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<br />S. DEF AULT. Trustor will be in default if any of the following occur:
<br />Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the
<br />Secured Debt that is an open end home equity plan.
<br />Payments. Any Consumer Borrower on any Secured Debt that,is an open end home equity plan fails to make
<br />a payment when due.
<br />Property. Amy action or inaction by the Borrower or Trustor occurs that adversely affects the Property or
<br />Beneficiary's rights in the Property. This includes, but is not limited to, the following: (a) Trustor fails to
<br />maintain required insurance on the Property; (b) Trustor transfers the Property; (c) Trustor commits waste or
<br />otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects
<br />Beneficiary's security; (d) Trnstor fails to pay taxes on the Property or otherwise fails to act and thereby
<br />causes a lien to be filed against the Property that is senior to the lien of this Security Instrument; (e) a sole
<br />Trustor dies; (f) if more than one Trustor, any Trustor dies and Beneficiary's security is adversely affected;
<br />(g) the Property is taken through eminent domain; (h) a judgment is filed against Trustor and subjects Trustor
<br />and the Property to action that adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses on
<br />the Property and as a result, Beneficiary's interest is adversely affected.
<br />Executive Officers. Any Borrower is an executive officer of Beneficiary or an affiliate and such Borrower
<br />becomes indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted
<br />under federal laws and regulations.
<br />9. RRAWMIES ON DEFAUILT. In addition to any other remedy available under the terms of this Security
<br />Instrument, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner
<br />provided by law if Trustor is in default- In some instances, federal and state law will require Beneficiary to
<br />provide Trustor with notice of the right to cure, or other notices and may establish time schedules for
<br />foreclosure actions - Each Trustor requests a copy of any notice of default and any notice of sale thereunder be
<br />mailed to each Trustor at the address provided in Section 1 above.
<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 a
<br />default or anytime thereafter.
<br />If there is a default, Trustee shall, at die request of Beneficiary, advertise and sell the Property as a whole or
<br />in separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of
<br />all right, title and interest of Trustor at such time and place as Trustee designates. Trustee shall give notice of
<br />sale including the time, terms and place of sale and a description of the property to be sold as required by the
<br />applicable law in effect at the 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 to
<br />the 'Property sold which conveys absolute title to the purchaser, and after first paying all fees, charges and
<br />costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior
<br />encumbrances and interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if
<br />any, to Trustor- Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be
<br />prima facie evidence of the facts set forth therein -
<br />The acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt after the
<br />balance is due or is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of
<br />Beneficiary's right to require complete cure of any existing default. By not exercising any remedy on
<br />Trustor's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it
<br />happens again.
<br />10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COILILECTION COSTS. if
<br />Trustor breaches any covenant in this Security Instrument, Trustor agrees to pay all expenses Beneficiary
<br />incurs in performing such covenants or protecting its security interest in the Property. Such expenses include,
<br />but are not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and
<br />Beneficiary's security interest. These expenses are payable on demand and will bear interest from the date of
<br />payment until paid in fall at the highest rate of interest in effect as provided in the terms of the Secured Debt.
<br />Trustor agrees to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting
<br />Beneficiary's rights and remedies uinder this Security Instrument. This amount may include, but is not limited
<br />to, Trustee's fees, court costs, and other legal expenses. To the extent permitted by the United States
<br />Bankruptcy !:We, Trustor agrees to pay the reasonable attorneys' fees Beneficiary incurs to collect the
<br />Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code- This Security
<br />]Instrument shall remain in effect until released. Trustor agrees to pay for any recordation costs of such
<br />release.
<br />Security 1,,t—,,t-0p,,-E,d-Con--NE
<br />VMPQ) B,,k,m Syst—sw
<br />W.11— KI -1 Fi..n.i.1 S-1— 01994, 2011
<br />ocp-nEDT-NE 7/2/2011
<br />VMP-C465(NE) (1107).00
<br />P.g. 4 f 6
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