201604205 - Laserfiche WebLink

Browse

2� 1 ��42�5 S. I]EFAULT. Trustar will b�in default if any of the follflwing o�cur: Fraud. Any Consumer Barrower engages in fraud ar material misrepres�ntat�an in connec��on wxth the Secured Debt that is an open�nd home equ�ty plan. Payrnents. Any Gonsum�r Borrower on any Secur�d Debt that �s an open end hame equ�ty p�an fails to mak� a payment when due. Property. Any actYon ar inaction by �he �arrower or Trustor accurs that ad�ersely affects �he Property or Benefi�iary's ri�hts in the Praper�y. This includes, �ut �s not Iimited ta, the fo�Xowing: �a} Trustvr fails to maintain required znsurance an �.ie Property; �b} Trus�ar transfers �he Praperty; �c� Trus�or comm�ts waste ar o�herwise destruct��ely uses or fails to maYntaYn�I�.e Praper�y such that�he ac�ion ar ina�tion adversely affects Benef�ciaxy's security; �d} Trustor fails to pay taxes on the Praper�y or ��herwise fails to ac� an�1 thereby causes a Xien ta be filed against the Praperty that is senior �o the Iien of this Security �nstrum�nt; �e� a svl� Trustar dies; �f� if mnr� than on� Trustar, any Trustor dies and Beneficiary's security is adverse�y aff�cted; �g} the Proper�y is taken through eminent domaina �h} a judgment is fxled agaxnst Trustar and subjects Trus�ar and th� Property to action tha� ad�ersely affects B�n�fi�iary's interes�; or ��} a prior lienh��der foreclases on the Praperty and as a r�sult, Benef�ciary'� interest is ad�ersely affected. �xecut�ve Officers. Any Borrower is an executive offxcer of Bene�ciary �r an af�lia�� and such Borrower be�ames ind�bt�d �o Beneficiary or anather lender in an aggre�ate amount greater than the amount permitted under federal Iaws and re�ulations. 9. REMEDIES aN D�FAULT. In addition ta any ather remedy a�a�lable under th� terms of this Secur��y Znstrument, Benefxc�ary may accelera�e �he Secured Deb� and fareclose th�s Security �nstrument in a manrier pro�ided by Iaw if Trustor is in defauit. In some instances, federaJ. and state law will require Benefic�ary to provide Trustor with natice af �he right �o cure, or other notices and may establish �Yme schedules for foreclosure actions. Each Trus�or re�uests a copy of any noti�e of default and any no��ce of sale thereunder b� mailed�o each Trustor at the address pro�ided in Sec�ion I a�ove. At the op�ion af Beneficiary, a.�l or any part of the agreed fees and char�es, accrued int�rest and principal shall become zmmediately due and payable, after giving notice if required by Iaw, upon the o�currence �f a default ar anyt�me thereafter. Yf ther� xs a defauXt, Trustee shall, at �he request of Benef�ciary, advertise and sel�the Property as a who�e or in s�parat�parcels at publi� auct�on to the highes�bxdder far�ash and canvey absolute ti�Ie free and clear af a.il right, t�tle and interest of Trustor at su�h time and place as Truste�designates. Truste�shal� give notice of sa�e including the�ime, terms and place of sale and a descr�ptian�f the properry to be sold as required by the applxcable lavv in effect at�he time of th�proposed sale. Upan sale of the Proper�y and �o the extent not prah�bited by 1aw, Trus�ee shall make and deli�er a de�d to the Property sald which con�eys a�salute t��Ze ta the purchas�r, and after f�rst payxng a11 fees, charges and casts, shal,� pay �o Seneficiary aII moneys ad�anced far repairs, ta�r.es, �nsurance, 1�ens, assessmen�s and prior en�umbrances and xnteres�thereon, and the principai and interest on the Secured I3e�t, payzng the surp�us, if any, �o Trustor. B�nefi�iary may purchase the Prop�rty. The reci�als �n any deed of con�eyance shall be prima fac�e evidence of the facts set forth therein. Th� acceptance by Beneficiary of any sum in payment or partiaJ. payment on the Secured D�bt aft�r the ba.�ance is du� or zs acce�erated or aft�r forec�osur� proceedings are fxXed sha11 not const�tute a waiver of Beneficiary's right to require �omplete cure of any ex�sting default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's right to Iater consi�.er the event a default if it happens again. lU. E�PENSES; ADVAN�ES �N C�VENANTS; ATT�RNEYS' FEES; �[]LLE�TI�N CC]STS. If Trustor brea�h�s any co�enant in this Security �nstrument, Trustor agrees to pay axX expens�s Beneficiary incurs in perform�ng such co�enants or protect�ng its security interest in the Praperty. 5uch exp�nses incxude, bu� are not lzmited to, fees in�urred f�r inspecting, prese7cving, or atherwise protecting th� Praper�y and Beneficiary's security in�erest. Th�s� �xp�nses axe payable an demand and v�iii bear in�er�st fram th� da�e of payment untz�paid in full at th�highest rate of inter�st Yn effe�t as pro�rided in the terms af the Secured Debt. Trustor agrees �o pay a11 c�sts and expenses �ncurred by Beneficiary in collecting, enforcing or protecting Benefic�ary's rights and remedies und�r this Security �nstrument. This amount may includ�, but is not limi�ed to, Trustee's fees, court �ns�s, and ather legal exp�ns�s. To the extent permitted by the United States Bankruptcy Code, Trustor agrees to pay the reasonabl� attorneys' fees Beneficiary incurs to coll��t the Secure� I]ebt as awarded by any cour� exercising jurisdretion under �he Bankrupt�� de. Th�s S�curity �nstrument shal� remain in effect untiX re�eased. Trustor agrees t� pay for any re�orda.�ion costs af such release. Security[nstrument-Dpen-End-Cansumer-N� ❑CP-R�DT-NE 71�12a�1 VMP�6ankers SystemsT�''t VMP-C4fi5�N�y (��77.QQ Walters}�luwer Finar�cial Ser�ices 0�994,2D'1� Page 4 of 6