200003471 - Laserfiche WebLink

Browse

04-28 -2000 FNMA/FHLMC DEED OF TRUST Page 4 of 5 Loan No 20154 (Continued) 200003471 Law. The preceding two sentences shall not apply to the presence, use, or storage on the Property of small quantities of Hazardous Substances that are generally recognized to be appropriate to normal residential uses and to maintenance of the Property. Borrower shall promptly give Lender written notice of any investigation, claim, demand, lawsuit or other action by any governmental or regulatory agency or private party involving the Property and any Hazardous Substance or Environmental Law of which Borrower has actual knowledge. If Borrower teams, or is notified by any governmental or regulatory authority, that any removal or other remediation of any Hazardous Substance affecting the Property is necessary, Borrower shall promptly take all necessary remedial actions in accordance with Environmental Law. As used in this paragraph 20, "Hazardous Substances" are those substances defined as toxic or hazardous substances by Environmental Law and the following substances: gasoline, kerosene, other flammable or toxic petroleum products, toxic pesticides and herbicides, volatile solvents, materials containing asbestos or formaldehyde, and radioactive materials. As used in this paragraph 20, "Environmental Law" means federal laws and laws of the jurisdiction where the Property is located that relate to health, safety or environmental protection. NON- UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 21. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of sny covenant or agreement In Vft Security Instrument (but not prior to acceleration under paragraph 17 unless applicable law provides otherwise). The notice shah spedy. (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result In aeration of the stuns secured by this Security Instrument and sale of the Property. The notice shall further Inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non - existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at Its option may require Immediate payment In full of all sums secured by this Security Instrument without further demand and may Invoke the power of sale and any other remedies pandfted by applicable law. Lender shall be entitled to collect all expenses Incurred In pursuing the remedies provided In this paragraph 21, km*K§ng, but not Nndled to, reasonable attorneys' fees and costs of title evidence. If the power of sale Is Invoked, Trustee shall record a notice of default in each county in which any part of the Property Is located and shell mall copies of such notice In the mmww prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the tine required by applicable low, Trustee shall give public notice of sale to the persons and In the manner prescribed by app Mcable low. Trustee, wfthoW demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and piece and under the terms designated In the notice of sale In one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or Its designee may Purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shell be prima facle evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale In the foMowk g order: (a) to all costs and expenses of exercising the power of sale, and the sale, including the payment of Trustee's fees actually hwAnTed, not to exceed 3.00% of the principal amount of the Note at the time of the declaration of default, and reasonable attorneys' fees as permitted by law; (b) to an sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to lt. 22. Reem veyauce. Upon payment of all sums secured by this Security Instrument, Lender shall request Trustee to reconvey the Property and shall surrender this Security Instrument and all notes evidencing debt secured by this Security Instrument to Trustee. Trustee shall reconvey the Property without warranty and without charge to the person or persons legally entitled to it. Such person or persons shall pay any recordation costs. 23. Substitute Trustee. Lender, at its option, may from time to time remove Trustee and appoint a successor trustee to any Trustee appointed hereunder by an Instrument recorded in the county in which this Security Instrument is recorded. Without conveyance of the Property, the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law. 24. Request for Notices. Borrower requests that copies of the notices of default and sale be sent to Borrower's address which is the Property Address. 25. Riders to this Security Instrument. If one or more riders are executed by Borrower and recorded together with this Security Instrument, the covenants and agreements of each such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Security Instrument as if the rider(s) were a part of this Security Instrument. [Check applicable box(es)] 0 Adjustable Rate Rider 0 Condominium Rider 0 1-4 Family Rider 0 Graduated Payment Rider a Planned Unit Development Rider a Biweekly Payment Rider 0 Balloon Rider Rate Improvement Ride Second Home Rider Q Other(s) [specify] BY SIGNING BELOW, Borrower accepts and agrees to the terms and covenants contained in this Security Instrument and in any rider(s) executed by Borrower and recorded with ft. Witnesses: (Seal) Andr4 L. Rathjen - Borrower