201601661 - Laserfiche WebLink

Browse

2� 1 �� 1 �� 1 8. D�FA[JLT. Trustor will�e in default if any of�he foi�owing accur; Fraud. Any �onsumer Borrower engages in fraud or material misrepresentatxon in �onnecti�n wxth th� Secured Debt that�s an open end home equity plan. Payments. Any Consumer Sarrower an any Secured Debt that �s an open end hame equxty plan fails to make a p ayment wh�n due. Pro�erty. Any action or inac��on by the Borrower or Trustar occurs that ad�ersely aff�cts the Pr�p�rty or Beneficiary's rYghts in the Property. This includes, but is na� 1�mited to, the follawxng: �a} Trus�ar fails t� ma�.ntain required �nsurance �n the PropeY-�y; �b} Trustor transfers the Praperty; �c} Trustor cnmmits waste or otherwise destructively uses or fails to maintain the Pr�perty such that the actYon ar inactron adversely affe�ts Beneficiary's security; �d� Trustor fails to pay taxes on the Property or oth�rwzse fails �a ac� an� there�y causes a l�en �o be file� against th� Praperty that is senior ta th� l�en af this Securz�� 7nstrument; �e} a s��e Trustor dx�s; �f� if mor� th.an nn� Trustor, any Trustar dies and Beneficiary's securi�y is a��ersely affected; �g}the Propex�y is taken through emrnent damain; �h� a judgment is fiied against Trustor and subject� Trustor and the Prnperty to action that ad�ersely affects B�neficiary's interest; or �� a prior Xienhold�r forecl�ses on th�Property and as a result, B�nef��iary's rnterest�s adversely affected. Ex�cut�v�e �fficers. Any Bnrrower is an executxve officer �f Beneficiary or an affiliate and such Borrawer becomes �ndeb�ed ta Benef�ciary or another 1end�r in an aggregate amount greater�han the am�unt permi�t�d under federal laws and r�gu�a�ians. 9, REM�DIE� �N DEFAULT. Zn addit��n to any oth�r remedy a�ailab�e under the terms of this Security �nstrumen�, Beneficiary may accel�rate �he Secur�d Debt and foreclase this 5ecur�ty Instrument in a mann�r pravided by Iaw if Trustor xs in default. Zn some instances, federal and state Iaw will requ�re Beneficiary ta prov�de Trustor with notic� of the right to cur�, or other noti��s and may �stablish tim� schedules for fflreclosure ac��ons. Each Trustor requests a capy of any no�ice af default and any notice of sale thereunder be mail�d to each T`rustnr at the address pro�ided in S�ctxon I abo�e. At the option of B�n�fxc�ary, a1I ❑r any part af�h� agreed fees and charges, aecrued interest and principa� sha11 becom.e immediately due and paya��e, after gY�rng n�tice if required by Iavv, upan the occurrence of a default ar any�ime th�reafter. If there is a default, Trust�e shall, at the r�quest of Beneficiary, ad�er�ise and sell the Praperty as a whale or in separate parcels at public aucti�n to the h�ghest bidder for �ash and convey absolute titie free and clear of ai1 r�gh�, title and interest af Trustor at such time and place as Trus��d�sxgnates. Trus�ee shall gYve notice of sale including th�time, term� and p�ace of sal,e and a descr�ptian of th�praperty tfl be sold as r�quxred�y the appl�cable 1aw in�ffec�at the time of�he proposed sa1e. Upon sale of the Proper�y and to the �x�ent not prohi��t�d by �aw, Trustee shall make and deliv�r a deed to the Pr�perty sflld which conveys abso�ute title to the purchaser, and after first pay�ng aIi fees, charges and GQ5t5, sha�i pay to Beneficiary a.II maneys ac�vanced far repaxrs, tax�s, insuranc�, liens, assessments and priar encumbran�es and �nterest therean, and the principai and rnter�st on the Secured De�t, paying the surpius, if any, to Trustor. Benef�ciary may purchase the Property. The recitals xn any d��d af con�eyance shall be prima facie evid�nce of the facts set forth therein. Th� acceptan�� by Beneficiary of any sum in payment ar partial payment on the Secured Debt after the balance is due ar is accelerated or after foreclasure proce�dings are fi�ed shall n�t constitut� a wai�er of Beneficiary's right �o require complete cure af any e�cisting d�fault. By not exercising any remedy on Trustor's default, Benef�ciary daes not waive Benef�ciary's right to �ater consider the event a default if�it happens again. 1�. E�PEI�SES; ADVAN�ES QN C�VENA.N'"I'S; ATT�RNEYS' FEES; C�LLECTI�N C�STS. If Trustor breaches any cavenant in this Security Ynstrumen�, Trustor agrees ta pay aII exp�nses Ben�ficiary incurs in p�rformxng such covenants ar protecting its securi�y interest in�he Properry. Such expenses include, but are not limited to, fees incurred for inspecting, pr�servzng, �r oth�rwise prvte�ting the Proper�y and Beneficiary's security interest. These exp�nses are payable on demand and will bear interes� from the date of payment until pa�d �n fuX� a��h�highest rate of interes� in effect as provid�d in the �erxns of�he�ecured Debt. Trustar agrees ta pay alI costs and ��penses in�urred �y Beneficiary in �ollectxng, enforcing or pro�e�t�ng Beneficiary's rights and remedies under this Security rnstrument. This am�unt may in�lude, but is not limited to, Trust��'s fees, cour� costs, and ather 1�ga� expenses. To the extent permitted by the United States Bankruptcy Code� Trustor agrees to pay �h� reasana�ie attorneys' fees Beneficiary xn�urs to collect the Secured Debt as award�d by any court e�ercising jurisdictian under the Sankrup�cy �od�. This Secur�ty Ins�rument shall r�main in effect until rel�ased. Trus�ar agrees ta pay for any recordation casts of such release. SeGurity lnstrum�nt-Dpen-�nd-Cvnsumer-NE �CP-R�DT-NE 71�I�D11 VMPD Bankers 5ystems� VMP-C46a[NE} f1 1�7y.Q0 WoIters Kluwer Financial Ser�iGes C�J1994,ZD1 1 Page 4�f 6