|
20140007
<br />If there is a default, Trustee 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 highest
<br />bidder for cash and convey absolute title free and clear of all right, title and interest of Trustor at such time
<br />and place as Trustee designates. Trustee shall give notice of sale including the time, terms and place of sale
<br />and a description of the property to be sold as required by the applicable law in effect at the time of the
<br />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 />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 in
<br />payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure
<br />proceedings are filed shall not constitute a waiver of Beneficiary's right to require complete cure of any
<br />existing default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's
<br />right to later consider the event a default if it continues or happens again.
<br />16. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. Except
<br />when prohibited by law, Trustor agrees to pay all of Beneficiary's expenses if Trustor breaches any covenant
<br />in this Security Instrument. Trustor will also pay on demand any amount incurred by Beneficiary for
<br />insuring, inspecting, preserving or otherwise protecting the Property and Beneficiary's security interest.
<br />These expenses will bear interest from the date of the payment until paid in full at the highest interest rate in
<br />effect as provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by
<br />Beneficiary in collecting, enforcing or protecting Beneficiary's rights and remedies under this Security
<br />Instrument. This amount may include, but is not limited to, attorneys' fees, court costs, and other legal
<br />expenses. This Security Instrument shall remain in effect until released. Trustor agrees to pay for any
<br />recordation costs of such release.
<br />17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1)
<br />Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation
<br />and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations,
<br />ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety,
<br />welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or
<br />hazardous material, waste, pollutant or contaminant which has characteristics which render the substance
<br />dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes,
<br />without limitation, any substances defined as "hazardous material," "toxic substances," "hazardous waste" or
<br />"hazardous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is
<br />or will be located, stored or released on or in the Property. This restriction does not apply to small
<br />quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use
<br />and maintenance of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant
<br />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 Substance
<br />occurs on, under or about the Property or there is a violation of any Environmental Law concerning the
<br />Property. In such an event, Trustor shall take all necessary remedial action in accordance with any
<br />Environmental Law.
<br />D. Trustor shall immediately notify Beneficiary in writing as soon as Trustor has reason to believe there is
<br />any pending or threatened investigation, claim, or proceeding relating to the release or threatened
<br />release of any Hazardous Substance or the violation of any Environmental Law.
<br />18. CONDEMNATION. Trustor will give Beneficiary prompt notice of any pending or threatened action, by
<br />private or public entities to purchase or take any or all of the Property through condemnation, eminent
<br />domain, or any other means. Trustor authorizes Beneficiary to intervene in Trustor's name in any of the
<br />above described actions or claims. Trustor assigns to Beneficiary the proceeds of any award or claim for
<br />damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds
<br />shall be considered payments and will be applied as provided in this Security Instrument. This assignment of
<br />proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien
<br />document.
<br />Security Instrument- Consumer -NE
<br />VMP® Bankers SystemsTM
<br />Wolters Kluwer Financial Services 01994, 2011
<br />RE -DT -NE 7/1/2011
<br />MP- C185(NE) (1107).00
<br />Page 4 of 8
<br />
|