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wife as borrowers and by World Savings and Loan Association as
lender. The note was in the amount of $700,000 and was secured
by a deed of trust on the Monte Vista property. The note
specified that “Borrower, and each of them, and Borrower’s
successors, transferees and assigns shall be jointly and
severally, directly and primarily, liable for the amount of all
sums owing and to be owed hereon”. The note further provided the
following with regard to remedies upon default:
Upon the occurrence of any event of default under
this Note: (1) the entire unpaid principal balance,
any unpaid interest, and any other amounts owing under
this Note shall, at the option of the holder of this
Note and without notice or demand of any kind to
Borrower or any other person, immediately become due
and payable; and (2) the holder of this Note shall have
and may exercise any and all rights and remedies
available at law or in equity and also any and all
rights and remedies provided in the Deed of Trust.
The remedies of the holder of this Note, as
provided in this Note and in the Deed of Trust or any
other instrument securing this Note, shall be
cumulative and concurrent, and may be pursued
singularly, successively or together, at the sole
discretion of the holder of this Note, and may be
exercised as often as occasion therefor shall arise.
No act of omission or commission of the holder,
including specifically any failure to exercise any
right, remedy or recourse, shall be deemed to be a
waiver or release of any right, remedy or recourse,
such waiver or release to be effected only through a
written document executed by the holder. * * *
As of decedent’s date of death, the value of the Monte Vista
property was $885,000, and the unpaid balance on the note was
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Last modified: May 25, 2011