EXHIBIT 99.3
I hereby certify that this is a true
and correct copy of the original.
▇▇▇▇▇ ▇ ▇ Supper
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Notary
__________________(Space Above This Line For Recording Data)____________________
MORTGAGE
THIS MORTGAGE ("Security Instrument") is given on July____, 2001. The
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mortgage is ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ("Borrower"). This Security
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Instrument is given to eMachines, Inc., which is organized and existing under
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the laws of Delaware and whose address is ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇,
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Irvine, CA 92606 ("Lender"). ▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ the principal sum of One
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Hundred Eighty Thousand Dollars (U.S $ 180,000.00). This debt is evidenced by
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Borrower's note dated the same date as this Security Instrument ("Note") which
provides for the full debt, if not paid earlier, due and payable on February 2,
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2002 and for interest at the yearly rate of zero percent. This Security
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Instrument secures to Lender: (a) the repayment of the debt evidenced by the
Note, with interest, and all renewals, extensions and modifications of the Note:
(b) the payment of all other sums, with interest, advanced under paragraph 7 to
protect the security of this Security Instrument: and (c) the performance of
Borrower's covenants and agreements under this Security Instrument and the Note.
For this purpose, ▇▇▇▇▇▇▇▇ does hereby mortgage, grant and convey to Lender,
with power of sale, the following described property located in ▇▇▇▇▇▇ County,
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Minnesota: Lot 11, Block 3, ▇▇▇▇▇▇ ▇▇▇▇▇ EAST
which has the address of ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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("Property Address"); [Street] [city] Zip Code
/s/ RVD /s/ KAD
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RVD KAD
TOGETHER WITH all the improvements now or hereafter erected on the
property, and all easements, appurtenances, and fixtures now or hereafter a part
of the property. All replacements and additions shall also be covered by this
Security Instrument. All of the foregoing is referred to in this Security
Instrument as the "Property."
BORROWER COVENANTS that ▇▇▇▇▇▇▇▇ is lawfully seized of the estate hereby
conveyed and has the right to mortgage, grant and convey the Property and that
the Property is unencumbered, except for encumbrances of record. Borrower
warrants and will defend generally the title to the Property against all claims
and demands, subject to any encumbrances of record.
THIS SECURITY INSTRUMENT combines uniform covenants for national use and
non-uniform covenants with limited variations by jurisdiction to constitute a
uniform security instrument covering real property.
UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principal and Interest; Prepayment and Late Charges. Borrower
shall promptly pay when due the principal of and interest on the debt evidenced
by the Note and any prepayment and late charges due under the Note.
2. Funds for Taxes and Insurance. Subject to applicable law or to a written
waiver by Lender, Borrower shall pay to Lender on the day monthly payments are
due under the Note, until the Note is paid in full, a sum ("Funds") for: (a)
yearly taxes and assessments which may attain priority over this Security
Instrument as a lien on the Property; (b) yearly leasehold payments or ground
rents on the Property, if any; (c) yearly hazard or property insurance premiums;
(d) yearly flood insurance premiums, if any; (e) yearly mortgage insurance
premiums, if any; and (f) any sums payable by Borrower to Lender, in accordance
with the provisions of paragraph 8. in lieu of the payment of mortgage insurance
premiums. These items are called "Escrow Items". Lender may, at any time,
collect and hold Funds in an amount not to exceed the maximum amount a lender
for a federally related mortgage loan may require for ▇▇▇▇▇▇▇▇'s escrow account
under the federal Real Estate Settlement Procedures Act of 1974 as amended from
time to time, 12 U.S.C. (S) 2601 et seq. ("RESPA"), unless another law that
applies to the Funds sets a lesser amount. If so, Lender may, at any time,
collect and hold Funds in an amount not to exceed the lesser amount. Lender may
estimate the amount of Funds due on the basis of current data and reasonable
estimates of expenditures of future Escrow Items or otherwise in accordance with
applicable law.
The Funds shall be held in an institution whose deposits are insured by a
federal agency, instrumentality, or entity (including Lender, if Lender is such
an institution) or in any Federal Home Loan Bank. Lender shall apply the Funds
to pay the Escrow Items. Lender may not charge Borrower for holding and applying
the Funds, annually analyzing the escrow account, or verifying the Escrow Items,
unless Lender pays Borrower interest on the Funds and applicable law permits
Lender to make such a charge. However, Lender may require Borrower to pay a
one-time charge for an independent real estate tax reporting service used by
Lender in connection with this loan, unless applicable law provides otherwise.
