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, 2� 15�7597
<br /> S, DEFAULT. Trustor wil�b� in d�fault if any of�he fo�lowing��cur:
<br /> Fraud. Any Consumer Borrower engag�s in fraud or material misrepresentatian in connection with the
<br /> Se�ured Debt that is an open end home equ�ty p�an.
<br /> Payments. Any Gansr�mer Barrower an any Secured �ebt Chat is an apen end hom� equity plan fai�s to make
<br /> a payment when due.
<br /> Property. �1ny acti�n �r inactian by Che ��rrower �r "IYr�a�tar occurs �hat adverse�� aff�c�s the Praperty or
<br /> Beneficiary's rights in the Property. This includes, but is not �im�ted to, the following: �a} Trustar fails to
<br /> maintain required insurance on the Praper�y; tb} Trustor transfers the Prc�perty; �c} Trustar cammits waste or
<br /> otherw�se destructiv�ly uses or fails to maintain�he Prop�rty such that th� action or inactian advers�ty affects
<br /> Beneficiary's security; �d} Trustor fails t� pay taxes on the Proper�y or otherwise fails t� act and ther�by
<br /> causes a lien to be filed against the Proper�y that is senior to the lien of this 5ecurity Instrument; ��} a sole
<br /> Trus�or dies; �f} if more than ane Trustor, any Trustar dies and Beneficiary's security is ad�erse�y affect�d;
<br /> �g} the Property is taken through emin�nt domain; �h} a judgment is filed against Trustor and subje�ts Trustor
<br /> and the Proper�y �o action that adversely affects Beneficiary's interest; �r (i) a pri�r ti�nholder forecloses on
<br /> the Proper�y and as a resu�t, �eneficiary's interest is ad�ersely affected.
<br /> �xecutive �fficers, Any Borrower is an exeGuti�e officer of Benefi�iary or an affiliate and su�h �vrrawer
<br /> b�comes indebt�d ta Benefi�iary or another lender in an aggregate amount greater than the amount p�rmitted
<br /> under federal laws and regulations,
<br /> 9, REMEDIES C]N DEFAULT. In additian to any other ren�.edy a�ailable under the term� of this Security
<br /> Instrument, Beneficiary may accel�rat� the Secured Debt and fareclose this Security Instrument in a manner
<br /> pr�vided by 1aw if Trustar is in default. In some instances, federal and state law �vil� re�uire B�neficiary t4
<br /> pro�ide Trustor with natice of th� ri�ht t❑ cure, ar ather n�tices and may esta�lish time schedu�es for
<br /> fareclosure actians. Ea�h Trustor rec�u�s�s a capy Qf any natice of default and any notice of sale thereunder be
<br /> maiied to each Trustar at th� address pro�ided in Section 1 abav�.
<br /> At the op��on �f B�n�ficiary, all or any part of the agre�d fees and charges, ac�ru�d interest and principal
<br /> sha�� becom� immediately due and payable, after giving natice if reyuired by law, upon the occurren�e of a
<br /> defau�t or anytime th�reafter.
<br /> 7f there is a default, Trustee shall, at t�� request of Beneficiary, ad�ertise and sel� �he Praperty as a whole or
<br /> �n separate parcels at pu��ic auction t❑ the highest bidder for cash and convey absolute title free and clear of
<br /> aii ri�ht, title and interest of Trustar at suGh time and place as Trustee designates. Trustee shall give natice of
<br /> sale �ncluding the time, terms and piace af sale and a description of�he property to be sold as re�uir�d hy the
<br /> appli�a��e law in effect a� the tim�of the propased sale.
<br /> Upon sal� af the Pr�perty and ta the extent not prohibited by Iaw, Trust�e shall make and deli�er a deed tQ
<br /> the Praperty sald which con��ys absolu�te ti�le t� the purchaser, and after first paying a�� fees, charges and
<br /> �asts, shall pay to Ben�ficiary a�� moneys advanced f�r repairs, taxes, �nsurance, lien�, assessment� and prior
<br /> encuml�rances and int�rest thereon, and the principa� and inter�st on th� Secured Debt, paying �h� surplus, if
<br /> any, ta Trustor. Beneficiary may purchase the Property. The recitals in any d�ed of con�eyance shall be
<br /> prima facie evidence�f the facts set forth therein.
<br /> The acceptan�e by Beneficiary af any sum in payment ar partial payment �n the Se�ured Debt after the
<br /> ba�anGe is due ar is accelerat�d or after fore�lflsure praceedings are filed sha�l nnt �anst�tute a wai�er of
<br /> Beneficiary's right t� require complet� cure of any existing defau�t. �y not exercising any remedy an
<br /> Trustar's default, B�neficiary does nat wai�e Beneficiary's right �o later consider the e�ent a default if it
<br /> happens again,
<br /> 10. ��PFNSFS; ADVAN�E� C]N ��V�NANTS; ATT�RNFYS' FE�S; ��I..LECTI[�N CC]STS. If
<br /> Trustor brea�hes any ca�enan� in this S�curity �nstrum�nt, Trustor agr�es to pay all expenses �enefi�iary
<br /> incurs in perf�rming such covenants or prot�cting its s�curi�y interes� in �he Proper�y, Such exp�nses include,
<br /> t�ut are not limited ta, fees incurred for insp�cting, preser�ing, or otherwise pratecting �he Property and
<br /> B�neficxary's securxty interest. These expenses are payable �n demand and �vill bear interest from the daCe of
<br /> paymen� unt�l paid in fu�l at the highest rat� af interest in eff�c� as pro�ided in the terms of the Secured Debt.
<br /> Trustar agrees to �ay a11 ���ts and exp�nses incurr�d by Beneficiary in collecting, enfarcin� or prot�cting
<br /> Bene�ic�ary's rrghts and remedies under this Security Instrum�nt. This am�un� may inc�ud�, but �s not limited
<br /> to, Trustee's fees, court costs, and ather legal expenses. Ta �he extent p�rmi�ted by the CJnited States
<br /> Bankruptcy �ode, Trustar agrees ta pay the reasonable attarneys' fees Beneficiary incurs to co�lect the
<br /> Secured Debt a� awarded by any court ex�r�is�ng jurisdictian under th� Bankrup�cy Gpde, This Se�urity
<br /> Instrument shall rema�n in effec� un�il release�, Trustor agre�s to pay far any re�ordation costs of such
<br /> release.
<br /> 5e�urity Instrument-Qp�n-�r�d-Consumer-NE �CP-f�EDT-NE �I�IZq17
<br /> VMP�Bankers Systemsr"" VMP-C465�NEy {1 107}.0�
<br /> Walters Kluwer FinanCia!S�rvices�1994,2D11 Pagc 4 af�
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