California Codes 2923.52

8/9/2019 California Codes 2923.52

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CALIFORNIA CODESCIVILCODESECTION 2920-2944.5

2920. (a) A mortgage is a o!trat "# $%i% s&ei'i &ro&ert#i!*+i!g a! estate 'or #ears i! rea &ro&ert# is %#&ot%eate+ 'ort%e &er'orma!e o' a! at $it%o*t t%e !eessit# o' a %a!ge o'&ossessio!. (") For &*r&oses o' Setio!s 2924 to 2924% i!*si,e mortgageaso mea!s a!# se*rit# +e,ie or i!str*me!t ot%er t%a! a +ee+ o'tr*st t%at o!'ers a &o$er o' sae a''eti!g rea &ro&ert# or a!estate 'or #ears t%erei! to "e eerise+ a'ter "rea% o' t%eo"igatio! so se*re+ i!*+i!g a rea &ro&ert# saes o!trat as+e'i!e+ i! Setio! 29/5 $%i% o!tai!s s*% a &ro,isio!.

292. A mortgage ma# "e reate+ *&o! &ro&ert# %e+ a+,erse# to t%emortgagor.

2922. A mortgage a! "e reate+ re!e$e+ or ete!+e+ o!# "#$riti!g ee*te+ $it% t%e 'ormaities re1*ire+ i! t%e ase o' agra!t o' rea &ro&ert#.

2923. T%e ie! o' a mortgage is s&eia *!ess ot%er$ise e&ress#agree+ a!+ is i!+e&e!+e!t o' &ossessio!.

2923.5. (a) () A mortgagee tr*stee "e!e'iiar# or a*t%orie+age!t ma# !ot 'ie a !otie o' +e'a*t &*rs*a!t to Setio! 2924 *!ti30 +a#s a'ter o!tat is ma+e as re1*ire+ "# &aragra&% (2) or 30+a#s a'ter satis'#i!g t%e +*e +iige!e re1*ireme!ts as +esri"e+ i!s*"+i,isio! (g). (2) A mortgagee "e!e'iiar# or a*t%orie+ age!t s%a o!tatt%e "orro$er i! &erso! or "# tee&%o!e i! or+er to assess t%e"orro$ers 'i!a!ia sit*atio! a!+ e&ore o&tio!s 'or t%e "orro$erto a,oi+ 'oreos*re. D*ri!g t%e i!itia o!tat t%e mortgagee"e!e'iiar# or a*t%orie+ age!t s%a a+,ise t%e "orro$er t%at %e ors%e %as t%e rig%t to re1*est a s*"se1*e!t meeti!g a!+ i' re1*este+t%e mortgagee "e!e'iiar# or a*t%orie+ age!t s%a s%e+*e t%e

meeti!g to o*r $it%i! 4 +a#s. T%e assessme!t o' t%e "orro$ers'i!a!ia sit*atio! a!+ +is*ssio! o' o&tio!s ma# o*r +*ri!g t%e'irst o!tat or at t%e s*"se1*e!t meeti!g s%e+*e+ 'or t%at&*r&ose. I! eit%er ase t%e "orro$er s%a "e &ro,i+e+ t%e to-'reetee&%o!e !*m"er ma+e a,aia"e "# t%e !ite+ States De&artme!t o'6o*si!g a!+ r"a! De,eo&me!t (6D) to 'i!+ a 6D-erti'ie+ %o*si!go*!sei!g age!#. A!# meeti!g ma# o*r tee&%o!ia#. (") A !otie o' +e'a*t 'ie+ &*rs*a!t to Setio! 2924 s%ai!*+e a +earatio! 'rom t%e mortgagee "e!e'iiar# or a*t%orie+age!t t%at it %as o!tate+ t%e "orro$er trie+ $it% +*e +iige!e to

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o!tat t%e "orro$er as re1*ire+ "# t%is setio! or t%e "orro$er%as s*rre!+ere+ t%e &ro&ert# to t%e mortgagee tr*stee "e!e'iiar#or a*t%orie+ age!t. () I' a mortgagee tr*stee "e!e'iiar# or a*t%orie+ age!t %a+area+# 'ie+ t%e !otie o' +e'a*t &rior to t%e e!atme!t o' t%issetio! a!+ +i+ !ot s*"se1*e!t# 'ie a !otie o' resissio! t%e!t%e mortgagee tr*stee "e!e'iiar# or a*t%orie+ age!t s%a as&art o' t%e !otie o' sae 'ie+ &*rs*a!t to Setio! 2924' i!*+e a+earatio! t%at eit%er7 () States t%at t%e "orro$er $as o!tate+ to assess t%e "orro$ers 'i!a!ia sit*atio! a!+ to e&ore o&tio!s 'or t%e "orro$er toa,oi+ 'oreos*re. (2) Lists t%e e''orts ma+e i' a!# to o!tat t%e "orro$er i! t%ee,e!t !o o!tat $as ma+e. (+) A mortgagees "e!e'iiar#s or a*t%orie+ age!ts ossmitigatio! &erso!!e ma# &artii&ate "# tee&%o!e +*ri!g a!# o!tatre1*ire+ "# t%is setio!. (e) For &*r&oses o' t%is setio! a "orro$er s%a i!*+e amortgagor or tr*stor. (') A "orro$er ma# +esig!ate a 6D-erti'ie+ %o*si!g o*!sei!g

age!# attor!e# or ot%er a+,isor to +is*ss $it% t%e mortgagee"e!e'iiar# or a*t%orie+ age!t o! t%e "orro$ers "e%a' o&tio!s'or t%e "orro$er to a,oi+ 'oreos*re. T%at o!tat ma+e at t%e+iretio! o' t%e "orro$er s%a satis'# t%e o!tat re1*ireme!ts o'&aragra&% (2) o' s*"+i,isio! (a). A!# oa! mo+i'iatio! or $or8o*t&a! o''ere+ at t%e meeti!g "# t%e mortgagee "e!e'iiar# ora*t%orie+ age!t is s*"et to a&&ro,a "# t%e "orro$er. (g) A !otie o' +e'a*t ma# "e 'ie+ &*rs*a!t to Setio! 2924 $%e!a mortgagee "e!e'iiar# or a*t%orie+ age!t %as !ot o!tate+ a"orro$er as re1*ire+ "# &aragra&% (2) o' s*"+i,isio! (a) &ro,i+e+t%at t%e 'ai*re to o!tat t%e "orro$er o*rre+ +es&ite t%e +*e+iige!e o' t%e mortgagee "e!e'iiar# or a*t%orie+ age!t. For&*r&oses o' t%is setio! +*e +iige!e s%a re1*ire a!+ mea! ao' t%e 'oo$i!g7 () A mortgagee "e!e'iiar# or a*t%orie+ age!t s%a 'irstattem&t to o!tat a "orro$er "# se!+i!g a 'irst-ass etter t%ati!*+es t%e to-'ree tee&%o!e !*m"er ma+e a,aia"e "# 6D to 'i!+a 6D-erti'ie+ %o*si!g o*!sei!g age!#. (2) (A) A'ter t%e etter %as "ee! se!t t%e mortgagee"e!e'iiar# or a*t%orie+ age!t s%a attem&t to o!tat t%e"orro$er "# tee&%o!e at east t%ree times at +i''ere!t %o*rs a!+ o!+i''ere!t +a#s. Tee&%o!e as s%a "e ma+e to t%e &rimar#tee&%o!e !*m"er o! 'ie. (:) A mortgagee "e!e'iiar# or a*t%orie+ age!t ma# attem&t too!tat a "orro$er *si!g a! a*tomate+ s#stem to +ia "orro$ers&ro,i+e+ t%at i' t%e tee&%o!e a is a!s$ere+ t%e a iso!!ete+ to a i,e re&rese!tati,e o' t%e mortgagee "e!e'iiar# or

a*t%orie+ age!t. (C) A mortgagee "e!e'iiar# or a*t%orie+ age!t satis'ies t%etee&%o!e o!tat re1*ireme!ts o' t%is &aragra&% i' it +etermi!esa'ter attem&ti!g o!tat &*rs*a!t to t%is &aragra&% t%at t%e"orro$ers &rimar# tee&%o!e !*m"er a!+ seo!+ar# tee&%o!e !*m"er or!*m"ers o! 'ie i' a!# %a,e "ee! +iso!!ete+. (3) I' t%e "orro$er +oes !ot res&o!+ $it%i! t$o $ee8s a'ter t%etee&%o!e a re1*ireme!ts o' &aragra&% (2) %a,e "ee! satis'ie+ t%emortgagee "e!e'iiar# or a*t%orie+ age!t s%a t%e! se!+ aerti'ie+ etter $it% ret*r! reei&t re1*este+.

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(4) T%e mortgagee "e!e'iiar# or a*t%orie+ age!t s%a &ro,i+ea mea!s 'or t%e "orro$er to o!tat it i! a time# ma!!er i!*+i!ga to-'ree tee&%o!e !*m"er t%at $i &ro,i+e aess to a i,ere&rese!tati,e +*ri!g "*si!ess %o*rs. (5) T%e mortgagee "e!e'iiar# or a*t%orie+ age!t %as &oste+ a&romi!e!t i!8 o! t%e %ome&age o' its I!ter!et ;e" site i' a!# tot%e 'oo$i!g i!'ormatio!7 (A) O&tio!s t%at ma# "e a,aia"e to "orro$ers $%o are *!a"e toa''or+ t%eir mortgage &a#me!ts a!+ $%o $is% to a,oi+ 'oreos*re a!+i!str*tio!s to "orro$ers a+,isi!g t%em o! ste&s to ta8e to e&oret%ose o&tio!s. (:) A ist o' 'i!a!ia +o*me!ts "orro$ers s%o*+ oet a!+ "e&re&are+ to &rese!t to t%e mortgagee "e!e'iiar# or a*t%orie+age!t $%e! +is*ssi!g o&tio!s 'or a,oi+i!g 'oreos*re. (C) A to-'ree tee&%o!e !*m"er 'or "orro$ers $%o $is% to +is*sso&tio!s 'or a,oi+i!g 'oreos*re $it% t%eir mortgagee "e!e'iiar#or a*t%orie+ age!t. (D) T%e to-'ree tee&%o!e !*m"er ma+e a,aia"e "# 6D to 'i!+ a6D-erti'ie+ %o*si!g o*!sei!g age!#. (%) S*"+i,isio!s (a) () a!+ (g) s%a !ot a& i' a!# o' t%e

'oo$i!g o*rs7 () T%e "orro$er %as s*rre!+ere+ t%e &ro&ert# as e,i+e!e+ "#eit%er a etter o!'irmi!g t%e s*rre!+er or +ei,er# o' t%e 8e#s tot%e &ro&ert# to t%e mortgagee tr*stee "e!e'iiar# or a*t%orie+age!t. (2) T%e "orro$er %as o!trate+ $it% a! orga!iatio! &erso! ore!tit# $%ose &rimar# "*si!ess is a+,isi!g &eo&e $%o %a,e +ei+e+ toea,e t%eir %omes o! %o$ to ete!+ t%e 'oreos*re &roess a!+ a,oi+t%eir o!trat*a o"igatio!s to mortgagees or "e!e'iiaries. (3) T%e "orro$er %as 'ie+ 'or "a!8r*&t# a!+ t%e &roee+i!gs%a,e !ot "ee! 'i!aie+. (i) T%is setio! s%a a& o!# to oa!s ma+e 'rom


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(4) T%e !otie o' +e'a*t %as "ee! reor+e+ o! t%e &ro&ert#. (") T%is setio! +oes !ot a& to oa!s ser,ie+ "# a mortgageoa! ser,ier i' t%at mortgage oa! ser,ier %as o"tai!e+ a tem&orar#or 'i!a or+er o' eem&tio! &*rs*a!t to Setio! 2923.53 t%at is*rre!t a!+ ,ai+ at t%e time t%e !otie o' sae is gi,e!. () T%is setio! +oes !ot a& to oa!s ma+e &*r%ase+ orser,ie+ "#7 () A Cai'or!ia state or oa &*"i %o*si!g age!# ora*t%orit# i!*+i!g state or oa %o*si!g 'i!a!e age!iesesta"is%e+ *!+er Di,isio! 3 (omme!i!g $it% Setio! 50000) o' t%e6eat% a!+ Sa'et# Codea!+ C%a&ter > (omme!i!g $it% Setio! 9/0) o'Di,isio! 4 o' t%e ?iitar# a!+ @etera!s Code. (2) Loa!s t%at are oatera 'or se*rities &*r%ase+ "# a!age!# or a*t%orit# +esri"e+ i! &aragra&% (). (+) T%is setio! s%a "eome o&erati,e 4 +a#s a'ter t%e iss*a!eo' reg*atio!s $%i% s%a i!*+e t%e 'orm o' t%e a&&iatio! 'ormortgage oa! ser,iers "# t%e ommissio!er &*rs*a!t to s*"+i,isio!(+) o' Setio! 2923.53. (e) T%is setio! s%a remai! i! e''et o!# *!ti


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a!+ as o' t%at +ate is re&eae+ *!ess a ater e!ate+ stat*tet%at is e!ate+ "e'ore


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t%at meets t%e re1*ireme!ts o' s*"+i,isio! (a) t%e ommissio!ers%a iss*e a 'i!a or+er eem&ti!g t%e mortgage oa! ser,ier 'romt%e re1*ireme!ts o' Setio! 2923.52. I' t%e ommissio!er o!*+est%at t%e oa! mo+i'iatio! &rogram +oes !ot meet t%e re1*ireme!ts o's*"+i,isio! (a) t%e a&&iatio! 'or eem&tio! s%a "e +e!ie+ a!+ a'i!a or+er s%a !ot "e iss*e+. (4) A mortgage oa! ser,ier ma# s*"mit a re,ise+ a&&iatio! i'its a&&iatio! 'or eem&tio! is +e!ie+. () T%e ommissio!er ma# re,o8e a 'i!a or+er *&o! reaso!a"e!otie a!+ a! o&&ort*!it# to "e %ear+ i' t%e mortgage oa! ser,ier%as s*"mitte+ a materia# 'ase or misea+i!g a&&iatio! or i' t%ea&&ro,e+ oa! mo+i'iatio! &rogram %as "ee! materia# atere+ 'romt%e oa! mo+i'iatio! &rogram o! $%i% t%e eem&tio! $as "ase+. Are,oatio! "# t%e ommissio!er s%a !ot "e retroati,e. (+) T%e ommissio!er s%a a+o&t !o ater t%a! 0 +a#s a'ter t%e+ate t%is setio! ta8es e''et emerge!# a!+ 'i!a reg*atio!s toari'# t%e a&&iatio! o' t%is setio! a!+ Setio! 2923.52i!*+i!g t%e reatio! o' t%e a&&iatio! 'or mortgage oa! ser,iersa!+ re1*ireme!ts regar+i!g t%e re&orti!g o' oa! mo+i'iatio! +ata"# mortgage oa! ser,iers.

(e) T%ree mo!t%s a'ter t%e 'irst eem&tio! is iss*e+ &*rs*a!t tos*"+i,isio! (") "# or+er o' a!# ommissio!er s&ei'ie+ i! &aragra&%() o' s*"+i,isio! () t%e Seretar# o' :*si!ess Tra!s&ortatio! a!+6o*si!g s%a s*"mit a re&ort to t%e Legisat*re regar+i!g t%e+etais o' t%e atio!s ta8e! to im&eme!t t%is setio! a!+ t%e!*m"ers o' a&&iatio!s reei,e+ a!+ or+ers iss*e+. T%e seretar#s%a s*"mit a! a++itio!a re&ort si mo!t%s 'rom t%e +ate o' t%es*"missio! o' t%e 'irst re&ort a!+ e,er# si mo!t%s t%erea'ter.;it%i! eisti!g reso*res t%e ommissio!ers s%a oet 'rom someor a mortgage oa! ser,iers +ata regar+i!g oa! mo+i'iatio!saom&is%e+ &*rs*a!t to t%is setio! a!+ s%a ma8e t%e +ataa,aia"e o! a! I!ter!et ;e" site at east 1*arter#. (') T%e Seretar# o' :*si!ess Tra!s&ortatio! a!+ 6o*si!g s%amai!tai! o! a! I!ter!et ;e" site a &*"i# a,aia"e ist +isosi!gt%e 'i!a or+ers gra!ti!g eem&tio!s t%e +ate o' ea% or+er a!+ ai!8 to I!ter!et ;e" sites +esri"i!g t%e oa! mo+i'iatio! &rograms.