Unless an agreement is made or applicable law requires interest to be paid,
Lender shall not be required to pay Borrower any interest or earnings on the
Funds. ▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇ may agree in writing, however, that interest shall be
paid on the Funds. Lender shall give to Borrower, without charge, an annual
accounting of the Funds, showing credits and debits to the Funds and the purpose
for which each debit to the Funds was made. The Funds are pledged as additional
security for all sums secured by this Security Instrument.
If the Funds held by Lender exceed the amounts permitted to be held by
applicable law, Lender shall account to Borrower for the excess Funds in
accordance with the requirements of applicable law. If the amount of the Funds
held by Lender at any time is not sufficient to pay the Escrow Items when due,
Lender may so notify Borrower in writing, and, in such case Borrower shall pay
to Lender the amount necessary to make up the deficiency. Borrower shall make up
the deficiency in no more than twelve monthly payments, at ▇▇▇▇▇▇'s sole
discretion.
Upon payment in full of all sums secured by this Security Instrument,
Lender shall promptly refund to Borrower any Funds held by ▇▇▇▇▇▇. If, under
paragraph 21, Lender shall acquire or sell the Property, Lender, prior to the
acquisition or sale of the Property, shall apply any Funds held by Lender at the
time of acquisition or sale as a credit against the sums secured by this
Security Instrument.
3. Application of Payments. Unless applicable law provides otherwise, all
payments received by Lender under paragraphs 1 and 2 shall be applied: first, to
any prepayment charges due under the Note; second, to amounts payable under
paragraph 2; third, to interest due; fourth, to principal due; and last, to any
late charges due under the Note.
4. Charges; Liens. Borrower shall pay all taxes, assessments, charges,
fines and impositions attributable to the Property which may attain priority
over this Security Instrument, and leasehold payments or ground rents, if any.
Borrower shall pay these obligations in the manner provided in paragraph 2, or
if not paid in that manner, Borrower shall pay them on time directly to the
person owed payment. Borrower shall promptly furnish to Lender all notices of
amounts to be paid under this paragraph. If Borrower makes these payments
directly, Borrower shall promptly furnish to Lender receipts evidencing the
payments.
Borrower shall promptly discharge any lien which has priority over this
Security Instrument unless Borrower: (a) agrees in writing to the payment of the
obligation secured by the lien in a manner acceptable to Lender; (b) contests in
good faith the lien by, or defends against enforcement of the lien in, legal
proceedings which in the Lender's opinion operate to prevent the enforcement of
the lien; or (c) secures from the holder of the lien an agreement satisfactory
to Lender subordinating the lien to this Security Instrument. If Lender
determines that any part of the Property is subject to a lien which may attain
priority over this Security Instrument, Lender may give Borrower a notice
identifying the lien. Borrower shall satisfy the lien or take one or more of the
actions set forth above within 10 days of the giving of notice.
5. Hazard or Property Insurance. Borrower shall keep the improvements now
existing or hereafter erected on the Property insured against loss by fire,
hazards included within the term "extended coverage" and any other hazards,
including
floods or flooding.for which Lender requires insurance. This insurance shall be
maintained in the amounts and for the periods that Lender requires. The
insurance carrier providing the insurance shall be chosen by Borrower subject to
Lender's approval which shall not be unreasonably withheld. If Borrower fails to
maintain coverage described above. Lender may, at ▇▇▇▇▇▇'s option, obtain
coverage to protect ▇▇▇▇▇▇'s rights in the Property in accordance with paragraph
7.
All insurance policies and renewals shall be acceptable to Lender and shall
include a standard mortgage clause. Lender shall have the right to hold the
policies and renewals. If Lender requires, Borrower shall promptly give to
Lender all receipts of paid premiums and renewal notices. In the event of loss
Borrower shall give prompt notice to the insurance carrier and Lender. Lender
may make proof of loss if not made promptly by ▇▇▇▇▇▇▇▇.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds
shall be applied to restoration or repair of the Property damaged, if the
restoration or repair is economically feasible and Lender's security is not
lessened. If the restoration or repair is not economically feasible or Lender's
security would be lessened, the insurance proceeds shall be applied to the sums
secured by this Security Instrument, whether or not then due, with any excess
paid to Borrower. If ▇▇▇▇▇▇▇▇ abandons the Property, or does not answer within
30 days a notice from Lender that the insurance carrier has offered to settle a
claim, then ▇▇▇▇▇▇ may collect the insurance proceeds. Lender may use the
proceeds to repair or restore the Property or to pay sums secured by this
Security Instrument, whether or not then due. The 30-day period will begin when
the notice is given.
