Texas Register, Volume 32, Number 44, Pages 7777-8060, November 2, 2007 Page: 7,961
7777-8060 p. ; 28 cm.View a full description of this periodical.
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TRUSTEES AND TRUSTEE LIABILITY
One or more Trustees acting alone or together may exercise or perform all rights, remedies and duties of the Trustee under the Loan Agreement. Lender may
remove or change any Trustee (e.g., add one or more Trustees or appoint a successor Trustee to any Trustee). This removal or change of Trustee must be in
writing and may be:
a. at Lender's option;
b. with or without cause; and
c. by power of attorney or otherwise.
The substitute, additional, or successor Trustee will receive the title, rights, remedies, powers, and duties under the Loan Agreement and Applicable Law.
Trustee may rely upon any notice, request, consent, demand, statement, or other document reasonably believed by Trustee to be valid. Trustee will not be
liable for any act or omission unless the act or omission is willful.
ASSIGNMENT OF CONTRACTOR'S LIEN, COMMENCEMENT OF WORK
Contractor and I have entered into the Contract for improvements to be made to the Property. I will perform my duties under the Contract. Under the
Contract, I gave Contractor a Lien on the Property. Contractor permanently transfers the Lien and any other interest Contractor has in the Property to Lender.
As additional security, Contractor also agrees that the lien created by this Deed of Trust has priority over the Lien. The purpose of the Note is to pay in
whole or in part the improvements to be made to the Property by the Contractor. Contractor and I agree that the Lien is for Lender's sole benefit. Any other
interest Contractor has in the Property will be merged with the Lien, and may be enforced by Lender according to the terms of this Deed of Trust. Contractor
and I further agree that no Work was performed or material delivered before the Contract was executed.
SUBROGATION
If I ask, Lender will use proceeds from the Loan Agreement to pay off all valid outstanding liens against the Property. Lender will then own all rights,
superior titles, liens, and interests owned or claimed by any owner or holder of an outstanding lien or debt. Lender owns these things whether the lien or debt
is transferred to Lender or whether it is released by the holder upon payment.
PARTIAL INVALIDITY
If any portion of the sums secured by this Deed of Trust cannot be lawfully secured, payments minus those sums will be applied first to the portions not
secured. If any charge provided for in this Loan Agreement, separately or together with other charges that are considered part of this Loan Agreement,
violates Applicable Law, the charge is reduced to the extent necessary to eliminate the violation. Lender will refund the amount of interest or other charges
paid to Lender in excess of the amount permitted by Applicable Law. At Lender's option, the amount in excess will either be refunded directly to me or will
be applied to reduce the principal of the debt.
RENEWAL AND EXTENSION
The Note secured by this Deed of Trust is renewed and extended, but not in extinguishment of the debt under the Contract identified in the paragraph entitled
"Assignment of Contractor's Lien, Commencement of Work" and the Note.
SALE OF NOTE, CHANGE OF LOAN SERVICER, NOTICE OF GRIEVANCE, LENDER'S RIGHT TO COMPLY
A full or partial interest in the Loan Agreement can be sold one or more times without prior notice to me. The sale may result in a change of the company
servicing or handling the Loan Agreement. The company servicing or handling the Loan Agreement will collect my monthly payment and will comply with
other servicing conditions required by the Loan Agreement or Applicable Law. In some cases, the company servicing or handling the Loan Agreement may
change even if the Loan Agreement is not sold. If the company servicing or handling the Loan Agreement is changed, I will be given written notice of the
change. The notice will state the name and address of the new company, the address to which my payments should be made, and any other information
required by RESPA.
Any notice of acceleration and opportunity to cure under the Loan Agreement will satisfy the notice and opportunity to address the alleged violation
provisions of this Section.
No agreement between Lender and me or any third party will limit Lender's ability to comply with Lender's duties under the Loan Agreement and
Applicable Law.
Lender and I are limiting all agreements so that all current or future interest or fees in connection with this Loan Agreement will not be greater than the
highest amount allowed by Applicable Law.
Lender and I intend to conform the Loan Agreement to the provisions of Applicable Law. If any part of the Loan Agreement is in conflict with the
Applicable Law, then that part will be corrected or removed. This correction will be automatic and will not require any amendment or new document.
Lender's right to cure any violation will survive my paying off the Loan Agreement. My right to cure will override any conflicting provision of the Loan
Agreement.
Lender's right to comply as provided in this Section will survive the payoff of the Loan Agreement. The provisions of this Section will supersede any
inconsistent provision of the Loan Agreement.
TABLES AND GRAPHICS November 2, 2007 32 TexReg 7961
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Texas. Secretary of State. Texas Register, Volume 32, Number 44, Pages 7777-8060, November 2, 2007, periodical, November 2, 2007; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth97421/m1/180/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.