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i!te!+e+ to a''et t%e a*t%orit# o' t%e ommissio!er o,er a 'e+era#%artere+ 'i!a!ia i!stit*tio! &*rs*a!t to 'e+era a$ orreg*atio!. (8) For &*r&oses o' t%is setio! a!+ Setio!s 2923.52a!+ 2923.547

() Commissio!er mea!s a!# o' t%e 'oo$i!g7 (A) T%e Commissio!er o' Cor&oratio!s 'or ie!se+ resi+e!tiamortgage e!+ers a!+ ser,iers a!+ ie!se+ 'i!a!e e!+ers a!+"ro8ers ser,ii!g mortgage oa!s a!+ a!# ot%er e!tities ser,ii!gmortgage oa!s t%at are !ot +esri"e+ i! s*"&aragra&% (:) or (C). (:) T%e Commissio!er o' Fi!a!ia I!stit*tio!s 'or ommeria a!+i!+*stria "a!8s a!+ sa,i!gs assoiatio!s a!+ re+it *!io!s orga!ie+i! t%is state ser,ii!g mortgage oa!s. (C) T%e Rea Estate Commissio!er 'or ie!se+ rea estate "ro8ersser,ii!g mortgage oa!s. (2) 6o*si!g-reate+ +e"t mea!s +e"t t%at i!*+es oa!&ri!i&a i!terest &ro&ert# taes %aar+ i!s*ra!e 'oo+i!s*ra!e mortgage i!s*ra!e a!+ %omeo$!er assoiatio! 'ees. (3) ?ortgage oa! ser,ier mea!s a &erso! or e!tit# t%atreei,es or %as t%e rig%t to reei,e i!stame!t &a#me!ts o'

&ri!i&a i!terest or ot%er amo*!ts &ae+ i! esro$ &*rs*a!t tot%e terms o' a mortgage oa! or +ee+ o' tr*st a!+ &er'orms ser,iesreati!g to t%at reei&t or e!'oreme!t as t%e %o+er o' t%e !ote oro! "e%a' o' t%e %o+er o' t%e !ote e,i+e!i!g t%at oa!. () T%is setio! s%a remai! i! e''et o!# *!ti


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o!si+er e''orts im&eme!te+ i! ot%er *ris+itio!s t%at %a,eres*te+ i! a re+*tio! i! 'oreos*res. (4) ;%e! +etermi!i!g a oa! mo+i'iatio! so*tio! 'or a "orro$er*!+er t%e oa! mo+i'iatio! &rogram t%e ser,ier see8s to a%ie,eo!g-term s*stai!a"iit# 'or t%e "orro$er. (") () A mortgage oa! ser,ier ma# a& to t%e ommissio!er 'ora! or+er eem&ti!g oa!s t%at it ser,ies 'rom Setio! 2923.52. I't%e mortgage oa! ser,ier eets to a& 'or a! or+er t%ea&&iatio! s%a "e i! t%e 'orm a!+ ma!!er +etermi!e+ "# t%eommissio!er. (2) &o! reei&t o' a! i!itia a&&iatio! 'or eem&tio! *!+ert%is setio! t%e ommissio!er s%a imme+iate# !oti'# t%e a&&ia!to' t%e +ate o' reei&t o' t%e a&&iatio! a!+ s%a iss*e atem&orar# or+er e''eti,e 'rom t%at +ate o' reei&t eem&ti!g t%emortgage oa! ser,ier 'rom t%e &ro,isio!s o' s*"+i,isio! (a) o'Setio! 2923.52. T%e tem&orar# or+er s%a remai! i! e''et *!ti a'i!a or+er %as "ee! iss*e+ "# t%e ommissio!er &*rs*a!t to &aragra&%(3). I' t%e i!itia a&&iatio! 'or eem&tio! is +e!ie+ &*rs*a!t to&aragra&% (3) t%e tem&orar# or+er s%a remai! i! e''et 'or 30 +a#sa'ter t%e +ate o' +e!ia.

(3) ;it%i! 30 +a#s o' reei&t o' a! i!itia or re,ise+a&&iatio! t%e ommissio!er s%a ma8e a 'i!a +etermi!atio! o!$%et%er t%e a&&iatio! meets t%e riteria o' s*"+i,isio! (a). I'a'ter re,ie$ o' t%e a&&iatio! t%e ommissio!er o!*+es t%at t%emortgage oa! ser,ier %as a om&re%e!si,e oa! mo+i'iatio! &rogramt%at meets t%e re1*ireme!ts o' s*"+i,isio! (a) t%e ommissio!ers%a iss*e a 'i!a or+er eem&ti!g t%e mortgage oa! ser,ier 'romt%e re1*ireme!ts o' Setio! 2923.52. I' t%e ommissio!er o!*+est%at t%e oa! mo+i'iatio! &rogram +oes !ot meet t%e re1*ireme!ts o's*"+i,isio! (a) t%e a&&iatio! 'or eem&tio! s%a "e +e!ie+ a!+ a'i!a or+er s%a !ot "e iss*e+. (4) A mortgage oa! ser,ier ma# s*"mit a re,ise+ a&&iatio! i'its a&&iatio! 'or eem&tio! is +e!ie+. () T%e ommissio!er ma# re,o8e a 'i!a or+er *&o! reaso!a"e!otie a!+ a! o&&ort*!it# to "e %ear+ i' t%e mortgage oa! ser,ier%as s*"mitte+ a materia# 'ase or misea+i!g a&&iatio! or i' t%ea&&ro,e+ oa! mo+i'iatio! &rogram %as "ee! materia# atere+ 'romt%e oa! mo+i'iatio! &rogram o! $%i% t%e eem&tio! $as "ase+. Are,oatio! "# t%e ommissio!er s%a !ot "e retroati,e. (+) T%e ommissio!er s%a a+o&t !o ater t%a! 0 +a#s a'ter t%e+ate t%is setio! ta8es e''et emerge!# a!+ 'i!a reg*atio!s toari'# t%e a&&iatio! o' t%is setio! a!+ Setio! 2923.52i!*+i!g t%e reatio! o' t%e a&&iatio! 'or mortgage oa! ser,iersa!+ re1*ireme!ts regar+i!g t%e re&orti!g o' oa! mo+i'iatio! +ata"# mortgage oa! ser,iers. (e) T%ree mo!t%s a'ter t%e 'irst eem&tio! is iss*e+ &*rs*a!t tos*"+i,isio! (") "# or+er o' a!# ommissio!er s&ei'ie+ i! &aragra&%

() o' s*"+i,isio! () t%e Seretar# o' :*si!ess Tra!s&ortatio! a!+6o*si!g s%a s*"mit a re&ort to t%e Legisat*re regar+i!g t%e+etais o' t%e atio!s ta8e! to im&eme!t t%is setio! a!+ t%e!*m"ers o' a&&iatio!s reei,e+ a!+ or+ers iss*e+. T%e seretar#s%a s*"mit a! a++itio!a re&ort si mo!t%s 'rom t%e +ate o' t%es*"missio! o' t%e 'irst re&ort a!+ e,er# si mo!t%s t%erea'ter.;it%i! eisti!g reso*res t%e ommissio!ers s%a oet 'rom someor a mortgage oa! ser,iers +ata regar+i!g oa! mo+i'iatio!saom&is%e+ &*rs*a!t to t%is setio! a!+ s%a ma8e t%e +ataa,aia"e o! a! I!ter!et ;e" site at east 1*arter#.

8


9/67

(') T%e Seretar# o' :*si!ess Tra!s&ortatio! a!+ 6o*si!g s%amai!tai! o! a! I!ter!et ;e" site a &*"i# a,aia"e ist +isosi!gt%e 'i!a or+ers gra!ti!g eem&tio!s t%e +ate o' ea% or+er a!+ ai!8 to I!ter!et ;e" sites +esri"i!g t%e oa! mo+i'iatio! &rograms.

(g) !ti


10/67

o' t%e 'oo$i!g7 () ;%et%er or !ot t%e mortgage oa! ser,ier %as o"tai!e+ 'romt%e ommissio!er a 'i!a or tem&orar# or+er o' eem&tio! &*rs*a!t toSetio! 2923.53 t%at is *rre!t a!+ ,ai+ o! t%e +ate t%e !otie o'sae is 'ie+. (2) ;%et%er t%e time'rame 'or gi,i!g !otie o' sae s&ei'ie+ i!s*"+i,isio! (a) o' Setio! 2923.52+oes !ot a& &*rs*a!t to Setio!2923.52or 2923.55. (") Fai*re to om $it% Setio! 2923.52or 2923.53 s%a !oti!,ai+ate a!# sae t%at $o*+ ot%er$ise "e ,ai+ *!+er Setio!2924'. () T%is setio! s%a remai! i! e''et o!# *!ti


11/67

2923.55. Setio! 2923.52s%a !ot a& i' a!# o' t%e 'oo$i!go*rs7 (a) T%e "orro$er %as s*rre!+ere+ t%e &ro&ert# as e,i+e!e+ "#eit%er a etter o!'irmi!g t%e s*rre!+er or +ei,er# o' t%e 8e#s tot%e &ro&ert# to t%e mortgagee tr*stee "e!e'iiar# or a*t%orie+age!t. (") T%e "orro$er %as o!trate+ $it% a! orga!iatio! &erso! ore!tit# $%ose &rimar# "*si!ess is a+,isi!g &eo&e $%o %a,e +ei+e+ toea,e t%eir %omes regar+i!g %o$ to ete!+ t%e 'oreos*re &roess a!+a,oi+ t%eir o!trat*a o"igatio!s to mortgagees or "e!e'iiaries.

() A ase %as "ee! 'ie+ "# t%e "orro$er *!+er C%a&ter = 2or 3 o' Tite o' t%e !ite+ States Code a!+ t%e "a!8r*&t#o*rt %as !ot e!tere+ a! or+er osi!g or +ismissi!g t%e "a!8r*&t#ase or gra!ti!g reie' 'rom a sta# o' 'oreos*re. (+) T%is setio! s%a remai! i! e''et o!# *!ti


12/67

or to se*re t%e &a#me!t o' "o!+s or ot%er e,i+e!es o' i!+e"te+!essa*t%orie+ or &ermitte+ to "e iss*e+ "# t%e Commissio!er o'Cor&oratio!s or is ma+e "# a &*"i *tiit# s*"et to t%e&ro,isio!s o' t%e *"i tiities At *!ti a o' t%e 'oo$i!ga& () T%e tr*stee mortgagee or "e!e'iiar# or a!# o' t%eira*t%orie+ age!ts s%a 'irst 'ie 'or reor+ i! t%e o''ie o' t%ereor+er o' ea% o*!t# $%erei! t%e mortgage+ or tr*st &ro&ert# orsome &art or &are t%ereo' is sit*ate+ a !otie o' +e'a*t. T%at!otie o' +e'a*t s%a i!*+e a o' t%e 'oo$i!g7 (A) A stateme!t i+e!ti'#i!g t%e mortgage or +ee+ o' tr*st "#stati!g t%e !ame or !ames o' t%e tr*stor or tr*stors a!+ gi,i!g t%e"oo8 a!+ &age or i!str*me!t !*m"er i' a&&ia"e $%ere t%emortgage or +ee+ o' tr*st is reor+e+ or a +esri&tio! o' t%emortgage+ or tr*st &ro&ert#. (:) A stateme!t t%at a "rea% o' t%e o"igatio! 'or $%i% t%emortgage or tra!s'er i! tr*st is se*rit# %as o*rre+. (C) A stateme!t setti!g 'ort% t%e !at*re o' ea% "rea% at*a#8!o$! to t%e "e!e'iiar# a!+ o' %is or %er eetio! to se or a*seto "e so+ t%e &ro&ert# to satis'# t%at o"igatio! a!+ a!# ot%er

o"igatio! se*re+ "# t%e +ee+ o' tr*st or mortgage t%at is i!+e'a*t. (D) I' t%e +e'a*t is *ra"e &*rs*a!t to Setio! 2924 t%estateme!t s&ei'ie+ i! &aragra&% () o' s*"+i,isio! (") o' Setio!2924. (2) Not ess t%a! t%ree mo!t%s s%a ea&se 'rom t%e 'ii!g o' t%e!otie o' +e'a*t. (3) Ee&t as &ro,i+e+ i! Setio! 2923.52 a'ter t%e a&se o' t%et%ree mo!t%s +esri"e+ i! &aragra&% (2) t%e mortgagee tr*stee orot%er &erso! a*t%orie+ to ta8e t%e sae s%a gi,e !otie o' saestati!g t%e time a!+ &ae t%ereo' i! t%e ma!!er a!+ 'or a time !otess t%a! t%at set 'ort% i! Setio! 2924'. (") I! &er'ormi!g ats re1*ire+ "# t%is artie t%e tr*stee s%ai!*r !o ia"iit# 'or a!# goo+ 'ait% error res*ti!g 'rom reia!eo! i!'ormatio! &ro,i+e+ i! goo+ 'ait% "# t%e "e!e'iiar# regar+i!gt%e !at*re a!+ t%e amo*!t o' t%e +e'a*t *!+er t%e se*re+o"igatio! +ee+ o' tr*st or mortgage. I! &er'ormi!g t%e atsre1*ire+ "# t%is artie a tr*stee s%a !ot "e s*"et to Tite.> (omme!i!g $it% Setio! =//) o' art 4. () A reita i! t%e +ee+ ee*te+ &*rs*a!t to t%e &o$er o' saeo' om&ia!e $it% a re1*ireme!ts o' a$ regar+i!g t%e maii!g o'o&ies o' !oties or t%e &*"iatio! o' a o o' t%e !otie o'+e'a*t or t%e &erso!a +ei,er# o' t%e o o' t%e !otie o' +e'a*tor t%e &osti!g o' o&ies o' t%e !otie o' sae or t%e &*"iatio! o'a o t%ereo' s%a o!stit*te &rima 'aie e,i+e!e o' om&ia!e$it% t%ese re1*ireme!ts a!+ o!*si,e e,i+e!e t%ereo' i! 'a,or o'"o!a 'i+e &*r%asers a!+ e!*m"ra!ers 'or ,a*e a!+ $it%o*t !otie.

(+) A o' t%e 'oo$i!g s%a o!stit*te &ri,iege+omm*!iatio!s &*rs*a!t to Setio! 4=7 () T%e maii!g &*"iatio! a!+ +ei,er# o' !oties as re1*ire+"# t%is setio!. (2) er'orma!e o' t%e &roe+*res set 'ort% i! t%is artie. (3) er'orma!e o' t%e '*!tio!s a!+ &roe+*res set 'ort% i! t%isartie i' t%ose '*!tio!s a!+ &roe+*res are !eessar# to arr# o*tt%e +*ties +esri"e+ i! Setio!s =29.040 =29.050 a!+ =29.0/0 o' t%eCodeo' Civilroe+*re.

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(e) T%ere is a re"*tta"e &res*m&tio! t%at t%e "e!e'iiar#at*a# 8!e$ o' a *!&ai+ oa! &a#me!ts o! t%e o"igatio! o$e+ tot%e "e!e'iiar# a!+ se*re+ "# t%e +ee+ o' tr*st or mortgage s*"etto t%e !otie o' +e'a*t. 6o$e,er t%e 'ai*re to i!*+e a! at*a#8!o$! +e'a*t s%a !ot i!,ai+ate t%e !otie o' sae a!+ t%e"e!e'iiar# s%a !ot "e &re*+e+ 'rom asserti!g a aim to t%isomitte+ +e'a*t or +e'a*ts i! a se&arate !otie o' +e'a*t. (') T%is setio! s%a remai! i! e''et o!# *!ti


14/67

2924'. (") I! &er'ormi!g ats re1*ire+ "# t%is artie t%e tr*stee s%ai!*r !o ia"iit# 'or a!# goo+ 'ait% error res*ti!g 'rom reia!eo! i!'ormatio! &ro,i+e+ i! goo+ 'ait% "# t%e "e!e'iiar# regar+i!gt%e !at*re a!+ t%e amo*!t o' t%e +e'a*t *!+er t%e se*re+o"igatio! +ee+ o' tr*st or mortgage. I! &er'ormi!g t%e atsre1*ire+ "# t%is artie a tr*stee s%a !ot "e s*"et to Tite.> (omme!i!g $it% Setio! =//) o' art 4. () A reita i! t%e +ee+ ee*te+ &*rs*a!t to t%e &o$er o' saeo' om&ia!e $it% a re1*ireme!ts o' a$ regar+i!g t%e maii!g o'o&ies o' !oties or t%e &*"iatio! o' a o o' t%e !otie o'+e'a*t or t%e &erso!a +ei,er# o' t%e o o' t%e !otie o' +e'a*tor t%e &osti!g o' o&ies o' t%e !otie o' sae or t%e &*"iatio! o'a o t%ereo' s%a o!stit*te &rima 'aie e,i+e!e o' om&ia!e$it% t%ese re1*ireme!ts a!+ o!*si,e e,i+e!e t%ereo' i! 'a,or o'"o!a 'i+e &*r%asers a!+ e!*m"ra!ers 'or ,a*e a!+ $it%o*t !otie.

