200208412 - Laserfiche WebLink

Browse

200208412 Application k 0121230411 Financial Reports and Additional Documents. Tmstor will provide to Beneficiary upon request, any financial statement or information Beneficiary may deem reasonably necessary. Truster agrees to sign, deliver, and file any additional documents or certifications that Beneficiary may consider necessary to perfect, continue, and preserve Trustor's obligations under this Security Instrument and Beneficiary's lien status on the Property. 6. WARRANTY OF TITLE, Trustor warrants that Trustor is or will be lawfully seized of the estate conveyed by this Security Instrument and has the right to irrevocably grant, convey, and sell the Property to Trustee, in trust, with power of sale. Truster also warrants that the Property is unencumbered, except for encumbrances of record. 7. DUE ON SALE. Beneficiary may, at its option, declare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, a transfer or sale of the Property. This right is subject to the restrictions imposed by federal law (12 C.F.R. 591), as applicable. 8. DEFAULT. Trustor will be in default if any of the following Occur: Fraud. Any Consumer Borrower engages in fraud or material misrepresentation in connection with the Secured Debt that is an open end home equity plan. Payments. Any Consmuer Borrower on any Secured Debt that is an open end home equity plan fails to make a payment when due. Properly. Any action or inaction by the Borrower or Trustor «:curs that adversely affects the Property or Beneficiary's rights or the Property. This includes, but is not limited to, the following: (a) Truster 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 security; (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 Security Instrument; (e) a sole Trustor dies; (t) if more than one Tmstor, any Trustor dies and Beneficiary's security is adversely affected; (g) die Property is taken through eminent domain; (h) a judgment is filed against Truster and subjects Trustor and the Property to action 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 Executve officer of Beneficiary or an affiliate and such Borrower becomes indebted to Beneficiary or another lender in an aggregate amount greater than the amount permitted under federal laws and regulations. 9. REMEDIES ON DEFAULT. In addition in any other remedy available under the terms of this Security Instrument, Beneficiary may accelerate the Secured Debt and foreclose this Security Instrument in a manner provided by law if Trustor 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 actions. Each Trustor re oasts a copy of any notice of default and any notice of sale thereunder be mailed in each Trustor at the address provided in Section 1 above. Al the option of the Beneficiary, all or any part of the agreed fees and charges, seemed interest and principal shall become immediately due and payable, after 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 the 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 clear of all right, tide and interest of Trustor at such tirne and place as Trustee designates. Trustee shall give notice of sale including the time, terns 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 extent 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, charges and costs, shall pay to Beneficiary all moneys advanced for repairs, taxes, insurance, liens, assessments and prior encumbrances and interest thereon, and the principal and interest on the Secured Debt, paying the surplus, if any, to Toaster. Beneficiary may purchase the Property. The recitals in any deed of conveyance shall be from facie evidence of the facts set forth therein. The acceptance 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 are filed shall not consfitute a waiver of Beneficiary's right to require complete cure of any existinbb default. By not exercising any remedy on Tmstor's default, Beneficiary does not waive Beneficiary's right to later consider die event a default if it happens again. 10. EXPENSES; ADVANCES ON COVENANTS; ATTORNEYS' FEES; COLLECTION COSTS. if Truster breaches any covenant in this Security instrument, Truster agrees to pay all expenses Beneficiary incurs in perforating such covenants or protecting its security interest in the Property, Such expenses include, but are not Boated m, fees inured for inspecting, preserving, or otherwise protecting the Property and Beneficiary's security interest. These expenses are payable on demand and will bear interest trom 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. Toaster 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, hot is not limited to, Trustee's fees, court costs, and other legal expenses. To the extent permitted by the United States Bankruptcy Code, Trustor agrees to pay the reasonable attorneys' fees Beneficiary incurs to collect the Secured Debt as awarded by any court exercising jurisdiction under the Bankruptcy Code. This Security Instrument shall rentain in effect until released. Trustor agrees to pay for any recordation costs of such release. 11. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et scq.), and all other federal, state and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concerning the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance means any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics which render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment. The term includes, without limitation, any substances defined as "hazardous material," "toxic Substances," "hazardous waste" or "hazardous substance" under any Environmental law. Trustor represents, warrants and agrees that: A. Except as previously disclosed and acknowledged in writing to Beneficiary, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally recognized to be appropriate for the normal use and maintenance of the Property. B. Except as previously disclosed and acknowledged in writing to Beneficiary, Trustor and every tenant have been, are, and shall rennin or full compliance with any applicable Environmental Law. C. Trustor shall immediately notify Beneficiary rf a release or threatened release of a Iazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Trustor shall take all necessary remedial action in accordance with any Environmental la/w.. fPa90 Q 1994 Cank095y910mB, bG., 51. CIOU4 MN Form neP aEeT NE 1119/99 (0- C40(NE) (Save)