|
200301109
<br />Financial Reports and Additional Documents. Troslor will provide to Beneficiary upon request any financial
<br />statement or information Beneficiary Lira, deem reasonably necessary. Trustor agrees to sign. deliver. and file any
<br />additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and presen�c
<br />I rustor's obligations under this SccuraN lost snow and Beneficiary's lien status on the Property.
<br />o. WARRANTY OF TITLE. Trustor foam rut, Ihat Tnrstor is or will be lawfully seized of the estate convened by this
<br />Seourtly host nunenl and has the right to irrevocably- grunt, convey, and sell the Property to 'I rus ce, in (rust, with power
<br />of sale. Trustor also warrants that the Property is unencumbered, except for mlcmnbrances of record.
<br />7. DUE ON SALE. Bemcticlm_y may, at its option. declare the entire balance of the Secured Debt to be immediately (file
<br />and parable upon the creation of, or contract for the creahou if, a oansfm or sale of the Property_ This right is subject
<br />to the restrictions imposed by federal law (12 C.F.R. 591), as applicable.
<br />8. DEFAULT. 'Trustor will be m dcfmdt if of Iho fellow'ing occur:
<br />Fraud. Any Consmner Rorrowcr engages in fraud or material misrepresentation in connection with the Secured Debt
<br />Ihm is au open end home equity plan.
<br />Payments, Any Consinucr Borrower on any Secured Debt that is an open end home equity plan fails to make a payment
<br />when due
<br />Propel,. Amy aclinn ur inaction by the Bon'ower or Trustor occurs that adversely affects the Property or Beneficiary's
<br />rights in the Property. 'thus includes. but is not limned to, the following: (alp Trustor fails In mnildaiu required
<br />insurance on the Propene (b) Tmslnr Inmsfca the Propcny (c) Trustor commits waste or otherwise destrnetivele uses
<br />Or fails le maintain the Property such that the action or inaction adversely affects Beneficiary's security: (d) Trustor fails
<br />to pay taxes on the Property or otherwise fails to act and thereby muses a lien to be filer) against I)ne Property that is
<br />seiner to the lien Of this Security hislruneR (c) it solo Trustor dies. (f) if more than one Toaster. any Truster dies and
<br />Beneficiary's security is adversely affected: (g) the Property is taken through eminent domain: (h) a judgment is filed
<br />against Trustor and subjects Truster and the Property to action that adversely affcoly Bcacfaaary's oticresi, or (it a prior
<br />Iieaiolder forecloses on the Properly and as a mats(, Beneficiary's interest is adversely affected.
<br />Executive Officers. At,, Borrower is an executive officer of Beneticiary or an affiliate and such Borrower becomes
<br />indebted to Beneficiary or another lender in an aggregate amount greater than the alumna permitted under federal laws
<br />and regulations.
<br />9. REMEDIES ON DEFAULT. In addition to any other remedy available under the terms of this SeCoury Inslnmcnl.
<br />Beneficiary, may accelerate the Secured Debt and foreclose this Security Inslronical in a manner provided 6v law if
<br />Trustor is in defatdl. In some ui larccs, federal and state lay will require Beneficiary to provide Trustor with notice of
<br />the right to cure. or ullrer notices and may establish time schedules for foreclosure actions- Each Trustor requests it copy
<br />Of any notice of default and any notice of sae thereunder be mooted to earl, Tmslnr at (lie address provided in Section 1
<br />above
<br />At the option of the Beneficiary all or am' part of the agreed fees and charges. atoned interest and principal shall
<br />become inmnadonch due and parable. after giving notice if required by Ina. upon the occurrence of a default or
<br />:ouli ... c Iherudlol.
<br />If there is a default 'trustee dull_ of the request of the Beneficiary_ advertise and sell the Property as a whole or in
<br />separate parcels at public auchou to the highest bidder for cash and convey absolute title free and clear of all right, title
<br />ma oacresl of Ti star at such time and place as 'I'nlstee designates_ Trustee shot] give notice of sac including the time.