(+) A o' t%e 'oo$i!g s%a o!stit*te &ri,iege+omm*!iatio!s &*rs*a!t to Setio! 4=7 () T%e maii!g &*"iatio! a!+ +ei,er# o' !oties as re1*ire+

"# t%is setio!. (2) er'orma!e o' t%e &roe+*res set 'ort% i! t%is artie. (3) er'orma!e o' t%e '*!tio!s a!+ &roe+*res set 'ort% i! t%isartie i' t%ose '*!tio!s a!+ &roe+*res are !eessar# to arr# o*tt%e +*ties +esri"e+ i! Setio!s =29.040 =29.050 a!+ =29.0/0 o' t%eCodeo' Civilroe+*re. (e) T%ere is a re"*tta"e &res*m&tio! t%at t%e "e!e'iiar#at*a# 8!e$ o' a *!&ai+ oa! &a#me!ts o! t%e o"igatio! o$e+ tot%e "e!e'iiar# a!+ se*re+ "# t%e +ee+ o' tr*st or mortgage s*"etto t%e !otie o' +e'a*t. 6o$e,er t%e 'ai*re to i!*+e a! at*a#8!o$! +e'a*t s%a !ot i!,ai+ate t%e !otie o' sae a!+ t%e"e!e'iiar# s%a !ot "e &re*+e+ 'rom asserti!g a aim to t%isomitte+ +e'a*t or +e'a*ts i! a se&arate !otie o' +e'a*t. (') T%is setio! s%a "eome o&erati,e o!


15/67

a*t%orie+ age!ts s%a 'irst 'ie 'or reor+ i! t%e o''ie o' t%ereor+er o' ea% o*!t# $%erei! t%e mortgage+ or tr*st &ro&ert# orsome &art or &are t%ereo' is sit*ate+ a !otie o' +e'a*t. T%at!otie o' +e'a*t s%a i!*+e a o' t%e 'oo$i!g7 (A) A stateme!t i+e!ti'#i!g t%e mortgage or +ee+ o' tr*st "#stati!g t%e !ame or !ames o' t%e tr*stor or tr*stors a!+ gi,i!g t%e"oo8 a!+ &age or i!str*me!t !*m"er i' a&&ia"e $%ere t%emortgage or +ee+ o' tr*st is reor+e+ or a +esri&tio! o' t%emortgage+ or tr*st &ro&ert#. (:) A stateme!t t%at a "rea% o' t%e o"igatio! 'or $%i% t%emortgage or tra!s'er i! tr*st is se*rit# %as o*rre+. (C) A stateme!t setti!g 'ort% t%e !at*re o' ea% "rea% at*a#8!o$! to t%e "e!e'iiar# a!+ o' %is or %er eetio! to se or a*seto "e so+ t%e &ro&ert# to satis'# t%at o"igatio! a!+ a!# ot%ero"igatio! se*re+ "# t%e +ee+ o' tr*st or mortgage t%at is i!+e'a*t. (D) I' t%e +e'a*t is *ra"e &*rs*a!t to Setio! 2924 t%estateme!t s&ei'ie+ i! &aragra&% () o' s*"+i,isio! (") o' Setio!2924. (2) Not ess t%a! t%ree mo!t%s s%a ea&se 'rom t%e 'ii!g o' t%e

!otie o' +e'a*t. (3) A'ter t%e a&se o' t%e t%ree mo!t%s +esri"e+ i! &aragra&%(2) t%e mortgagee tr*stee or ot%er &erso! a*t%orie+ to ta8e t%esae s%a gi,e !otie o' sae stati!g t%e time a!+ &ae t%ereo'i! t%e ma!!er a!+ 'or a time !ot ess t%a! t%at set 'ort% i! Setio!2924'. (") I! &er'ormi!g ats re1*ire+ "# t%is artie t%e tr*stee s%ai!*r !o ia"iit# 'or a!# goo+ 'ait% error res*ti!g 'rom reia!eo! i!'ormatio! &ro,i+e+ i! goo+ 'ait% "# t%e "e!e'iiar# regar+i!gt%e !at*re a!+ t%e amo*!t o' t%e +e'a*t *!+er t%e se*re+o"igatio! +ee+ o' tr*st or mortgage. I! &er'ormi!g t%e atsre1*ire+ "# t%is artie a tr*stee s%a !ot "e s*"et to Tite.> (omme!i!g $it% Setio! =//) o' art 4. () A reita i! t%e +ee+ ee*te+ &*rs*a!t to t%e &o$er o' saeo' om&ia!e $it% a re1*ireme!ts o' a$ regar+i!g t%e maii!g o'o&ies o' !oties or t%e &*"iatio! o' a o o' t%e !otie o'+e'a*t or t%e &erso!a +ei,er# o' t%e o o' t%e !otie o' +e'a*tor t%e &osti!g o' o&ies o' t%e !otie o' sae or t%e &*"iatio! o'a o t%ereo' s%a o!stit*te &rima 'aie e,i+e!e o' om&ia!e$it% t%ese re1*ireme!ts a!+ o!*si,e e,i+e!e t%ereo' i! 'a,or o'"o!a 'i+e &*r%asers a!+ e!*m"ra!ers 'or ,a*e a!+ $it%o*t !otie.

(+) A o' t%e 'oo$i!g s%a o!stit*te &ri,iege+omm*!iatio!s &*rs*a!t to Setio! 4=7 () T%e maii!g &*"iatio! a!+ +ei,er# o' !oties as re1*ire+"# t%is setio!. (2) er'orma!e o' t%e &roe+*res set 'ort% i! t%is artie.

(3) er'orma!e o' t%e '*!tio!s a!+ &roe+*res set 'ort% i! t%isartie i' t%ose '*!tio!s a!+ &roe+*res are !eessar# to arr# o*tt%e +*ties +esri"e+ i! Setio!s =29.040 =29.050 a!+ =29.0/0 o' t%eCodeo' Civilroe+*re. (e) T%ere is a re"*tta"e &res*m&tio! t%at t%e "e!e'iiar#at*a# 8!e$ o' a *!&ai+ oa! &a#me!ts o! t%e o"igatio! o$e+ tot%e "e!e'iiar# a!+ se*re+ "# t%e +ee+ o' tr*st or mortgage s*"etto t%e !otie o' +e'a*t. 6o$e,er t%e 'ai*re to i!*+e a! at*a#8!o$! +e'a*t s%a !ot i!,ai+ate t%e !otie o' sae a!+ t%e"e!e'iiar# s%a !ot "e &re*+e+ 'rom asserti!g a aim to t%is

15


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omitte+ +e'a*t or +e'a*ts i! a se&arate !otie o' +e'a*t. (') T%is setio! s%a "eome o&erati,e o!


17/67

o!tai!i!g 'o*r or 'e$er resi+e!tia *!its or o! $%i% 'o*r or 'e$erresi+e!tia *!its are to "e o!str*te+ or i! a!# o"igatio! se*re+"# a!# +ee+ o' tr*st or mortgage o! &ro&ert# o!tai!i!g 'o*r or 'e$erresi+e!tia *!its or o! $%i% 'o*r or 'e$er resi+e!tia *!its are to"e o!str*te+ t%at &ro,i+es 'or t%e aeeratio! o' t%e +*e +ate o't%e o"igatio! *&o! t%e sae o!,e#a!e aie!atio! eases*essio! assig!me!t or ot%er tra!s'er o' t%e &ro&ert# s*"et tot%e +ee+ o' tr*st or mortgage s%a "e ,ai+ *!ess t%e a*se is set'ort% i! its e!tiret# i! "ot% t%e "o+# o' t%e +ee+ o' tr*st ormortgage a!+ t%e &romissor# !ote or ot%er +o*me!t e,i+e!i!g t%ese*re+ o"igatio!. T%is setio! s%a a& to a s*% +ee+s o'tr*st mortgages a!+ o"igatio!s se*re+ t%ere"# ee*te+ o! ora'ter . (a) A! o"igee ma# !ot aeerate t%e mat*rit# +ate o' t%e&ri!i&a a!+ ar*e+ i!terest o! a!# oa! se*re+ "# a mortgage or+ee+ o' tr*st o! resi+e!tia rea &ro&ert# soe# "# reaso! o' a!#o!e or more o' t%e 'oo$i!g tra!s'ers i! t%e tite to t%e rea

&ro&ert#7 () A tra!s'er res*ti!g 'rom t%e +eat% o' a! o"igor $%ere t%etra!s'er is to t%e s&o*se $%o is aso a! o"igor. (2) A tra!s'er "# a! o"igor $%ere t%e s&o*se "eomes a oo$!er o't%e &ro&ert#. (3) A tra!s'er res*ti!g 'rom a +eree o' +isso*tio! o' t%emarriage or ega se&aratio! or 'rom a &ro&ert# setteme!t agreeme!ti!i+e!ta to s*% a +eree $%i% re1*ires t%e o"igor to o!ti!*e toma8e t%e oa! &a#me!ts "# $%i% a s&o*se $%o is a! o"igor "eomest%e soe o$!er o' t%e &ro&ert#. (4) A tra!s'er "# a! o"igor or o"igors i!to a! i!ter ,i,os tr*sti! $%i% t%e o"igor or o"igors are "e!e'iiaries. (5) S*% rea &ro&ert# or a!# &ortio! t%ereo' is ma+e s*"et to a*!ior e!*m"ra!e or ie!. (") A!# $ai,er o' t%e &ro,isio!s o' t%is setio! "# a! o"igor is,oi+ a!+ *!e!'orea"e a!+ is o!trar# to &*"i &oi#. () For t%e &*r&oses o' t%is setio! resi+e!tia rea &ro&ert#mea!s a!# rea &ro&ert# $%i% o!tai!s at east o!e "*t !ot more t%a!'o*r %o*si!g *!its. (+) T%is at a&&ies o!# to oa!s ee*te+ or re'i!a!e+ o! ora'ter .

2924.=. (a) T%e &ro,isio!s o' a!# +ee+ o' tr*st or mortgage o! rea&ro&ert# $%i% a*t%orie a!# "e!e'iiar# tr*stee mortgagee or %isor %er age!t or s*essor i! i!terest to aeerate t%e mat*rit#

+ate o' t%e &ri!i&a a!+ i!terest o! a!# oa! se*re+ t%ere"# or toeerise a!# &o$er o' sae or ot%er reme+# o!tai!e+ t%erei! *&o! t%e'ai*re o' t%e tr*stor or mortgagor to &a# at t%e times &ro,i+e+'or *!+er t%e terms o' t%e +ee+ o' tr*st or mortgage a!# taesre!ts assessme!ts or i!s*ra!e &remi*ms $it% res&et to t%e&ro&ert# or t%e oa! or a!# a+,a!es ma+e "# t%e "e!e'iiar#mortgagee or %is or %er age!t or s*essor i! i!terest s%a "ee!'orea"e $%et%er or !ot im&airme!t o' t%e se*rit# i!terest i! t%e&ro&ert# %as res*te+ 'rom t%e 'ai*re o' t%e tr*stor or mortgagorto &a# t%e taes re!ts assessme!ts i!s*ra!e &remi*ms or

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a+,a!es. (") T%e &ro,isio!s o' a!# +ee+ o' tr*st or mortgage o! rea&ro&ert# $%i% a*t%orie a!# "e!e'iiar# tr*stee mortgagee or %isor %er age!t or s*essor i! i!terest to reei,e a!+ o!tro t%e+is"*rseme!t o' t%e &roee+s o' a!# &oi# o' 'ire 'oo+ or ot%er%aar+ i!s*ra!e res&eti!g t%e &ro&ert# s%a "e e!'orea"e $%et%eror !ot im&airme!t o' t%e se*rit# i!terest i! t%e &ro&ert# %asres*te+ 'rom t%e e,e!t t%at a*se+ t%e &roee+s o' t%e i!s*ra!e&oi# to "eome &a#a"e.

2924./. (a) &o! &osti!g a !otie o' sae &*rs*a!t to Setio!2924' a tr*stee or a*t%orie+ age!t s%a aso &ost t%e 'oo$i!g!otie i! t%e ma!!er re1*ire+ 'or &osti!g t%e !otie o' sae o! t%e&ro&ert# to "e so+ a!+ a mortgagee tr*stee "e!e'iiar# ora*t%orie+ age!t s%a mai at t%e same time i! a! e!,eo&ea++resse+ to t%e Resi+e!t o' &ro&ert# s*"et to 'oreos*re saet%e 'oo$i!g !otie i! E!gis% a!+ t%e a!g*ages +esri"e+ i!Setio! >327 Foreos*re &roess %as "eg*! o! t%is &ro&ert# $%i%

ma# a''et #o*r rig%t to o!ti!*e to i,e i! t%is &ro&ert#. T$e!t#+a#s or more a'ter t%e +ate o' t%is !otie t%is &ro&ert# ma# "e so+at 'oreos*re. I' #o* are re!ti!g t%is &ro&ert# t%e !e$ &ro&ert#o$!er ma# eit%er gi,e #o* a !e$ ease or re!ta agreeme!t or &ro,i+e#o* $it% a >0-+a# e,itio! !otie. 6o$e,er ot%er a$s ma# &ro%i"ita! e,itio! i! t%is ir*msta!e or &ro,i+e #o* $it% a o!ger !otie"e'ore e,itio!. Bo* ma# $is% to o!tat a a$#er or #o*r oa egaai+ or %o*si!g o*!sei!g age!# to +is*ss a!# rig%ts #o* ma# %a,e.

(") It s%a "e a! i!'ratio! to tear +o$! t%e !otie +esri"e+ i!s*"+i,isio! (a) $it%i! =2 %o*rs o' &osti!g. @ioators s%a "es*"et to a 'i!e o' o!e %*!+re+ +oars (00). () A state go,er!me!t e!tit# s%a ma8e a,aia"e tra!satio!s o't%e !otie +esri"e+ i! s*"+i,isio! (a) $%i% ma# "e *se+ "# amortgagee tr*stee "e!e'iiar# or a*t%orie+ age!t to satis'# t%ere1*ireme!ts o' t%is setio!. (+) T%is setio! s%a o!# a& to oa!s se*re+ "# resi+e!tiarea &ro&ert# a!+ i' t%e "ii!g a++ress 'or t%e mortgage !ote is+i''ere!t t%a! t%e &ro&ert# a++ress. (e) T%is setio! s%a remai! i! e''et o!# *!ti


19/67

&ro,i+e+ i! Setio! 2924 ma# at a!# time s*"se1*e!t to reor+atio!o' t%e +ee+ o' tr*st or mortgage a!+ &rior to reor+atio! o' !otieo' +e'a*t t%ere*!+er a*se to "e 'ie+ 'or reor+ i! t%e o''ie o't%e reor+er o' a!# o*!t# i! $%i% a!# &art or &are o' t%e rea&ro&ert# is sit*ate+ a +*# a8!o$e+ge+ re1*est 'or a o o' t%e!otie o' +e'a*t a!+ o' sae. T%is re1*est s%a "e sig!e+ a!+a8!o$e+ge+ "# t%e &erso! ma8i!g t%e re1*est s&ei'#i!g t%e !amea!+ a++ress o' t%e &erso! to $%om t%e !otie is to "e maie+ s%ai+e!ti'# t%e +ee+ o' tr*st or mortgage "# stati!g t%e !ames o' t%e&arties t%ereto t%e +ate o' reor+atio! t%ereo' a!+ t%e "oo8 a!+&age $%ere t%e +ee+ o' tr*st or mortgage is reor+e+ or t%e reor+ers !*m"er a!+ s%a "e i! s*"sta!tia# t%e 'oo$i!g 'orm7

I! aor+a!e $it% Setio! 2924" CivilCodere1*est is %ere"#ma+e t%at a o o' a!# !otie o' +e'a*t a!+ ao o' a!# !otie o' sae*!+er t%e +ee+ o' tr*st (or mortgage) reor+e+ i! :oo8

&age reor+s o' Co*!t# (or'ie+ 'or reor+ $it%reor+ers seria !*m"er Co*!t#)Cai'or!ia ee*te+"# as tr*stor (or mortgagor) i! $%i% is !ame+ as"e!e'iiar# (or mortgagee) a!+ astr*stee "e maie+ to at . Name A++ress

NOTICE7 A o o' a!# !otie o' +e'a*ta!+ o' a!# !otie o' sae $i "ese!t o!# to t%e a++ress o!tai!e+ i! t%isreor+e+ re1*est. I' #o*r a++ress %a!ges a !e$re1*est m*st "e reor+e+.