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 the payments.
If under paragraph 21 the Property is acquired by ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇'s right to
any insurance policies and proceeds resulting from damage to the Property prior
to the acquisition shall pass to Lender to the extent of the sums secured by
this Security Instrument immediately prior to the acquisition.
6. Occupancy, Preservation, Maintenance and Protection of the Property;
Borrower's Loan Application; Leaseholds. Borrower shall occupy, establish, and
use the Property as ▇▇▇▇▇▇▇▇'s principal residence within sixty days after the
execution of this Security Instrument and shall continue to occupy the Property
as ▇▇▇▇▇▇▇▇'s principal residence for at least one year after the date of
occupancy, unless ▇▇▇▇▇▇ otherwise agrees in writing, which consent shall not be
unreasonably withheld, or unless extenuating circumstances exist which are
beyond Borrower's control. Borrower shall not destroy, damage or impair the
Property, allow the Property to deteriorate, or commit waste on the Property.
Borrower shall be in default if any forfeiture action or proceeding, whether
civil or criminal, is begun that in ▇▇▇▇▇▇'s good faith judgment could result in
forfeiture of the Property or otherwise materially impair the lien created by
this Security Instrument or ▇▇▇▇▇▇'s security interest. Borrower may cure such a
default and reinstate, as provided in paragraph 18, by causing the action or
proceeding to be dismissed with a ruling that, in ▇▇▇▇▇▇'s good faith
determination, precludes forfeiture of the Borrower's interest in the Property
or other material impairment of the lien created by this Security Instrument or
▇▇▇▇▇▇'s security interest. Borrower shall also be in default if Borrower,
during the loan application process, gave materially false or inaccurate
information or statements to Lender (or failed to provide Lender with any
material information) in connection with the loan evidenced by the Note,
including, but not limited to, representations concerning ▇▇▇▇▇▇▇▇'s occupancy
of the Property as a principal residence. If this Security Instrument is on a
leasehold. Borrower shall comply with all the provisions of the lease. If
▇▇▇▇▇▇▇▇ acquires fee title to the Property, the leasehold and the fee title
shall not merge unless ▇▇▇▇▇▇ agrees to the merger in writing.
7. Protection of ▇▇▇▇▇▇'s Rights in the Property. If ▇▇▇▇▇▇▇▇ fails to
perform the covenants and agreements contained in this Security Instrument or
there is a legal proceeding that may significantly affect ▇▇▇▇▇▇'s right in the
Property (such as a proceeding in bankruptcy, probate, for condemnation or
forfeiture or to enforce laws or regulations), then Lender may do and pay for
whatever is necessary to protect the value of the Property and Lender's rights
in the Property. ▇▇▇▇▇▇'s actions may include paying any sums secured by a lien
which has priority over this Security Instrument appearing in court, paying
reasonable attorneys' fees and entering on the Property to make repairs .
Although Lender may take action under this paragraph 7. ▇▇▇▇▇▇ does not have to
do so.
Any amounts disbursed by ▇▇▇▇▇▇ under this paragraph 7 shall become
additional debt of Borrower secured by this Security Instrument. Unless Borrower
and Lender agree to other terms of payment, these amounts shall bear interest
from the date of disbursement at the Note rate and shall be payable, with
interest, upon notice from Lender to Borrower requesting payment.
8. Mortgage Insurance. If ▇▇▇▇▇▇ required mortgage insurance as a condition
of making the loan secured by this Security Instrument. Borrower shall pay the
premiums required to maintain the mortgage insurance in effect, If, for any
reason, the mortgage insurance coverage required by ▇▇▇▇▇▇ lapses or ceases to
be in effect. Borrower shall pay the premiums required to obtain coverage
substantially equivalent to the mortgage insurance previously in effect, at a
cost substantially equivalent to the cost to Borrower of the mortgage insurance
previously in effect, from an alternate mortgage insurer approved by ▇▇▇▇▇▇. If
substantially equivalent mortgage insurance coverage is not available, Borrower
shall pay to Lender each month a sum equal to one-twelfth of the yearly mortgage
insurance premium being paid by Borrower when the insurance coverage lapsed or
ceased to be in effect Lender will accept, use and retain these payments as a
loss reserve in lieu of mortgage insurance. Loss reserve payments may no longer
be required, at the option of Lender, if mortgage insurance coverage (in the
amount and for the period that Lender requires) provided by an insurer approved
by ▇▇▇▇▇▇ again becomes available and is obtained. Borrower shall pay the
premiums required to maintain mortgage insurance in effect, or to provide a loss
reserve, until the requirement for mortgage insurance ends in accordance with
any written agreement between Borrower and Lender or applicable law.
