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201507794
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Last modified
7/21/2017 1:49:59 PM
Creation date
11/12/2015 9:12:28 AM
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DEEDS
Inst Number
201507794
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2� 15�7794 <br /> $. DEFAULT. Trustor wili be in default if any of the fallowing�ccur: <br /> Fraud. Any Cansumer Borrawer engages in fraud or material misrepresenta�ian in connecti�� with �he <br /> Secured Debt that is an�pen end home equity plan. <br /> Payments. Any C�nsumer Barrower�n any Se�ured Debt that is an open end hame equity plan fails to make <br /> a payment when due. <br /> Property. Any action or inactiar� by the Borrawer or Trus�or occurs that ad�ersely affects the Proper�y or <br /> Beneficiary's rights in the Property. This includes, but is not limi�ed ta, the fc�llowing: �a} Trus�or fails �o <br /> maintain required insuran�e on the Proper�y; (b} Trust�r transfers th� Property; tc} Trustor cammits waste or <br /> otherwise destructi�eiy uses or fails to maintain the Pr�p�rty such that the action or ina�tian ad�ersely affects <br /> Beneficiary's security; �d} Trustor fails to pay raxes on the Praperty or otherwise fails to a�t and thereby <br /> �auses a lien to be filed against the Pr�p�rty that is seni�r to the iien of this Security Instrument; �e} a sale <br /> Trustor dies; �f} �f more than ane Trustor, any Trustar dies and Beneficiary's security �s advers�ly affe�t�d; <br /> �g}the Pr��erty is tak�n through eminent domain; �h} a judgmen� is fi�ed against Trustor and subjects Trustor <br /> and �he Property to action�hat ad��rsely affects Beneficiary's interes�; or �i} a prior �i�nholder foreclases on <br /> the Proper�y and as a resul�, Beneficiary's interest is ad�ersely affect�d. <br /> Executi�e [�fficers. Any Borrower is an e�ecuti�e officer nf Beneficiary or an affiliate and such Barrower <br /> �e�omes �ndebted ta Beneficiary �r anather lender �n an aggregat� amount grea�er than�he amount permitted <br /> und�r federal laws and regu�ati�ns. <br /> 9. REMEDIES �N DEFAULT. In additian to any other remedy a�aila�le und�r the terms of this Security <br /> �nstrumen�, B�neficiary may accelerate the Se�ured I]ebt and foreclose this S�curity Instrument in a manner <br /> pro�ided by Iaw if Trustor is in default. In some instances, federal and state law wz�l r�qu�re Beneficiary t� <br /> provide Trustor with notice af the r�ght to cure, �r ��her notices arid may establish tirne s�hedules far <br /> for��lflsure actians. Ea�h Trustor requests a copy af any notic�vf default and any natice�f s�l.e thereunder h� <br /> mailed�o each Trustor a�the address provided in Secti�n 1 abo�e. <br /> At the option of Beneficiary, all or any part of th� agreed fees and charges, accrued int�rest and przncipal <br /> shall become immediately due and payable, after giving notice if required by law, upan the o�Curr�nce vf a <br /> default or anytime thereafter. <br /> �f�here i5 a d�fault, Trustee sha�I, at the request of Beneficiary, ad�ertise and sell th� Pr�perty as a whole or <br /> �n s�para�e parcels a� pub�ic aucti�n to the highest bidder for cash and con�ey absolute titl� free and �lear nf <br /> all right, title and interest af Trustor at such time and place as Trustee designates. Trustee shall �ive notice of <br /> sale includkng the time, terms and place�f sale and a descr�ption of�he proper�y to be sold as re�uired by the <br /> applica�le law in effect at the�ime of the prapas�d sa.le. � <br /> Upon sale of the Property and to the extent no� prohibited by law, Trustee shall make and deii�er a deed to <br /> the Proper�y s�ld which con�eys absolut� title �o the purchaser, and after first paying all fees, charges and <br /> casts, shall pay to Beneficiary a11 moneys advanced far repairs, ta�es, insurance, Iiens, assessments and prior <br /> encumbrances and interest thereon, and the principal ar�d inter�st on the S�cured Debt, paying the surplus, if <br /> any, ta Trustor. Benefi�iary may purchase �he Praperty. The re�itals in any de�d of con�eya.n�e sha11 be <br /> prima facie evidenc�of the facts set forth�herein. <br /> The acceptance by Beneficiary �f any sum in payment or partial payment on the Secured Debt after the <br /> balance is due ar is acc�lera�ed ar after fore�lasure praceedings are fil�d shall nflt con.stitut� a wai�er of <br /> Benefi�iary's right tQ require complete cure af any existing default. By not exercising any remedy an <br /> Trustor's default, Benef�ciary daes nat wai�e Benefi�iary's right ta later �onsid�r the e�ent a defau�t if it <br /> happens again. <br /> lU. EXPENSES; ADVANCES �N C�VENANTS; ATT�RNEYS' FEES; C�LLE�TIC�N C�STS. If <br /> Trustar breaches �.y co�enant in this Security Instrument, Trustor agrees to pay a11 �xpenses Beneficiary <br /> incurs in performing such cavenan�s or protecting its security interest in the Property. Such expenses include, <br /> but ar� n�t Iimited to, fees incurred for inspecting, preser�ing, or o�herwxs� protec�ing the Property and <br /> Benefi�iary's security inter�st. These expenses ar� payable on demand and will �ear interest fr�m the date of <br /> payment until pa�d in fu11 at the highest ra�e of interesr in effe�t as pravided in the terms�f the Se�ured Debt. <br /> Trustor agrees t� pay a11 cost� and expenses incurr�d by Beneficiary in collec�ing, enforcing ar protecting <br /> Beneficiary's rights and remedies under this SecuriCy �ns�rument. This amount may �nclude, but is not limited <br /> to, Trustee's fees, c�urt costs, and �ther le�,�l expense�. '�a the �xtent permitted by the United S�at�s <br /> Bankruptcy �ode, Trustar agr�es to pay �he reasonable attc�rneys' fees Beneficiary incurs ta ��i1e�t the <br /> Secured D�bt as awarded by any caurt ex�rcising jurisdi�t�on under th� Bankruptcy Code. This Security <br /> Ins�rument shall remain in effect until released. Trustor agrees to pay for any recordation costs of such <br /> re�ease. <br /> 5ecurity Inscrument-Open-�nd-Consumer-NE OCP-R�DT-NE 71�1��1 1 <br /> VMPC�gankers 5ystems'�hi° VMP-C4fi5�NEf (11077.00 <br /> Wolters Kluwer Financial Ser�ices��994,�D�� Page 4 of fi <br />
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