Assignment of Deed of Trust Template
TD72-8-10. DEED OF TRUST (Due on Transfer – Strict) Page 4 of 5
19. Borrower’s Right to Cure Default. Whenever foreclosure is commenced for nonpayment of any sums due hereunder, 174
the owners of the Property or parties liable hereon shall be entitled to cure said defaults by paying all delinquent principal and 175
interest payments due as of the date of cure, costs, expenses, late charges, attorney’s fees and other fees all in the manner provided 176
by law. Upon such payment, this Deed of Trust and the obligations secured hereby shall remain in full force and effect as though 177
no Acceleration had occurred, and the foreclosure proceedings shall be discontinued. 178
20. Assignment of Rents; Appointment of Receiver; Lender in Possession. As additional security hereunder, Borrower 179
hereby assigns to Lender the rents of the Property; however, Borrower shall, prior to Acceleration under § 18 (Acceleration; 180
Foreclosure; Other Remedies) or abandonment of the Property, have the right to collect and retain such rents as they become due 181
and payable. 182
Lender or the holder of the Trustee’s certificate of purchase shall be entitled to a receiver for the Property after Acceleration 183
under § 18 (Acceleration; Foreclosure; Other Remedies), and shall also be so entitled during the time covered by foreclosure 184
proceedings and the period of redemption, if any; and shall be entitled thereto as a matter of right without regard to the solvency or 185
insolvency of Borrower or of the then owner of the Property, and without regard to the value thereof. Such receiver may be appointed 186
by any Court of competent jurisdiction upon ex parte application and without notice; notice being hereby expressly waived. 187
Upon Acceleration under § 18 (Acceleration; Foreclosure; Other Remedies) or abandonment of the Property, Lender, in 188
person, by agent or by judicially-appointed receiver, shall be entitled to enter upon, take possession of and manage the Property 189
and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be applied, first 190
to payment of the costs of preservation and management of the Property, second to payments due upon prior liens, and then to the 191
sums secured by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents actually received. 192
21. Release. Upon payment of all sums secured by this Deed of Trust, Lender shall cause Trustee to release this Deed of 193
Trust and shall produce for Trustee the Note. Borrower shall pay all costs of recordation and shall pay the statutory Trustee’s fees. 194
If Lender shall not produce the Note as aforesaid, then Lender, upon notice in accordance with § 16 (Notice) from Borrower to 195
Lender, shall obtain, at Lender’s expense, and file any lost instrument bond required by Trustee or pay the cost thereof to effect the 196
release of this Deed of Trust. 197
22. Waiver of Exemptions. Borrower hereby waives all right of homestead and any other exemption in the Property under 198
state or federal law presently existing or hereafter enacted. 199
23. Escrow Funds for Taxes and Insurance. This § 23 is not applicable if Funds, as defined below, are being paid pursuant 200
to a prior encumbrance. Subject to applicable law, Borrower shall pay to Lender, on each day installments of principal and interest are 201
payable under the Note, until the Note is paid in full, a sum (herein referred to as “Funds”) equal to of the 202
yearly taxes and assessments which may attain priority over this Deed of Trust, plus of yearly premium installments for 203
Property Insurance, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and 204
reasonable estimates thereof, taking into account any excess Funds not used or shortages. 205
The principal of the Funds shall be held in a separate account by Lender in trust for the benefit of Borrower and deposited in 206
an institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency. Lender shall apply the 207
Funds to pay said taxes, assessments and insurance premiums. Lender may not charge for so holding and applying the Funds, 208
analyzing said account or verifying and compiling said assessments and bills. Lender shall not be required to pay Borrower any 209
interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing 210
credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional 211
security for the sums secured by this Deed of Trust. 212
If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments and insurance premiums as they 213
fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is 214
given in accordance with § 16 (Notice) by Lender to Borrower requesting payment thereof. Provided however, if the loan secured 215
by this Deed of Trust is subject to RESPA or other laws regulating Escrow Accounts, such deficiency, surplus or any other 216
required adjustment shall be paid, credited or adjusted in compliance with such applicable laws. 217
Upon payment in full of all sums secured by this Deed of Trust, Lender shall simultaneously refund to Borrower any Funds held 218
by Lender. If under § 18 (Acceleration; Foreclosure; Other Remedies) the Property is sold or the Property is otherwise acquired by 219
Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, whichever occurs 220
first, any Funds held by Lender at the time of application as a credit against the sums secured by this Deed of Trust. 221
24. Transfer of the Property; Assumption. The following events shall be referred to herein as a “Transfer”: (i) a transfer 222
or conveyance of title (or any portion thereof, legal or equitable) of the Property (or any part thereof or interest therein); (ii) the 223
execution of a contract or agreement creating a right to title (or any portion thereof, legal or equitable) in the Property (or any part 224
thereof or interest therein); (iii) or an agreement granting a possessory right in the Property (or any portion thereof), in excess of 3 225
years; (iv) a sale or transfer of, or the execution of a contract or agreement creating a right to acquire or receive, more than fifty 226
percent (50%) of the controlling interest or more than fifty percent (50%) of the beneficial interest in Borrower and (v) the 227
reorganization, liquidation or dissolution of Borrower. Not to be included as a Transfer are (x) the creation of a lien or 228
encumbrance subordinate to this Deed of Trust; (y) the creation of a purchase money security interest for household appliances; or 229
(z) a transfer by devise, descent or by operation of the law upon the death of a joint tenant. At the election of Lender, in the event 230
of each and every Transfer: 231
24.1. All sums secured by this Deed of Trust shall become immediately due and payable (Acceleration). 232
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