9. Inspection. Lender or its agent may make reasonable entries upon and
inspections of the Property. Lender shall give Borrower notice at the time of or
prior to an inspection specifying reasonable cause for the inspection.
10. Condemnation. The proceeds of any award or claim for damages, direct
or consequential, in connection with any condemnation or other taking of any
part of the Property, or for conveyance in lieu of condemnation, are hereby
assigned and shall be paid to Lender.
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, with any excess paid to Borrower. In the event of a partial taking of the
Property in which the fair market value of the Property immediately before the
taking is equal to or greater than the amount of the sums secured by this
Security Instrument immediately before the taking, unless ▇▇▇▇▇▇▇▇ 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 immediately before the taking, divided
by (b) the fair market value of the Property immediately before the taking. Any
balance shall be paid to Borrower. In the event of a partial taking of the
Property in which the fair market value of the Property immediately before the
taking is less than the amount of the sums secured immediately before the
taking, unless Borrower and Lender otherwise agree in writing or unless
applicable law otherwise provides, the proceeds shall be applied to the sums
secured by this Security Instrument whether or not the sums are then due.
If the Property is abandoned by ▇▇▇▇▇▇▇▇, or if, after notice by ▇▇▇▇▇▇ to
Borrower that the condemnor offers to make an award or settle a claim for
damages, ▇▇▇▇▇▇▇▇ 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.
11. 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 ▇▇▇▇▇▇ to any successor in interest of
Borrower shall not operate to release the liability of the original Borrower or
▇▇▇▇▇▇▇▇'s successors in interest. ▇▇▇▇▇▇ shall not be required to commence
proceedings against any successor in interest or refuse to extend time for
payment or otherwise modify amortization of the sums secured by this Security
Instrument by reason of any demand made by the original Borrower or ▇▇▇▇▇▇▇▇'s
successors in interest. Any forbearance by ▇▇▇▇▇▇ in exercising any right or
remedy shall not be a waiver of or preclude the exercise of any right or remedy.
12. Successors and Assigns Bound; Joint and Several Liability; Co-signers.
The covenants and agreements of this Security Instrument shall bind and benefit
the successors and assigns of Lender and Borrower, subject to the provisions of
paragraph 17. Borrower's covenants and agreements shall be joint and several.
Any Borrower who co-signs this Security Instrument but does not execute the
Note: (a) is co-signing this Security Instrument only to mortgage, grant and
convey that ▇▇▇▇▇▇▇▇'s interest in the Property under the terms of this Security
Instrument: (b) is not personally obligated to pay the sums secured by this
Security Instrument; and (c) agrees that Lender and any other Borrower may agree
to extend, modify, forbear or make any accommodations with regard to the terms
of this Security Instrument or the Note without that Borrower's consent.
13. Loan Charges. If the loan secured by this Security Instrument is
subject to a law which sets maximum loan charges, and that law is finally
interpreted so that the interest or other loan charges collected or to be
collected in connection with the loan exceed the permitted limits, then: (a) any
such loan charge shall be reduced by the amount necessary to reduce the charge
to the permitted limit; and (b) any sums already collected from Borrower which
exceeded permitted limits will be refunded to Borrower. Lender may choose to
make this refund by reducing the principal owed under the Note or by making a
direct payment to Borrower. If a refund reduces principal, the reduction will be
treated as a partial prepayment without any prepayment charge under the Note.
14. Notices. Any notice to Borrower provided for in this Security
Instrument shall be given by delivering it or by mailing it by first class mail
unless applicable law requires use of another method. The notice shall be
directed to the Property Address or any other address Borrower designates by
notice to Lender. Any notice to Lender shall be given by first class mail to
▇▇▇▇▇▇'s address stated herein or any other address Lender designates by notice
to Borrower. Any notice provided for in this Security Instrument shall be deemed
to have been given to Borrower or Lender when given as provided in this
paragraph.
