|
- . � 99-�c�s�3s �
<br /> F�nancial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial statement
<br /> or information Beneficiary may deem reasonably necessary. Trustor agrees to sign, deliver, and file any additional
<br /> documents or certifications that Beneficiary may consider necessary to perfect,continue, and preserve Trustor's obligations
<br /> under this Security Instrument and Beneficiary's lien status on the Property,
<br /> 6. WARRANTY OF TITLE. Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this
<br /> Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of
<br /> sale. Trustor also warrants that the Property is unencumbered, except for encumbrances of record.
<br /> 7. DUE ON SALE. Lender may, at its option, declaze the entire balance of the Secured Debt to be immediately due and
<br /> payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the
<br /> restnctions imposed by federal law(12 C.F.R. 591), as applicable.
<br /> 8. DEFAULT. Trustor will be in default if any of the following occur:
<br /> FY�aud. Any Consumer Bonower engages in fraud or material misrepresentation in connection with the Secured Debt that
<br /> is an open end home equity plan.
<br /> Paymeats. A�+�onst►mer�Bc>rrower on any Secured Debt that is an open end home equity plan fails to make a payment
<br /> when due.
<br /> Property. Any action or inaction by the Bonower or Grantor occurs that adversely affects the Property or Lender's rights
<br /> in the Property. This includes, but is not limited to, the following: (a) Grantor fails to maintain required insurance on the
<br /> Property; (b) Grantor transfers the Pro�erty; (c) Grantor commits waste or otherwise destructively uses or fails to maintain
<br /> the Property such that the action or inaction adversely affects Lender's security; (d) Grantor fails to pay taxes on the
<br /> 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
<br /> Secunty Instrument; (e) a sole Grantor dies; (fl if more than one Grantor, any Grantor dies and Lender's security is
<br /> adversely affected; (g) the Property is taken through eminent domain; (h) a judgment is filed against Grantor and subjects
<br /> Grantor and the Property to action that adversely affects Lender's interest; or (i) a prior lienholder forecloses on the
<br /> Property and as a result, Lender's interest is adversely affected.
<br /> Executive Officers. Any Borrower is an executive officer of Lender or an affiliate and such Borrower becomes indebted to
<br /> I.end�r or amatt�iender��aggregate,amot3at greater than;the amount permit�ed u�der federal laws and regulations.
<br /> 9. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this Security Instrument,
<br /> Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor
<br /> is in default. In some instances, federal and state law will require Beneficiary to provide Trustor with notice of the right to
<br /> cure, or other notices and may establish time schedules for foreclosure actions. Each Trustor requests a copy of any notice
<br /> of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Section 1 above.
<br /> At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall become
<br /> immediately due and payable, after giving notice if required by law, upon the occunence of a default or anytime
<br /> thereafter.
<br /> � If there is a default, Trustee shall, at the request of the Beneficiary, advertise and sell the Property as a whole or in
<br /> _separate p�cels..�t j?y_b�ic auction to the highest bidder far cash and canvey absolute titie free and clear of all ri�t, title
<br /> an� inferest of Trustor at such time and place as Trustee designates. Trustee shall give notice of sale including the time,
<br /> 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
<br /> the proposed sale.
<br /> Upon sale of the property and to the extent not prohibited by law, Trustee shall make and deliver a deed to the Property
<br /> sold which conveys absolute title to the purchaser, and after first paying all fees, chazges and costs, shall pay to
<br /> Beneficiary all moneys advanced for repairs, ta�ces, insurance, liens, assessments and prior encumbrances and mterest
<br /> thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Trustor. Beneficiary may
<br /> purchase the Property. The recitals in any deed of conveyance shall be prima facie evidence of the facts set forth therein.
<br /> T'he acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt after the balance is due or is
<br /> accelerated or after foreclosure proceedings aze filed shall not constitute a waiver of Beneficiary's right to require complete
<br /> cure of any existing default. By not exercismg any remedy on Trustor's default, Beneficiary does not waive Beneficiary's
<br /> right to later consider the event a default if it happens again.
<br /> 10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. If Trustor breaches
<br /> any covenant in this Security Instrument, Trustor agrees to pay all expenses Beneficiary incurs in performing such
<br /> covenants or protecting its secunty interest in the Property. Such expenses mclude, but aze not limited to, fees incurred for
<br /> inspecting, preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses aze ayable
<br /> on demand and will bear interest from the date of payment until paid in full at the highest rate of interest in e�fect as
<br /> provided in the terms of the Secured Debt. Trustor agrees to pay all costs and expenses incurred by Beneficiary in
<br /> collecting, enforcing or protecting Beneficiary's rights and remedies under this Secunty Instrument. This amount may
<br /> include, but is not limited to, Trustee's fees, court costs, and other le�al expenses. To the extent pernutted by the United
<br /> States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys fees Beneficiary incurs to collect the Secured Debt
<br /> as awarded by any court exercising�urisdiction under the Bankruptcy Code. T'his.Secunty Instrument shall remain in effect
<br />_ imtil r�leased Trustor a�rees to�a,y for any recordation costs of such release.
<br /> 11. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section; (1) Environmental Law
<br /> means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br /> U.S.C. 9601 et seq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br /> opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and(2)
<br /> Hazardous Substance means any toxic, radioactive or hazazdous material, waste, pollutant or contaminant which has
<br /> chazacteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br /> environment. T'he term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br /> "hazardous waste" or "hazardous substance" under any Environmental Law.
<br /> Trustor represents, wazrants and agrees that:
<br /> A.Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazazdous Substance is or will be
<br /> located, stored or released on or in,�tl� Property. This restnction does not apply to small quantities of Hazardous
<br /> Substances thaf are`generally recognize�to be appropriate for the normal use and maintenance of the Property.
<br /> B. Ex t as previously disclose�and�ackriowledged in writing to Beneficiary, Trustor and every tenant have been, are,
<br /> and�all remain in full compliance witti any applicable Environmental Law.
<br /> C.Trustor shall immediately norify Beneficiary if a release or threatened release of a Hazardous Substance occurs on,
<br /> under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an
<br /> event, Trustor shall take all necessary remedial action in accordance with any Environmental Law.
<br /> m1994 Bankers Systems,Inc.,St.Cloud,MN form OCP-REDT-NE 10/7/98
<br /> �,' M, / �r�i. �v 9e s f a�
<br />
|