ANR HOMES, INC. -2011 - Laserfiche WebLink

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EXHIBIT B Program. In those instances where properties have an appraised Fair Market Value that is greater than the sales price, a silent second will be placed on the Property for that difference. 5. Subrogation: Payment of Claims. Provided that the Beneficiary gives notice of at least five (5) business days to the Trustor, the Beneficiary shall be subrogated to the claims and liens of all parties whose claims or liens are discharged or paid by the Beneficiary pursuant to the provisions hereof. 6. Use of the Property. The Trustor agrees and covenants to require its successors and assigns to use the Property as their primary residence in full compliance with the Agreement and Deed of Trust. 7. Transfer. No sale, transfer, lease, pledge, encumbrance, creation of a security interest in or other hypothecation of the Security shall relieve or release the Trustor from primary liability under this Deed of Trust or the Agreement. 8. Sale. Upon sale of the Property to a Low or Moderate Income Household, approved by Beneficiary in accordance with the Agreement, upon repayment to Beneficiary of the Loan Amount received for the sale of said Property, Beneficiary shall execute a reconveyance of the lien of this Deed of Trust from the Property. Article VII. EVENTS OF DEFAULT AND REMEDIES 1. Events of Default Defined. The occurrence of any failure of the Trustor to perform under the Agreement or this Deed of Trust, and the continuation of said failure for a period of thirty (30) business days as to monetary obligations and, except as otherwise set forth below, sixty (60) business days as to non-monetary obligations, after written notice specifying such failure and requesting that it be remedied (such notice being referred to herein as a "notice of default") shall have been given to Trustor from the Beneficiary, shall be an Event of Default under this Deed of Trust. If the default is such that it is not reasonably capable of being cured within sixty (60) days, and Trustor (i) initiates corrective action within said period, and (ii) diligently and in good faith works to effect a cure as soon as possible, then Trustor shall have such additional time as is reasonably necessary to cure the default prior to exercise of any remedies by the Beneficiary. In no event shall the Beneficiary be precluded from exercising remedies if its security becomes or is about to become materially jeopardized by any failure to cure a default or the default is not cured within ninety (90) days after the notice of default is first given. 2. Acceleration of Maturity. If an Event of Default shall have occurred and be continuing, then the entire indebtedness secured hereby shall, at the option of the Beneficiary, immediately become due and payable without notice or demand which are hereby expressly waived, and no omission on the part of the Beneficiary to exercise such option when entitled to do so shall be construed as a waiver of such right. 3. The Beneficiary's Right to Enter and Take Possession. If an Event of Default shall have occurred and be continuing, the Beneficiary may: