200206063 - Laserfiche WebLink

Browse

20020606" Application 4 0121097232 Unless otherwise agreed in writing, all hisurance proceeds shall be applied to the restoration Or repair of Ole Property or to the Seemed Debt, whether or not then due, at Beneficiary's option. Any application of proceeds to principal shall not extend or postpone the due date of the scheduled payment not' change the amount of any payment. Any excess will be paid to the Grantor. If the Property is acquired by Beneficiary, Trustoi s right to airy insurance policies and proceeds resulting from damage to Ore Property before the acquisition shall pass to Beneficiary to the extent of Ore Secured Debt immediately before the acquisition. 20. ESCROW FOR TAXES AND INSURANCE. Unless otherwise provided in a separate agreement, Truster will not be required to pay to Beneficiary funds for lazes and insurance in escrow. 21. FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS. Toaster will provide to Beneficiary upon request, any financial statement or information Beneficiary only deem reasonably necessary. Tmstor agrees to sign, deliver, and file any additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Grantor's obligations under this Security Instrument and Beneficiary's lien slams on the Property. 22. JOINT AND INDIVIDUAL LIABILITY; CO- SIGNERS; SUCCESSORS AND ASSIGNS BOUND. All duties under this Security Instrument are joint and individual. If Trustor signs this Security Instrument but does not sign an evidence of debt, Trustor does so only to mortgage Toaster's interest in the Property to secure payment of die Secured Debt and Trustor does not agree sto m be personally liable on One Secured Debt. If this Security Instrument secures a guaranty between Beneficiary and Trur, Trustor agrees to waive any rights that may prevent Beneficiary from bringing any action or claim against Toaster or any party indebted under the obligation. These rights may include, but are not limited to, any anti -deficiency or one-action laws. Trustor agrees that Beneficiary and any party to this Security Instrument may extend, modify or make any change in the teonns of this Security Instrument or any evidence of debt without Trustor's consent. Such a charge will not release Toaster from the terms of this Security Instrument. The duties and benefits of this Security Instrument shall bind and benefit the successors and assigns of Trustor and Beneficial. 23. APPLICABLE LAW; SEVERABILITY; INTERPRETATION. This Security Instrument is governed by the laws of the jurisdiction in which Beneficiary is located, except to the extent otherwise reqquired by the laws of the jurisdiction where the Property is located. This Security Instrument is complete and fully integrated. TIOs Security Instrument may not be amended or modified by oral agreement. Airy section in this Security Instrument, attachments, or any agreement related to the Secured Debt that conflicts with applicable law will not be effective, unless that law expressly or implicitly permits One variations by written agreement. If any section of this Security Instrument cannot be enforced according to its terms, that section will be severed and will not affect the enforceability of the remainder of [his Security lnstrumen[. Whenever used, the singular shall include the plural and the plural the singular. The captions and headings of the sectiuns of this Security Instrument are for convenience only and are not to be used to interpret or define the terms of this Security Instrument. Time is of One essence in this Security Instrument. 24. SUCCESSOR TRUSTEE. Beneficiary, at Beneficiary's option, may from time to time remove Trustee and appoint a successor truslce without any other formality than the designation in writing. The successor trustee, without conveyance of the Property, shall succeed to all the title, power and duties conferred upon Trustee by this Security Instrument and applicable law. 25. NOTICE. Unless otherwise required by law, any notice shall be given by delivering it or by roiling it by first class mail to the appropriate party's address on page 1 of this Security Instrument, or to any other address designated in writing. Notice to one trustor will be deemed to be notice to all truslor.s. 26. WAIVERS. Except to the extent prohibited by law, Trustor waives all appraisement and homestead exemption rights relating m the Property. 27. OTHER TERMS. If checked, the following are applicable to this Security lotmmen[ E:1 Line of Credit The Secured Debt includes a revolving line of credit provision. Although the Secured Debt may be reduced to a zero balance, this Security Instrument will remain in effect until released. Construction Loan. This Security Instrument secures an obligation incurred for the construction of an improvement on the Property. 71 Fixture Filing. Toaster grants to Beneficiary a security interest in all goods that Grantor owns now or in the future and that are or will become fixtures related to the Property. This Security Instrument suffices as a financing statement and any carbon, photographic or other reproduction may be filed of record for purposes of Article 9 of the Uniform Commercial Code. Riders. 'the covenants and agrccmcnts of each of the riders checked below are incorporated into and supplement and amend the terms of this Security Instrument. [Check all applicable boxes = Condominium Rider F Planned Unit Development Rider = Other 0 Additional Terms. SIGNATURES: By signing below, Trustor agrees to the terms and covenants contained in this Security Instrument and in my attachments. Trustor also acknowledges receipt of a copy of this Security Instrument on the date stated on page 1. / CECILIA MA➢RIG L (S ure��FFFP.NCI 5C0 ht GAL AYA�... �i (Dace) (,gmmre) A (1 3 -C � L A (Dace) ACKNOWLEDGMENT: ��f�� U pp STATE OF �b!t ll>:.L Ge,, ,COUNTY OF 1'pl. .. }ss. nmi.ina,p g 3 Ju u: -" .... This instnmrent was acknowledged before me this day of t L�/2 by FRANCISCO MADRIGAL,AYALA and CECILIA MADRIGAL My commission cap p GENEPAL X01ARY -State o) � DA l 1 � . ` 61 Lt 0, 2 fd� � CATRINA M. SHUy ... 6 �U 2, - — - -, My Carom. Exp. Aug. 1 2003 Monty Amoy © 19ta Bankers systems, mo, si. a1111 , Me a eoo aw 2Mu From RE -m -NE IMM (page 4 of 4) 0 M(NE) t5eaal