Sig!at*re

&o! t%e 'ii!g 'or reor+ o' t%e re1*est t%e reor+er s%ai!+e i! t%e ge!era i!+e o' gra!tors t%e !ames o' t%e tr*stors (ormortgagor) reite+ t%erei! a!+ t%e !ames o' &erso!s re1*esti!go&ies. (") T%e mortgagee tr*stee or ot%er &erso! a*t%orie+ to reor+t%e !otie o' +e'a*t or t%e !otie o' sae s%a +o ea% o' t%e'oo$i!g7 () ;it%i! 0 "*si!ess +a#s 'oo$i!g reor+atio! o' t%e !otie o'

+e'a*t +e&osit or a*se to "e +e&osite+ i! t%e !ite+ States maia! e!,eo&e se!t "# registere+ or erti'ie+ mai $it% &ostage&re&ai+ o!tai!i!g a o o' t%e !otie $it% t%e reor+i!g +ates%o$! t%ereo! a++resse+ to ea% &erso! $%ose !ame a!+ a++ress areset 'ort% i! a +*# reor+e+ re1*est t%ere'or +irete+ to t%ea++ress +esig!ate+ i! t%e re1*est a!+ to ea% tr*stor or mortgagor at%is or %er ast 8!o$! a++ress i' +i''ere!t t%a! t%e a++resss&ei'ie+ i! t%e +ee+ o' tr*st or mortgage $it% &o$er o' sae. (2) At east 20 +a#s "e'ore t%e +ate o' sae +e&osit or a*se to"e +e&osite+ i! t%e !ite+ States mai a! e!,eo&e se!t "#

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registere+ or erti'ie+ mai $it% &ostage &re&ai+ o!tai!i!g a oo' t%e !otie o' t%e time a!+ &ae o' sae a++resse+ to ea% &erso!$%ose !ame a!+ a++ress are set 'ort% i! a +*# reor+e+ re1*estt%ere'or +irete+ to t%e a++ress +esig!ate+ i! t%e re1*est a!+ toea% tr*stor or mortgagor at %is or %er ast 8!o$! a++ress i'+i''ere!t t%a! t%e a++ress s&ei'ie+ i! t%e +ee+ o' tr*st or mortgage$it% &o$er o' sae. (3) As *se+ i! &aragra&%s () a!+ (2) t%e ast 8!o$! a++ress o'ea% tr*stor or mortgagor mea!s t%e ast "*si!ess or resi+e!e&%#sia a++ress at*a# 8!o$! "# t%e mortgagee "e!e'iiar#tr*stee or ot%er &erso! a*t%orie+ to reor+ t%e !otie o' +e'a*t.For t%e &*r&oses o' t%is s*"+i,isio! a! a++ress is at*a# 8!o$!i' it is o!tai!e+ i! t%e origi!a +ee+ o' tr*st or mortgage or i!a!# s*"se1*e!t $ritte! !oti'iatio! o' a %a!ge o' &%#sia a++ress'rom t%e tr*stor or mortgagor &*rs*a!t to t%e +ee+ o' tr*st ormortgage. For t%e &*r&oses o' t%is s*"+i,isio! &%#sia a++ress+oes !ot i!*+e a! e-mai or a!# 'orm o' eetro!i a++ress 'or atr*stor or mortgagor. T%e "e!e'iiar# s%a i!'orm t%e tr*stee o' t%etr*stors ast a++ress at*a# 8!o$! "# t%e "e!e'iiar#. 6o$e,ert%e tr*stee s%a i!*r !o ia"iit# 'or 'aii!g to se!+ a!# !otie

to t%e ast a++ress *!ess t%e tr*stee %as at*a 8!o$e+ge o' it. (4) A &erso! a*t%orie+ to reor+ t%e !otie o' +e'a*t or t%e!otie o' sae s%a i!*+e a! age!t 'or t%e mortgagee or"e!e'iiar# a! age!t o' t%e !ame+ tr*stee a!# &erso! +esig!ate+ i!a! ee*te+ s*"stit*tio! o' tr*stee or a! age!t o' t%at s*"stit*te+tr*stee. () T%e mortgagee tr*stee or ot%er &erso! a*t%orie+ to reor+t%e !otie o' +e'a*t or t%e !otie o' sae s%a +o t%e 'oo$i!g7 () ;it%i! o!e mo!t% 'oo$i!g reor+atio! o' t%e !otie o'+e'a*t +e&osit or a*se to "e +e&osite+ i! t%e !ite+ States maia! e!,eo&e se!t "# registere+ or erti'ie+ mai $it% &ostage&re&ai+ o!tai!i!g a o o' t%e !otie $it% t%e reor+i!g +ates%o$! t%ereo! a++resse+ to ea% &erso! set 'ort% i! &aragra&% (2)&ro,i+e+ t%at t%e estate or i!terest o' a!# &erso! e!tite+ toreei,e !otie *!+er t%is s*"+i,isio! is a1*ire+ "# a! i!str*me!ts*''iie!t to im&art o!str*ti,e !otie o' t%e estate or i!terest i!t%e a!+ or &ortio! t%ereo' t%at is s*"et to t%e +ee+ o' tr*st ormortgage "ei!g 'oreose+ a!+ &ro,i+e+ t%e i!str*me!t is reor+e+ i!t%e o''ie o' t%e o*!t# reor+er so as to im&art t%at o!str*ti,e!otie &rior to t%e reor+i!g +ate o' t%e !otie o' +e'a*t a!+&ro,i+e+ t%e i!str*me!t as so reor+e+ sets 'ort% a maii!g a++resst%at t%e o*!t# reor+er s%a *se as i!str*te+ $it%i! t%ei!str*me!t 'or t%e ret*r! o' t%e i!str*me!t a'ter reor+i!g a!+$%i% a++ress s%a "e t%e a++ress *se+ 'or t%e &*r&oses o' maii!g!oties %erei!. (2) T%e &erso!s to $%om !otie s%a "e maie+ *!+er t%iss*"+i,isio! are7

(A) T%e s*essor i! i!terest as o' t%e reor+i!g +ate o' t%e!otie o' +e'a*t o' t%e estate or i!terest or a!# &ortio! t%ereo'o' t%e tr*stor or mortgagor o' t%e +ee+ o' tr*st or mortgage "ei!g'oreose+. (:) T%e "e!e'iiar# or mortgagee o' a!# +ee+ o' tr*st or mortgagereor+e+ s*"se1*e!t to t%e +ee+ o' tr*st or mortgage "ei!g'oreose+ or reor+e+ &rior to or o!*rre!t# $it% t%e +ee+ o'tr*st or mortgage "ei!g 'oreose+ "*t s*"et to a reor+e+agreeme!t or a reor+e+ stateme!t o' s*"or+i!atio! to t%e +ee+ o'tr*st or mortgage "ei!g 'oreose+.

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(C) T%e assig!ee o' a!# i!terest o' t%e "e!e'iiar# or mortgagee+esri"e+ i! s*"&aragra&% (:) as o' t%e reor+i!g +ate o' t%e !otieo' +e'a*t. (D) T%e ,e!+ee o' a!# o!trat o' sae or t%e essee o' a!#ease o' t%e estate or i!terest "ei!g 'oreose+ t%at is reor+e+s*"se1*e!t to t%e +ee+ o' tr*st or mortgage "ei!g 'oreose+ orreor+e+ &rior to or o!*rre!t# $it% t%e +ee+ o' tr*st or mortgage"ei!g 'oreose+ "*t s*"et to a reor+e+ agreeme!t or stateme!t o's*"or+i!atio! to t%e +ee+ o' tr*st or mortgage "ei!g 'oreose+. (E) T%e s*essor i! i!terest to t%e ,e!+ee or essee +esri"e+ i!s*"&aragra&% (D) as o' t%e reor+i!g +ate o' t%e !otie o' +e'a*t.

(F) T%e o''ie o' t%e Co!troer Sarame!to Cai'or!ia $%ereas o' t%e reor+i!g +ate o' t%e !otie o' +e'a*t a Notie o' Lie!'or ost&o!e+ ro&ert# Taes %as "ee! reor+e+ agai!st t%e rea&ro&ert# to $%i% t%e !otie o' +e'a*t a&&ies. (3) At east 20 +a#s "e'ore t%e +ate o' sae +e&osit or a*se to"e +e&osite+ i! t%e !ite+ States mai a! e!,eo&e se!t "#registere+ or erti'ie+ mai $it% &ostage &re&ai+ o!tai!i!g a oo' t%e !otie o' t%e time a!+ &ae o' sae a++resse+ to ea% &erso!

to $%om a o o' t%e !otie o' +e'a*t is to "e maie+ as &ro,i+e+i! &aragra&%s () a!+ (2) a!+ a++resse+ to t%e o''ie o' a!# statetai!g age!# Sarame!to Cai'or!ia t%at %as reor+e+ s*"se1*e!tto t%e +ee+ o' tr*st or mortgage "ei!g 'oreose+ a !otie o' taie! &rior to t%e reor+i!g +ate o' t%e !otie o' +e'a*t agai!st t%erea &ro&ert# to $%i% t%e !otie o' +e'a*t a&&ies. (4) ro,i+e a o o' t%e !otie o' sae to t%e I!ter!a Re,e!*eSer,ie i! aor+a!e $it% Setio! =425 o' t%e I!ter!a Re,e!*e Codea!+ a!# a&&ia"e 'e+era reg*atio! i' a Notie o' Fe+era TaLie! *!+er I!ter!a Re,e!*e La$s %as "ee! reor+e+ s*"se1*e!t tot%e +ee+ o' tr*st or mortgage "ei!g 'oreose+ agai!st t%e rea&ro&ert# to $%i% t%e !otie o' sae a&&ies. T%e 'ai*re to &ro,i+et%e I!ter!a Re,e!*e Ser,ie $it% a o o' t%e !otie o' sae&*rs*a!t to t%is &aragra&% s%a "e s*''iie!t a*se to resi!+ t%etr*stees sae a!+ i!,ai+ate t%e tr*stees +ee+ at t%e o&tio! o'eit%er t%e s*ess'* "i++er at t%e tr*stees sae or t%e tr*steea!+ i! eit%er ase $it% t%e o!se!t o' t%e "e!e'iiar#. A!# o&tio! toresi!+ t%e tr*stees sae &*rs*a!t to t%is &aragra&% s%a "eeerise+ &rior to a!# tra!s'er o' t%e &ro&ert# "# t%e s*ess'*"i++er to a "o!a 'i+e &*r%aser 'or ,a*e. A reisio! o' t%e tr*stees sae &*rs*a!t to t%is &aragra&% ma# "e reor+e+ i! a !otie o'reisio! &*rs*a!t to Setio! 05/.5. (5) T%e maii!g o' !oties i! t%e ma!!er set 'ort% i! &aragra&%() s%a !ot im&ose *&o! a!# ie!se+ attor!e# age!t or em&o#eeo' a!# &erso! e!tite+ to reei,e !oties as %erei! set 'ort% a!#+*t# to omm*!iate t%e !otie to t%e e!tite+ &erso! 'rom t%e 'att%at t%e maii!g a++ress *se+ "# t%e o*!t# reor+er is t%e a++ress

o' t%e attor!e# age!t or em&o#ee. (+) A!# +ee+ o' tr*st or mortgage $it% &o$er o' sae %erea'teree*te+ *&o! rea &ro&ert# or a! estate 'or #ears t%erei! ma#o!tai! a re1*est t%at a o o' a!# !otie o' +e'a*t a!+ a o o'a!# !otie o' sae t%ere*!+er s%a "e maie+ to a!# &erso! or &art#t%ereto at t%e a++ress o' t%e &erso! gi,e! t%erei! a!+ a o o' a!#!otie o' +e'a*t a!+ o' a!# !otie o' sae s%a "e maie+ to ea%o' t%ese at t%e same time a!+ i! t%e same ma!!er re1*ire+ as t%o*g% ase&arate re1*est t%ere'or %a+ "ee! 'ie+ "# ea% o' t%ese &erso!s as%erei! a*t%orie+. I' a!# +ee+ o' tr*st or mortgage $it% &o$er o'

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sae ee*te+ a'ter Se&tem"er 9 939 ee&t a +ee+ o' tr*st ormortgage o' a!# o' t%e asses ee&te+ 'rom t%e &ro,isio!s o'Setio! 2924 +oes !ot o!tai! a maii!g a++ress o' t%e tr*stor ormortgagor t%erei! !ame+ a!+ i' !o re1*est 'or s&eia !otie "# t%etr*stor or mortgagor i! s*"sta!tia# t%e 'orm set 'ort% i! t%issetio! %as s*"se1*e!t# "ee! reor+e+ a o o' t%e !otie o'+e'a*t s%a "e &*"is%e+ o!e a $ee8 'or at east 'o*r $ee8s i! a!e$s&a&er o' ge!era ir*atio! i! t%e o*!t# i! $%i% t%e &ro&ert#is sit*ate+ t%e &*"iatio! to omme!e $it%i! 0 "*si!ess +a#sa'ter t%e 'ii!g o' t%e !otie o' +e'a*t. I! ie* o' &*"iatio! ao o' t%e !otie o' +e'a*t ma# "e +ei,ere+ &erso!a# to t%etr*stor or mortgagor $it%i! t%e 0 "*si!ess +a#s or at a!# time"e'ore &*"iatio! is om&ete+ or "# &osti!g t%e !otie o' +e'a*ti! a o!s&i*o*s &ae o! t%e &ro&ert# a!+ maii!g t%e !otie to t%east 8!o$! a++ress o' t%e tr*stor or mortgagor. (e) A!# &erso! re1*ire+ to mai a o o' a !otie o' +e'a*t or!otie o' sae to ea% tr*stor or mortgagor &*rs*a!t to s*"+i,isio!(") or () "# registere+ or erti'ie+ mai s%a sim*ta!eo*s# a*seto "e +e&osite+ i! t%e !ite+ States mai $it% &ostage &re&ai+ a!+maie+ "# 'irst-ass mai a! e!,eo&e o!tai!i!g a! a++itio!a o

o' t%e re1*ire+ !otie a++resse+ to ea% tr*stor or mortgagor at t%esame a++ress to $%i% t%e !otie is se!t "# registere+ or erti'ie+mai &*rs*a!t to s*"+i,isio! (") or (). T%e &erso! s%a ee*te a!+retai! a! a''i+a,it i+e!ti'#i!g t%e !otie maie+ s%o$i!g t%e !amea!+ resi+e!e or "*si!ess a++ress o' t%at &erso! t%at %e or s%e iso,er t%e age o' / #ears t%e +ate o' +e&osit i! t%e mai t%e !amea!+ a++ress o' t%e tr*stor or mortgagor to $%om se!t a!+ t%at t%ee!,eo&e $as seae+ a!+ +e&osite+ i! t%e mai $it% &ostage '*#&re&ai+. I! t%e a"se!e o' 'ra*+ t%e a''i+a,it re1*ire+ "# t%iss*"+i,isio! s%a esta"is% a o!*si,e &res*m&tio! o' maii!g. (') ;it% res&et to se&arate i!terests go,er!e+ "# a! assoiatio!as +e'i!e+ i! s*"+i,isio! (a) o' Setio! 35 t%e assoiatio! ma#a*se to "e 'ie+ i! t%e o''ie o' t%e reor+er i! t%e o*!t# i!$%i% t%e se&arate i!terests are sit*ate+ a re1*est t%at a mortgageetr*stee or ot%er &erso! a*t%orie+ to reor+ a !otie o' +e'a*tregar+i!g a!# o' t%ose se&arate i!terests mai to t%e assoiatio! ao o' a!# tr*stees +ee+ *&o! sae o!er!i!g a se&arate i!terest.T%e re1*est s%a i!*+e a ega +esri&tio! or t%e assessors&are !*m"er o' t%e se&arate i!terests. A re1*est reor+e+ &*rs*a!tto t%is s*"+i,isio! s%a i!*+e t%e !ame a!+ a++ress o' t%eassoiatio! a!+ a stateme!t t%at it is a %omeo$!ers assoiatio!.S*"se1*e!t re1*ests o' a! assoiatio! s%a s*&erse+e &rior re1*ests.A re1*est &*rs*a!t to t%is s*"+i,isio! s%a "e reor+e+ "e'ore t%e'ii!g o' a !otie o' +e'a*t. T%e mortgagee tr*stee or ot%era*t%orie+ &erso! s%a mai t%e re1*este+ i!'ormatio! to t%eassoiatio! $it%i! 5 "*si!ess +a#s 'oo$i!g t%e +ate t%e tr*stees+ee+ is reor+e+. Fai*re to mai t%e re1*est &*rs*a!t to t%is

s*"+i,isio! s%a !ot a''et t%e tite to rea &ro&ert#. (g) No re1*est 'or a o o' a!# !otie 'ie+ 'or reor+ &*rs*a!tto t%is setio! !o stateme!t or aegatio! i! t%e re1*est a!+ !oreor+ t%ereo' s%a a''et t%e tite to rea &ro&ert# or "e +eeme+!otie to a!# &erso! t%at a!# &erso! re1*esti!g o&ies o' !otie %asor aims a!# rig%t tite or i!terest i! or ie! or %arge *&o!t%e &ro&ert# +esri"e+ i! t%e +ee+ o' tr*st or mortgage re'erre+ tot%erei!. (%) :*si!ess +a# as *se+ i! t%is setio! %as t%e mea!i!gs&ei'ie+ i! Setio! 9.

