201604426 - Laserfiche WebLink

Browse

201604426 S. DEFALJLT. Trustor will be in default if any of the following occur: I�7aud. Any Consumer Borrower engages in fraud or material misrepresentation in connecrion with the Secured Debt that is an open end home equity plan. Payments. Any Consumer Borrower on any Secured Debt that is an open end home equiry plan fails to make a payment when due, Property. Any action or inaction by ihe Borrower or Trustor occurs that adversely affects the Property or Beneficiary's rights in the Property. This includes, but is not limited to, the following: (a) Trustor fails to maintain required insurance on the Property; (b) Trustor transfers the Property; (c) Trustor commits waste or otherwise destructively uses or fails to maintain the Property such that the action or inaction adversely affects Beneficiary's securiry; (d) Trustor fails to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be filed against the Property that is senior to the lien of this Securiry Insuument; (e) a sole Trustor dies; (fl if more than one Trustor, any Trustor dies and Beneficiary's security is adversely affected; (g)the Property is taken through eminent domain; (h) a judgment is filed against Trustor and subjects Trustor and the Proper[y to acrion that adversely affects Beneficiary's interest; or (i) a prior lienholder forecloses on the Property and as a result, Beneficiary's interest is adversely affected. Executive Officers. Any Borrower is an executive officer of Beneficiary or an afFiliate and such Borrower becomes indebted to Bene£ciary or another lender in an aggregate amount greater than the amount pemiltted mmder federal laws and regulations. 9. REMEDIES ON DEFAULT. In addirion to any other remedy available under the terms of this Securiry Instrument, Beneficiary may accelerate the Secured Debt and foreclose this Security Instnunent in a manner provided by law if Tmstor is in default. In some instances, federal and state law will require BeneFiciary to provide Trustor with notice of the right to cure, or other notices and may establish time schedules for foreclosure acrions. Each Trustor requests a copy of any notice of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Secrion 1 above. At the option of Beneficiary, all or any part of the agreed fees and chazges, accrued interest and principal shall become immediately due and payable, afrer giving notice if required by law, upon the occurrence of a default or anytime thereafter. If there is a default, Trustee shall, at the request of Beneficiary, advertise and sell the Property as a whole or in separate parcels at public auction to the highest bidder for cash and convey absolute title free and cleaz of all right, title and interest of Tmstor at such time and place as Trustee designates. Trustee shall give notice of sale including the tune, terms and place of sale and a description of the property to be sold as required by the applicable law in effect at the time of the proposed sale. Upon sale of the Property and to the eztern not prohibited by law, Trustee shall make and deliver a deed to the Property sold which conveys absolute title to the purchaser, and after first paying all fees, chazges and costs, shall pay to Beneficiary all moneys advanced for repaus, ta�ces, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may purchase the Proper[y. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein. The accep[ance by Beneficiary of any sum in payment or partial payment on the Secured Debt after the balance is due or is accelerated or after foreclosure proceedings aze filed shall not constitute a waiver of Beneficiary's right to require complete cure of any exisring default. By not exercising any remedy on Trustor's default, Beneficiary does not waive Beneficiary's right to later consider the event a default if it happens again. 10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECT'ION COSTS. If Trustor breaches any covenant in this Security Instrument, Trustor agrees to pay all expenses Beneficiary incurs in performing such covenants or protecting its security interest in the Property. Such expenses include, but aze not limited to, fees incurred for inspecting, preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses are payahl8 on demand and will beaz interest from the date of payment until paid in full at the highest rate of interest in effect as provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beneficiary in collecting, enforcing or protecting Beneficiary's rights and remedies under this Security Instrument. This amount may include, but is not limited to, Trustee's fees, cour[ wsts, and other legal expenses. To the extent perutitted by [he United States Banlaliptcy Code, Trustor agrees to pay the reasonable attomeys' fees Beneficiary incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Banlavptcy Code. This Securiry Instrument shall remain in effect until released. Trustor agrees to pay for any recordation costs of such release. Securirylnstmmentr�peo-End-Consumer-NE OCP-REDT-NE ]/2/2011 VMP�Bankers Systems^'� VMP-C465INE) (110�1.00 Woiters Kluwer Financial Services 01994,20�1 Paga 4 ot 6