the taking, unless Borrower and Lender otherwise agree in writing or cry unless applicable law otherwise provides, the proceeds shall be applied to the sums secured by this Security Instrument and senior encumbrances, according to their respective interests, V whether or not the sums are then due. In the event that, under the Eminent Domain Laws of the State of California, or any other applicable law, this Paragraph is held invalid due to the valuation of the Property based upon the Transfer Amount, the valuation shall be based upon the fair market value of the Property. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date the notice is given, Lender is authorized to collect and apply the proceeds, at its option, either to restoration or repair'of the Property or to the sums secured by this Security Instrument, whether or not then due. Unless Lender and Borrower otherwise agree in writing, any application of proceeds to principal shall not extend or postpone the due date of the monthly payments referred to in paragraphs 1 and 2 or change the amount of such payments. 12. Borrower Not Released; Forbearance by Lender Not a Waiver. Extension of the time for payment or modification of amortization of the sums secured by this Security Instrument granted by Lender to any successor in interest of Borrower shall not operate to release the liability of the original Borrower or Borrower's successors in interest. Lender shall not be required to commence proceedings against any successor in interest or refuse to extend 8 HOME DEED OF TRUST