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200001684 14. Exercisine Remedies. Merrill Lynch may exercise all of the rights and remedies provided in this Deed of Trust and in the Agreement, or which may be available to Merrill Lynch by law, and any of these rights and remedies may be exercised individually, or they may be exercised together, at Merrill Lynch's sole discretion, and may be exercised as often as the right to do so occurs. 15. Possible Actions. Merrill Lynch has the right under certain circumstances specified in the Credit Documents to (a) automatically terminate the Account and require repayment of any amounts outstanding under the Account, plus the entire accrued interest, late charges and other charges imposed on the Account, (b) prohibit additional extensions of credit without requiring accelerated payment of the amounts outstanding under the Account ( "freeze" the Account) or (c) reduce the credit limit on the Account. (a) NOTICE. Merrill Lynch will have the right to terminate, temporarily or permanently freeze, or reduce the credit limit in the Account immediately upon Merrill Lynch giving notice to us and to the persons who sign the Agreement (see paragraph 11 above) of one of the events listed in paragraph 15(b) below. Paragraph 15(c) specifies additional circumstances under which Merrill Lynch may temporarily freeze or reduce the credit limit in the Account. Actions under paragraph 15(c) need not be preceded by the notice specified in this subparagraph. (b) TERMINATION AND ACCELERATION. Merrill Lynch can terminate the Account and demand repayment of the entire outstanding balance in advance of the original term if: (A) The persons who sign the Agreement fail to meet the repayment terms under the Credit Documents; except that, under this subparagraph only, there is a thirty (30) day grace period within which Merrill Lynch will not terminate the account and which begins to run on the day after the notice is given and expires at 11:59 p.m. Eastern time on the last day of the period; or (B) Merrill Lynch receives actual knowledge that the persons who sign the Agreement have intentionally (i) omitted material information from, or in connection with, their credit application, (ii) made any material statements that are false or misleading on, or in connection with, their credit application, (iii) committed any fraud or made any material misrepresentation in connection with the Account; or (C) Without the prior written consent of Merrill Lynch, (i) we, or any person who signs the Agreement, agree to sell, transfer or assign the Property or any interest in the Property; or (ii) the Property or any interest in the Property is sold, transferred or assigned; or (D) We or any person who signs the Agreement fails to maintain insurance on the dwelling as required under paragraphs 4 and 6 of the Deed of Trust; or (E) We or any person who signs the Agreement commits waste or permits impairment or deterioration of the Property, or otherwise destructively uses the Property, such that Merrill Lynch's security is adversely affected; or (F) We or any person who signs the Agreement fails to pay taxes on the Property or takes some other action that results in the filing of a lien senior to that of Merrill Lynch which adversely affects Merrill Lynch's security; or (G) A judgment against us is filed, if the amount of the judgment and the collateral subject to the judgment is such that Merrill Lynch's security in the Property is adversely affected; or (H) Any action or inaction by us or any person signing the Agreement is taken that adversely affects Merrill Lynch's security for the Account or any right of Merrill Lynch in such security. As an alternative remedy, and only if Merrill Lynch expressly states in the notice given under this paragraph, Merrill Lynch may temporarily or permanently freeze the Account or reduce the credit limit for the Account. If Merrill Lynch does not immediately terminate the Account and accelerate payment or take other action provided for in the Credit Documents, it has the right to take any of the permitted actions at a later time providing the condition allowing for termination of the Account and acceleration of payment still exists at that time. In addition, despite any other terms of the Credit Documents, Merrill Lynch may freeze the Account immediately upon the occurrence of any violation or other event specified in this paragraph. Merrill Lynch can take this action without giving us notice and without declaring that the violation or other event allows Merrill Lynch to terminate the Account and accelerate payment. If Merrill Lynch terminates the Account, the amounts outstanding under the Account and any other amounts outstanding under the Credit Documents are immediately due and payable in full, and we will be required to immediately repay such amounts plus the entire accrued interest, late charges and other charges imposed on the Account. If we do not do so, Merrill Lynch will have the right to invoke any remedy given it by any of the Credit Documents, or any other remedy available to Merrill Lynch under applicable law. This includes, without limitation, invoking the power of sale under this Deed of Trust. -5- t }00t # V .i. 4