|
16-
<br />17.
<br />201204123
<br />At the option of Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal
<br />shall become immediately due and payable, after giving notice if required by law, upon the occurrence of
<br />a default or anytime thereafter_ In addition, Beneficiary shall be entitled to all the remedies provided by
<br />law, the terms of the Secured Debt. this Security Instrument and any related documents, including
<br />without limitation, the power to sell the Property.
<br />If there is a default, 'I rustee shall, in addition to any other permitted remedy, at the request of the
<br />Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the
<br />highest bidder for cash and convey absolute title free and clear of all right, title and interest of Trustor at
<br />such time and place as Trustee designates. Trustee shall give notice of sale including the time, terms and
<br />place of sale and a description of the property to be sold as required by the applicable law in effect at the
<br />time of the proposed sale.
<br />Upon sale of the, property and to the extent not prohibited by law, Trustee shall make and deliver a deed
<br />to the Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges
<br />and costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance. liens, assessments
<br />and prior encumbrances and interest thereon, and the principal and interest on the Secured Debt, paying
<br />the, surplus, il'any, to I iustor. Beneficiary may purchase the Property. The recitals in any deed of
<br />conveyance shall be prima facie evidence of the facts set forth therein.
<br />All remedies are distinct, cumulative and not exclusive, and the Beneficiary is entitled to all remedies
<br />provided at law or equity, whether or not expressly set forth. The acceptance by Beneficiary of any sum
<br />in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after
<br />foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's right to require complete
<br />cure of any existing default. By not exercising any remedy on Trustor' s default, Beneficiary does not
<br />waive Beneficiary's right to later consider the event a default if it continues or happens again.
<br />EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS.
<br />Except wher€ prohibited by law-, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches
<br />any covenant in this Security Instrument. Trustor will also pay on demand any amount incurred by
<br />Beneficiary for insuring. inspecting, preserving or otherwise protecting the Property and Beneficiary's
<br />security interest. These expenses will bear interest from the date of the payment until paid in full at the
<br />highest interest rate in effect as provided in the terms of the Secured Debt. Trustor agrees to pay al I costs
<br />and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and
<br />remedies under this Security Instrument. This amount may include, but is not limited to, attorneys' fees,
<br />court costs, and other legal expenses_ This Security Instrument .shall remain in effect until released.
<br />Trustor agie.es to pay for any recordation costs of such release.
<br />ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1)
<br />Environmental Law means. without limitation, the Comprehensive F..nvironmcntal Response,
<br />Compensation and Liability Act (CERCLA, 42 U.S.C- 96031 et seq.), and all other federal, state and
<br />local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters
<br />concerning the public health, safety, welfare, environment or a hazardous substance. and (2) Hazardous
<br />Substance meanas any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety,
<br />welfare or environment. The terra includes, without limitation, any substances defined as "hazardous
<br />material_" "toxic substances," "hazardous waste" or "hazardous substance" under any Environmental
<br />Law -
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous
<br />Substance is or will be located, stored or released on or in the Property. This restriction does not
<br />apply to small quantities of Hazardous Substances that arc generally recognized to be appropriate
<br />for the normal use and maintenance ofthe Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every
<br />tenant have been, are, and shall remain in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately notify Beneficiary if a release or threatened release of a Hazardous
<br />Substance occurs on, under or about the Property or there is a violation of any Environmental Law
<br />concerning the. Property. In such an event, Trustor shall take all necessary remedial action in
<br />accordance with any Environmental Law_
<br />I]. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe.
<br />there is any pending or threatened investigation, claim, or proceeding relating to the release or
<br />threatened release of any Hazardous Substance or the violation of any Environmental Law.
<br />- Si 3846
<br />S—nty 1-1--i,€-C--r,--NE RC-D7-N�. I. €;1I11'i
<br />VMPg ei
<br />U—k—Sy515 Tal V MPC1651NE)01007)
<br />Wo11— Xl—er Fl nen ClaSi—e 0 1yy4.. 2U11 PagJ 4 f e
<br />
|