15. Governing Law; Severability. This Security Instrument shall be
governed by federal law and the law of the jurisdiction in which the Property is
located. In the event that any provision or clause of this Security Instrument
or the Note conflicts with applicable law, such conflict shall not affect other
provisions of this Security Instrument or the Note which can be given effect
without the conflicting provision. To this end the provisions of this Security
Instrument and the Note are declared to be severable.
16. ▇▇▇▇▇▇▇▇'s Copy. Borrower shall be given one conformed copy of the
Note and of this Security Instrument.
17. Transfer of the Property or a Beneficial Interest in Borrower. If all
or any part of the Property or any interest in it is sold or transferred (or if
a beneficial interest in Borrower is sold or transferred and Borrower is not a
natural person) without ▇▇▇▇▇▇'s prior written consent, Lender may, at its
option, require immediate payment in full of all sums secured by this Security
Instrument. However, this option shall not be exercised by Lender if exercise is
prohibited by federal law as of the date of this Security Instrument.
If Lender exercises this option, Lender shall give Borrower notice of
acceleration. The notice shall provide a period of not less than 30 days from
the date the notice is delivered or mailed within which Borrower must pay all
sums secured by this Security Instrument. If ▇▇▇▇▇▇▇▇ fails to pay these sums
prior to the expiration of this period, Lender may invoke any remedies permitted
by this Security Instrument without further notice or demand on Borrower.
/s/ RVD /s/ KAD
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18. ▇▇▇▇▇▇▇▇'s Right to Reinstate. If Borrower meets certain conditions,
Borrower shall have the right to have enforcement of this Security Instrument
discontinued at any time prior to the earlier of: (a) 5 days (or such other
period as applicable law may specify for reinstatement) before sale of the
Property pursuant to any power of sale contained in this Security Instrument; or
(b) entry of a judgment enforcing this Security Instrument. Those conditions are
that Borrower; (a) pays Lender all sums which then would be due under this
Security Instrument and the Note as if no acceleration had occurred; (b) cures
any default of any other covenants or agreements; (c) pays all expenses incurred
in enforcing this Security Instrument, including, but not limited to, reasonable
attorneys' fees; and (d) takes such action as Lender may reasonably require to
assure that the lien of this Security Instrument, Lender's rights in the
Property and ▇▇▇▇▇▇▇▇'s obligation to pay the sums secured by this Security
Instrument shall continue unchanged. Upon reinstatement by ▇▇▇▇▇▇▇▇, this
Security Instrument and the obligations secured hereby shall remain fully
effective as if no acceleration had occurred. However, this right to reinstate
shall not apply in the case of acceleration under paragraph 17.
19. Sale of Note; Change of Loan Servicer. The Note or a partial interest
in the Note (together with this Security Instrument) may be sold one or more
times without prior notice to Borrower. A sale may result in a change in the
entity (known as the "Loan Servicer") that collects monthly payments due under
the Note and this Security Instrument. There also may be one or more changes of
the Loan Servicer unrelated to a sale of the Note. If there is a change of the
Loan Servicer, Borrower will be given written notice of the change in accordance
with paragraph 14 above and applicable law. The notice will state the name and
address of the new Loan Servicer and the address to which payments should be
made. The notice will also contain any other information required by applicable
law.
20. Hazardous Substances. Borrower shall not cause or permit the presence,
use, disposal, storage, or release of any Hazardous Substances on or in the
Property. Borrower shall not do, nor allow anyone else to do, anything affecting
the Property that is in violation of any Environmental Law. The preceding two
sentences shall not apply to the presence, use, or storage on the Property of
small quantities of Hazardous Substances that are generally recognized to be
appropriate to normal residential uses and to maintenance of the Property.
Borrower shall promptly give ▇▇▇▇▇▇ written notice of any investigation,
claim, demand, lawsuit or other action by any governmental or regulatory agency
or private party involving the Property and any Hazardous Substance or
Environmental Law of which Borrower has actual knowledge. If ▇▇▇▇▇▇▇▇ learns, or
is notified by any governmental or regulatory authority, that any removal or
other remediation of any Hazardous Substance affecting the Property is
necessary, Borrower shall promptly take all necessary remedial actions in
accordance with Environmental Law.