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2924. (a) () ;%e!e,er a or a &ortio! o' t%e &ri!i&a s*m o'a!# o"igatio! se*re+ "# +ee+ o' tr*st or mortgage o! rea &ro&ert#or a! estate 'or #ears t%erei! %erea'ter ee*te+ %as &rior to t%emat*rit# +ate 'ie+ i! t%at o"igatio! "eome +*e or "ee! +eare++*e "# reaso! o' +e'a*t i! &a#me!t o' i!terest or o' a!# i!stame!to' &ri!i&a or "# reaso! o' 'ai*re o' tr*stor or mortgagor to&a# i! aor+a!e $it% t%e terms o' t%at o"igatio! or o' t%e +ee+o' tr*st or mortgage taes assessme!ts &remi*ms 'or i!s*ra!e ora+,a!es ma+e "# "e!e'iiar# or mortgagee i! aor+a!e $it% t%eterms o' t%at o"igatio! or o' t%e +ee+ o' tr*st or mortgage t%etr*stor or mortgagor or %is or %er s*essor i! i!terest i! t%emortgage+ or tr*st &ro&ert# or a!# &art t%ereo' or a!# "e!e'iiar#*!+er a s*"or+i!ate +ee+ o' tr*st or a!# ot%er &erso! %a,i!g as*"or+i!ate ie! or e!*m"ra!e o' reor+ t%ereo! at a!# time $it%i!t%e &erio+ s&ei'ie+ i! s*"+i,isio! (e) i' t%e &o$er o' saet%erei! is to "e eerise+ or ot%er$ise at a!# time &rior to e!tr#o' t%e +eree o' 'oreos*re ma# &a# to t%e "e!e'iiar# or t%e

mortgagee or t%eir s*essors i! i!terest res&eti,e# t%e e!tireamo*!t +*e at t%e time &a#me!t is te!+ere+ $it% res&et to (A) aamo*!ts o' &ri!i&a i!terest taes assessme!ts i!s*ra!e&remi*ms or a+,a!es at*a# 8!o$! "# t%e "e!e'iiar# to "e a!+t%at are i! +e'a*t a!+ s%o$! i! t%e !otie o' +e'a*t *!+er t%eterms o' t%e +ee+ o' tr*st or mortgage a!+ t%e o"igatio! se*re+t%ere"# (:) a amo*!ts i! +e'a*t o! re*rri!g o"igatio!s !ots%o$! i! t%e !otie o' +e'a*t a!+ (C) a reaso!a"e osts a!+e&e!ses s*"et to s*"+i,isio! () $%i% are at*a# i!*rre+ i!e!'ori!g t%e terms o' t%e o"igatio! +ee+ o' tr*st or mortgagea!+ tr*stees or attor!e#s 'ees s*"et to s*"+i,isio! (+) ot%ert%a! t%e &ortio! o' &ri!i&a as $o*+ !ot t%e! "e +*e %a+ !o +e'a*to*rre+ a!+ t%ere"# *re t%e +e'a*t t%ereto'ore eisti!g a!+t%ere*&o! a &roee+i!gs t%ereto'ore %a+ or i!stit*te+ s%a "e+ismisse+ or +iso!ti!*e+ a!+ t%e o"igatio! a!+ +ee+ o' tr*st ormortgage s%a "e rei!state+ a!+ s%a "e a!+ remai! i! 'ore a!+e''et t%e same as i' t%e aeeratio! %a+ !ot o*rre+. T%issetio! +oes !ot a& to "o!+s or ot%er e,i+e!es o' i!+e"te+!essa*t%orie+ or &ermitte+ to "e iss*e+ "# t%e Commissio!er o'Cor&oratio!s or ma+e "# a &*"i *tiit# s*"et to t%e *"itiities Code. For t%e &*r&oses o' t%is s*"+i,isio! t%e termre*rri!g o"igatio! mea!s a amo*!ts o' &ri!i&a a!+ i!terest o!t%e oa! or re!ts s*"et to t%e +ee+ o' tr*st or mortgage i!+e'a*t +*e a'ter t%e !otie o' +e'a*t is reor+e+ a amo*!ts o'&ri!i&a a!+ i!terest or re!ts a+,a!e+ o! se!ior ie!s orease%o+s $%i% are a+,a!e+ a'ter t%e reor+atio! o' t%e !otie o'+e'a*t a!+ &a#me!ts o' taes assessme!ts a!+ %aar+ i!s*ra!e

a+,a!e+ a'ter reor+atio! o' t%e !otie o' +e'a*t. ;%ere t%e"e!e'iiar# or mortgagee %as ma+e !o a+,a!es o! +e'a*ts $%i% $o*+o!stit*te re*rri!g o"igatio!s t%e "e!e'iiar# or mortgagee ma#re1*ire t%e tr*stor or mortgagor to &ro,i+e reia"e $ritte! e,i+e!et%at t%e amo*!ts %a,e "ee! &ai+ &rior to rei!stateme!t. (2) I' t%e tr*stor mortgagor or ot%er &erso! a*t%orie+ to *ret%e +e'a*t &*rs*a!t to t%is s*"+i,isio! +oes *re t%e +e'a*t t%e"e!e'iiar# or mortgagee or t%e age!t 'or t%e "e!e'iiar# ormortgagee s%a $it%i! 2 +a#s 'oo$i!g t%e rei!stateme!t ee*tea!+ +ei,er to t%e tr*stee a !otie o' resissio! $%i% resi!+s t%e

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+earatio! o' +e'a*t a!+ +ema!+ 'or sae a!+ a+,ises t%e tr*stee o't%e +ate o' rei!stateme!t. T%e tr*stee s%a a*se t%e !otie o'resissio! to "e reor+e+ $it%i! 30 +a#s o' reei&t o' t%e !otie o'resissio! a!+ o' a ao$a"e 'ees a!+ osts. No %arge ee&t 'or t%e reor+i!g 'ee s%a "e ma+e agai!st t%etr*stor or mortgagor 'or t%e ee*tio! a!+ reor+atio! o' t%e !otie$%i% resi!+s t%e +earatio! o' +e'a*t a!+ +ema!+ 'or sae. (") () T%e !otie o' a!# +e'a*t +esri"e+ i! t%is setio!reor+e+ &*rs*a!t to Setio! 2924 a!+ maie+ to a!# &erso! &*rs*a!tto Setio! 2924" s%a "egi! $it% t%e 'oo$i!g stateme!t &ri!te+or t#&e+ t%ereo!7 I?ORTANT NOTICE (4-&oi!t "o+'ae t#&e i' &ri!te+ or i!a&ita etters i' t#&e+)

IF BOR ROERTB IS IN FORECLOSRE :ECASE BO ARE :E6IND IN BORAB?ENTS IT ?AB :E SOLD ;IT6OT ANB CORT ACTION (4-&oi!t "o+'aet#&e i' &ri!te+ or i! a&ita etters i' t#&e+) a!+ #o* ma# %a,e t%eega rig%t to "ri!g #o*r ao*!t i! goo+ sta!+i!g "# &a#i!g a o'#o*r &ast +*e &a#me!ts &*s &ermitte+ osts a!+ e&e!ses $it%i! t%etime &ermitte+ "# a$ 'or rei!stateme!t o' #o*r ao*!t $%i% is

!orma# 'i,e "*si!ess +a#s &rior to t%e +ate set 'or t%e sae o'#o*r &ro&ert#. No sae +ate ma# "e set *!ti t%ree mo!t%s 'rom t%e+ate t%is !otie o' +e'a*t ma# "e reor+e+ ($%i% +ate o'reor+atio! a&&ears o! t%is !otie).

T%is amo*!t is as o' (Date)a!+ $i i!rease *!ti #o*r ao*!t "eomes *rre!t.

;%ie #o*r &ro&ert# is i! 'oreos*re #o* sti m*st &a# ot%ero"igatio!s (s*% as i!s*ra!e a!+ taes) re1*ire+ "# #o*r !ote a!++ee+ o' tr*st or mortgage. I' #o* 'ai to ma8e '*t*re &a#me!ts o!t%e oa! &a# taes o! t%e &ro&ert# &ro,i+e i!s*ra!e o! t%e&ro&ert# or &a# ot%er o"igatio!s as re1*ire+ i! t%e !ote a!+ +ee+o' tr*st or mortgage t%e "e!e'iiar# or mortgagee ma# i!sist t%at#o* +o so i! or+er to rei!state #o*r ao*!t i! goo+ sta!+i!g. I!a++itio! t%e "e!e'iiar# or mortgagee ma# re1*ire as a o!+itio! torei!stateme!t t%at #o* &ro,i+e reia"e $ritte! e,i+e!e t%at #o*&ai+ a se!ior ie!s &ro&ert# taes a!+ %aar+ i!s*ra!e &remi*ms.

&o! #o*r $ritte! re1*est t%e "e!e'iiar# or mortgagee $i gi,e#o* a $ritte! itemiatio! o' t%e e!tire amo*!t #o* m*st &a#. Bo* ma#!ot %a,e to &a# t%e e!tire *!&ai+ &ortio! o' #o*r ao*!t e,e!t%o*g% '* &a#me!t $as +ema!+e+ "*t #o* m*st &a# a amo*!ts i!+e'a*t at t%e time &a#me!t is ma+e. 6o$e,er #o* a!+ #o*r"e!e'iiar# or mortgagee ma# m*t*a# agree i! $riti!g &rior to t%e

time t%e !otie o' sae is &oste+ ($%i% ma# !ot "e earier t%a! t%ee!+ o' t%e t%ree-mo!t% &erio+ state+ a"o,e) to amo!g ot%er t%i!gs() &ro,i+e a++itio!a time i! $%i% to *re t%e +e'a*t "# tra!s'ero' t%e &ro&ert# or ot%er$ise or (2) esta"is% a s%e+*e o' &a#me!tsi! or+er to *re #o*r +e'a*t or "ot% () a!+ (2). Foo$i!g t%e e&iratio! o' t%e time &erio+ re'erre+ to i! t%e'irst &aragra&% o' t%is !otie *!ess t%e o"igatio! "ei!g'oreose+ *&o! or a se&arate $ritte! agreeme!t "et$ee! #o* a!+ #o*rre+itor &ermits a o!ger &erio+ #o* %a,e o!# t%e ega rig%t tosto& t%e sae o' #o*r &ro&ert# "# &a#i!g t%e e!tire amo*!t +ema!+e+

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"# #o*r re+itor. To 'i!+ o*t t%e amo*!t #o* m*st &a# or to arra!ge 'or &a#me!t tosto& t%e 'oreos*re or i' #o*r &ro&ert# is i! 'oreos*re 'or a!#ot%er reaso! o!tat7

(Name o' "e!e'iiar# or mortgagee)

(?aii!g a++ress)

(Tee&%o!e)

I' #o* %a,e a!# 1*estio!s #o* s%o*+ o!tat a a$#er or t%ego,er!me!ta age!# $%i% ma# %a,e i!s*re+ #o*r oa!. Not$it%sta!+i!g t%e 'at t%at #o*r &ro&ert# is i! 'oreos*re #o*ma# o''er #o*r &ro&ert# 'or sae &ro,i+e+ t%e sae is o!*+e+&rior to t%e o!*sio! o' t%e 'oreos*re.

Remem"er BO ?AB LOSE LEAL RI6TS IF BO DO NOT TAGE RO?TACTION. (4-&oi!t "o+'ae t#&e i' &ri!te+ or i! a&ita etters i't#&e+)

!ess ot%er$ise s&ei'ie+ t%e !otie i' &ri!te+ s%a a&&eari! at east 2-&oi!t "o+'ae t#&e. I' t%e o"igatio! se*re+ "# t%e +ee+ o' tr*st or mortgage is ao!trat or agreeme!t +esri"e+ i! &aragra&% () or (4) o's*"+i,isio! (a) o' Setio! >32 t%e !otie re1*ire+ %erei! s%a "ei! S&a!is% i' t%e tr*stor re1*este+ a S&a!is% a!g*age tra!satio! o't%e o!trat or agreeme!t &*rs*a!t to Setio! >32. I' t%eo"igatio! se*re+ "# t%e +ee+ o' tr*st or mortgage is o!tai!e+ i! a%ome im&ro,eme!t o!trat as +e'i!e+ i! Setio!s =5.2 a!+ =59 o't%e :*si!ess a!+ ro'essio!s Code $%i% is s*"et to Tite 2(omme!i!g $it% Setio! /0) t%e seer s%a s&ei'# o! t%eo!trat $%et%er or !ot t%e o!trat $as &ri!i&a# !egotiate+ i!S&a!is% a!+ i' t%e o!trat $as &ri!i&a# !egotiate+ i! S&a!is%t%e !otie re1*ire+ %erei! s%a "e i! S&a!is%. No assig!ee o' t%eo!trat or &erso! a*t%orie+ to reor+ t%e !otie o' +e'a*t s%ai!*r a!# o"igatio! or ia"iit# 'or 'aii!g to mai a !otie i!S&a!is% *!ess S&a!is% is s&ei'ie+ i! t%e o!trat or t%e assig!eeor &erso! %as at*a 8!o$e+ge t%at t%e se*re+ o"igatio! $as&ri!i&a# !egotiate+ i! S&a!is%. !ess s&ei'ie+ i! $riti!g tot%e o!trar# a o o' t%e !otie re1*ire+ "# s*"+i,isio! () o'Setio! 2924" s%a "e i! E!gis%. (2) A!# 'ai*re to om $it% t%e &ro,isio!s o' t%is s*"+i,isio!s%a !ot a''et t%e ,ai+it# o' a sae i! 'a,or o' a "o!a 'i+e

&*r%aser or t%e rig%ts o' a! e!*m"ra!er 'or ,a*e a!+ $it%o*t!otie. () Costs a!+ e&e!ses $%i% ma# "e %arge+ &*rs*a!t to Setio!s2924 to 2924i i!*si,e s%a "e imite+ to t%e osts i!*rre+ 'orreor+i!g maii!g i!*+i!g erti'ie+ a!+ e&ress mai %arges&*"is%i!g a!+ &osti!g !oties re1*ire+ "# Setio!s 2924 to 2924ii!*si,e &ost&o!eme!t &*rs*a!t to Setio! 2924g !ot to eee+ 'i't#+oars (50) &er &ost&o!eme!t a!+ a 'ee 'or a tr*stees saeg*ara!tee or i! t%e e,e!t o' *+iia 'oreos*re a itigatio!g*ara!tee. For &*r&oses o' t%is s*"+i,isio! a tr*stee or

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"e!e'iiar# ma# &*r%ase a tr*stees sae g*ara!tee at a rate meeti!gt%e sta!+ar+s o!tai!e+ i! Setio!s 240. a!+ 240.3 o' t%eI!s*ra!e Code. (+) Tr*stees or attor!e#s 'ees $%i% ma# "e %arge+ &*rs*a!t tos*"+i,isio! (a) or *!ti t%e !otie o' sae is +e&osite+ i! t%e maito t%e tr*stor as &ro,i+e+ i! Setio! 2924" i' t%e sae is "# &o$ero' sae o!tai!e+ i! t%e +ee+ o' tr*st or mortgage or ot%er$ise ata!# time &rior to t%e +eree o' 'oreos*re are %ere"# a*t%orie+to "e i! a "ase amo*!t t%at +oes !ot eee+ t%ree %*!+re+ +oars(300) i' t%e *!&ai+ &ri!i&a s*m se*re+ is o!e %*!+re+ 'i't#t%o*sa!+ +oars (50000) or ess or t$o %*!+re+ 'i't# +oars(250) i' t%e *!&ai+ &ri!i&a s*m se*re+ eee+s o!e %*!+re+ 'i't#t%o*sa!+ +oars (50000) &*s o!e-%a' o' &ere!t o' t%e *!&ai+&ri!i&a s*m se*re+ eee+i!g 'i't# t%o*sa!+ +oars (50000) *&to a!+ i!*+i!g o!e %*!+re+ 'i't# t%o*sa!+ +oars (50000) &*so!e-1*arter o' &ere!t o' a!# &ortio! o' t%e *!&ai+ &ri!i&a s*mse*re+ eee+i!g o!e %*!+re+ 'i't# t%o*sa!+ +oars (50000) *& toa!+ i!*+i!g 'i,e %*!+re+ t%o*sa!+ +oars (500000) &*so!e-eig%t% o' &ere!t o' a!# &ortio! o' t%e *!&ai+ &ri!i&a s*mse*re+ eee+i!g 'i,e %*!+re+ t%o*sa!+ +oars (500000). A!#