<br />terms and place of sale and a descriptiou of the properly In be sold as required by the applicable law in effect at the time
<br />of the proposed sale
<br />Upon sate of lire property and to the cslcnt not prolubited by lac. Trustee shall make and deliver a decd to the Property
<br />sold which enwcys absolulc title to the purchaser, and offer first paying all fees, charges and coals. shall pie io
<br />Be claaary all moneys advanced for repairs . trues insurance_ ]tens, assessments and prior encumbrances and interest
<br />thereon_ and the principal and interest on the Secured Debt, paving the surplus, if any, to Truster _ Beneficiary may
<br />purchase the Propaay. The recitals in any, deed of camcyanec shill he prima facie evidence Of the facts set forth
<br />therein.
<br />The accepldncc by Benefcian of any sum in pavmenl or partial payment on die Secured Debt after the balance m due or
<br />is accelerated or after foreclosure proceedings are filed shall not coushlutc a waiver of Beneficiary's right to require
<br />complete core of any existing default. Rv not cecrci,ang any reriedv on Luster's default. Beneficiary does not Naive
<br />Beneficiary's right to haler consider the event a default if it happens again.
<br />11). EXPENSES; ADVANCES ON COVENANTS; ATTORNEVS' FEES; COLLECTION COSTS. If Trustor breaches
<br />any covenant in this Security astnuncnt Tractor agrees to pay all expenses Beneficiary incurs in performing such
<br />covenauls or pnatenlnIg its security interest in the Property. Such expenses include, but arc not ]moiled lo, fees incurred
<br />for inspecting, presening. or otherwise protecting the Properly and Bcneficia,'s securhq interest. These expenses are
<br />payable on demand and will burr interest from the dale of payment until paid in full at the highest rate of interest in
<br />effect as provided in the terms of the Secured Debt. Toaster agrees to pay all costs and expenses incurred by Beneficiary
<br />in collecting. enforcing or protecting Beneficiary's rights uud comedies under this Security Instrument. This muouni may
<br />mcludc. but is not lialood In. Tmslec's fees. court vests and other legal expenses. I the "tent permitted by the
<br />Moiled Slates Bankruptcy Code. Trustor agrees to pay the reasonable atlornevs' fees Bcucficiary incurs Io collect the
<br />Secured Debt as awarded by any court cacrcising junsdiclion under the Balikulptev Code. This Securty Instrument shall
<br />remain in effect until released. Trustor agrees to pal for any recordation costs of such release,
<br />I. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />nIcons. neilhoLit It munl ior. the Cunnprohensive Eaviromnental Response. Compensation and Liability Act (CERCLA, 42
<br />1l S 96tH et seq.). and all other federal. stale and local laves_ Logo Eat nns, ordinances_ Loud orders. altoniev general
<br />opinions or later poetry e tatters concerning the public health, safcp', we:fare, citynomnenl or a huzndous substance. and
<br />(2) Haiard ris Substance meals am toxic, radioactive or hazardous material, waste, pollutant rr conmluhwm Wldch has
<br />characteristics which render the substance dangerous tar prlenlialh dangerous to the public heath, safety, welfare or
<br />enviromnent. rill, term includes. wilhoul limitation. any substances defined as "hazardous material," "toxic substances_"
<br />"hazardous v nsle" of " hazudous substance" under am' Lnvimmnental Lay.
<br />Tmslnr rcple ClIts warrants and agrees that
<br />A. E.Neepl as previously disclosed and acknowledged in writing to Be iefncian•, no Hazardous Suhstance Is or will be
<br />locoed_ allured or released on or in the Property This rcaricliou does uui apply to small quantities of Hazardous
<br />Subsuunces that are generally recognized ILL be nppromiale for the nomuu use and maintenance of the Propcny.
<br />B. Except as previously disclosed and ackuowlodgel in writing to Beneficiary. Trustor and every tenant have been,
<br />zero. and shall remain to fill[ compliance With tiny applicable Environmental Law_
<br />C, fur slor shat out notdv Beneticiary if a release or threatened release of a Hazardous Substance occurs on.
<br />under or about the Property or there is a viOlnlion of ann Enshomitemal Lay consenting the Propem'. In such an
<br />eyeut, 'I7uslor shall lake all necessan remedial action in accordance with ;my Environmental law.
<br />�(pagc 3 of 4)
<br />p inns e = "w "a sy�.� ". in ". s craw. n +a r "� ucrurr.ar vvss
<br />(M.C466(N E) ,iII2,1L
<br />
|