As used in this paragraph 20, "Hazardous Substances" are those substances
defined as toxic or hazardous substances by Environmental Law and the following
substances: gasoline, kerosene, other flammable or toxic petroleum products,
toxic pesticides and herbicides, volatile solvents materials containing asbestos
or formaldehyde and radioactive materials. As used in this paragraph 20,
"Environmental Law" means federal laws and laws of the jurisdiction where the
Property is located that relate to health, safety or environmental protection.
NON-UNIFORM COVENANTS. ▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇ further covenant and agree as
follows:
21. Acceleration; Remedies. Lender shall give notice to Borrower prior to
acceleration following Borrower's breach of any covenant or agreement in this
Security Instrument (but not prior to acceleration under paragraph 17 unless
applicable law provides otherwise). The notice shall specify; (a) the default;
(b) the action required to cure the default; (c) a date, not less than 30 days
from the date the notice is given to Borrower, by which the default must be
cured; and (d) that failure to cure the default on or before the date specified
in the notice may result in acceleration of the sums secured by this Security
Instrument and sale of the Property. The notice shall further inform ▇▇▇▇▇▇▇▇ of
the right to reinstate after acceleration and the right to bring a court action
to assert the non-existence of a default or any other defense of Borrower to
acceleration and sale. If the default is not cured on or before the date
specified in the notice, Lender at its option may require immediate payment in
full of all sums secured by this Security Instrument without further demand and
may invoke the power of sale and any other remedies permitted by applicable law.
▇▇▇▇▇▇ shall be entitled to collect all expenses incurred in pursuing the
remedies provided in this paragraph 21, including, but not limited to reasonable
attorneys' fees.
If Lender invokes the power of sale Lender shall cause a copy of a notice
of sale to be served upon any person in possession of the Property. Lender shall
publish a notice of sale, and the Property shall be sold at public auction in
the manner prescribed by applicable law. Lender or its designee may purchase the
Property at any sale. The proceeds of the sale shall be applied in the following
order: (a) to all expenses of the sale, including but not limited to reasonable
attorneys' fees; (b) to all sums secured by this Security Instrument; and (c)
any excess to the person or persons legally entitled to it.
22. Release. Upon payment of all sums secured by this Security Instrument,
Lender shall discharge this Security Instrument without charge to Borrower.
Borrower shall pay any recordation costs.
23. Waiver of Homestead. Borrower waives all right of homestead exemption
in the Property.
24. Interest on Advances. The interest rate on advances made by Lender
under paragraph 7 shall not exceed the maximum rate allowed by applicable law.
25. Riders to this Security Instrument. If one or more riders are executed
by ▇▇▇▇▇▇▇▇ and recorded together with this Security Instrument, the covenants
and agreements of each such rider shall be incorporated into and shall amend and
supplement the covenants and agreements of this Security Instrument as if the
rider(s) were a part of this Security Instrument. [Check applicable box(es)]
[_] Adjustable Rate Rider [_] Condominium Rider [_] 1-4 Family Rider
[_] Graduated Payment Rider [_] Planned Unit Development Rider [_] Biweekly Payment Rider
[_] Balloon Rider [_] Rate Improvement Rider [_] Second Home Rider
[_] Other(s) [specify]
BY SIGNING ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ accepts and agrees to the terms and covenants
contained in this Security Instrument and in any rider(s) executed by ▇▇▇▇▇▇▇▇
and recorded with it.
/s/ ▇. ▇. ▇▇▇▇▇▇▇▇
------------------------------- (Seal)
▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Social Security Number ▇▇▇▇▇▇▇▇▇
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/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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Social Security Number ###-##-####
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STATE OF CALIFORNIA
County of Orange
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This instrument was acknowledged before me this July 30th, 2001 (date) by
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▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
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[Name of Person Acknowledged]
My Commission Expires:
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇
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[Notary Public]
This instrument was prepared by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ & ▇▇▇▇▇▇, of
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Palo Alto, California.
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[STAMP]
MD Farm No. 1003-Certificate of Acknowledgement ▇▇▇▇▇▇-▇▇▇▇▇ Co., St. ▇▇▇▇, MN
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STATE OF MINNESOTA )
COUNTY OF ▇▇▇▇▇▇ )ss
)
On this July 31, 2001 , before me
(Date)
a notary public within and for said Country, personally appeared
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, wife of ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
to me known to be the person described in, and who executed the foregoing
instrument, and acknowledged that she executed the same as her free act and
deed.
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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[STAMP]