%arge 'or tr*stees or attor!e#s 'ees a*t%orie+ "# t%iss*"+i,isio! s%a "e o!*si,e# &res*me+ to "e a$'* a!+ ,ai+$%ere t%e %arge +oes !ot eee+ t%e amo*!ts a*t%orie+ %erei!. For&*r&oses o' t%is s*"+i,isio! t%e *!&ai+ &ri!i&a s*m se*re+ s%a"e +etermi!e+ as o' t%e +ate t%e !otie o' +e'a*t is reor+e+. (e) Rei!stateme!t o' a mo!etar# +e'a*t *!+er t%e terms o' a!o"igatio! se*re+ "# a +ee+ o' tr*st or mortgage ma# "e ma+e at a!#time $it%i! t%e &erio+ omme!i!g $it% t%e +ate o' reor+atio! o't%e !otie o' +e'a*t *!ti 'i,e "*si!ess +a#s &rior to t%e +ate o'sae set 'ort% i! t%e i!itia reor+e+ !otie o' sae. I! t%e e,e!t t%e sae +oes !ot ta8e &ae o! t%e +ate set 'ort% i!t%e i!itia reor+e+ !otie o' sae or a s*"se1*e!t reor+e+ !otieo' sae is re1*ire+ to "e gi,e! t%e rig%t o' rei!stateme!t s%a "ere,i,e+ as o' t%e +ate o' reor+atio! o' t%e s*"se1*e!t !otie o'sae a!+ s%a o!ti!*e 'rom t%at +ate *!ti 'i,e "*si!ess +a#s&rior to t%e +ate o' sae set 'ort% i! t%e s*"se1*e!t# reor+e+!otie o' sae. I! t%e e,e!t t%e +ate o' sae is &ost&o!e+ o! t%e +ate o' sae set'ort% i! eit%er a! i!itia or a!# s*"se1*e!t !otie o' sae or is&ost&o!e+ o! t%e +ate +eare+ 'or sae at a! imme+iate# &ree+i!g&ost&o!eme!t o' sae a!+ t%e &ost&o!eme!t is 'or a &erio+ $%i%eee+s 'i,e "*si!ess +a#s 'rom t%e +ate set 'ort% i! t%e !otie o'sae or +eare+ at t%e time o' &ost&o!eme!t t%e! t%e rig%t o'rei!stateme!t is re,i,e+ as o' t%e +ate o' &ost&o!eme!t a!+ s%ao!ti!*e 'rom t%at +ate *!ti 'i,e "*si!ess +a#s &rior to t%e +ate o'sae +eare+ at t%e time o' t%e &ost&o!eme!t. Not%i!g o!tai!e+ %erei! s%a gi,e rise to a rig%t o'

rei!stateme!t +*ri!g t%e &erio+ o' 'i,e "*si!ess +a#s &rior to t%e+ate o' sae $%et%er t%e +ate o' sae is !otie+ i! a !otie o' saeor +eare+ at a &ost&o!eme!t o' sae. *rs*a!t to t%e terms o' t%is s*"+i,isio! !o "e!e'iiar#tr*stee mortgagee or t%eir age!ts or s*essors s%a "e ia"e i!a!# ma!!er to a tr*stor mortgagor t%eir age!ts or s*essors or a!#"e!e'iiar# *!+er a s*"or+i!ate +ee+ o' tr*st or mortgage or a!#ot%er &erso! %a,i!g a s*"or+i!ate ie! or e!*m"ra!e o' reor+t%ereo! 'or t%e 'ai*re to ao$ a rei!stateme!t o' t%e o"igatio!se*re+ "# a +ee+ o' tr*st or mortgage +*ri!g t%e &erio+ o' 'i,e

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"*si!ess +a#s &rior to t%e sae o' t%e se*rit# &ro&ert# a!+ !o s*%rig%t o' rei!stateme!t +*ri!g t%is &erio+ is reate+ "# t%issetio!. A!# rig%t o' rei!stateme!t reate+ "# t%is setio! istermi!ate+ 'i,e "*si!ess +a#s &rior to t%e +ate o' sae set 'ort% i!t%e i!itia +ate o' sae a!+ is re,i,e+ o!# as &resri"e+ %erei!a!+ o!# as o' t%e +ate set 'ort% %erei!. As *se+ i! t%is s*"+i,isio! t%e term "*si!ess +a# %as t%e samemea!i!g as s&ei'ie+ i! Setio! 9.

2924+. (a) Comme!i!g $it% t%e +ate t%at t%e !otie o' sae is+e&osite+ i! t%e mai as &ro,i+e+ i! Setio! 2924" a!+ *!ti t%e&ro&ert# is so+ &*rs*a!t to t%e &o$er o' sae o!tai!e+ i! t%emortgage or +ee+ o' tr*st a "e!e'iiar# tr*stee mortgagee or %isor %er age!t or s*essor i! i!terest ma# +ema!+ a!+ reei,e 'rom atr*stor mortgagor or %is or %er age!t or s*essor i! i!terest ora!# "e!e'iiar# *!+er a s*"or+i!ate +ee+ o' tr*st or a!# ot%er&erso! %a,i!g a s*"or+i!ate ie! or e!*m"ra!e o' reor+ t%osereaso!a"e osts a!+ e&e!ses to t%e ete!t ao$e+ "# s*"+i,isio!() o' Setio! 2924 $%i% are at*a# i!*rre+ i! e!'ori!g t%e

terms o' t%e o"igatio! a!+ tr*stees or attor!e#s 'ees $%i% are%ere"# a*t%orie+ to "e i! a "ase amo*!t $%i% +oes !ot eee+ 'o*r%*!+re+ t$e!t#-'i,e +oars (425) i' t%e *!&ai+ &ri!i&a s*mse*re+ is o!e %*!+re+ 'i't# t%o*sa!+ +oars (50000) or ess ort%ree %*!+re+ sit# +oars (3>0) i' t%e *!&ai+ &ri!i&a s*mse*re+ eee+s o!e %*!+re+ 'i't# t%o*sa!+ +oars (50000) &*s &ere!t o' a!# &ortio! o' t%e *!&ai+ &ri!i&a s*m se*re+ eee+i!g'i't# t%o*sa!+ +oars (50000) *& to a!+ i!*+i!g o!e %*!+re+'i't# t%o*sa!+ +oars (50000) &*s o!e-%a' o' &ere!t o' a!#&ortio! o' t%e *!&ai+ &ri!i&a s*m se*re+ eee+i!g o!e %*!+re+'i't# t%o*sa!+ +oars (50000) *& to a!+ i!*+i!g 'i,e %*!+re+t%o*sa!+ +oars (500000) &*s o!e-1*arter o' &ere!t o' a!#&ortio! o' t%e *!&ai+ &ri!i&a s*m se*re+ eee+i!g 'i,e %*!+re+t%o*sa!+ +oars (500000). For &*r&oses o' t%is s*"+i,isio! t%e*!&ai+ &ri!i&a s*m se*re+ s%a "e +etermi!e+ as o' t%e +ate t%e!otie o' +e'a*t is reor+e+. A!# %arge 'or tr*stees or attor!e#s 'ees a*t%orie+ "# t%is s*"+i,isio! s%a "e o!*si,e# &res*me+to "e a$'* a!+ ,ai+ $%ere t%at %arge +oes !ot eee+ t%e amo*!tsa*t%orie+ %erei!. A!# %arge 'or tr*stees or attor!e#s 'ees ma+e&*rs*a!t to t%is s*"+i,isio! s%a "e i! ie* o' a!+ !ot i! a++itio!to t%ose %arges a*t%orie+ "# s*"+i,isio! (+) o' Setio! 2924. (") &o! t%e sae o' &ro&ert# &*rs*a!t to a &o$er o' sae atr*stee or %is or %er age!t or s*essor i! i!terest ma# +ema!+ a!+reei,e 'rom a "e!e'iiar# or %is or %er age!t or s*essor i!i!terest or ma# +e+*t 'rom t%e &roee+s o' t%e sae t%osereaso!a"e osts a!+ e&e!ses to t%e ete!t ao$e+ "# s*"+i,isio!() o' Setio! 2924 $%i% are at*a# i!*rre+ i! e!'ori!g t%e

terms o' t%e o"igatio! a!+ tr*stees or attor!e#s 'ees $%i% are%ere"# a*t%orie+ to "e i! a! amo*!t $%i% +oes !ot eee+ 'o*r%*!+re+ t$e!t#-'i,e +oars (425) or o!e &ere!t o' t%e *!&ai+&ri!i&a s*m se*re+ $%i%e,er is greater. For &*r&oses o' t%iss*"+i,isio! t%e *!&ai+ &ri!i&a s*m se*re+ s%a "e +etermi!e+ aso' t%e +ate t%e !otie o' +e'a*t is reor+e+. A!# %arge 'ortr*stees or attor!e#s 'ees a*t%orie+ "# t%is s*"+i,isio! s%a "eo!*si,e# &res*me+ to "e a$'* a!+ ,ai+ $%ere t%at %arge +oes!ot eee+ t%e amo*!t a*t%orie+ %erei!. A!# %arges 'or tr*steesor attor!e#s 'ees ma+e &*rs*a!t to t%is s*"+i,isio! s%a "e i! ie*

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o' a!+ !ot i! a++itio! to t%ose %arges a*t%orie+ "# s*"+i,isio!(a) o' t%is setio! a!+ s*"+i,isio! (+) o' Setio! 2924. () () No &erso! s%a &a# or o''er to &a# or oet a!# re"ateor 8i8"a8 'or t%e re'erra o' "*si!ess i!,o,i!g t%e &er'orma!e o'a!# at re1*ire+ "# t%is artie. (2) A!# &erso! $%o ,ioates t%is s*"+i,isio! s%a "e ia"e tot%e tr*stor 'or t%ree times t%e amo*!t o' a!# re"ate or 8i8"a8&*s reaso!a"e attor!e#s 'ees a!+ osts i! a++itio! to a!# ot%erreme+ies &ro,i+e+ "# a$. (3) No ,ioatio! o' t%is s*"+i,isio! s%a a''et t%e ,ai+it# o'a sae i! 'a,or o' a "o!a 'i+e &*r%aser or t%e rig%ts o' a!e!*m"ra!er 'or ,a*e $it%o*t !otie. (+) It s%a !ot "e *!a$'* 'or a tr*stee to &a# or o''er to &a#a 'ee to a! age!t or s*"age!t o' t%e tr*stee 'or $or8 &er'orme+ "#t%e age!t or s*"age!t i! +is%argi!g t%e tr*stees o"igatio!s *!+ert%e terms o' t%e +ee+ o' tr*st. A!# &a#me!t o' a 'ee "# a tr*stee toa! age!t or s*"age!t o' t%e tr*stee 'or $or8 &er'orme+ "# t%e age!tor s*"age!t i! +is%argi!g t%e tr*stees o"igatio!s *!+er t%e termso' t%e +ee+ o' tr*st s%a "e o!*si,e# &res*me+ to "e a$'* a!+,ai+ i' t%e 'ee $%e! om"i!e+ $it% ot%er 'ees o' t%e tr*stee +oes

!ot eee+ i! t%e aggregate t%e tr*stees 'ee a*t%orie+ "#s*"+i,isio! (+) o' Setio! 2924 or s*"+i,isio! (a) or (") o' t%issetio!. (e) ;%e! a o*rt iss*es a +eree o' 'oreos*re it s%a %a,e+isretio! to a$ar+ attor!e#s 'ees osts a!+ e&e!ses as arereaso!a"e i' &ro,i+e+ 'or i! t%e !ote +ee+ o' tr*st or mortgage&*rs*a!t to Setio! 5/0 o' t%e Codeo' Civilroe+*re.

2924e. (a) T%e "e!e'iiar# or mortgagee o' a!# +ee+ o' tr*st ormortgage o! rea &ro&ert# eit%er o!tai!i!g o!e to 'o*r resi+e!tia*!its or gi,e! to se*re a! origi!a o"igatio! !ot to eee+ t%ree%*!+re+ t%o*sa!+ +oars (300000) ma# $it% t%e $ritte! o!se!t o't%e tr*stor or mortgagor t%at is eit%er e''ete+ t%ro*g% a sig!e+ a!++ate+ agreeme!t $%i% s%a "e se&arate 'rom ot%er oa! a!+ se*rit#+o*me!ts or +isose+ to t%e tr*stor or mortgagor i! at east0-&oi!t t#&e s*"mit a $ritte! re1*est "# erti'ie+ mai to t%e"e!e'iiar# or mortgagee o' a!# ie! $%i% is se!ior to t%e ie! o't%e re1*ester 'or $ritte! !otie o' a!# or a +ei!1*e!ies o' 'o*rmo!t%s or more i! &a#me!ts o' &ri!i&a or i!terest o! a!#o"igatio! se*re+ "# t%at se!ior ie! !ot$it%sta!+i!g t%at t%e oa!se*re+ "# t%e ie! o' t%e re1*ester is !ot t%e! i! +e'a*t as to&a#me!ts o' &ri!i&a or i!terest. T%e re1*est s%a "e se!t to t%e "e!e'iiar# or mortgagee orage!t $%i% it mig%t +esig!ate 'or t%e &*r&ose o' reei,i!g oa!&a#me!ts at t%e a++ress s&ei'ie+ 'or t%e reei&t o' t%ese &a#me!ts

i' 8!o$! or i' !ot 8!o$! at t%e a++ress s%o$! o! t%e reor+e++ee+ o' tr*st or mortgage. (") T%e re1*est 'or !otie s%a i+e!ti'# t%e o$!ers%i& orse*rit# i!terest o' t%e re1*ester t%e +ate o! $%i% t%e i!terest o't%e re1*ester $i termi!ate as e,i+e!e+ "# t%e mat*rit# +ate o't%e !ote o' t%e tr*stor or mortgagor i! 'a,or o' t%e re1*ester t%e!ame o' t%e tr*stor or mortgagor a!+ t%e !ame o' t%e *rre!t o$!er o't%e se*rit# &ro&ert# i' +i''ere!t 'rom t%e tr*stor or mortgagort%e street a++ress or ot%er +esri&tio! o' t%e se*rit# &ro&ert# t%eoa! !*m"er (i' a,aia"e to t%e re1*ester) o' t%e oa! se*re+ "#

