Reso 1996-166 to 170 - Laserfiche WebLink

Home

If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than thirty (30) days from the date the notice is delivered or mailed within which Borrower must pay all sums secured by this Deed of Trust. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Deed of Trust without further notice or demand on Borrower. Notwithstanding the foregoing, if Borrower wishes to transfer, assign, sell or convey real property or personal property assets from corpus of the Batarse Family Trust, U.T.A. dated May 7, 1987, Anthony J. Batarse, Jr., trustee, such a transfer shall be permitted so long as the net value of the Batarse Family Trust, U.T.A dated May 7, 1987, Anthony J. Batarse, Jr., trustee, trust corpus remains at a minimum of Three Million Dollars ($3,000,000.), which minimum amount shall be based upon an audited financial statement prepared by a certified public accountant. NON -UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 14. Acceleration: Remedies. Except as provided in paragraph 13 hereof, upon Borrower's breach of any covenant or agreement of Borrower in this Deed of Trust, including the covenants to pay when due any sums secured by this Deed of Trust, Lender prior to acceleration shall give notice to Borrower as provided in paragraph 11 hereof specifying: (1) the breach; (2) the action required to cure such breach; (3) a date, not less than ten (10) days from the date notice is mailed to Borrower, by which such breach must be cured; and (4) that failure to cure such breach if curable on or before the date specified in the notice may result in acceleration of the sums secured by this Deed of Trust and sale of the Property. Notwithstanding the foregoing, in the event a default is non -monetary in nature, and cannot reasonably be cured within thirty (30) days, Borrower shall not be deemed in default so long as Borrower commences to cure as soon as reasonably possible and in no event later than thirty (30) days, and diligently persecutes such cure to completion. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 14, including, but not limited to, reasonable attorneys' fees. If Lender invokes the power of sale, Lender shall execute or cause Trustee to execute a written notice of the occurrence of an event of default and of Lender's election to cause the Property to be sold and shall cause such notice to be recorded in Redevelopment Agency (Automall) Deed of Trust October 2, 1996 Page 7 of 10