201601544 - Laserfiche WebLink

Browse

, 2� 1 �� 1544 Beneficiary requires pursuant ta th� preceding Trustor fails to maintain the co�erage descr��ed abo�e, Beneficiary may, at Beneficiary's opt�an, ❑btain shall �e chasen by Trustor subject tv Beneficrary`s appro�al, which shafl nat be unreasonably withheid. If ca�erage to protect Benefi�iary`s rights in the Property accord�ng ta the terms of this 5ecurity Instrument. tw❑ sentences can change during the term af the Secured ❑ebt. The insurance carri�r pro�iding the Ensurance A11 insurance pa�iCies and r�newals shall be acc�ptable tv �eneficiary and shall include a standard "mortgage clause" and, where applicable, "�vss payee clause." Trustar shall imm�diately nvtify Ben�ficiary of cancellation vr termination of the insuranc�. Beneficiary shall ha�e the right to hv[d the pvlicies and renewals. 1f BenefiCiary requires, Trustor shalf immediat�ly gi�e t❑ Beneficiary all r�ceipts of paid prem�ums and renewal notices. Upon iass, Trustvr shali gi�e immediate nntice tfl the insurance carrier and Benef ciary. Beneficiary rr�ay make proof of ioss if not made immediately by Trustvr. LJnless vtherwise agreed in wr�ting, all insurance prviceeds shal� f�� applied to the restaration or repair af the Property or to the Secured Debt, whether vr not then due, at Benefi�iary's optian. Any applicatian vf proceeds to princ�pal shall not extend or pastpvne the due date of the scheduled payment nar change the amvunt of any payment. Any excess will be �aid tv the Trustar. If the Prvperty �s acquired by geneficiary, Trustor's right to any insuran�e pvlicies and proceeds resulting from damage to the Property befor� the acquisitivn sha�! pass tv Benef�ciary to th� extent of the 5ecured Debt immediately before the acquis�tion. Finan�ial Reparts and Additional Documents. Trustor will pra�ide to Beneficiary upan request, any financial statement or informativn Benefic�ary may deem reasvnably necessary. Trustor agrees to sign, deli�er, and file any additianal documents or certificativns that Beneficiary may consider necessary t❑ perfect, cont�nue, and preser�e Trustvr's abl�gatic�ns under this S��urity Instrument and Beneficiary's lien status ❑n the Property. 6. WARRANTY�F TITLE. Trustor warrants that Trustvr is or will b� lawfully seized of the estate con�ey�d by this Security Instrument and has the right ta irre�ocably grant, con�ey, and sel� the Praperty to Trustee, in trust, with power �f sale. Trustor also warrants that the P�-�perty is unencumber�d, �xcept for encumt�rances of recvrd. T. DUE �N SALE. Beneficiary may, at its vptian, declar�th� entire balance �f th� Secur�d Debt to �e imm�d�ate�y due and payable upvn the creation of, or cvntract for the creatian of, a transfe� o� sale of all or any part of the Prop�rty. This right is subject tv the restrictions imposed �y federal �aw �1� C.F.R. �9�}, as applicable. S. DEFAULT. Trustvr wi�! b� in default if any of the fallvwing �ccur; Fraud. Any Consumer Borrower engages in fraud vr material m�srepresentation in cvnnection with the Secured Debt that is an open end home equity plan. Payments. Any �onsum�r B�rrower on any 5ecured Debt that is an ❑pen end h�me e�uity p�an fa�ls ta mak� a payment when due. Property. Any act�on or inaction by the Borrower vr Trustor occurs that ad�ersely affects the Property or B�neficiary's rights in the Property. This includes, but is nvt timited t�, the fo�lowing: �a} Trustor fails to maintatn required insurance ❑n the Property; �b� Trustor transfers the Prflperty; (c} Trustor commits waste or otherwise destructi�ely uses or fails to maintain the Property such that the activn or inaction ad�ersely affects Ben�ficiary's se�urity; �d} Trustvr fa�ls to pay taxes on the P�operty or vtherwise fails ta act and thereby causes a lien to be filed against th� Praperty that is s�nior tv the lien of this Se�urity Instrument; �e} a sole Trustar �iies; �f} if mare than one Trustor, any Trustor dies and Beneficiary's security is ad�ersely affected; �g} the Prvperty is taken thraugh eminent dvmain: �h� a judgment is filed against Trustar and subjects Trustor and the Praperty to actian that ad�ersely affects 6enefi�iary's interest; or �i} a prior lienholder forec�oses on the Pr�perty and as a result, 6eneficiary's interest is ad�ersely affected. Executi�e Officers. Any Borrawer is an executi�e afficer of BenefiGiary or an affiliate and such Borr�wer becames indebted to Beneficiary flr another lender in an aggregate amount g�eat�r than th� am�unt p�rmitted under federal laws and regulations. 9. REMEDIE� �N DEFAULT. In additian tv any other remedy a�ailable under the terms of this 5e�urity Instrument, Benef�ciary may acc�lerate the Secur�d Debt and fvreclose this Security Instrument in a manner (page 4 af 7} _'1994 Wolters Kluwer Financial Ser�ices-Bankers 5ystems� Form USB�CP-17T-NE 111"161�07