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t%e se!ior ie! t%e !ame a!+ a++ress to $%i% !otie is to "e se!ta!+ s%a i!*+e or "e aom&a!ie+ "# t%e sig!e+ $ritte! o!se!t o't%e tr*stor or mortgagor a!+ a 'ee o' 'ort# +oars (40). Foro"igatio!s se*re+ "# resi+e!tia &ro&erties t%e re1*est s%aremai! ,ai+ *!ti $it%+ra$! i! $riti!g a!+ s%a "e a&&ia"e toa +ei!1*e!ies as &ro,i+e+ i! t%is setio! $%i% o*r &rior tot%e +ate o! $%i% t%e i!terest o' t%e re1*ester $i termi!ate ass&ei'ie+ i! t%e re1*est or t%e e&iratio! +ate as a&&ro&riate. Foro"igatio!s se*re+ "# !o!resi+e!tia &ro&erties t%e re1*est s%aremai! ,ai+ *!ti $it%+ra$! i! $riti!g a!+ s%a "e a&&ia"e toa +ei!1*e!ies as &ro,i+e+ i! t%is setio! $%i% o*r &rior tot%e +ate o! $%i% t%e i!terest o' t%e re1*ester $i termi!ate ass&ei'ie+ i! t%e re1*est or t%e e&iratio! +ate as a&&ro&riate. T%e"e!e'iiar# or mortgagee o' o"igatio!s se*re+ "# !o!resi+e!tia&ro&erties t%at %a,e se!t 'i,e or more !oties &rior to t%ee&iratio! o' t%e e''eti,e &erio+ o' t%e re1*est ma# %arge a 'ee *&to 'i'tee! +oars (5) 'or ea% s*"se1*e!t !otie. A re1*est 'or!otie s%a "e e''eti,e 'or 'i,e #ears 'rom t%e maii!g o' t%ere1*est or t%e reor+i!g o' t%at re1*est $%i%e,er o*rs ater a!+ma# "e re!e$e+ $it%i! si mo!t%s &rior to its e&iratio! +ate "#

se!+i!g t%e "e!e'iiar# or mortgagee or age!t as t%e ase ma# "eat t%e a++ress to $%i% origi!a re1*ests 'or !otie are to "e se!ta o o' t%e earier re1*est 'or !otie toget%er $it% a sig!e+stateme!t t%at t%e re1*est is re!e$e+ a!+ a re!e$a 'ee o' 'i'tee!+oars (5). &o! time# s*"mitta o' a re!e$a re1*est 'or!otie t%e e''eti,e!ess o' t%e origi!a re1*est is o!ti!*e+ 'or'i,e #ears 'rom t%e time $%e! it $o*+ ot%er$ise %a,e a&se+.S*ee+i!g re!e$a re1*ests ma# "e s*"mitte+ i! t%e same ma!!er. T%ere1*est 'or !otie a!+ re!e$as t%ereo' s%a "e reor+e+ i! t%eo''ie o' t%e o*!t# reor+er o' t%e o*!t# i! $%i% t%e se*rit#rea &ro&ert# is sit*ate+. T%e rig%ts a!+ o"igatio!s s&ei'ie+ i!t%is setio! s%a i!*re to t%e "e!e'it o' or &ass to as t%e asema# "e s*essors i! i!terest o' &arties s&ei'ie+ i! t%is setio!.A!# s*essor i! i!terest o' a &art# e!tite+ to !otie *!+er t%issetio! s%a 'ie a re1*est 'or t%at !otie $it% a!# "e!e'iiar# ormortgagee o' t%e se!ior ie! a!+ s%a &a# a &roessi!g 'ee o''i'tee! +oars (5). No !e$ $ritte! o!se!t s%a "e re1*ire+ 'romt%e tr*stor or mortgagor. () !ess t%e +ei!1*e!# %as "ee! *re+ $it%i! 5 +a#s'oo$i!g t%e e!+ o' 'o*r mo!t%s 'rom a!# +ei!1*e!# i! &a#me!ts o'&ri!i&a or i!terest o! a!# o"igatio! se*re+ "# t%e se!ior ie!$%i% +ei!1*e!# eists or o*rs o! or a'ter 0 +a#s 'rom t%emaii!g o' t%e re1*est 'or !otie or t%e reor+i!g o' t%at re1*est$%i%e,er o*rs ater t%e "e!e'iiar# or mortgagee s%a gi,e$ritte! !otie to t%e re1*ester o' t%e 'at o' a!# +ei!1*e!# a!+t%e amo*!t t%ereo'. T%e !otie s%a "e gi,e! "# &erso!a ser,ie or "# +e&osit i!

t%e mai 'irst-ass &ostage &ai+. Foo$i!g t%e reor+i!g o' a!#!otie o' +e'a*t &*rs*a!t to Setio! 2924 $it% res&et to t%e same+ei!1*e!# !o !otie or '*rt%er !otie s%a "e re1*ire+ &*rs*a!tto t%is setio!. (+) I' t%e "e!e'iiar# or mortgagee o' a!# s*% se!ior ie! 'aisto gi,e !otie to t%e re1*ester as re1*ire+ i! s*"+i,isio! () a!+ as*"se1*e!t 'oreos*re or tr*stees sae o' t%e se*rit# &ro&ert#o*rs t%e "e!e'iiar# or mortgagee s%a "e ia"e to t%e re1*ester'or a!# mo!etar# +amage +*e to t%e 'ai*re to &ro,i+e !otie $it%i!t%e time &erio+ s&ei'ie+ i! s*"+i,isio! () $%i% t%e re1*ester %as

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s*stai!e+ 'rom t%e +ate o! $%i% !otie s%o*+ %a,e "ee! gi,e! to t%eearier o' t%e +ate o! $%i% t%e !otie is gi,e! or t%e +ate o' t%ereor+i!g o' t%e !otie o' +e'a*t *!+er Setio! 2924 a!+ s%a aso'or'eit to t%e re1*ester t%e s*m o' t%ree %*!+re+ +oars (300). As%o$i!g "# t%e "e!e'iiar# or mortgagee "# a &re&o!+era!e o' t%ee,i+e!e t%at t%e 'ai*re to &ro,i+e time# !otie as re1*ire+ "#s*"+i,isio! () res*te+ 'rom a "o!a 'i+e error !ot$it%sta!+i!g t%emai!te!a!e o' &roe+*res reaso!a"# a+a&te+ to a,oi+ a!# s*% errors%a "e a +e'e!se to a!# ia"iit# 'or t%at 'ai*re. (e) I' a!# "e!e'iiar# or mortgagee or age!t $%i% it %a++esig!ate+ 'or t%e &*r&ose o' reei,i!g oa! &a#me!ts %as "ee!s*ee+e+ i! i!terest "# a!# ot%er &erso! a!# re1*est 'or !otiereei,e+ &*rs*a!t to t%is setio! s%a "e tra!smitte+ &rom&t# tot%at &erso!. (') A!# 'ai*re to om $it% t%e &ro,isio!s o' t%is setio!s%a !ot a''et t%e ,ai+it# o' a sae i! 'a,or o' a "o!a 'i+e&*r%aser or t%e rig%ts o' a! e!*m"ra!er 'or ,a*e a!+ $it%o*t!otie. (g) &o! satis'atio! o' a! o"igatio! se*re+ "# a *!ior ie!$it% res&et to $%i% a !otie re1*est $as ma+e &*rs*a!t to t%is

setio! t%e "e!e'iiar# or mortgagee t%at ma+e t%e re1*est s%aomm*!iate t%at 'at i! $riti!g to t%e se!ior ie!%o+er to $%om t%ere1*est $as ma+e. T%e omm*!iatio! s%a s&ei'# t%at &ro,isio! o'!otie &*rs*a!t to t%e &rior re1*est *!+er t%is setio! is !o o!gerre1*ire+.

2924'. (a) As *se+ i! t%is setio! a!+ Setio!s 2924g a!+ 2924%&ro&ert# mea!s rea &ro&ert# or a ease%o+ estate t%erei! a!+ae!+ar $ee8 mea!s ?o!+a# t%ro*g% Sat*r+a# i!*si,e. (") () Ee&t as &ro,i+e+ i! s*"+i,isio! () "e'ore a!# sae o'&ro&ert# a! "e ma+e *!+er t%e &o$er o' sae o!tai!e+ i! a!# +ee+ o'tr*st or mortgage or a!# resae res*ti!g 'rom a resissio! 'or a'ai*re o' o!si+eratio! &*rs*a!t to s*"+i,isio! () o' Setio!2924% !otie o' t%e sae t%ereo' s%a "e gi,e! "# &osti!g a $ritte!!otie o' t%e time o' sae a!+ o' t%e street a++ress a!+ t%es&ei'i &ae at t%e street a++ress $%ere t%e sae $i "e %e+ a!++esri"i!g t%e &ro&ert# to "e so+ at east 20 +a#s "e'ore t%e +ateo' sae i! o!e &*"i &ae i! t%e it# $%ere t%e &ro&ert# is to "eso+ i' t%e &ro&ert# is to "e so+ i! a it# or i' !ot t%e! i!o!e &*"i &ae i! t%e *+iia +istrit i! $%i% t%e &ro&ert# is to"e so+ a!+ &*"is%i!g a o o!e a $ee8 'or t%ree o!se*ti,eae!+ar $ee8s t%e 'irst &*"iatio! to "e at east 20 +a#s "e'oret%e +ate o' sae i! a !e$s&a&er o' ge!era ir*atio! &*"is%e+ i!t%e it# i! $%i% t%e &ro&ert# or some &art t%ereo' is sit*ate+ i'a!# &art t%ereo' is sit*ate+ i! a it# i' !ot t%e! i! a !e$s&a&ero' ge!era ir*atio! &*"is%e+ i! t%e *+iia +istrit i! $%i%

t%e &ro&ert# or some &art t%ereo' is sit*ate+ or i! ase !o!e$s&a&er o' ge!era ir*atio! is &*"is%e+ i! t%e it# or *+iia+istrit as t%e ase ma# "e i! a !e$s&a&er o' ge!era ir*atio!&*"is%e+ i! t%e o*!t# i! $%i% t%e &ro&ert# or some &art t%ereo' issit*ate+ or i! ase !o !e$s&a&er o' ge!era ir*atio! is&*"is%e+ i! t%e it# or *+iia +istrit or o*!t# as t%e ase ma#"e i! a !e$s&a&er o' ge!era ir*atio! &*"is%e+ i! t%e o*!t# i!t%is state t%at (A) is o!tig*o*s to t%e o*!t# i! $%i% t%e&ro&ert# or some &art t%ereo' is sit*ate+ a!+ (:) %as "# om&ariso!$it% a simiar# o!tig*o*s o*!ties t%e %ig%est &o&*atio! "ase+

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*&o! tota o*!t# &o&*atio! as +etermi!e+ "# t%e most ree!t 'e+era+ee!!ia e!s*s &*"is%e+ "# t%e :*rea* o' t%e Ce!s*s. A o o't%e !otie o' sae s%a aso "e &oste+ i! a o!s&i*o*s &ae o! t%e&ro&ert# to "e so+ at east 20 +a#s "e'ore t%e +ate o' sae $%ere&ossi"e a!+ $%ere !ot restrite+ 'or a!# reaso!. I' t%e &ro&ert# isa si!ge-'ami# resi+e!e t%e &osti!g s%a "e o! a +oor o' t%eresi+e!e "*t i' !ot &ossi"e or restrite+ t%e! t%e !otie s%a"e &oste+ i! a o!s&i*o*s &ae o! t%e &ro&ert# %o$e,er i' aessis +e!ie+ "ea*se a ommo! e!tra!e to t%e &ro&ert# is restrite+ "#a g*ar+ gate or simiar im&e+ime!t t%e &ro&ert# ma# "e &oste+ att%at g*ar+ gate or simiar im&e+ime!t to a!# +e,eo&me!t omm*!it#.A++itio!a# t%e !otie o' sae s%a o!'orm to t%e mi!im*mre1*ireme!ts o' Setio! >043 o' t%e o,er!me!t Codea!+ "e reor+e+$it% t%e o*!t# reor+er o' t%e o*!t# i! $%i% t%e &ro&ert# or some&art t%ereo' is sit*ate+ at east 4 +a#s &rior to t%e +ate o' sae.T%e !otie o' sae s%a o!tai! t%e !ame street a++ress i! t%isstate $%i% ma# re'et a! age!t o' t%e tr*stee a!+ eit%er ato-'ree tee&%o!e !*m"er or tee&%o!e !*m"er i! t%is state o' t%etr*stee a!+ t%e !ame o' t%e origi!a tr*stor a!+ aso s%a o!tai!t%e stateme!t re1*ire+ "# &aragra&% (3) o' s*"+i,isio! (). I!

a++itio! to a!# ot%er +esri&tio! o' t%e &ro&ert# t%e !otie s%a+esri"e t%e &ro&ert# "# gi,i!g its street a++ress i' a!# or ot%erommo! +esig!atio! i' a!# a!+ a o*!t# assessors &are !*m"er"*t i' t%e &ro&ert# %as !o street a++ress or ot%er ommo!+esig!atio! t%e !otie s%a o!tai! a ega +esri&tio! o' t%e&ro&ert# t%e !ame a!+ a++ress o' t%e "e!e'iiar# at $%ose re1*estt%e sae is to "e o!+*te+ a!+ a stateme!t t%at +iretio!s ma# "eo"tai!e+ &*rs*a!t to a $ritte! re1*est s*"mitte+ to t%e "e!e'iiar#$it%i! 0 +a#s 'rom t%e 'irst &*"iatio! o' t%e !otie. Diretio!ss%a "e +eeme+ reaso!a"# s*''iie!t to oate t%e &ro&ert# i'i!'ormatio! as to t%e oatio! o' t%e &ro&ert# is gi,e! "# re'ere!eto t%e +iretio! a!+ a&&roimate +ista!e 'rom t%e !earestrossroa+s 'ro!tage roa+ or aess roa+. I' a ega +esri&tio! ora o*!t# assessors &are !*m"er a!+ eit%er a street a++ress ora!ot%er ommo! +esig!atio! o' t%e &ro&ert# is gi,e! t%e ,ai+it# o't%e !otie a!+ t%e ,ai+it# o' t%e sae s%a !ot "e a''ete+ "# t%e'at t%at t%e street a++ress ot%er ommo! +esig!atio! !ame a!+a++ress o' t%e "e!e'iiar# or t%e +iretio!s o"tai!e+ t%ere'rom areerro!eo*s or t%at t%e street a++ress ot%er ommo! +esig!atio! !amea!+ a++ress o' t%e "e!e'iiar# or +iretio!s o"tai!e+ t%ere'rom areomitte+. T%e term !e$s&a&er o' ge!era ir*atio! as *se+ i!t%is setio! %as t%e same mea!i!g as +e'i!e+ i! Artie (omme!i!g $it% Setio! >000) o' C%a&ter o' Di,isio! = o' Tite o' t%e o,er!me!t Code. T%e !otie o' sae s%a o!tai! a stateme!t o' t%e tota amo*!to' t%e *!&ai+ "aa!e o' t%e o"igatio! se*re+ "# t%e &ro&ert# to "eso+ a!+ reaso!a"# estimate+ osts e&e!ses a+,a!es at t%e time

o' t%e i!itia &*"iatio! o' t%e !otie o' sae a!+ i' re&*"is%e+&*rs*a!t to a a!eatio! o' a as% e1*i,ae!t &*rs*a!t tos*"+i,isio! (+) o' Setio! 2924% a re'ere!e o' t%at 'at &ro,i+e+t%at t%e tr*stee s%a i!*r !o ia"iit# 'or a!# goo+ 'ait% errori! stati!g t%e &ro&er amo*!t i!*+i!g a!# amo*!t &ro,i+e+ i! goo+'ait% "# or o! "e%a' o' t%e "e!e'iiar#. A! i!a*rate stateme!t o't%is amo*!t s%a !ot a''et t%e ,ai+it# o' a!# sae to a "o!a 'i+e&*r%aser 'or ,a*e !or s%a t%e 'ai*re to &ost t%e !otie o'sae o! a +oor as &ro,i+e+ "# t%is s*"+i,isio! a''et t%e ,ai+it# o'a!# sae to a "o!a 'i+e &*r%aser 'or ,a*e.

