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200301560
<br />Financial Reports and Additional Documents. Trustor will provide to Beneficiary upon request, any financial
<br />statement or information Beneficiary may 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 preserve
<br />1'mstins obligations under this Security Instrument and Beneficiary's lien status on the Property.
<br />6. WARRANTY OF TITLE. Trustor warrants that Toaster 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 Properly to Trustee, in trust, with power
<br />of sale. Tmstor also warrants that the Property is unencumbered, except for encumbrances of record.
<br />7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be immediately due
<br />and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject
<br />to the restrictions imposed by federal law (12 C_P.R. 591), as applicable.
<br />R. DEFAULT. Truster will be in default if any of the following occur
<br />Fraud' Any Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt
<br />that is an open end home equity plan.
<br />Payments. Any Consumer Burrower 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 Borrower or Trustor occurs that adversely affects the Property or Beneficiary's
<br />rights in the Property_ phis includes, but is not limited to, the following: (a) 'I castor fails to maintain recurred
<br />insurance on the Property; (b)'Imstor transfers the Property; (c) rotator commits waste or otherwise destructively uses
<br />or fails to maintain the Property such that the action or inaction adversely affects Beneficiary's security; (d)'Ctransact fails
<br />to pay taxes on the Property or otherwise fails to act and thereby causes a lien to be tiled against the Property that is
<br />senior to the lien of this Security Instrument; (c) a sole'Ifmstor dies; (f) if more than one Trustor, any Toluca dies and
<br />Beneficiary's security is adversely affected; (g) the Property is taken through eutinent domain; (h) a judgment is filed
<br />against Trustor and subjects Trustor and the Property to action that adversely affects Beneficiary's interest; or (i) a prior
<br />forbidder forecloses on the Property and as a result, Beneficiary's interest is adversely affected.
<br />Executive Officers. Any Borrower is an executive affect- of Beneficiary or an affiliate and such Borrower becomes
<br />indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted under federal laws
<br />and regulations.
<br />9. REMEDIES ON DEFAULT. In addition to any other remedy available under the temps of this Security Instrument,
<br />Beneficiary may accelerate the Secured Debt and foreclose, this Security Instrument in a manner provided by law if
<br />Tmstor is in default. in some instances, federal and slate law will require Beneficiary to provide Trustor with notice of
<br />the right to core, or other notices and may establish time schedules for foreclosure actions. Each 'I mister requests a copy
<br />Of any notice of default and any notice of sale thereunder be mailed to each Trustor at the address provided in Section I
<br />above.
<br />At the option of the Beneficiary, all or any part of the agreed fees and charges, accrued interest and principal shall
<br />become immediately due and payable, after giving notice if required by law, upon the occurrence of a default or
<br />anytime fl cicafci.
<br />If there is a default, 'Itrstee shall, at the request of the Beneficiary, advertise and sell the Property as a whole or in
<br />separate parcels at public auction to the highest bidder for cash and convey absolute title free and clear of all right, title
<br />and interest of Truant 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
<br />of the proposed sale
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<br />I Ton sale of the Propctty and to the extent not prohibited by law, 'Imstee shall make and deliver a deed to the Property
<br />sold which conveys absolute title to the purchaser, and after first paying all fees, charges and costs, shall pay w
<br />Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest
<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 Ibrth
<br />therein.
<br />The acceptance by Beneficiary of any sum in payment or partial payment on the Secured Debt after the balance is due or
<br />is accelerated or after foreclosure proceedings are filed shall not constitute a waiver of Beneficiary's ri�gypht to require
<br />complete cure of any existing default. By not exercising any remedy on Tmstor's default, Beneficiary Ines not waive
<br />Beneficiary's right to later consider the event a default if it happens again.
<br />10. EXPENSES; ADVANCES ON COVENANTS; A'ETORNEYS' FEES; COLLECTION COSTS. IfInistor breaches
<br />any covenant in this Security Instrument, Tmstor agrees to pay all expenses Beneficiary incurs in perfuming such
<br />covenants or protecting its security interest in the Properly. Such expenses include, but are not limited to, lees incurred
<br />for inspecting, preserving, or otherwise protecting the Properly and Beneficiary's security interest These expenses are
<br />payable on demand and will bear 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. Tmstor' agrees to pay all costs and expenses incurred by Beneficiary
<br />in collecting, enlorving or protecting Beneficiary's rights and remedies under this Security Instrument. This amount may
<br />include, but is not limited to, I'mstce's fees, court costs, and other legal expenses. to the extent permitted by the
<br />United States Bankruptcy Code, Trustor agrees to pay the reasonable allomeys' fees Beneficiary incurs to collect the
<br />Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security instrument shall
<br />remain in elicel until released. 'Tmstor agrees to pay for any recordation costs of such release.
<br />11. ENVIRONMEN'T'AL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law
<br />means, without frustrated, the Conichensive Environmental Response, Compensation and Liability Act (CERCLA, 42
<br />U.S.0 9601 el set_), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general
<br />opinions of interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and
<br />(2) Hazardous Substance means any toxic, radioactive or hazardous conferral, waste, pollutant or contaminant which has
<br />characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or
<br />environment The term includes, without limitation, any substances defined as "hazardous material," "toxic substances,"
<br />"hazardous waste" nr "hazardous substance" under any Environmental Law.
<br />Trustor represents, warrants and agrees that:
<br />A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be
<br />located, stirred or released on or in the Property. This restriction does not apply to small quantities of Hazardous
<br />Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property.
<br />B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been,
<br />arc, and shall remain in full compliance with any applicable Environmental Law.
<br />C. Trustor shall immediately notify Beneficiary if a release orthreatened release of a Hazardous Substance occurs ern,
<br />under art about the Property or there is a violation of any Environmental Law concerning the Property. In such an
<br />event, 'Tmstor shall take all necessary remedial action in accordance with any Environmental Law. �aiy.!
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<br />019N Bankers spoons, Inc. 5l. Cloud MN Fo"n cCP- oCDTNE 1tl 3199
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