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(2) I' t%e sae o' t%e &ro&ert# is to "e a *!i'ie+ sae as&ro,i+e+ i! s*"&aragra&% (:) o' &aragra&% () o' s*"+i,isio! (a) o'Setio! 9>04 o' t%e Commeria Code t%e !otie o' sae s%a asoo!tai! a +esri&tio! o' t%e &erso!a &ro&ert# or 'it*res to "eso+. I! t%e ase $%ere it is o!tem&ate+ t%at a o' t%e &erso!a&ro&ert# or 'it*res are to "e so+ t%e +esri&tio! i! t%e !otie o't%e &erso!a &ro&ert# or 'it*res s%a "e s*''iie!t i' it is t%esame as t%e +esri&tio! o' t%e &erso!a &ro&ert# or 'it*reso!tai!e+ i! t%e agreeme!t reati!g t%e se*rit# i!terest i! ore!*m"ra!e o! t%e &erso!a &ro&ert# or 'it*res or t%e 'ie+'i!a!i!g stateme!t reati!g to t%e &erso!a &ro&ert# or 'it*res.I! a ot%er ases t%e +esri&tio! i! t%e !otie s%a "e s*''iie!ti' it $o*+ "e a s*''iie!t +esri&tio! o' t%e &erso!a &ro&ert# or'it*res *!+er Setio! 90/ o' t%e Commeria Code. I!*sio! o' are'ere!e to or a +esri&tio! o' &erso!a &ro&ert# or 'it*res i! a!otie o' sae %ere*!+er s%a !ot o!stit*te a! eetio! "# t%ese*re+ &art# to o!+*t a *!i'ie+ sae &*rs*a!t to s*"&aragra&% (:)o' &aragra&% () o' s*"+i,isio! (a) o' Setio! 9>04 o' t%e CommeriaCode s%a !ot o"igate t%e se*re+ &art# to o!+*t a *!i'ie+ sae&*rs*a!t to s*"&aragra&% (:) o' &aragra&% () o' s*"+i,isio! (a) o'

Setio! 9>04 o' t%e Commeria Code a!+ i! !o $a# s%a re!+er+e'eti,e or !o!omi!g eit%er t%at !otie or a sae &*rs*a!t tot%at !otie "# reaso! o' t%e 'at t%at t%e sae i!*+es !o!e or esst%a! a o' t%e &erso!a &ro&ert# or 'it*res re'erre+ to or+esri"e+ i! t%e !otie. T%is &aragra&% s%a !ot ot%er$ise a''ett%e o"igatio!s or +*ties o' a se*re+ &art# *!+er t%e CommeriaCode. () () T%is s*"+i,isio! a&&ies o!# to +ee+s o' tr*st ormortgages $%i% o!tai! a &o$er o' sae a!+ $%i% are se*re+ "# rea&ro&ert# o!tai!i!g a si!ge-'ami# o$!er-o*&ie+ resi+e!e $%eret%e o"igatio! se*re+ "# t%e +ee+ o' tr*st or mortgage is o!tai!e+i! a o!trat 'or goo+s or ser,ies s*"et to t%e &ro,isio!s o' t%e!r*% At (C%a&ter (omme!i!g $it% Setio! /0) o' Tite 2 o'art 4 o' Di,isio! 3). (2) Ee&t as ot%er$ise e&ress# set 'ort% i! t%is s*"+i,isio!a ot%er &ro,isio!s o' a$ reati!g to t%e eerise o' a &o$er o'sae s%a go,er! t%e eerise o' a &o$er o' sae o!tai!e+ i! a +ee+o' tr*st or mortgage +esri"e+ i! &aragra&% (). (3) I' a!# +e'a*t o' t%e o"igatio! se*re+ "# a +ee+ o' tr*st ormortgage +esri"e+ i! &aragra&% () %as !ot "ee! *re+ $it%i! 30+a#s a'ter t%e reor+atio! o' t%e !otie o' +e'a*t t%e tr*stee ormortgagee s%a mai to t%e tr*stor or mortgagor at %is or %er ast8!o$! a++ress a o o' t%e 'oo$i!g stateme!t7

BO ARE IN DEFALT NDER A

(Dee+ o' tr*st or mortgage)DATED . NLESS BO TAGE ACTION TO ROTECTBOR ROERTB IT ?AB :E SOLD AT A :LIC SALE.IF BO NEED AN EHLANATION OF T6E NATRE OF T6EROCEEDIN AAINST BO BO S6OLD CONTACT A LA;BER.

(4) A saes o' rea &ro&ert# &*rs*a!t to a &o$er o' saeo!tai!e+ i! a!# +ee+ o' tr*st or mortgage +esri"e+ i! &aragra&% ()s%a "e %e+ i! t%e o*!t# $%ere t%e resi+e!e is oate+ a!+ s%a"e ma+e to t%e &erso! ma8i!g t%e %ig%est o''er. T%e tr*stee ma#

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reei,e o''ers +*ri!g t%e 0-+a# &erio+ imme+iate# &rior to t%e +ateo' sae a!+ i' a!# o''er is ae&te+ i! $riti!g "# "ot% t%e tr*storor mortgagor a!+ t%e "e!e'iiar# or mortgagee &rior to t%e time set'or sae t%e sae s%a "e &ost&o!e+ to a +ate ertai! a!+ &rior to$%i% t%e &ro&ert# ma# "e o!,e#e+ "# t%e tr*stor to t%e &erso!ma8i!g t%e o''er aor+i!g to its terms. T%e o''er is re,oa"e*!ti ae&te+. T%e &er'orma!e o' t%e o''er 'oo$i!g ae&ta!eaor+i!g to its terms "# a o!,e#a!e o' t%e &ro&ert# to t%eo''eror s%a o&erate to termi!ate a!# '*rt%er &roee+i!g *!+er t%e!otie o' sae a!+ it s%a "e +eeme+ re,o8e+. (5) I! a++itio! to t%e tr*stee 'ee &*rs*a!t to Setio! 2924 t%etr*stee or mortgagee &*rs*a!t to a +ee+ o' tr*st or mortgage s*"etto t%is s*"+i,isio! s%a "e e!tite+ to %arge a! a++itio!a 'ee o''i't# +oars (50). (>) T%is s*"+i,isio! a&&ies o!# to &ro&ert# o! $%i% !oties o'+e'a*t $ere 'ie+ o! or a'ter t%e e''eti,e +ate o' t%iss*"+i,isio!.

2924g. (a) A saes o' &ro&ert# *!+er t%e &o$er o' sae o!tai!e+i! a!# +ee+ o' tr*st or mortgage s%a "e %e+ i! t%e o*!t# $%eret%e &ro&ert# or some &art t%ereo' is sit*ate+ a!+ s%a "e ma+e ata*tio! to t%e %ig%est "i++er "et$ee! t%e %o*rs o' 9 a.m. a!+ 5&.m. o! a!# "*si!ess +a# ?o!+a# t%ro*g% Fri+a#. T%e sae s%a omme!e at t%e time a!+ oatio! s&ei'ie+ i! t%e!otie o' sae. A!# &ost&o!eme!t s%a "e a!!o*!e+ at t%e time a!+oatio! s&ei'ie+ i! t%e !otie o' sae 'or omme!eme!t o' t%e saeor &*rs*a!t to &aragra&% () o' s*"+i,isio! (). I' t%e sae o' more t%a! o!e &are o' rea &ro&ert# %as "ee!s%e+*e+ 'or t%e same time a!+ oatio! "# t%e same tr*stee () a!#&ost&o!eme!t o' a!# o' t%e saes s%a "e a!!o*!e+ at t%e time&*"is%e+ i! t%e !otie o' sae (2) t%e 'irst sae s%a omme!e att%e time &*"is%e+ i! t%e !otie o' sae or imme+iate# a'ter t%ea!!o*!eme!t o' a!# &ost&o!eme!t a!+ (3) ea% s*"se1*e!t sae s%ata8e &ae as soo! as &ossi"e a'ter t%e &ree+i!g sae %as "ee!om&ete+. (") ;%e! t%e &ro&ert# o!sists o' se,era 8!o$! ots or &arest%e# s%a "e so+ se&arate# *!ess t%e +ee+ o' tr*st or mortgage&ro,i+es ot%er$ise. ;%e! a &ortio! o' t%e &ro&ert# is aime+ "# at%ir+ &erso! $%o re1*ires it to "e so+ se&arate# t%e &ortio!s*"et to t%e aim ma# "e t%*s so+. T%e tr*stor i' &rese!t at t%esae ma# aso *!ess t%e +ee+ o' tr*st or mortgage ot%er$ise&ro,i+es +iret t%e or+er i! $%i% &ro&ert# s%a "e so+ $%e! t%e&ro&ert# o!sists o' se,era 8!o$! ots or &ares $%i% ma# "e so+to a+,a!tage se&arate# a!+ t%e tr*stee s%a 'oo$ t%at +iretio!.A'ter s*''iie!t &ro&ert# %as "ee! so+ to satis'# t%e i!+e"te+!ess

!o more a! "e so+. I' t%e &ro&ert# *!+er &o$er o' sae is i! t$o or more o*!tiest%e &*"i a*tio! sae o' a o' t%e &ro&ert# *!+er t%e &o$er o'sae ma# ta8e &ae i! a!# o!e o' t%e o*!ties $%ere t%e &ro&ert# ora &ortio! t%ereo' is oate+. () () T%ere ma# "e a &ost&o!eme!t or &ost&o!eme!ts o' t%e sae&roee+i!gs i!*+i!g a &ost&o!eme!t *&o! i!str*tio! "# t%e"e!e'iiar# to t%e tr*stee t%at t%e sae &roee+i!gs "e &ost&o!e+ ata!# time &rior to t%e om&etio! o' t%e sae 'or a!# &erio+ o' time!ot to eee+ a tota o' 3>5 +a#s 'rom t%e +ate set 'ort% i! t%e

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!otie o' sae. T%e tr*stee s%a &ost&o!e t%e sae i! aor+a!e$it% a!# o' t%e 'oo$i!g7 (A) &o! t%e or+er o' a!# o*rt o' om&ete!t *ris+itio!. (:) I' sta#e+ "# o&eratio! o' a$. (C) :# m*t*a agreeme!t $%et%er ora or i! $riti!g o' a!#tr*stor a!+ a!# "e!e'iiar# or a!# mortgagor a!+ a!# mortgagee. (D) At t%e +isretio! o' t%e tr*stee. (2) I! t%e e,e!t t%at t%e sae &roee+i!gs are &ost&o!e+ 'or a&erio+ or &erio+s totai!g more t%a! 3>5 +a#s t%e s%e+*i!g o' a!#'*rt%er sae &roee+i!gs s%a "e &ree+e+ "# gi,i!g a !e$ !otie o'sae i! t%e ma!!er &resri"e+ i! Setio! 2924'. Ne$ 'ees i!*rre+ 'ort%e !e$ !otie o' sae s%a !ot eee+ t%e amo*!ts s&ei'ie+ i!Setio!s 2924 a!+ 2924+ a!+ s%a !ot eee+ reaso!a"e osts t%atare !eessar# to om $it% t%is &aragra&%. (+) T%e !otie o' ea% &ost&o!eme!t a!+ t%e reaso! t%ere'or s%a"e gi,e! "# &*"i +earatio! "# t%e tr*stee at t%e time a!+ &aeast a&&oi!te+ 'or sae. A &*"i +earatio! o' &ost&o!eme!t s%aaso set 'ort% t%e !e$ +ate time a!+ &ae o' sae a!+ t%e &ae o'sae s%a "e t%e same &ae as origi!a# 'ie+ "# t%e tr*stee 'ort%e sae. No ot%er !otie o' &ost&o!eme!t !ee+ "e gi,e!. 6o$e,er

t%e sae s%a "e o!+*te+ !o soo!er t%a! o! t%e se,e!t% +a# a'tert%e earier o' () +ismissa o' t%e atio! or (2) e&iratio! ortermi!atio! o' t%e i!*!tio! restrai!i!g or+er or sta# t%atre1*ire+ &ost&o!eme!t o' t%e sae $%et%er "# e!tr# o' a! or+er "# ao*rt o' om&ete!t *ris+itio! o&eratio! o' a$ or ot%er$ise*!ess t%e i!*!tio! restrai!i!g or+er or s*"se1*e!t or+ere&ress# +irets t%e o!+*t o' t%e sae $it%i! t%at se,e!-+a#&erio+. For &*r&oses o' t%is s*"+i,isio! t%e se,e!-+a# &erio+ s%a!ot i!*+e t%e +a# o! $%i% t%e atio! is +ismisse+ or t%e +a# o!$%i% t%e i!*!tio! restrai!i!g or+er or sta# e&ires or istermi!ate+. I' t%e sae %a+ "ee! s%e+*e+ to o*r "*t t%iss*"+i,isio! &re*+es its o!+*t +*ri!g t%at se,e!-+a# &erio+ a !e$!otie o' &ost&o!eme!t s%a "e gi,e! i' t%e sae %a+ "ee! s%e+*e+to o*r +*ri!g t%at se,e!-+a# &erio+. T%e tr*stee s%a mai!tai!reor+s o' ea% &ost&o!eme!t a!+ t%e reaso! t%ere'or. (e) Not$it%sta!+i!g t%e time &erio+s esta"is%e+ *!+er s*"+i,isio!(+) i' &ost&o!eme!t o' a sae is "ase+ o! a sta# im&ose+ "# Tite o' t%e !ite+ States Code("a!8r*&t#) t%e sae s%a "eo!+*te+ !o soo!er t%a! t%e e&iratio! o' t%e sta# im&ose+ "# t%attite a!+ t%e se,e!-+a# &ro,isio! o' s*"+i,isio! (+) s%a !ot a&.

2924%. (a) Ea% a!+ e,er# "i+ ma+e "# a "i++er at a tr*stees sae*!+er a &o$er o' sae o!tai!e+ i! a +ee+ o' tr*st or mortgage s%a"e +eeme+ to "e a! irre,oa"e o''er "# t%at "i++er to &*r%ase t%e&ro&ert# "ei!g so+ "# t%e tr*stee *!+er t%e &o$er o' sae 'or t%e

amo*!t o' t%e "i+. A!# seo!+ or s*"se1*e!t "i+ "# t%e same "i++eror a!# ot%er "i++er 'or a %ig%er amo*!t s%a "e a a!eatio! o't%e &rior "i+. (") At t%e tr*stees sae t%e tr*stee s%a %a,e t%e rig%t () tore1*ire e,er# "i++er to s%o$ e,i+e!e o' t%e "i++ers a"iit# to+e&osit $it% t%e tr*stee t%e '* amo*!t o' %is or %er 'i!a "i+ i!as% a as%iers %e8 +ra$! o! a state or !atio!a "a!8 a %e8+ra$! "# a state or 'e+era re+it *!io! or a %e8 +ra$! "# a stateor 'e+era sa,i!gs a!+ oa! assoiatio! sa,i!gs assoiatio! orsa,i!gs "a!8 s&ei'ie+ i! Setio! 502 o' t%e Fi!a!ia Codea!+

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a*t%orie+ to +o "*si!ess i! t%is state or a as% e1*i,ae!t $%i%%as "ee! +esig!ate+ i! t%e !otie o' sae as ae&ta"e to t%etr*stee &rior to a!+ as a o!+itio! to t%e reog!ii!g o' t%e "i+a!+ to o!+itio!a# ae&t a!+ %o+ t%ese amo*!ts 'or t%e +*ratio!o' t%e sae a!+ (2) to re1*ire t%e ast a!+ %ig%est "i++er to+e&osit i' !ot +e&osite+ &re,io*s# t%e '* amo*!t o' t%e "i++ers'i!a "i+ i! as% a as%iers %e8 +ra$! o! a state or !atio!a"a!8 a %e8 +ra$! "# a state or 'e+era re+it *!io! or a %e8+ra$! "# a state or 'e+era sa,i!gs a!+ oa! assoiatio! sa,i!gsassoiatio! or sa,i!gs "a!8 s&ei'ie+ i! Setio! 502 o' t%eFi!a!ia Codea!+ a*t%orie+ to +o "*si!ess i! t%is state or a as%e1*i,ae!t $%i% %as "ee! +esig!ate+ i! t%e !otie o' sae asae&ta"e to t%e tr*stee imme+iate# &rior to t%e om&etio! o' t%esae t%e om&etio! o' t%e sae "ei!g so a!!o*!e+ "# t%e 'a o't%e %ammer or i! a!ot%er *stomar# ma!!er. T%e &rese!t "e!e'iiar#o' t%e +ee+ o' tr*st *!+er 'oreos*re s%a %a,e t%e rig%t to o''set%is or %er "i+ or "i+s o!# to t%e ete!t o' t%e tota amo*!t +*et%e "e!e'iiar# i!*+i!g t%e tr*stees 'ees a!+ e&e!ses. () I! t%e e,e!t t%e tr*stee ae&ts a %e8 +ra$! "# a re+it*!io! or a sa,i!gs a!+ oa! assoiatio! &*rs*a!t to t%is s*"+i,isio!

or a as% e1*i,ae!t +esig!ate+ i! t%e !otie o' sae t%e tr*steema# $it%%o+ t%e iss*a!e o' t%e tr*stees +ee+ to t%e s*ess'*"i++er s*"mitti!g t%e %e8 +ra$! "# a state or 'e+era re+it *!io!or sa,i!gs a!+ oa! assoiatio! or t%e as% e1*i,ae!t *!ti '*!+s"eome a,aia"e to t%e &a#ee or e!+orsee as a matter o' rig%t. For t%e &*r&oses o' t%is s*"+i,isio! t%e tr*stees sae s%a "e+eeme+ 'i!a *&o! t%e ae&ta!e o' t%e ast a!+ %ig%est "i+ a!+s%a "e +eeme+ &er'ete+ as o' / a.m. o! t%e at*a +ate o' sae i't%e tr*stees +ee+ is reor+e+ $it%i! 5 ae!+ar +a#s a'ter t%esae or t%e !et "*si!ess +a# 'oo$i!g t%e 5t% +a# i' t%e o*!t#reor+er i! $%i% t%e &ro&ert# is oate+ is ose+ o! t%e 5t% +a#.6o$e,er t%e sae is s*"et to a! a*tomati resissio! 'or a'ai*re o' o!si+eratio! i! t%e

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California Codes 2923.52